Weijian International Holdings Group Limited (Weijian Pharma) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor. According to its prospectus, Weijian Pharma boasts the largest portfolio of commercialized innovative drugs for kidney diseases among Chinese pharmaceutical companies, with six kidney-targeted therapies as of the latest practicable date (October 31, 2025).

As a leading integrated pharmaceutical company specializing in kidney and blood disorders, Weijian Pharma possesses end-to-end capabilities in drug development, manufacturing, and commercialization. The company focuses on addressing unmet clinical needs through innovative treatments, with a diversified product portfolio covering kidney and blood diseases, as well as respiratory and dermatological conditions.

Currently, Weijian Pharma’s portfolio includes over 20 commercialized drugs and one candidate drug. Among these are five drugs acquired through the Kyowa Kirin China acquisition, four exclusively licensed drugs in China, and more than 10 third-party drugs marketed under a CSO model. Its core therapeutic areas—chronic kidney disease (CKD) and blood disorders—serve large patient populations.

All major products (excluding Capvila®) have been commercialized in mainland China. Capvila® has completed Phase III trials and is undergoing regulatory review with China’s NMPA.

Weijian Pharma actively monitors high-need disease areas, leveraging acquisitions and partnerships with global firms like Merz Pharma, Kyowa Kirin, and Shionogi to enhance its innovative drug pipeline. Notably, its September 2024 acquisition of Kyowa Kirin China marked the first successful takeover of a multinational pharma’s China entity by a domestic firm, securing exclusive rights to five innovative drugs and a 43,000 sqm production facility.

The company’s distribution network spans over 30 provinces, 300+ cities, 10,000+ hospitals, 60,000+ retail pharmacies, and major e-commerce platforms.

**Financial Highlights** - **Revenue**: RMB724M (2022), RMB887M (2023), RMB902M (2024), RMB797M (H1 2025). - **Profit/(Loss)**: Losses of RMB92.8M (2022) and RMB17M (2023), turning to profits of RMB8.573M (2024), RMB23.07M (H1 2024), and RMB24.036M (H1 2025). - **Gross Margin**: 51.0% (2022), 56.6% (2023), 61.7% (2024), 59.8% (H1 2024), 58.4% (H1 2025).

**Industry Overview** China’s healthcare expenditure grew at a 7.1% CAGR from 2020 (RMB7.2175T) to 2024 (RMB9.5075T), projected to reach RMB14.6845T by 2035 (4.0% CAGR). The pharmaceutical market expanded from RMB1.4584T (2020) to RMB1.7339T (2024), with a 6.1% CAGR expected through 2035 (RMB3.3185T).

CKD affects 123.2M patients in China (2024), driving the CKD drug market to RMB25.1B (2024), forecasted to grow at 11.4% CAGR to RMB82.5B by 2035.

**Leadership & Ownership** The board comprises 11 directors (4 executive, 3 non-executive, 4 independent). Key shareholders (37.25% voting rights) include Mr. Wang Wei, Ms. Hu Qing, Mr. Xing Tongshun, and Ms. Guo Qing through their investment vehicles. Other investors include LYFE Mount, TG Sino-Dragon, and YD Capital.

**Advisors** - Sponsor: Huatai Financial Holdings (Hong Kong) - Legal: Ashurst (HK/US), Zhong Lun (China) - Auditor: EY - Industry Consultant: CIC