On December 12, China's securities regulator issued supplementary disclosure requirements for eight companies seeking overseas listings, including Hangzhou Sciwind Biosciences Co., Ltd. (Sciwind Biosciences). The China Securities Regulatory Commission (CSRC) has requested Sciwind Biosciences to provide additional details regarding the compliance of its implemented equity incentive scheme, among other matters.
According to a September 19 filing with Hong Kong Exchanges and Clearing Limited (HKEX), Sciwind Biosciences submitted its listing application for the main board, with Morgan Stanley and China International Capital Corporation (CICC) serving as joint sponsors.
The CSRC has specifically asked Sciwind Biosciences to supplement disclosures on the following aspects, requiring legal verification and conclusive opinions:
1. Clarification on whether the company and its subsidiaries, whose business scope includes medical device sales and operations, have actually conducted related businesses and obtained necessary qualifications. Additionally, confirmation on whether their business scope involves restricted or prohibited foreign investment sectors.
2. Detailed explanation of regulatory procedures concerning overseas investments and foreign exchange registrations by the company's overseas subsidiaries, along with compliance conclusions.
3. Justification for the pricing rationality of new shareholders who joined within the past 12 months, reasons for pricing discrepancies among them, and whether any improper benefits were transferred.
4. Comprehensive disclosure on the compliance of the company's equity incentive plan, including participant composition, employment status, potential conflicts of interest with other shareholders/directors/senior management, pricing fairness, agreement terms, decision-making processes, and operational standardization—with definitive conclusions on legality and potential improper benefits.
5. Confirmation on whether shares held by shareholders participating in the proposed "full circulation" plan are subject to pledges, freezes, or other encumbrances.
According to its prospectus, Sciwind Biosciences is a biopharmaceutical company approaching commercialization, focusing on addressing urgent medical needs in weight management. The company plans to launch XW003 (ecnoglutide injection), its core product, in China—potentially becoming the world's first cAMP-biased GLP-1 receptor agonist for treating overweight/obesity and type 2 diabetes.
Clinical data shows XW003 achieved 15.1% placebo-adjusted weight loss in Chinese overweight/obese patients (17.6% average for females), outperforming semaglutide (8.5%) while matching tirzepatide's efficacy at lower doses (2.4mg vs. 15mg).