--- title: "Bangshun Pharmaceutical: Valuation doubled in four years to 2.387 billion, cumulative losses exceed 600 million while still intensively raising funds | IPO Watch" type: "News" locale: "en" url: "https://longbridge.com/en/news/275288569.md" description: "Bangshun Pharmaceutical plans to go public on the Hong Kong Stock Exchange, with its valuation soaring from 1.2 billion yuan in 2021 to 2.387 billion yuan after the Series C round in 2025, doubling in four years. The company has accumulated losses of over 633 million yuan since its establishment, with losses of 268 million yuan from 2024 to September 2025. Recently, it completed three rounds of financing totaling 377 million yuan, sparking heated discussions about the reasonableness of its funding needs" datetime: "2026-02-09T08:38:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275288569.md) - [en](https://longbridge.com/en/news/275288569.md) - [zh-HK](https://longbridge.com/zh-HK/news/275288569.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275288569.md) | [繁體中文](https://longbridge.com/zh-HK/news/275288569.md) # Bangshun Pharmaceutical: Valuation doubled in four years to 2.387 billion, cumulative losses exceed 600 million while still intensively raising funds | IPO Watch Recently, Hangzhou Bangshun Pharmaceutical Co., Ltd. (hereinafter referred to as "Bangshun Pharmaceutical") submitted a prospectus for an IPO on the Hong Kong Stock Exchange. The author noticed that Bangshun Pharmaceutical, established five years ago, has completed seven rounds of financing, with its valuation soaring from 1.2 billion yuan in 2021 to 2.387 billion yuan after the C round in December 2025, nearly doubling in four years. In 2025, the company completed three rounds of financing, raising a total of 377 million yuan, and subsequently initiated its Hong Kong IPO. The high-frequency fundraising pace has sparked heated discussions in the market regarding the rationality of its funding needs. Financially, the company has no commercial revenue from products, with cumulative losses of 268 million yuan from 2024 to September 2025, and total losses exceeding 633 million yuan since its establishment. ## Valuation Surge, Fundraising and IPO Bangshun Pharmaceutical was founded in May 2020, established by Hangzhou Jiuyin, Hangzhou Wanyu and Hangzhou Sanrui. As of the signing date of the prospectus, Li Bangliang controls a total of 31.25% of the voting rights of the company through direct and indirect means, making him the largest shareholder. The author noted that Bangshun Pharmaceutical has undergone seven rounds of financing since its establishment, with the specific situation as follows: Among them, the valuation reached 1.2 billion yuan after the A round financing in December 2021, and soared to 2.387 billion yuan after the completion of the C round financing in December 2025, with the valuation nearly doubling in four years, showing rapid growth. It is noteworthy that in the aforementioned seven rounds of financing, the company completed three rounds of financing intensively in 2025. In May 2025, Bangshun Pharmaceutical initiated the B4 round of financing, with the Binhai Industrial Fund, Yuhang Innovation, and Huiding Tianzeng collectively investing 250 million yuan in Bangshun Pharmaceutical; in August 2025, Bangshun Pharmaceutical initiated the B5 round of financing, with Liangzhu New City Investment increasing its investment in Bangshun Pharmaceutical by 40 million yuan; in December 2025, Bangshun Pharmaceutical initiated the C round of financing, with Lin Youzhu, Chen Wei, Wu Qiyuan, Tang Wenwen, He Zhanneng, and Liao Mingjun collectively increasing their investment in the company by 87 million yuan. In these three rounds of financing, Bangshun Pharmaceutical raised a total of 377 million yuan, while its Hong Kong IPO application was accepted by the Hong Kong Stock Exchange in January 2026, indicating that the company had just completed a large private placement before launching public market fundraising. Such a high-frequency fundraising pace inevitably raises discussions in the market regarding the rationality and sustainability of its funding needs ## Cumulative Loss Exceeds 600 Million Yuan, Products Still Not Commercialized Bangshun Pharmaceutical is a biotechnology company nearing the commercialization stage, focusing on the fields of oncology and autoimmune diseases, dedicated to transforming scientific discoveries into innovative therapies accessible to patients. As of the date of signing the prospectus, Bangshun Pharmaceutical has established a pipeline that includes one candidate drug at the New Drug Application (NDA) stage (Bezezanib), one candidate drug at the registration clinical stage (CX1440), and five candidate drugs at the preclinical stage (CX03, CX12, CX13, CX15, and CX16), among which Bezezanib, used for the treatment of myelofibrosis (MF), is progressing the fastest and has entered the NDA stage. Although Bangshun Pharmaceutical has a rich product line, the company's financial situation is not optimistic at present. The prospectus shows that for the reporting period of 2024 and January to September 2025, Bangshun Pharmaceutical achieved revenues of 943,000 yuan and 0 yuan, respectively, with annual profits of -88.444 million yuan and -179.36 million yuan, resulting in a cumulative loss of 267.804 million yuan. It should be noted that the revenue achieved by Bangshun Pharmaceutical in 2024 mainly relied on technology transfer, and the company currently has no products commercialized. It is worth mentioning that Bangshun Pharmaceutical only disclosed financial data for one year and one period in its IPO application for going public in Hong Kong, which is extremely rare in corporate IPO applications. It is particularly noteworthy that Bangshun Pharmaceutical was established in May 2020, with a history that can be traced back five years. From an operational cycle perspective, the company fully meets the conditions for disclosing three years and one period of financial data, yet it deliberately reduced the scope of financial data disclosure. Against this backdrop, the company still chose to disclose financial data for one year and one period for its IPO in Hong Kong, and it remains unclear whether this complies with relevant regulations. ### Related Stocks - [xinbang phar. 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