Recently, Hangzhou Sciwind Biosciences Co., Ltd. officially submitted its main board listing application to the Hong Kong Stock Exchange. The prospectus reveals that Sciwind, established in 2017, is a biopharmaceutical company nearing commercial stage, focusing on research and development of innovative weight management therapies for obesity and related diseases. This eight-year-old biopharmaceutical firm, backed by multiple rounds of investment from well-known organizations such as Tencent, IDG Capital, Meituan, and Zhixing Valley Capital, has achieved a recent valuation of 4.9 billion yuan. However, behind this impressive capital history, the company faces multiple risks, including products not yet on the market, continuing massive losses, frequent shareholder reductions by the founder, and intensifying competition in the sector. Accumulated losses exceeding 1.4 billion yuan, core product yet to be launched in a saturated market According to financial data, the company, lacking commercialized products, generated only 91.067 million yuan in revenue through external licensing agreements in the first half of 2025, with no revenue reported in the remaining reporting periods. During the same period, the company suffered losses of approximately 620 million yuan, 486 million yuan, and 108 million yuan, with total losses exceeding 1.2 billion yuan over two and a half years and more than 1.4 billion yuan since its establishment. In the absence of self-sustaining capabilities, the company has begun to cut costs. R&D expenditure, typically a core area for biotechnology companies, declined during the reporting period to approximately 456 million yuan, 284 million yuan, and 65 million yuan, indicating an overall downward trend. Reductions in R&D investment for a biotech company that depends entirely on innovative products to reverse its fortunes could signify a potential weakening of its core competitiveness. In terms of its research pipeline, Sciwind is pinning all its hopes on its core product - Enogreptide injection, which is the world's first cAMP-biased GLP-1 receptor agonist. According to data from the Phase III clinical trial (SLIMMER), Enogreptide injection achieved a 15.1% placebo-adjusted weight loss effect among overweight/obese patients in China, with 92.8% of participants experiencing a weight loss exceeding 5%. The company emphasizes its advantages over semaglutide's 8.5% weight loss effect and its capability to achieve tirzepatide's efficacy at a lower dosage (2.4 mg vs. 15 mg). However, the company’s pipeline is heavily concentrated. Besides Enogreptide, other developmental drugs like the oral formulation XW004 and Amylin peptide analog XW015 are still in Phase I or II clinical stages. This deep reliance on a single product implies that any risks related to drug approval, production processes, or market acceptance will directly impact the company's development. Regarding competitive dynamics, the domestic GLP-1 weight-loss drug market is currently in an intensely competitive phase. Multinational pharmaceutical companies have introduced semaglutide and tirzepatide to the Chinese market between the end of 2024 and early 2025. By the first half of 2025, semaglutide surpassed Merck’s Keytruda with sales reaching $17.5 billion, showcasing the vast potential and brand impact of the GLP-1 market. In the domestic landscape, the partnership between Innovent Biologics and Eli Lilly resulted in the June 2025 launch of Ma Shidu; it quickly garnered first orders across multiple provinces. Additionally, Liraglutide from Huadong Medicine and Benaglutide from Renhuai Biologics employ a pricing strategy aimed at budget-sensitive patient groups, capturing part of the market. Moreover, the Pharmaceutical Cube database indicates that there are currently 206 GLP-1 drug pipelines being developed by domestic pharmaceutical companies, with about 40 firms having moved their GLP-1 drugs into weight-loss clinical development. Industry organizations predict that by 2029, as many as 16 new GLP-1 weight-loss drugs may be approved for market, leading to escalating competition. Significantly, the impending expiration of patents poses a threat from generics. The core patent for semaglutide will expire in 2026, and several companies, including Hangzhou Jiuyuan Gene, Lizhu Group, Shiyou Pharmaceutical, Huadong Medicine, China Biologic Products, and Qilu Pharmaceutical, are already in advanced clinical stages with their generics, several of which are expected to be approved in 2026, directly impacting the mid-to-low-end market. In this context, Sciwind has opted for a differentiated competitive strategy. The company focuses on the precise regulation of GLP-1 receptor internal mechanisms, attempting to achieve comparable efficacy with lower doses. However, in a market where industry giants have established robust brand recognition and physician preference, newcomers may find it challenging to reshape market dynamics unless they possess disruptive advantages. Whether Sciwind’s differentiated clinical advantages can translate into commercial success remains to be seen. Close ties to Kain Technology; founder has frequently reduced shareholdings Historically, Sciwind was founded in 2017, with founder Pan Hai controlling approximately 28.28% of the shares. Previously, Pan Hai joined Kain Technology (a company listed on the STAR Market) in October 2011 as Vice President of R&D and served as its director and vice president from August 2017 to January 2019. He was also one of Kain's joint actual controllers, with Kain currently being a shareholder of Sciwind. The relationship between Pan Hai and Kain Technology has drawn regulatory attention; during the previous attempt at an IPO on the STAR Market, the Shanghai Stock Exchange required Kain Technology to explain the reasons for Pan’s departure from his roles and the rationale behind jointly founding Sciwind. Information shows that between 2017 and 2019, Kain Tech transferred multiple patents and patent application rights to Sciwind, including those related to long-acting GLP-1 drugs. Two executive directors of Sciwind, Yang Liu and Li Yao, also have prior employment experiences at Kain Technology, adding uncertainty to the company’s governance structure. In terms of funding, Sciwind has undergone seven rounds of financing since its inception, securing multiple investments from renowned firms like Tencent, Meituan, and IDG Capital, amassing approximately 2.2 billion yuan in total. The latest valuation has reached 4.9 billion yuan, reflecting over a 24-fold increase since the first financing round in 2017. Notably, founder Pan Hai and other shareholders have frequently transferred their shareholdings during the financing process. The prospectus indicates that in September 2021, Pan Hai and Kain Technology transferred parts of their holdings in Sciwind to Panorama for approximately $2.0184 million and $5.046 million, respectively. In 2023, Pan Hai continued to reduce his holdings, transferring shares to Linzhi Yongzheng and Suzhou Paiyi for 10.4188 million yuan and 4.4652 million yuan, respectively. Given the company's reliance on external financing for operations without any product sales, the founder's share sales may impact the market's confidence in the company's future development.