Another A-share listed pharmaceutical company is preparing to pursue a Hong Kong stock listing.
On the evening of September 26, Brightgene Bio-Medical Technology Co.,Ltd. announced that the company had approved resolutions on September 26, 2025, including "Resolution on the Company's Issuance of H Shares and Listing on the Main Board of The Stock Exchange of Hong Kong Limited" and "Resolution on the Plan for the Company's Issuance of H Shares and Listing on the Main Board of The Stock Exchange of Hong Kong Limited."
Brightgene Bio-Medical stated that the company plans to issue H shares and list on the Hong Kong Stock Exchange main board to accelerate its internationalization strategy and overseas business expansion, enhance overseas financing capabilities, and improve capital strength and comprehensive competitiveness. The funds raised from this offering, after deducting relevant expenses, will primarily be used to support research and development of pipeline products, expand production capacity, conduct strategic investments and acquisitions, supplement working capital, and for general corporate purposes.
The company noted that it will fully consider the interests of existing shareholders and the conditions of domestic and overseas capital markets, selecting appropriate timing and issuance windows within the validity period of the shareholders' meeting (24 months from the date of approval by the shareholders' meeting or other extended periods as agreed) to complete this issuance and listing.
Brightgene Bio-Medical mentioned that as of now, the company is actively discussing relevant work for this issuance and listing with related intermediary institutions. Apart from the relevant resolutions approved by this board meeting, other specific details regarding this issuance and listing have not yet been determined.
According to official website information, Brightgene Bio-Medical was founded in 2001 and listed on the Science and Technology Innovation Board in 2019. The company's marketed and pipeline products cover multiple areas including metabolism, oncology, respiratory, immunosuppression, and antiviral/antifungal treatments. In recent years, Brightgene Bio-Medical has attracted attention due to its investigational GLP-1/GIP dual receptor agonist BGM0504 injection, becoming a representative "weight loss drug concept stock" in China. The 2025 interim report shows that BGM0504 injection is currently in Phase III clinical trials domestically.
Specifically, the domestic Phase III clinical trials for BGM0504 injection's Type 2 diabetes and weight reduction indications have completed full enrollment and are in the dosing and follow-up phases, both progressing smoothly as planned. Brightgene Bio-Medical stated that after completing domestic Phase III clinical studies and obtaining approval from the National Medical Products Administration through review and approval processes, the drug can be produced and marketed domestically. In the United States, the US bridging clinical study for BGM0504 injection's weight reduction indication has been completed, and the company will refine the Phase III clinical protocol and submit it based on FDA recommendations. The FDA may require 3 to 6 months for review. For other markets, the IND (Investigational New Drug) application for BGM0504 injection's glucose-lowering indication submitted by partners to Indonesian authorities has been approved, and Phase III clinical research work has officially commenced.
BGM0504 targets the same pathway as Eli Lilly's tirzepatide, and Brightgene Bio-Medical has previously positioned this drug to compete with Novo Nordisk's semaglutide. In August 2024, Brightgene Bio-Medical announced that BGM0504 injection achieved positive results in a head-to-head Phase II study against semaglutide injection in Type 2 diabetes patients, with an average HbA1c reduction of 2.76% after 18 weeks of treatment. In investor research reports, Brightgene Bio-Medical stated that the baseline levels of glycated hemoglobin (HbA1c) and body weight in their clinical study population are well comparable with those in studies conducted in China for semaglutide, tirzepatide, and other similar products, maintaining essentially consistent levels.
Additionally, Brightgene Bio-Medical is advancing development of oral BGM0504 tablets, with the weight reduction indication IND application submitted in China; the IND application submitted in the United States has been approved, and a Phase I clinical study is underway involving 80 non-diabetic overweight or obese subjects receiving different doses of BGM0504 tablets (20mg to 80mg) once daily for 5-8 weeks.
Beyond BGM0504 injection and oral formulations, Brightgene Bio-Medical also has a long-acting amylin analog product BGM1812. IND applications for BGM1812 injection's weight reduction indication have been submitted in China and the United States, while oral BGM1812 tablets are in preclinical research stages.
