KINTOR PHARMA-B (09939) fell more than 9% again, bringing its cumulative decline over the past three trading sessions to nearly 35%. At the time of writing, the stock was down 9% to HK$2.73, with a turnover of HK$7.5153 million.

The recent sell-off is linked to an escalating commercial dispute between the company and German cosmetics giant Beiersdorf over what is often referred to as a premier skin-whitening ingredient. In the early hours of March 21, Beiersdorf issued a statement via its official WeChat account titled "Science Requires 'Collision,' Not 'Hijacking'." The statement detailed the research mechanism and scientific basis of its ingredient Thiamidol 630 and specifically named "Suzhou Kintor KT-939."

Beiersdorf stated that it had noted the China National Intellectual Property Administration had issued written opinions and a search report regarding Suzhou Kintor's patent application for KT-939. According to public information, the report, after comparing it with prior art, rendered a negative assessment regarding the novelty and inventiveness of the application's main claims.

In response on March 22, Kintor Pharma stated that Beiersdorf's declaration would not alter its product commercialization strategy. The company affirmed its belief that commercial disputes should be resolved based on facts and law. It emphasized that all enterprises, regardless of size, are equal under patent and commercial law, and the standards for legal operation are consistent for both multinational corporations and smaller firms. Kintor called for an end to the war of words in the media.

Given that Beiersdorf's two statements have severely impacted the company's stock price and the reputation of its KT-939 product, Kintor stated it would resolutely protect its legal rights and interests to ensure its innovative achievements as a startup are not infringed upon.