Daily, Thu 5 Nov: Hemay psoriasis IPO postponed, Sino Biopharm–Boehringer ADCs, Nxera–AbbVie IBD

Full transcript, with sources

Numbers in [brackets] link to the sources at the end of the section or episode. Chinese names are given in characters with Hanyu Pinyin; on air, Ning says them in Mandarin.

Sources

1. HKEX announcement, Ganzhou Hemay Pharmaceutical Co., Ltd. (贛州和美藥業股份有限公司, 0054), 4 Nov 2026: global offering and listing postponed "鑒於現行市況" (in view of current market conditions); application money refunded without interest, e-refunds/cheques on Mon 9 Nov 2026; no H-share certificates issued; still committed to completing the offering and listing "於適當時候" (in due course): https://www.hkexnews.hk/listedco/listconews/sehk/2026/1104/2026110400410_c.pdf (copy: src/hemay_notice.pdf)

2. DealStreetAsia / Reuters, 4 Nov 2026, "Chinese drugmaker Ganzhou Hemay puts off HK listing on market conditions" (said on Wednesday; citing current market conditions; aimed to raise about HK$1.04bn; committed to listing in due course; mufemilast core product for psoriasis): https://www.dealstreetasia.com/stories/chinese-drugmaker-ganzhou-hemay-puts-off-hk-listing-on-market-conditions-500174

3. Sing Tao Headline (星島頭條), 4 Nov 2026, 18:22 HKT: Hemay's books closed that day ("今日截止招股"), announced after the close; five stocks pulled after books closed since the start of Q3 ("自今年第三季起，本港共有5股在截止招股後公布急煞上市計劃"); IFR: Denglin Technology (登臨科技, 9917) telling investors it may price at the bottom of the range, HK$231, raising HK$1.41bn; international tranche covered; books close Thursday, lists next Tuesday: https://www.stheadline.com/stock-market/3633504/

4. Mufemilast mechanism (selective PDE4 inhibitor; inhibits T-cell activation and pro-inflammatory cytokines; approved in China for plaque psoriasis, tablet): Clinical Pharmacology in Drug Development, first-in-human study https://doi.org/10.1002/cpdd.70005 ; IUPHAR/BPS Guide to Pharmacology https://www.guidetopharmacology.org/GRAC/LigandDisplayForward?ligandId=14395 ; NMPA approval notice, 13 Oct 2025 (莫米司特片, tablet) https://www.nmpa.gov.cn/zhuanti/cxylqx/cxypxx/20251013084802179.html (all as fact-checked for the 4 Nov daily)

5. Pilot, 31 Oct 2026 (callbacks). Ning: "And one near-term marker: Hemay's Hong Kong debut on November ninth. A live test of appetite for biotech listings without revenue." Ning: "On October twenty-second, the US Treasury proposed rules under a new US law that would restrict American investment in Chinese biotech … Comments close December seventh." Basil: "December seventh for Washington's investment rule.": our episode page

6. Daily, 2 Nov 2026 (callback). Ning: "What's new: its books close this Wednesday": our episode page

7. Daily, 3 Nov 2026, v2 (callback). Ning: "As we said on Monday, Hemay's books close tomorrow." (aired Tue 3 Nov, so Wed 4 Nov): our episode page

8. SBP Group (Sino Biopharmaceutical, 01177.HK) release, 4 Nov 2026: option and licence agreement with Boehringer Ingelheim; six preclinical biologic programmes, ADCs ("deliver potent therapeutic agents more selectively to cancer cells") and T-cell engagers ("activate and direct immune cells to eradicate cancer cells"); five from LaNova, one from Beijing Tide; US$358M upfront and near-term; up to US$7bn option-exercise and milestone payments plus tiered royalties: https://www.en.sbpgroup.com/news-center/dynamic/25040.html

9. HKEX announcement, 中國生物製藥有限公司 (Sino Biopharmaceutical Ltd), 4 Nov 2026 (Chinese name; 3.58億美元首付款及近期付款; 70億美元): https://www.hkexnews.hk/listedco/listconews/sehk/2026/1104/2026110400623_c.pdf

10. Fierce Biotech, 4 Nov 2026 ("the German pharma"; $358M upfront; preclinical ADCs and TCEs): https://www.fiercebiotech.com/biotech/boehringer-returns-sino-biopharma-74b-deal-preclinical-tces-adcs ; PR Newswire Asia, 4 Nov 2026 (总部位于德国的勃林格殷格翰, Boehringer headquartered in Germany): https://www.prnasia.com/story/554681-1.shtml