Although innovative drug development has brought significant attention to Brightgene Bio-Medical, its current performance support still relies on traditional businesses such as active pharmaceutical ingredients and antiviral products. In terms of performance, Wind data shows that from 2020 to 2024, Brightgene Bio-Medical's annual revenue showed an overall growth trend, reaching 785 million yuan, 1.052 billion yuan, 1.017 billion yuan, 1.18 billion yuan, and 1.283 billion yuan respectively. During the same period, net profit attributable to shareholders fluctuated significantly, at 170 million yuan, 244 million yuan, 240 million yuan, 202 million yuan, and 189 million yuan respectively.
In the first half of 2025, the company's operating revenue was 537 million yuan, down 18.28% year-over-year. Meanwhile, net profit attributable to listed company shareholders was 17.1732 million yuan, a significant 83.85% decrease year-over-year. Brightgene Bio-Medical cited multiple reasons, including the impact of influenza trend changes and competitive landscape shifts causing declines in demand and prices for oseltamivir active pharmaceutical ingredients and formulations, resulting in substantial reductions in antiviral product revenue and gross profit compared to the same period last year. Due to strong temporary customer demand in the same period last year and periodic fluctuations in customer commercial demand during this reporting period, antifungal active pharmaceutical ingredient revenues decreased compared to the same period last year. These products have high gross margins, so the periodic reduction in sales volume led to a significant year-over-year decline in gross profit.
Notably, Brightgene Bio-Medical's stock price has declined significantly recently, falling 13.15% on September 22, 9.51% on September 23, 2.05% on September 24, 8.4% on September 25, and 12.57% on September 26. Based on closing prices from September 19 to September 26, Brightgene Bio-Medical's stock price dropped nearly 40% over the past 5 trading days. On the evening of September 24, Brightgene Bio-Medical also announced that the company's stock had a cumulative deviation of 70% in closing price declines over 30 consecutive trading days, constituting a severe abnormal stock trading fluctuation. Industry observers believe this decline is partly related to Pfizer's acquisition of U.S. obesity drug company Metsera, causing disappointment in expectations for Brightgene Bio-Medical's weight loss drug business development deals.
Since 2025, multiple A-share listed pharmaceutical companies have gone public in Hong Kong, achieving "A+H" dual listings.
On May 23, 2025, Hengrui Medicine (600276.SH; 1276.HK) officially listed on the Hong Kong Stock Exchange, raising a total of HK$9.89 billion, becoming the largest IPO in Hong Kong's pharmaceutical sector in nearly five years. On August 7, 2025, Dongyang Pharmaceutical formally listed on the main board of The Stock Exchange of Hong Kong Limited, becoming Hong Kong's first case of H-share absorption merger privatization plus introduction listing. Through this listing, Dongyang Pharmaceutical achieved overall listing by integrating its Hong Kong-listed subsidiary Dongyang Changjing Pharmaceutical, without involving new share issuance or fundraising. Before Brightgene Bio-Medical, veteran A-share pharmaceutical company Betta Pharmaceuticals (300558.SZ) also announced plans to issue overseas listed shares (H shares) and apply for listing on the Hong Kong Stock Exchange main board, marking the company's third attempt at a Hong Kong IPO.
Industry observers generally believe the A+H listing trend benefits from policy support. According to Securities Times, on September 17, Hong Kong Special Administrative Region Chief Executive John Lee delivered the 2025 Policy Address. Regarding the stock market, Lee stated that the government would assist mainland technology companies in financing in Hong Kong through the Hong Kong Stock Exchange's "Technology Fast Track." The government will also further improve main board listing and structured product issuance mechanisms, study optimizing "weighted voting rights" listing regulations, promote more overseas companies to conduct secondary listings in Hong Kong, and assist U.S.-listed Chinese companies in choosing Hong Kong as their preferred return destination.
Specifically for the pharmaceutical industry, industry analysts previously told media that in recent years, China's pharmaceutical industry faced a "winter" due to various reasons, but now, driven by comprehensive factors including business development deals and policies, the industry's financing situation has improved. In this environment, diversifying financing sources is the correct development approach.