30th October 2026 – (Hong Kong) Biopharmaceutical company Hemay Pharmaceutical (00054), formally Ganzhou Hemay Pharmaceutical, opened its Hong Kong share offer on 30th October, planning to issue 55.21 million H shares and raise as much as about HK$1.04 billion before expenses.
The offer runs to 4th November. About 10 per cent of the shares are for the Hong Kong public tranche and the rest for international placing. The indicative price band is HK$15.50 to HK$18.90 a share, with boards of 100 shares and an entry ticket of about HK$1,909.10 including fees. Listing is expected on 9th November. SDIC Securities International is sole sponsor.
The group discovers and develops proprietary small-molecule drugs for autoimmune disease and oncology. Its pipeline centres on core product Mufemilast plus five other small-molecule candidates. In September 2025, Mufemilast won National Medical Products Administration new-drug approval in China for moderate-to-severe plaque psoriasis.
After Ganzhou and Xiajiang plants cleared GMP compliance checks in March and April, commercial sales began in July. By the latest practicable date the company had supplied 2,200 boxes of Mufemilast to nine distributors covering Shaanxi, Jiangxi, Beijing, Shandong, Sichuan, Henan, Ningxia and Guangdong.
Mufemilast is an in-house PDE4/PDE4B inhibitor also in pivotal phase III reviews for Behcet’s disease and ulcerative colitis, with phase II work under way or planned in China for atopic dermatitis, psoriatic arthritis, Crohn’s disease and chronic obstructive pulmonary disease. The US Food and Drug Administration has granted orphan-drug designation for Behcet’s disease.
The company has yet to book product sales revenue in its track-record period. Last year’s loss was Rmb130 million, up 5.2 per cent year on year, while the first four months of this year showed a Rmb32.36 million loss, down 37.5 per cent. Cornerstone investors from GF, China Universal, Fullgoal and E Fund entities have committed a combined US$29 million.
, formally Ganzhou Hemay Pharmaceutical, opened its Hong Kong share offer on 30th October, planning to issue 55.21 million H shares and raise as much as about HK$1.04 billion before expenses.){kind=link}