Hemay Pharmaceutical Launches Global Offering Patrons Acts as Joint Bookrunner and Joint Lead Manager

Ganzhou Hemay Pharmaceutical Co., Ltd. (“Hemay”; stock code: 00054.HK) launched its Hong Kong Public Offering on October 30, 2026, with the offer period running until November 4, 2026. Patrons Financial Holdings acts as a Joint Bookrunner and Joint Lead Manager for the IPO.

According to Patrons, Hemay, a biotech company listing under Chapter 18A of the Listing Rules, plans to offer 55,210,000 H Shares under the Global Offering, comprising 5,521,000 Hong Kong Offer Shares and 49,689,000 International Offer Shares. The Offer Price range is HK15.50toHK18.90 per Offer Share. Based on the maximum Offer Price, gross proceeds from the Global Offering will be up to approximately HK$1.04 billion. Dealings in the H Shares on the Main Board of The Stock Exchange of Hong Kong Limited are expected to commence on November 9, 2026.

According to the prospectus, since its establishment Hemay has focused on autoimmune diseases and oncology, and is dedicated to the self-discovery and self-development of innovative small molecule drugs. The company has built deep expertise in therapeutic areas including psoriasis (Ps), Behçet’s disease (BD) and inflammatory bowel disease (IBD).

Hemay’s pipeline currently comprises six products, including one approved product and five drug candidates:

• Core Product Mufemilast: a self-developed PDE4/PDE4B inhibitor with a dual mechanism of action. Mufemilast received NMPA approval in September 2025 for the treatment of moderate to severe plaque psoriasis and has commenced commercial sales. It is being evaluated in pivotal Phase III trials for BD and ulcerative colitis (UC), and has received Orphan Drug Designation from the U.S. FDA for BD.
• Autoimmune drug candidates: including Hemay808. Hemay808 has completed a Phase IIa clinical trial in China for atopic dermatitis (AD), and a Phase IIb clinical trial is planned to commence in November 2026.
• Oncology drug candidates: including Hemay022 and Hemay181, covering solid tumor indications such as breast cancer.

In terms of business model, Hemay covers the full value chain from drug discovery and clinical development to API and drug formulation manufacturing and commercialization. The company operates the Xiajiang Manufacturing Facility for APIs and the Ganzhou Manufacturing Facility for drug formulations in Jiangxi Province. The two facilities completed GMP compliance inspections in April 2026 and March 2026, respectively, so the company can manufacture its Core Product in-house. As of the Latest Practicable Date, Mufemilast had been supplied to nine distributors covering eight provinces and municipalities, including Beijing, Guangdong, Shandong and Sichuan.

According to Frost & Sullivan, the moderate to severe plaque Ps drug market in China is expanding rapidly. The market reached RMB8.6 billion in 2025 and is expected to grow at a CAGR of 24.5% to RMB16.5 billion in 2028, and further to RMB27.2 billion in 2032.

As a financial institution deeply rooted in the Hong Kong capital market, the Patrons Financial Holdings team was closely involved in this IPO as a Joint Bookrunner and Joint Lead Manager. Drawing on its insight into the biopharmaceutical industry and its extensive international investor network, Patrons helped the company convey the value of its core products and its R&D barriers, supporting this innovative drug developer’s entry into the international capital market.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.