On October 15, 2025, Xuanzhu Biopharmaceutical Co., Ltd. (“Xuanzhu Biopharm”, stock code: 2575.HK) successfully completed its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. Fangda Partners acted as the issuer’s PRC legal counsel and provided comprehensive legal services for the listing, including the full circulation application, the CSRC filing and the legal due diligence. Fangda’s Hong Kong office also issued legal opinions on Hong Kong-related legal matters for Xuanzhu Biopharmaceutical’s shareholders.

In this offering, Xuanzhu Biopharm issued 67,333,500 new shares, raising approximately HKD 780 million (excluding related transaction costs), and converted 93,368,496 domestic unlisted shares into H-shares, achieving “full circulation”.

Xuanzhu Biopharm is an innovative drug research and development company spun off from Sihuan Pharmaceutical Holdings Group Ltd. Its core business focuses on the research, development, and industrialization of innovative drugs in the fields of digestive diseases, oncology, and non-alcoholic steatohepatitis (NASH). The company operates three core technology platforms: Small Molecule Drug R&D Platform, Biological Drug R&D Platform, and Clinical Development Platform, enabling parallel discovery and development of both small molecules and biologics. To date, Xuanzhu Biopharm has established comprehensive capabilities spanning the entire drug development process—from novel drug structure design to marketing authorization applications—and currently owns three approved core products and a pipeline of over 10 drugs in development.

This listing was led by Partners Liu Lu and Kang Yan. Team members included counsel Chen Zhangxian and associates Hannah Wu, Lily Fu, Ann Fang and Luna Huang. The Fangda Hong Kong Capital Markets team included by Partner Arnold Pang, counsel Geoffrey Cheung and associate Ada Kok.