By Fineline Cube 
Kexing Pharmaceutical (SHA: 688136), an innovative biopharmaceutical company with an international footprint, released its prospectus for a secondary offering on the Hong Kong Stock Exchange this week. The company, which focuses on the research and development, manufacturing, and commercialization of recombinant proteins, antibodies, and targeted delivery therapies, reported RMB 1.534 billion (USD 225 million) in revenues and RMB 153 million (USD 22.5 million) in net profits for the previous fiscal year.
Corporate Profile & Financial Performance
| Metric | FY 2025 | Notes |
|---|---|---|
| Total Revenues | RMB 1.534 billion (USD 225 million) | Driven by proprietary and in-licensed commercial products |
| Net Profits | RMB 153 million (USD 22.5 million) | 10% net profit margin demonstrating operational efficiency |
| Primary Listing | Shanghai Stock Exchange STAR Market (SHA: 688136) | Seeking secondary listing on Hong Kong Stock Exchange |
| Business Focus | Recombinant proteins, antibodies, targeted delivery therapies | Vertically integrated R&D, manufacturing, and commercialization |
Commercial Portfolio
Proprietary Products (4)
- SINOGEN: Recombinant human interferon α1b
- EPOSINO: Human erythropoietin
- WHITE-C: Human granulocyte colony-stimulating factor
- CLOBICO: Combined clostridium butyricum and bacillus coagulans
In-Licensed Products
- Apexelsin: Paclitaxel (albumin-bound)
- Reminton: Infliximab
This diversified commercial portfolio provides stable cash flow to support the company’s innovative pipeline development while establishing market presence across multiple therapeutic areas.
Pipeline Highlights – Next-Generation Therapeutics
| Candidate | Modality | Stage | Innovation |
|---|---|---|---|
| GB18 | GDF15 monoclonal antibody | Preclinical/early clinical | Novel target for metabolic and inflammatory conditions |
| GB23 | PD-1/GPC3/IFN trispecific antibody fusion protein | Preclinical/early clinical | Multifunctional approach combining checkpoint inhibition, tumor targeting, and immune stimulation |
| GB25 | CD3/CDH17/CDH17 bispecific tri-specific T-cell engager | Preclinical/early clinical | Advanced T-cell redirection technology with dual CDH17 targeting |
The pipeline reflects Kexing’s strategic focus on complex, multimodal biologics that address unmet needs through innovative engineering approaches beyond conventional monoclonal antibodies.
Strategic Rationale & Market Opportunity
- Dual-Listing Strategy: The Hong Kong secondary offering provides access to international capital markets and enhances liquidity for global investors, supporting the company’s international expansion ambitions.
- Pipeline Funding: Proceeds will accelerate development of the advanced pipeline candidates, particularly the novel trispecific and T-cell engager platforms that require significant R&D investment.
- Manufacturing Scale: As a vertically integrated biopharma with established recombinant protein and antibody manufacturing capabilities, Kexing is well-positioned to control costs and ensure supply chain security.
- China Biotech Ecosystem: The company leverages China’s robust biopharmaceutical infrastructure while maintaining international standards, creating competitive advantages in both domestic and global markets.
The secondary offering represents a strategic milestone in Kexing’s evolution from a commercial-stage biopharma to a globally competitive innovator with a differentiated pipeline of next-generation biologics.
Forward‑Looking Statements
This brief contains forward-looking statements regarding capital raising, pipeline development, and financial performance. Actual results may differ due to risks including market conditions, regulatory approvals, and competitive dynamics.-Fineline Info & Tech