11. ASKA Pharmaceutical press release, 4 Nov 2026: licence with Minghui Pharmaceutical (Hangzhou) Limited, head office Hangzhou; exclusive Japan rights to MHB018A; US$110M upfront plus milestones and royalties; subcutaneous humanized antibody against IGF-1R for thyroid eye disease; TED is autoimmune, causes proptosis (bulging eyes), diplopia; "inhibiting signaling pathways involved in the pathogenesis of TED"; Phase III in China and globally: https://www.aska-pharma.co.jp/english/news/filedownload.php?name=64127256fb9df6843af5bccce4405bac.pdf (copy: src/aska.pdf)

12. Minghui Pharmaceutical press release (PR Newswire), 4 Nov 2026: US$110M upfront, up to US$330M in milestones, tiered royalties up to mid-30% (US$110M of US$440M = 25%): https://www.prnewswire.com/news-releases/minghui-pharmaceutical-and-aska-pharmaceutical-enter-into-exclusive-license-agreement-for-the-igf-1r-antibody-in-japan-302928762.html ; Chinese name 明慧医药 (citing 明慧医药官微): https://www.phirda.com/artilce_44102.html ; Fierce Biotech ($440M deal): https://www.fiercebiotech.com/biotech/minghui-grants-aska-exclusive-japanese-rights-sub-q-ted-candidate-440m

13. Nxera Pharma release (GlobeNewswire), 4 Nov 2026: Tokyo, TSE 4565; exclusive global licence to AbbVie for NXE0033744 in IBD; US$100M upfront, up to US$1.37bn milestones; oral EP4 receptor agonist designed "to selectively activate EP4 receptors locally in the gastrointestinal tract to induce anti-inflammatory effects and to promote epithelial barrier homeostasis and mucosal healing"; Phase 1 completed: https://www.globenewswire.com/news-release/2026/11/04/3395033/0/en/nxera-pharma-enters-into-global-license-agreement-with-abbvie-for-nxe0033744-a-novel-ep4-receptor-agonist-for-inflammatory-bowel-disease.html

14. Fierce Biotech, 4 Nov 2026 ("Nxera … announced late last year that it was pulling back from the IBD program for NXE0033744 as part of a restructuring"): https://www.fiercebiotech.com/biotech/abbvie-pens-14b-deal-deprioritized-ibd-drug-nxera

15. BioPharma Dive, 4 Nov 2026, "Biopharma likely to climb higher after 'blue wave,' analysts say": Democrats regained House and Senate majorities on Tuesday; drug pricing not expected to change much; more scrutiny of FDA and HHS leadership; next Congress may look closer at China-sourced deals; RBC's Leonid Timashev: "What we're not expecting is a blanket ban on data from China. We're expecting a ban on manufacturing. We're not expecting a ban on M&A or things like that.": https://www.biopharmadive.com/news/biotech-pharma-midterm-elections-impact/873667/

16. US Treasury press release, 22 Oct 2026, COINS Act NPRM adds biotechnology: https://home.treasury.gov/news/press-releases/sb0667/

17. Jones Day, Nov 2026: comments due 7 Dec 2026; "Pure licensing transactions would remain unaffected by the proposed regulations as drafted"; equity investments and joint ventures covered; NewCos can be caught: https://www.jonesday.com/en/insights/2026/11/treasury-draft-regulations-would-prohibit-certain-us-investments-in-biotech-sector-in-china

18. VCBeat (English), 4 Nov 2026: Shanghai Active Technology Co., Ltd., RMB464M Angel+, about RMB800M across two rounds, founded Feb 2026; Tianshu motor BCI targets motor and speech dysfunction after stroke, spinal cord injury and ALS; 1,024-channel system: https://www.vcbeathealth.com/article/63974 ; 动脉网 (Chinese), 上海主动科技有限公司: https://www.vbdata.cn/1519054461

19. AITest123, 4 Nov 2026 (trial start date, enrolment and hospitals not yet disclosed; no human implant cases published): https://aitest123.com/news/z79kf6

20. etnet IPO detail, Denglin (Suzhou Denglin Technology, GPGPU for AI computing; 9917): https://www.etnet.com.hk/www/eng/stocks/ci_ipo_detail.php?code=9917 (as fact-checked for the 4 Nov daily) and [3] for 10 Nov listing

21. Zhitong Finance via Investing.com HK, 4 Nov 2026: Hang Seng +1.67% to 23,919.50; pharma chain led the rally, innovative drug chain the strongest theme (WuXi Biologics +12.22%, WuXi AppTec +12.39%, GenScript +12.51%, BeiGene +10.18%): https://hk.investing.com/news/stock-market-news/article-1737899

22. XBI close, 4 Nov 2026: US$159.12, +2.68%: https://exa.ai/library/markets/stock/XBI?date=2026-11-04&view=daily

23. Pinyin tones: pypinyin (CC-CEDICT-based phrase dictionary) run on the box, 5 Nov 2026; see draft-notes.md name table.

