---
title: "ALEBUND IPO: A sample for the revaluation of pharmaceutical stocks?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290370277.md"
description: "ALEBUND plans to IPO, which is seen as a benchmark for re-evaluating pharmaceutical stocks. It focuses on the field of chronic kidney disease, avoiding competition in popular tracks, and has a complete product gradient and coherent R&D pace. By supporting valuations through short-term performance and long-term data, it is expected to attract capital attention and promote a rebound in the Hong Kong pharmaceutical sector"
datetime: "2026-06-22T01:32:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290370277.md)
  - [en](https://longbridge.com/en/news/290370277.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290370277.md)
---

# ALEBUND IPO: A sample for the revaluation of pharmaceutical stocks?

Recently, the market focus has almost entirely concentrated on the AI sector, while the Hong Kong stocks, which are scarce in AI shares and affected by policy liquidity, are in turmoil, with A-shares and US stocks reaching new highs while it hits new lows.

Many people believe it is a problem with traditional industries, but they have not noticed that the unique pharmaceutical sector in Hong Kong continues to fluctuate, and the biotechnology industry has not kept up with this wave of technological advancement. Is it a fundamental issue? Since 2026, the BD transactions (licensing in/out) of Chinese pharmaceutical companies have continued to set historical records, especially the growth rate of upfront payments, which has exceeded the same period last year, showing a second derivative acceleration.

However, the market does not recognize pharmaceutical stocks as it did last year—more BD signed does not equal better stock prices. While investors are becoming increasingly selective, the industry is transitioning from a storytelling phase to a new stage focused on execution, data, and revenue. However, the lack of funding and the growth investment preference in the technology sector divert attention, which is also a significant issue.

For the pharmaceutical sector to recover overall, there are sufficient supporting conditions: growth.

To repair the market, it actually does not require very complex solutions. Currently, the best path seems to be for a few benchmark companies to "set an example," showing everyone that pharmaceutical stocks also have good long-term growth expectations and can provide future profits, pricing them in the stock market just like other AI growth stocks. This could potentially recreate the market conditions seen in mid-last year.

Recently, the IPO of 礼邦医药 (ALEBUND) may serve as an innovative drug company setting an example for the market. As a new stock, it naturally attracts liquidity more easily. However, in terms of fundamentals, 礼邦医药 also has notable points.

礼邦医药 has not clustered around popular tracks like dual antibodies, CAR-T, or gene therapy, but has chosen the chronic kidney disease (CKD) field, which has long been overlooked by mainstream pharmaceutical companies. The characteristics of the kidney disease track include: a large patient base (hundreds of millions globally), little competition (only 2 clinical molecules for high phosphorus blood levels in development globally), and severe unmet clinical needs. At the same time, the company's product gradient construction is complete, with a coherent annual pace, contributing financial growth from existing businesses while also having major products ready to report data. Short-term performance and long-term data support each other in valuation.

Therefore, for this IPO of 礼邦医药， it is possible to drive the recovery of interest in pharmaceutical stocks.

## I: Drug Pipeline—Three-Stage Relay, Continuous Growth

First, it should be noted that 礼邦's pipeline is not about "betting on a blockbuster," but rather forms a three-stage relay structure of "commercial revenue + recent catalysts + long-term imagination." The company's path is to license in to gain initial development space, then accumulate capital to support self-research breakthroughs.

First, it is noted that 礼邦 currently has a marketed drug, 美信罗 (Meixinluo), a long-acting erythropoiesis-stimulating agent (ESA) developed in collaboration with Roche, the only one globally administered once a month for CKD-related anemia. It received authorization in 2023 and is expected to generate revenue of 6.5 million yuan in its first year of launch in 2024, rising to 30.6 million yuan in 2025, a year-on-year increase of 370% In 2026, it is still expected to achieve a triple-digit growth rate. The company has also built a production capacity of 200 tons for active pharmaceutical ingredients and formulations, fully preparing for subsequent scaling up.

Currently, Meixinluo covers over 50 cities and 300 hospitals, and has been included in the national medical insurance catalog. For an 18A company that has not yet launched self-developed products, having a commercialized product that is currently scaling up and can be priced based on current financial growth is itself the biggest certainty signal.

The nature of this drug is somewhat like an introduction + consignment, but it is also the standard answer for small companies to develop self-sustainability in the early stages, first generating cash flow, then gradually expanding targets, and aiming for a big leap to do bic. There are many cases currently constrained by financing.

The potential of Meixinluo should not be underestimated. From the data, the market space in China alone is over 6 billion. Among them, the long-acting drugs represented by Meixinluo account for a very low proportion. Many short-acting drugs still occupy billions in sales space. Just looking at this growth potential, it is already enough for Libang to achieve financial support for its market value.

