---
title: "[IPO Watch] Filing again! Wangshan Wangshui Biotech valued at over 4.4 billion, these points are worth noting"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/32647769.md"
description: "Since 2025, several biotech companies including $LEADS BIOLABS-B(09887.HK), $CLOUDBREAK-B(02592.HK), $DUALITYBIO-B(09606.HK), and $BRAINAURORA-B(06681.HK) have listed on the Hong Kong stock market under Chapter 18A. Recently, another biotech company—Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. (hereinafter referred to as "Wangshan Wangshui Biopharma") has submitted its application to the Hong Kong Stock Exchange again, planning to list on the main board under Chapter 18A, with CITIC Securities as its sole sponsor..."
datetime: "2025-08-06T05:53:08.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32647769.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32647769.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32647769.md)
author: "[财华社](https://longbridge.com/en/profiles/11651030.md)"
---

# [IPO Watch] Filing again! Wangshan Wangshui Biotech valued at over 4.4 billion, these points are worth noting

Since 2025, several biotech companies, including $LEADS BIOLABS-B(09887.HK), $CLOUDBREAK-B(02592.HK), $DUALITYBIO-B(09606.HK), and $BRAINAURORA-B(06681.HK), have listed on the Hong Kong stock market under Chapter 18A.

Recently, another biotech company—Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. (hereinafter referred to as "Wangshan Wangshui Biopharma")—has submitted its application to the Hong Kong Stock Exchange again, planning to list on the main board under Chapter 18A, with CITIC Securities as its sole sponsor.

How does Wangshan Wangshui Biopharma stack up? Will its Hong Kong IPO gain market favor?

**Already has commercialized products, valuation exceeds 4.4 billion yuan**

Wangshan Wangshui Biopharma was established in 2013 as a biopharmaceutical company engaged in the development and commercialization of small-molecule drugs. Over the past 12 years, Wangshan Wangshui Biopharma has **focused on three therapeutic areas: viral infections, neuropsychiatry, and reproductive health, developing a pipeline of nine innovative assets, including two core products, LV232 and TPN171, and one key product, VV116.**

Among them, **LV232 is a potential first-in-class dual-target serotonin transporter ("5-HTT")/serotonin 3 ("5-HT3") receptor modulator.** The company initiated a Phase II clinical trial for LV232 in the treatment of depression in China in April 2025 and **expects to complete the trial in the second half of 2026.**

**TPN171 is a potential best-in-class, highly efficient, and selective phosphodiesterase 5 ("PDE5") inhibitor, already approved in Uzbekistan and China for the treatment of erectile dysfunction ("ED").**

Meanwhile, **VV116 is an RNA-dependent RNA polymerase ("RdRp") inhibitor, approved in China and Uzbekistan for the treatment of COVID-19 under the brand names Mindvy® and MINDVY®, respectively.** It is currently in Phase II/III clinical development for respiratory syncytial virus ("RSV") infection in China.

In addition to its innovative pipeline, **Wangshan Wangshui Biopharma is also advancing a generic drug pipeline, including four generic products. As of July 21, 2025, the company has obtained approval for two generic drugs (dapoxetine and rebamipide)** and is developing two other generic pipeline candidates, brexpiprazole and letermovir.

Among the many biotech stocks in the Hong Kong market, a significant number of companies are still in a "zero-product, zero-revenue" state. In comparison, Wangshan Wangshui's possession of commercialized products is a relatively strong performance.

Notably, Wangshan Wangshui Biopharma's achievements would not have been possible without financial support. The prospectus shows that over more than a decade of development, **Wangshan Wangshui has secured multiple rounds of funding from institutions and companies such as Zhongcai Qihu, Junshi Biosciences (01877.HK), and Suzhou Industrial Park Venture Capital.**

By the end of December 2024, the company completed a Series C financing of 160 million yuan (RMB), with a per-share cost of 29.67 yuan, resulting in a post-money valuation exceeding 4.4 billion yuan.

In terms of shareholding structure, **prior to the IPO, one of the founders of Wangshan Wangshui Biopharma, Shen Jingshan, could exercise approximately 54.97% of the voting rights through directly held shares,** while his spouse, Jin Jie, could exercise about 1.52% of the voting rights through directly held shares.

**Significant fluctuations in performance—what's the reason?**

In terms of financial performance, **for 2023, 2024, and the first four months of 2025, Wangshan Wangshui Biopharma's revenues were 200 million yuan, 11.832 million yuan, and 12.958 million yuan, respectively; net profits were 6.427 million yuan, -220 million yuan, and -110 million yuan, respectively.**

It is evident that **Wangshan Wangshui Biopharma's performance "plummeted" in 2024, primarily due to milestone and rights transfer payments dropping from 180 million yuan in 2023 to zero the following year.**

Another contributing factor was the declining royalty payments from Junshi Biosciences for the licensing of VV116. Data shows that royalty payments were 11.817 million yuan, 5.102 million yuan, and 273,000 yuan for 2023, 2024, and the first four months of 2025, respectively.

On the other hand, **while Wangshan Wangshui Biopharma's drug sales revenue is growing rapidly, it is still insufficient to support the company's overall revenue. According to the prospectus, drug sales revenue for 2023, 2024, and the first four months of 2025 was 674,000 yuan, 1.481 million yuan, and 2.594 million yuan, respectively.**

In terms of specific products, although Wangshan Wangshui Biopharma has two commercialized innovative drugs, **the current core pillars of drug sales revenue are actually the generic drugs dapoxetine and rebamipide, with minimal revenue from VV116 and TPN171.**

**Conclusion**

In terms of cash flow, **as of April 30, 2025, Wangshan Wangshui Biopharma held cash and cash equivalents of 72.833 million yuan,** which is not particularly abundant.

If the IPO is successful, Wangshan Wangshui Biopharma plans to allocate the funds to the following areas: **R&D for core products; R&D for other candidate products; construction of the Qingdao factory; strengthening sales and marketing capabilities; and working capital and other general corporate purposes.**

Author: Ming Xi

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## Comments (1)

- **廖氏如神714 · 2025-08-06T12:49:21.000Z**: Well written