The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for overseas listings on October 31, 2025, requesting nine companies, including BlissBio Inc. (百力司康), to provide additional disclosures regarding their operational management and significant influence over the management team.
BlissBio, a clinical-stage biopharmaceutical company focused on next-generation antibody-drug conjugates (ADCs), submitted its Hong Kong IPO application on June 29, 2025, with Goldman Sachs, Huatai International, and CCB International as joint sponsors.
The CSRC has asked BlissBio to clarify the following matters, with legal verification required: 1. Details on: (1) Consideration, pricing basis, and tax obligations for CCCBio transactions in December 2024 and June 2025. (2) Tax compliance for BlissBio Hangzhou’s capital reduction in June 2025, shareholder correspondence, and foreign exchange/overseas investment procedures. (3) Reasons for Shenyang Yueyin’s non-participation in the capital reduction and related tax compliance. (4) Consideration, pricing, and tax obligations for CCCBio’s acquisition of BlissBio Hangzhou equity. (5) Overseas investment and foreign exchange procedures for BlissBio Hangzhou’s establishment of BlissBio Hong Kong. (6) Ownership structure of Liming SPV.
2. Justification for not identifying Wei Ziping and Zhou Yuhong as joint controlling persons, based on board decision-making processes, operational management, and influence over the management team.
3. Clarification on: (1) Fairness and pricing distribution of incentive agreements. (2) Rationale for converting pre-IPO option incentives into restricted stock plans, exclusive issuance to Wei and Zhou, and potential equity arrangements.
4. Confirmation of whether domestic operations involve restricted sectors under the 2024 Foreign Investment Negative List (e.g., human stem cell/gene therapy).
According to its prospectus, BlissBio’s lead candidate, BB-1701, is a HER2-targeted ADC for breast cancer (BC), non-small cell lung cancer (NSCLC), and other HER2-expressing cancers. Financially, the company reported revenues of RMB 180 million (2023) and RMB 22.591 million (2024), with net losses of RMB 206 million and RMB 557 million, respectively.