"New Stocks" Doning Biotechnology applies for listing in Hong Kong, WuXi Biologics is the largest customer

Douning Biotechnology submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International serving as joint sponsors. According to the information, the company primarily serves pharmaceutical companies, contract research organizations (CROs), contract development and manufacturing organizations (CDMOs), and research institutions, providing bioprocess solutions and laboratory products and services. Based on 2024 revenue, all of China's top ten biopharmaceutical companies are its clients, among which WuXi Biologics (02269.HK) is one of the company's largest clients and suppliers. WuXi Biologics, CSPC Pharmaceutical Group (01093.HK), CanSino Biologics (09926.HK), and Kintor Pharmaceutical (02162.HK) are also its shareholders.

As of the end of September last year, Douning Biotechnology recorded revenue of RMB 658 million in the first three quarters, a year-on-year increase of 19.4%. During this period, it turned a profit, recording a net profit of approximately RMB 21.604 million, compared to a loss of RMB 7.81 million in the same period of 2024. Douning Biotechnology expects that the funds raised from the listing in Hong Kong will be used to expand products and services, establish production lines overseas, selectively conduct strategic acquisitions and equity investments, enhance research and development capabilities, and upgrade existing production capacity