Next, we see the company's research pipeline.

The core product AP301 is an oral phosphate binder used to treat hyperphosphatemia in end-stage renal disease patients undergoing dialysis. It has completed Phase III registration clinical trials in China and is expected to submit a Chinese NDA in June 2026. The global Phase III MRCT is being conducted simultaneously in the United States and China, with a global NDA submission expected in Q3 2027. Hyperphosphatemia is a common complication of chronic kidney disease, and the commonly used phosphate binders in the current market include calcium-based binders, lanthanum carbonate, and sevelamer. AP301 is a next-generation phosphate binder expected to outperform existing drugs in terms of dosage and adverse reaction rates.

AP306 is expected to achieve Phase II clinical data readout in Q2 2027. AP306 is a pan-phosphate transporter inhibitor. Note that it is not a phosphate binder—it does not "bind" phosphorus in food but rather "inhibits" intestinal cells from absorbing phosphorus. This is a completely different mechanism that theoretically can have a stronger phosphorus-lowering effect and will not cause gastrointestinal discomfort like phosphate binders. AP306 is a next-next-generation drug for hyperphosphatemia. If successful, it will break through the industry ceiling, and its market space will further expand on the basis of AP301.

The indications for these two drugs are basically consistent, both targeting hyperphosphatemia with new drugs. Currently, the treatment options for hyperphosphatemia have not been updated for over a decade, and the leading research drugs are Libang's AP301 and AP306, which can be said to be exploring in an uncharted territory. This also leads to a relatively favorable competitive landscape, as Libang is one of the few companies simultaneously laying out phosphate binders and pan-phosphate transporter inhibitors It is expected to become a leading company in this disease category, with the current global hyperphosphatemia target market being around $1.8 billion. The market potential for Fic is expected to reach billions of dollars.

​

This year, we look at Meixinlu's performance growth, and next year we will see data from two new drugs, with new highlights in the long term. The company's self-developed breakthrough drugs AP303 and AP308 are expected to open up new possibilities.

AP303 (PPAR dual agonist) has FDA orphan drug designation, targeting indications including polycystic kidney disease, IgA nephropathy, diabetic nephropathy, and several other major conditions. It has completed Phase I and is preparing to enter Phase II. This drug is self-developed by the company and represents an important product in the company's transition phase. Its expectation is to be a broad-spectrum nephrology drug, with the combined target market for the above indications reaching hundreds of billions of dollars, making it the most important highlight for the company in the future.

AP308 (IgA protease) is still in preclinical stages, aiming to achieve "functional cure" for IgA nephropathy, which is a very attractive concept and a long-term vision project.

In summary:

Libang's pipeline is not fragmented—2025 will see Meixinlu's volume increase, 2026 will see the NDA submission for AP301, with data readouts for AP301 and AP306, and in the long term, AP303/AP308 will open up imaginative possibilities. This "three-stage relay" coherence is extremely rare in Hong Kong stocks with an 18A rating. Moreover, in the long run, the company is positioned to become a cutting-edge innovative pharmaceutical company with independent research and development capabilities and self-sustaining abilities to produce Fic drugs, requiring a developmental perspective on issues.

## II: Nephrology Track—A Blue Ocean in a Red Sea, Less Competition, High Demand

Next, let's look at the current pipeline layout. Libang's drugs are all focused on nephrology, concentrating on one disease. The core logic is that the pharmaceutical industry faces severe homogenization competition, and innovative drugs for nephrology are an underestimated niche.

(1) Huge patient base, severe unmet clinical needs

There are 800 million patients with chronic kidney disease (CKD) globally, with about 120 million CKD patients in China, making it the third largest chronic disease in the world. Like cardiovascular diseases and diabetes, it is a field worth long-term cultivation.

(2) Excellent competitive landscape

The company's choice of track is also interesting. For example, hyperphosphatemia affects about 95% of dialysis-dependent patients, yet 76% of dialysis patients in China still have uncontrolled blood phosphorus levels—existing treatment options are far from sufficient and have not been updated for over a decade. The challenges are significant, and the benefits are substantial, making the development of new drugs highly meaningful, as new drugs often open up huge incremental spaces. Moreover, the indications covered in the current pipeline are only part of nephrology, with many breakthrough directions still available in the future.

(3) Platformization

Libang's current vision is also to become a platform company in the field of nephrology, which has several advantages. For instance, several nephrology drugs are commonly used and encountered by kidney disease patients, and the combined use of multiple products can create a brand effect. At the same time, the sales team can maintain a relatively simple configuration, meaning that the marginal cost of drug promotion in the future will not be very high Therefore, a pharmaceutical company focusing on kidney disease has significant benefits in terms of long-term development space and success probability.

