Hemay Pharma-B

Hemay Pharma-B (Ticker: 54 HK) is a biopharmaceutical company that discovers and develops small-molecule drugs for autoimmune diseases and oncology. Its portfolio includes Mufemilast, which received approval in China in September 2025 for moderate-to-severe plaque psoriasis. Commercial sales began in July 2026, and by the latest stated reporting date the company had supplied 2,200 boxes to nine distributors. Founded in 2002, it has maintained its principal research and development operations at a dedicated center in Tianjin.

Hemay Pharma-B expects to list on Hong Kong Stock Exchange on November 9, 2026. The indicative offer range is HKD 15.50–18.90 per share, and the base offering comprises 55.21 million shares. At the indicative midpoint, the total base offering would represent approximately HKD 949.61 million in gross proceeds, equivalent to approximately $121.04 million.