Healthgen Biotechnology has become the first unprofitable biopharma company to pass Shanghai Stock Exchange's (SSE) STAR Market IPO review under China's recently relaxed listing rules. The Wuhan-based firm develops recombinant human serum albumin (rHSA) using its proprietary rice-based expression platform OryzHiExp, achieving yields of 20 to 30g/kg.

Its lead product HY1001 for liver cirrhosis completed Phase III trials in 2024, with marketing approval expected imminently. The company operates two commercial-scale production lines and has distribution agreements with Sinopharm and Betta Pharma.

Heyuan reported 2024 revenue of RMB 25.2 million from research reagents and excipients, while incurring RMB 116.8 million in R&D costs. The IPO seeks to raise RMB 2.4 billion for production expansion and pipeline development.