LeiDi Network, Lei Jianping, April 5

Wuhan Binhui Biotechnology Co., Ltd. (referred to as "Binhui Biotechnology") recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Binhui Biotechnology has raised over 1 billion yuan in total, including 600 million yuan raised in February 2021, 240 million yuan raised in July 2022, and 20 million yuan raised in 2023, with the post-investment valuation in the last round being 3.22 billion yuan.

Annual loss of 120 million

Binhui Biotechnology was established in 2010 and is a biotechnology company focused on oncolytic virus therapy, dedicated to the discovery, development, and commercialization of innovative cancer immunotherapies.

The core product BS001 (OH2 injection) developed independently by Binhui Biotechnology is a novel oncolytic virus candidate drug based on type II herpes simplex virus (HSV-2). Its biological modification allows it to selectively replicate within tumor cells, directly induce oncolytic effects, and secrete human granulocyte-macrophage colony-stimulating factor (hGM-CSF) to activate systemic immune activity.

Binhui Biotechnology is currently researching BS001 as a monotherapy and in combination therapy (especially in combination with PD-1 inhibitors) for the treatment of various solid tumor indications, including melanoma, colorectal cancer, glioblastoma, soft tissue sarcoma, and cholangiocarcinoma. Binhui Biotechnology has observed good safety and preliminary efficacy in early clinical trials.

BS001 from Binhui Biotechnology is the world's first oncolytic virus candidate drug based on HSV-2 to reach the clinical stage and enter phase III pivotal trials, with the potential to become the world's first approved oncolytic virus therapy based on HSV-2.

The prospectus shows that Binhui Biotechnology's revenue for 2024 and 2025 is projected to be 1.725 million yuan and 884,000 yuan, respectively; gross profit is projected to be 1.2 million yuan and 300,000 yuan, respectively; The losses during the period were 113 million yuan and 121 million yuan, respectively.

BinHui Biotechnology's adjusted net losses for 2024 and 2025 are expected to be 103 million yuan and 89.8 million yuan, respectively.

As of December 31, 2025, BinHui Biotechnology held cash and cash equivalents of 126 million yuan.

LEPU Biotech and Yangtze River Pharmaceutical are shareholders.

The executive directors of BinHui Biotechnology are Dr. Liu Binlei, Fang Zhizheng, and Wang Hanming; the non-executive director is Ms. Ming Xiaoping, and the independent non-executive directors are Tian Dan, Hu Wenyuan, and Ms. Huang Li.

Before the IPO, Dr. Liu Binlei held 20.79% of the shares, Wuhan Huibin held 2.73%, Wuhan Huirui held 2.66%, Wuhan Yanming held 0.13%, Longpan Biomedicine held 6.82%, Longpan Health held 5.46%, Yuhang Longpan held 2.96%, and Tibet Longpan held 1.05%.

LEPU Biotech holds 11.84%, Share Good holds 3.94%, Tibet Zhifan holds 3.92%, Yangtze River Pharmaceutical holds 3.18%, Zhongjin Qizhi holds 2.56%, and Xiangfeng Investment and Qianhai Mother Fund each hold 2.46%. Liu Fu'an holds 1.94%;

Dachen Chuangkun holds 1.77%, Shao Deliang and Guanggu Biotech Industry Venture Capital each hold 1.5%, Qi Hou Xihai and Ms. Zhao Dan each hold 1.48%, Xu Hongshu holds 1.32%, Lu Huizhong holds 1.22%, Zhang Bo holds 1.09%, Zhongbo Shouzhong holds 1.07%, Zhuhai Yingfei holds 0.99%, and Chengdu Yingfei holds 0.49%.

SuiFeng Innovation holds 0.99%, JiuZhou ZhiYi holds 0.95%, ShanDong KeRong holds 0.79%, HuaFang JianMin holds 0.75%, ZhongShan YuanDao holds 0.73%, BoRun Investment, Shi Guohui, and Xu Yufang each hold 0.68%, DongHu ZhongBo holds 0.59%, Ms. Wang Lihua holds 0.55%, HuiDing XinWang and HuiDing DaCheng each hold 0.49%, ZhongBo JiAn holds 0.44%, ZhongJun XiangFeng holds 0.36%;

JiaYing KangCheng Heng and HuBei GaoTou each hold 0.32%, Dr. Xiao Ying holds 0.26%, Wei Guang HongHu and HeJie Biomedical each hold 0.25%, ZhongKe DeNuo holds 0.2%, DeNuo Wei No.1 holds 0.16%, and Beijing BiQiang holds 0.14%.

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