LeiDi Network, Lei Jianping, April 26

Beijing ZhiTai Biopharmaceutical Technology Co., Ltd. (referred to as "ZhiTai Biopharmaceutical") has recently submitted its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Annual Loss of 190 Million

ZhiTai Biopharmaceutical was established in 2018 and is a biopharmaceutical company nearing commercialization. It has built a diversified product portfolio that includes monthly injectables, oral peptide therapies, and multi-target therapies to meet the increasingly personalized treatment needs of the global obesity and other metabolic disease populations.

ZhiTai Biopharmaceutical's core product, ZuoWeiGuLuTe (ZT002), is a monthly administered GLP-1 receptor agonist (GLP-1 RA) peptide injectable with the potential to be the first to market and best in class. This product is currently undergoing Phase III clinical trials for obesity in China (HORIZON-1), and its Phase II trials have shown good tolerability and competitive weight loss efficacy.

The prospectus shows that ZhiTai Biopharmaceutical's revenue for 2024 and 2025 is projected to be 4.01 million and 3.13 million yuan, respectively; annual losses are expected to be 164 million and 191 million yuan.

ZhiTai Biopharmaceutical's R&D expenditures for 2024 and 2025 are projected to be 150 million and 176 million yuan, respectively.

As of December 31, 2025, ZhiTai Biopharmaceutical holds cash and cash equivalents of 31.2 million yuan.

Sequoia, BlueRun, and Aobo are shareholders

The management team of ZhiTai Biopharmaceutical includes Dr. Zhang Xujia, Dr. Zhang Yuanyuan, Dr. Zhai Peng, Wu Ning, and Ms. Dong Yi; the non-executive directors are Dr. Wang Dasong and Dr. Shi Liyang, while the independent non-executive directors are Ms. Gu Jin, Zhang Guohua, Dr. Li Zhihong, and Ms. Liang Yun.

The single largest shareholder group of Zhitai Biotechnology consists of Dr. Zhang Xuji, Dr. Zhang Yuanyuan, Dr. Zhai Peng, Wu Ning, and Tianjin Zhitai.

Dr. Zhang Xuji

Dr. Zhang Xuji is the former Vice President of R&D at Novo Nordisk, with over 30 years of experience in biopharmaceuticals and research; co-founder and Chief Operating Officer Wu Ning was the former Operations Director of Novo Nordisk's China R&D Center; co-founder/Senior Vice President/CMC & Production Head Dr. Zhai Peng previously served as the Chief Scientist of Protein Engineering at Novo Nordisk; co-founder/Senior Vice President/R&D Head Dr. Zhang Yuanyuan was a senior researcher at Novo Nordisk.

Dr. Zhang Yuanyuan

Before the IPO, Dr. Zhang Xuji held 11.88% of the shares, Dr. Zhang Yuanyuan held 1.58%, and Dr. Zhang Yuanyuan, Dr. Zhai Peng, and Wu Ning each held 1.58%, while Tianjin Zhitai held 9.8%.

Dr. Zhang, Dr. Zhang Yuanyuan, Dr. Zhai, and Wu Ning entered into a concerted action agreement in December 2018; in addition, Dr. Zhang, as a general partner of Tianjin Zhitai, has the right to exercise its voting rights.

As of the last practicable date, the single largest shareholder group of Zhitai Biotechnology has the right to exercise approximately 25.72% of the voting rights of Zhitai Biotechnology.

HSG Venture (Sequoia China) holds 8.84%; BlueRun Small and Medium Enterprises holds 3.82%, Hangzhou BlueRun Xinhang holds 2.53%, BlueRun Xinyue holds 0.89%, Jiaxing Chiyue holds 0.63%, and BlueRun collectively controls 7.87% of the company's equity.

Aobo Phase V holds 4.97%, Aobo Phase IV holds 2.48%, and Aobo collectively holds 7.45%; Beijing Nobot holds 5.85%, Guofeng Investment (Wuxi) holds 4.59%, Capital Rain holds 3.46%, and KT Capital holds 0.96%; Shenyang Jiahong No. 1 holds 4.24%, Wuhan Taiming holds 3.17%, and Shanghai Taifurenxu holds 0.96%;

Shanghai Qishan Investment holds 3.53%, Nanjing Zhaoying Zhenyuan holds 2.3%, and Hangzhou Qiming Rongjing, Qiming Singapore, Nanjing Wuyuan Xingzhi, Suzhou Xingze Xingyong, and Hangzhou Huagai Ganning each hold 1.76%; Taizhou China Pharmaceutical and Taizhou Mingtai Pharmaceutical hold 0.79% each;

Rongchuang (Zibo) and Shenzhen Jiaxing No. 1 hold 1.41% each, Chengdu Boyuan holds 1.31%, Hangzhou Zhongwang holds 1.06%, Qiongqiong City Tianxiang Phase II holds 0.83%, Hangzhou Taiyu holds 0.79%; Shanghai Licheng Yuanding and El Huang hold 0.39% each;

Qifu Lingchuang holds 0.7%, Shenzhen Feifan holds 0.69%, Hangzhou Taiyu Phase IV holds 0.45%, Zibo Dehe holds 0.41%, Wuxi Xingxi holds 0.4%, Shen Gang holds 0.19%, Beijing Xinghao holds 0.17%, Du Wei holds 0.04%, and Yu Guozheng holds 0.03%.

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