Bin Hui Biological rushes into Hong Kong stocks: annual loss of 120 million yuan, Lepu Biopharma and Yangtze River Pharmaceutical are shareholders

Lei Diwang Lei Jianping April 5

Wuhan Binhui Biotechnology Co., Ltd. (the “Binhui Biotechnology”) has recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Binhui Biotechnology plans to raise a total of more than RMB 1 billion. Among this, it completed fundraising of RMB 600 million in February 2021, RMB 240 million in July 2022, raised RMB 20 million in 2023, and the post-money valuation after the last round was RMB 3.22 billion.

Annual loss of RMB 120 million

Binhui Biotechnology was founded in 2010. It is an oncolytic virus therapy biotechnology company dedicated to the discovery, development, and commercialization of innovative cancer immunotherapies.

The core product independently developed by Binhui Biotechnology, BS001 (OH2 injection), is a novel oncolytic virus candidate drug based on type II herpes simplex virus (HSV-2). Through its biological engineering, it can selectively replicate within tumor cells, directly triggering oncolytic effects, and secreting human granulocyte—macrophage colony-stimulating factor (hGM-CSF) to activate systemic immune activity.

Binhui Biotechnology is currently studying BS001 as a monotherapy and as a combination therapy using the main drug (especially in combination with PD-1 inhibitors) to treat various solid tumor indications, including melanoma, colorectal cancer, glioblastoma, soft tissue sarcoma, and cholangiocarcinoma. Binhui Biotechnology has also observed good safety and initial efficacy in early clinical trials.

Binhui Biotechnology’s BS001 is the world’s first oncolytic virus candidate drug built on a HSV-2 viral backbone to reach the clinical stage and enter a Phase III pivotal trial. It has the potential to become the first approved oncolytic virus therapy based on a HSV-2 viral backbone worldwide.

The prospectus shows that Binhui Biotechnology’s revenue in 2024 and 2025 was RMB 1.73M and RMB 884k, respectively; gross profit was RMB 1.2 million and RMB 0.3 million, respectively; and losses during the period were RMB 113 million and RMB 121 million, respectively.

Binhui Biotechnology’s adjusted net losses in 2024 and 2025 were RMB 103 million and RMB 89.8 million, respectively.

As of December 31, 2025, Binhui Biotechnology held cash and cash equivalents of RMB 126 million.

Leep Bio and Yangtze River Pharma are shareholders

Binhui Biotechnology’s executive directors are Dr. Liu Binlei, Mr. Fang Zhizheng, and Mr. Wang Hanming, respectively; the non-executive director is Ms. Ming Xiaoping; and the independent non-executive directors are Ms. Tian Dan and Mr. Hu Wenyan and Ms. Huang Lili, respectively.

Before the IPO, Dr. Liu Binlei held 20.79%, Wuhan Hui Bin held 2.73%, Wuhan Hui Rui held 2.66%, Wuhan Yanming held 0.13%, Longpan Biopharmaceuticals held 6.82%, Longpan Health held 5.46%, Yuhang Longpan held 2.96%, and Tibet Longpan held 1.05%.

Leep Biotechnology held 11.84%, Share & Celect Shanze held 3.94%, Tibet Zhifan held 3.92%, Yangtze River Pharma held 3.18%, China International Securities Qizhi held 2.56%, and Sharefeng Investment and Qianhai Mother Fund held 2.46% and 2.46%, respectively, and Liu Fu’an held 1.94%;

Dacain Chuang Kun held 1.77%, Shao Deliang and Optics Valley Biopharma Venture Investment held 1.5% each, Qihou Xihai and Ms. Zhao Dan held 1.48% each, Xu Hongshu held 1.32%, Lu Huizhong held 1.22%, Zhang Bo held 1.09%, Zhongbo Shouzhong held 1.07%, Zhuhai Yingfei held 0.99%, Chengdu Yingfei held 0.49%;

Suifeng Innovation held 0.99%, Jiuzhou Zhiyi held 0.95%, Shandong Kerong held 0.79%, Huafang Jiamin held 0.75%, Zhongshan Yuandao held 0.73%, Borun Investment, Shi Guohui, and Xu Yufang held 0.68% each, Donghu Zhongbo held 0.59%, Ms. Wang Lihua held 0.55%, Huidingxinwang and Huiding Dacheng held 0.49% each, Zhongbo Ji’an held 0.44%, and Zhongjun Xiangfeng held 0.36%;

Jia Yingkang Chengheng and Hubei High Investment held 0.32% each, Dr. Xiao Ying held 0.26%, Wei Guanghonghu and Hejie Biopharmaceuticals held 0.25% each, S & K Denuo held 0.2%, Denovo One held 0.16%, and Beijing Biqiang held 0.14%.

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