China's Xuanzhu Biopharm has listed on Hong Kong Stock Exchange (HKEX) at HKD 11.60 per share, achieving HKD 6.01 billion market capitalisation after a record 3,960 times retail oversubscription and 172% grey market premium. The spin-off from Sihuan Pharmaceutical holds three drug approvals, including proton pump inhibitor KBP-3571 for digestive diseases, CDK4/6 inhibitor XZP-3287 for breast cancer and ALK inhibitor XZP-3621 for non-small cell lung cancer (NSCLC). The pipeline features ten clinical-stage assets across oncology, metabolic diseases and gastroenterology, with seven total new drug applications submitted or approved.

The company reported RMB 32.7 million sales for its first commercialised product KBP-3571 since launch through March 2025, with net losses increasing 26.5% to RMB 65.5 million in Q1 2025 due to elevated R&D investment representing 77.6% of operating expenses.

PharmCube's MedAlpha® database shows that Xuanzhu previously raised USD 348 million through three financing rounds. Click here to request a free trial for MedAlpha®.