BIORAY BIOPHARM HKEX IPO Application Lapsed Upon Expiry, a Leading Fully Integrated Biopharmaceutical Company in China

NewTimeSpace News: The listing application submitted by BioRay Biopharmaceutical Co., Ltd. to HKEX on 6 January 2026 has lapsed upon the expiry of six months. Huatai International and JPMorgan acted as the original joint sponsors.

The Company is a leading fully integrated biopharmaceutical company in China, dedicated to delivering comprehensive immunotherapy solutions for patients suffering from autoimmune and inflammatory diseases, immuno-oncology disorders, and haematological malignancies originating from the immune system. Its origins trace back to the biologics division of Hisun Pharmaceutical. Following restructuring into a limited liability company in January 2019, it has grown into a frontrunner advancing immunology therapeutics in China.

As of the latest practicable date, the Company owns eight commercialised products, including two innovative assets and six mature products. It recorded revenue of RMB1.257 billion in 2023, RMB1.623 billion in 2024, and RMB1.379 billion for the nine months ended 30 September 2025. Per Frost & Sullivan statistics, based on revenue from autoimmune disease biologics, the Company has secured the top ranking among Chinese pharmaceutical companies for two successive years since 2023.

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