Aike Baifa's Three Battles for Hong Kong Stock IPO: Zero Revenue, 60-Year-Old American-Based Chairman Wu Zheng Received 7.377 Million Yuan in Compensation Over Two Years

Rui Finance Wang Min On March 17, according to the Hong Kong Stock Exchange official website, Shanghai Aike Bai Biological Medicine Technology Co., Ltd. (hereinafter referred to as “Aike Bai Fa”) submitted a listing application to the Main Board of the Hong Kong Stock Exchange. CITIC Securities and J.P. Morgan are joint sponsors. This is a reapplication following the expiration of their previous submission on September 15, 2025.

It is reported that in April 2023, Aike Bai Fa submitted an application for listing on the STAR Market of the Shanghai Stock Exchange, but withdrew the IPO in January 2024, with CITIC Securities acting as the sponsor.

Notably, before applying for listing on the STAR Market, Aike Bai Fa also attempted an IPO on the Hong Kong Stock Exchange. In June 2021, the company submitted an application for listing to the Hong Kong Stock Exchange, and in October of the same year, received approval from the China Securities Regulatory Commission for the issuance of foreign-listed foreign shares. However, Aike Bai Fa chose to terminate the Hong Kong listing in early 2022.

According to the prospectus, Aike Bai Fa is a biopharmaceutical company founded in 2013, focused on discovering and developing therapies to address medical needs in respiratory and pediatric diseases. The company’s candidate drugs aim to treat various stages of acute, chronic, and end-stage respiratory and pediatric diseases where effective treatments are currently lacking.

In terms of performance, in 2024 and 2025, Aike Bai Fa has no commercialized products or main business revenue, only other income and gains. In 2024, other income and gains amounted to 26.305 million yuan; in 2025, they were 7.574 million yuan, a year-on-year decrease of 71.2%.

During the same period, Aike Bai Fa continued to incur losses, which widened. In 2024, the company reported a net loss of 197 million yuan; in 2025, a net loss of 228 million yuan, an increase of 15.4% year-over-year.

Since its establishment, Aike Bai Fa has received nine rounds of investment totaling over $220 million. Investors include Qiming Venture Partners Funds, TF Capital, and TPG Asia VII SF Pte. Ltd., all well-known funds focused on healthcare investments.

Before the IPO, Dr. Wu Zheng held an 18.78% stake through wholly owned Pro­tsExcel, 3.84% through wholly owned Million Joy, and 2.51% through controlled Aierkai, totaling 25.13%.

The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors. Dr. Wu Zheng serves as chairman, executive director, and CEO, while his wife, Audrey Rao, is a non-executive director.

Dr. Wu Zheng, 63, a U.S. citizen, is the founder of the group. He founded the company in April 2014 and has served as director, chairman, and CEO since then. In July 2025, he was appointed as an executive director. Dr. Wu has also served as director of all subsidiaries since their establishment. He is mainly responsible for the group’s business strategy, corporate development, and R&D management.

With over 30 years of experience in drug development, Dr. Wu previously worked as a senior scientist at Schein-Boehringer Research Institute; from May 2000 to April 2008, he was the Director of Preclinical and Translational Research at Valeant Pharmaceuticals International (formerly ICN Pharmaceuticals Inc.); from May 2008 to June 2012 and July 2012 to July 2013, he served as Senior Director of Biologics R&D and Viral R&D at Roche China. He also worked at Sumo Biosciences LLC and served as Director of Hangzhou Yake Duo Pharmaceutical Technology Co., Ltd. from November 2020 to January 2021, and as CEO of Sumo Bioscience LLC from August 2013 to April 2014.

Dr. Wu obtained his bachelor’s degree in July 1985 and master’s degree in October 1987 from the University of Science and Technology of China. He earned his Ph.D. from Brown University in May 1993 and conducted postdoctoral research at Harvard Medical School in biochemistry and molecular pharmacology from 1993 to 1995. From July 2012 to July 2014, he served as a visiting professor at Fudan University Shanghai Medical College.

Dr. Wu (Jim Zhen Wu) received a salary of 3.689 million yuan in 2025 (excluding stock-based compensation of 5.53 million yuan). His salary last year was 3.688 million yuan, totaling 7.377 million yuan over two years.

Related company: Aike