According to the Hong Kong Stock Exchange filing on August 18, Shenzhen Yimufeng Biotech Co., Ltd.-B (referred to as "Yimufeng Biotech") has resubmitted its listing application to the HKEX main board, with Huatai International serving as the sole sponsor.

Founded in 2020, the company is an innovative cell therapy developer focused on discovering, developing, manufacturing, and commercializing chimeric antigen receptor (CAR) T-cell therapies. It leverages a dual-engine approach combining both in vitro and in vivo CAR-T platforms to address solid tumors, hematological malignancies, and autoimmune diseases. Its lead asset, IMC002, is a self-developed potentially best-in-class anti-Claudin18.2 (CLDN18.2) CAR-T cell therapy candidate. The company is currently conducting a registrational Phase III clinical trial in China for IMC002 in advanced gastric cancer/gastroesophageal junction (GC/GEJ) adenocarcinoma, and in June 2026, it submitted an investigational new drug (IND) application to the National Medical Products Administration (NMPA) for IMC002 as a first-line treatment for pancreatic cancer, an additional indication.

Beyond IMC002, the pipeline includes eight other proprietary cell therapy candidates: (1) IMC001, a potentially first-in-class clinical-stage (Phase I/IIa) anti-epithelial cell adhesion molecule (EpCAM) CAR-T therapy for EpCAM-positive solid tumors; (2) in vivo CAR-T candidates for hematological malignancies and autoimmune diseases (IMV101) and for hematological malignancies (IMV102), both of which have entered investigator-initiated trials (IIT); (3) an in vivo CAR-T candidate for solid tumors (IMV103) that has received ethics committee approval for IIT, with IND filing currently expected in the first half of 2027; (4) a CD19/CD20 bispecific in vivo CAR-T candidate (IMV104) for B-cell diseases; (5) a "synthetic NKG2D receptor" CAR-T therapy for CLDN18.2-positive solid tumors; and (6) two additional CAR-T candidates in preclinical development.

Financially, the company recorded other income and gains of RMB 3.36 million, RMB 4.019 million, and RMB 6.632 million for the fiscal years 2024, 2025, and the six months ended June 30, 2026, respectively. Net losses for the same periods were approximately RMB 71.312 million, RMB 115 million, and RMB 109 million, respectively.

Cancer remains a leading global cause of death, and incidence is expected to rise further due to population aging, lifestyle-related risk factors, and population growth. In 2025, global new cancer cases reached 21.9 million, with approximately 11 million cancer-related deaths, underscoring the disease's high prevalence and heavy mortality burden. In 2023, cancer accounted for 271 million disability-adjusted life years, 97% of which were attributable to years of life lost, reflecting the global mortality toll. Solid tumors represent the vast majority of global cancer cases, accounting for approximately 90% of all new cases in 2025, a proportion expected to remain similar by 2035. Global new solid tumor cases are projected to rise from 20.5 million in 2025 to 25.3 million in 2035. Meanwhile, hematological malignancies also constitute a significant category of malignant diseases. In 2025, the five most prevalent solid tumors globally were lung, breast, colorectal, prostate, and gastric cancers. Gastric cancer records approximately 1 million new cases annually, ranking among the top five in new diagnoses across solid tumor indications.

Cancer treatment has undergone a lengthy historical evolution and will continue to advance. Existing modalities include surgery, radiotherapy, chemotherapy, targeted therapy, immunotherapy, and cell and gene therapy. Together, these approaches encompass strategies for cure, disease control, and palliation, reflecting a paradigm shift from broad-spectrum cytotoxic treatment toward more precise, biologically driven interventions. Immuno-oncology is an emerging pillar of cancer care. From 2025 to 2035, immuno-oncology is expected to achieve the highest compound annual growth rate among major cancer treatment modalities, reflecting its rapid clinical adoption and strategic importance. This is achieved by activating the immune system to attack cancer cells or by supplementing immune system components. By market standards, immuno-oncology therapies are primarily categorized into cellular immunotherapies (such as CAR-T and TCR-T), cytokines, immune checkpoint monoclonal antibodies, oncolytic viruses, T-cell engagers (TCEs), and cancer vaccines. These modalities aim to modulate, activate, or redirect T-cell function to enhance anti-tumor immunity. Among these strategies, T cells serve as the primary effector cells of adaptive anti-tumor immunity. Specifically, genetically engineered T-cell therapies such as CAR-T can directly modify a patient's T cells, conferring tumor-specific recognition and potent cytotoxic activity, making CAR-T one of the most mature and clinically validated modalities in immuno-oncology.

Following the restructuring, the board will comprise nine directors: three executive directors, three non-executive directors, and three independent non-executive directors. The board is responsible for business management and operations and holds general authority over them.

As of the latest practicable date (August 11, 2026), Dr. Sun has the right to control approximately 24.98% of the voting rights attached to the total issued share capital. Of this, approximately 4.95% is held directly by her, while approximately 20.03% is indirectly controlled through her capacity as the general partner of Shanghai Haiyi, Shanghai Yizhong, and Shanghai Yimu, which hold 12.93%, 5.27%, and 1.83% of the total issued share capital, respectively. Additionally, Dr. Sun has the right, under the shareholder agreement, to control the composition of the majority of the board prior to the restructuring. Accordingly, Dr. Sun and her controlled entities are deemed controlling shareholders prior to the restructuring.

Advisors include sole sponsor Huatai Financial Holdings (Hong Kong) Limited; legal counsels Fangda Partners and Zhong Lun Law Firm; sponsor's legal counsels Jingtian & Gongcheng LLP and Jingtian & Gongcheng Law Firm; auditor and reporting accountant Ernst & Young; industry consultant Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch; and compliance advisor Hongbo Capital Limited.