## Three: Capital Endorsement - The Shareholder Lineup Says It All

The company's shareholder list is filled with top-tier institutions, with a total financing amount of approximately 2 billion RMB over 8 rounds. The main Pre-IPO shareholder structure (as of the last feasible date):

24.50% Single major shareholder group (acting in concert)

11.73% Tencent Holdings (Tencent)

9.62% Guojin Group

8.34% LAV USD (Eli Lilly Asia Fund USD)

6.40% Loyal Valley Capital

Approximately 5% GIC (Government of Singapore Investment Corporation)

Totaling approximately 30% from Quan Capital, 3H, 3E, Octagon, Morningside, etc.

Such a shareholder list is rare in the pharmaceutical sector, featuring both top technology companies and pharmaceutical giants, representing the collective attitude towards this company.

The management team is also experienced. Li Bang Pharmaceutical was co-founded in 2018 by Dr. Xia Guoyao and Dr. Tian Jin. Dr. Xia holds dual bachelor's degrees from Peking University and a Ph.D. in Chemistry from the University of Chicago, and previously worked at Eli Lilly Asia Fund (LAV) in investment. Dr. Tian Jin (63 years old) serves as Chief Medical Officer, with over 30 years of clinical development experience in nephrology, having worked at Abbott and Roche and participated in the source incubation of AP301, making him the scientific core of the company.

Both the shareholder structure and management team provide strong endorsement.

Additionally, Li Bang Pharmaceutical's IPO cornerstone investor lineup is luxurious, with a total of 11 institutions subscribing for a total of $81.5 million (approximately HKD 638.6 million), accounting for nearly half (49.78%) of the shares offered. These 11 institutions cover global sovereign funds, specialized biopharmaceutical hedge funds, leading domestic public funds, and long-term supportive old shareholders.

Overseas professional pharmaceutical investment institutions are one of the main forces in this cornerstone. The world's top biopharmaceutical hedge fund RTW, leading U.S. biopharmaceutical asset management firm Cormorant (managing over $3.8 billion), top family office Symbiosis (participating in Hong Kong stock cornerstone for the first time, viewing Li Bang as a strategic target for kidney disease in Asia), and Asian cross-border hedge fund DAMSIMF, all focus on innovative drugs in the clinical stage, particularly valuing Li Bang's differentiated pipeline value in the field of kidney disease. Meanwhile, the Government of Singapore Investment Corporation (GIC) and the century-old U.S. asset manager Loomis Sayles, as long-term funds, have entered the market, with the former known for its investment cycle of over ten years, preferring differentiated targets with global commercialization potential, and the latter managing over $100 billion, favoring innovative pharmaceutical companies with mature clinical data and clear cash flow expectations. The inclusion of these sovereign/long-term institutions provides robust support for the cornerstone lineup.

Leading domestic public funds are also actively positioning themselves, with E Fund, GF Fund, and Huatai-PineBridge in Hong Kong collectively subscribing for a considerable amount. Additionally, LVC (managing over $3.5 billion) continues to increase its stake as an old shareholder before the IPO, having accompanied the company through multiple rounds of financing, reflecting a deep recognition of Li Bang's long-term layout in innovative kidney drugs Overall, such a luxurious cornerstone configuration has been rare in the past 18A. This also fully indicates that the IPO of ALEBUND has garnered considerable attention.

The "revaluation" of pharmaceutical stocks should start with structurally sound companies. ALEBUND's business philosophy is good, and its subsequent financial growth + data-driven stimulation model can indeed attract a lot of capital. Unlike other pharmaceutical companies, it does not face fundamental gaps or issues of leapfrog growth.

The space for kidney disease is ample. While everyone is focused on tumors, autoimmune diseases, and GLP-1, the kidney disease sector is being underestimated. With hundreds of millions of patients, very little competition, and extremely high unmet needs, platform companies in the kidney disease space have a high ceiling.

Therefore, with a relatively solid fundamental situation, as a new pharmaceutical stock, ALEBUND still has a certain expectation gap. At the very least, if it performs outstandingly, it is very likely to prompt a comprehensive reassessment of the long-term value of pharmaceutical stocks, thereby achieving a positive cycle of valuation enhancement and future expectation adjustments.

The revaluation of pharmaceutical stocks does not wait for the wind to come; rather, it requires someone to step up and set an example first. Whether ALEBUND can become that "example setter" will soon be answered by the market. But at least, the cards it holds are better than most people imagine.

Note: This article is based on ALEBUND Pharmaceuticals

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