By Fineline Cube 
Guangdong China-based Sunshine Lake Pharma Co., Ltd. (HKG: 6887) has successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). This groundbreaking milestone marks the first-ever dual-entity restructuring involving a delisting and absorption merger of a Hong Kong-listed subsidiary followed by an introduction listing. The company achieved its overall listing by absorbing its subsidiary, Yichang Hecheng Changjiang Pharmaceutical Co., Ltd., previously listed on the HKEX.
Significance of the Listing
This innovative approach not only signifies a significant milestone in Sunshine Lake Pharma’s two-decade history of innovation but also represents a pivotal step forward for Chinese biotech firms. It explores new avenues for asset securitization and international expansion, setting a replicable model for industry consolidation and global development.
Industry Perspective
Industry insiders highlight that this strategy bypasses the time constraints of traditional capital operations, reduces financial friction costs associated with acquisitions, and seamlessly integrates resources with capital upgrades. It effectively safeguards shareholder interests and exemplifies China’s initiative to optimize its capital market structure.
Innovating with a Global Perspective
Sunshine Lake Pharma is an integrated pharmaceutical company engaged in the research, development, production, and commercialization of drugs. Since its establishment in 2003, the company has operated with the mission of “improving human life quality and health through scientific research.” It has consistently pursued an innovation-driven and internationalization strategy, focusing on three key therapeutic areas: infectious diseases, chronic illnesses, and oncology.
R&D and Pipeline Strength
With a research and development team of over 1,100 people, Sunshine Lake Pharma’s R&D capabilities are among China’s top tier. The company boasts a portfolio of over 150 approved drugs and nearly 50 innovative drugs in its pipeline. Three of its original innovative drugs have been approved for market, with one more imminent. Additionally, ten drugs are in Phase II or III clinical trials, and multiple pipelines show “first-in-class” or “best-in-class” potential. The company has also filed for over 2,500 invention patents and has received numerous high-level accolades, including the National Key Laboratory for Anti-Infective Drug R&D and the China Patent Gold Award.
International Breakthroughs
In recent years, the company has made significant international breakthroughs. Its innovative drug, HEC88473, was licensed for overseas markets in 2024, and its insulin glargine product completed U.S. registration. Furthermore, Hecheng Pharma has established a global sales network, with its core product, Kewei, becoming the leading anti-influenza drug brand in China.
Market Impact
Data for the first half of the year indicates a breakthrough in both the number of IPOs and the total funds raised for pharmaceutical companies on the HKEX. As policy reforms deepen, Chinese biotech firms like Hecheng Pharma are poised to secure a more prominent position in the global market.-Fineline Info & Tech