Beijing Wuhe Boao Pharmaceutical Co., Ltd. ("Wuhe Boao") submitted an application to list on the main board of the Hong Kong Stock Exchange on February 27, with Huatai International acting as the sole sponsor. The company was established in 2010 and is a biopharmaceutical firm focused on the research, development, industrialization, and commercialization of innovative drugs with high technical barriers. Its core areas are metabolic diseases and malignant tumors.
Wuhe Boao's flagship product, Sang Bowen® (WH001), is a Category 1.2 innovative traditional Chinese medicine. It received market approval in March 2020 and, according to research, is China's first and only approved original natural drug for blood glucose control. It is also the world's first plant-derived natural drug for lowering blood sugar. The product was included in China's National Reimbursement Drug List in the same year.
The company is expanding the drug's applications to treat other metabolic disorders such as obesity, MASH, and PCOS, aiming to provide systemic treatment options for complex metabolic diseases.
Beyond its commercialized product, Wuhe Boao has a pipeline of eight drug candidates, including three core assets: WH007, WH006, and WH002. WH007 is a Category 2.3 improved new traditional Chinese medicine for polycystic ovary syndrome (PCOS). It received approval to begin Phase II clinical trials in December 2025 and is currently the only natural drug for PCOS in clinical development in China. No PCOS treatment drugs have been approved globally.
WH006, another Category 2.3 improved new traditional Chinese medicine, is indicated for adult obesity or overweight. It entered Phase II clinical trials in August 2025 and is the only natural drug for obesity treatment in Phase II clinical trials in China as of the disclosure date.
In the oncology field, WH002 is a paclitaxel-cholesterol conjugate tumor-targeting lipid emulsion for the neoadjuvant treatment of Luminal breast cancer. It completed Phase II clinical trials in November 2025, with Phase III trials expected to begin in 2026.
Wuhe Boao is also engaged in drug delivery system (DDS) research to overcome technical barriers in drug delivery, improve safety and efficacy, and provide a targeted and controlled-release platform. WH002 exemplifies this approach by addressing challenges such as paclitaxel's poor solubility and low loading capacity.
Financially, the company reported revenue of 208 million yuan and 207 million yuan for the full year 2024 and the nine months ended September 30, 2025, respectively. Gross margins were 72.1% and 74.1% for the same periods. Adjusted net losses were 88.81 million yuan and 36.85 million yuan, respectively, showing a narrowing loss trend.
The company has received investment from institutions including Beijing Medical Fund, Langsheng Investment, Longpan Investment, Tongchuang Weiye, and Northern Light Venture Capital. Its post-money valuation after a September 2025 B+3 financing round was 4.038 billion yuan.