Transcript

[opening music]

Opening

BASIL: The Hong Kong biotech listing we've tracked all week is postponed. Boehringer pays a Chinese partner three hundred and fifty-eight million dollars upfront and near term. And AbbVie licenses a bowel disease pill from Japan's Nxera. [1][8][13]

BASIL: I'm Basil Lui, and I invest globally from Singapore, backing growth-stage companies with an Asia angle. This is The East-West Bio Brief, biotech and beyond, and it's the daily edition for Thursday, November fifth.

NING: And I'm Ning. As always, these are our own voices, AI-cloned so we can bring you this every morning. Personal views, not investment advice.

China

BASIL: Let's start in Hong Kong, with the listing our October thirty-first pilot called a live test of appetite for biotech listings without revenue. [5]

NING: Hemay Pharma, in Chinese, 和美药业 (Hé Měi Yàoyè), postponed its listing on Wednesday, November fourth, after its books closed, citing current market conditions. It will refund applicants and says it still plans to list in due course. [1][2][3]

NING: Its lead drug, mufemilast, is a pill for psoriasis, an immune disease of the skin, and it damps down the signals overactive immune cells use to drive inflammation. [2][4]

BASIL: On November second and third we said its books would close on Wednesday, and they did, but no shares followed. A Hong Kong paper counts five listings pulled after books closed since July, so our test is postponed, not passed or failed. [6][7][1][3]

BASIL: Next, deals, and the cash is coming from Europe.

NING: Germany's Boehringer Ingelheim signed an option deal with Sino Biopharm, in Chinese, 中国生物制药 (Zhōngguó Shēngwù Zhìyào), for six cancer programmes not yet in human trials. They're antibody-drug conjugates, which carry a toxic payload to cancer cells, and T-cell engagers, which direct immune T-cells to attack tumours. [8][9][10]

BASIL: The Chinese side gets three hundred and fifty-eight million US dollars upfront and near term, and the seven billion headline depends on options and milestones, so the cash is what counts. [8][9]

BASIL: A second China-out deal went to Japan. [11]

NING: Hangzhou's [杭州, Hángzhōu] Minghui Pharmaceutical, in Chinese, 明慧医药 (Míng Huì Yīyào), licensed Japan rights to an antibody for thyroid eye disease, an autoimmune condition that can make the eyes bulge, to ASKA Pharmaceutical for one hundred and ten million US dollars upfront. Injected under the skin, it blocks a receptor involved in the disease. [11][12]

BASIL: It's in Phase Three, and according to the company's press release that upfront is a quarter of the total headline value, with the rest in milestones. [11][12]

Wider Asia

BASIL: Let's head beyond China, to Japan.

NING: Tokyo-listed Nxera Pharma licensed global rights to an experimental bowel disease pill to AbbVie, for one hundred million US dollars upfront and up to one point three seven billion in milestones. It's designed to switch on a receptor called E-P-four only in the gut, to calm inflammation and help the gut lining heal. [13]

BASIL: Nxera had stepped back from it late last year after Phase One, and now it's back with real cash attached. [13][14]

Rest of the world

BASIL: Now, the rest of the world, starting in Washington.

NING: Democrats won both the House and the Senate in the midterms on November third. Analysts quoted by BioPharma Dive expect little change on drug pricing but more scrutiny of the F-D-A, and say Congress may look harder at deals for drugs from China. RBC's Leonid Timashev said, quote, we're expecting a ban on manufacturing, we're not expecting a ban on M-and-A. [15]

BASIL: Our October thirty-first pilot flagged December seventh as the comment deadline for Treasury's proposed curbs on US investment in Chinese biotech, and that date stands. Law firm Jones Day says pure licensing deals fall outside the draft, but equity stakes and joint ventures could be caught. [5][16][17]

Beyond Biotech

NING: Now, beyond biotech. Shanghai's [上海, Shànghǎi] Active Technology, in Chinese, 主动科技 (Zhǔ Dòng Kējì), raised four hundred and sixty-four million yuan for a brain implant that aims to restore movement and speech after a stroke, spinal cord injury or A-L-S. It hasn't yet said when human trials will start. [18][19]

East-West deep tech

BASIL: Now, deep tech, and Hong Kong's next test.

NING: Suzhou's [苏州, Sūzhōu] Denglin Technology, in Chinese, 登临科技 (Dēng Lín Kējì), which designs A-I computing chips, may price its listing at the bottom of its range, according to a report from I-F-R. [20][3]

The mood

NING: And the mood. On Wednesday, November fourth, the Hang Seng Index [恒生指数, Héngshēng Zhǐshù] rose about one point seven percent, with drug stocks leading, and the X-B-I biotech fund rose about two point seven percent. [21][22]

One thing to watch, call to action and sign-off

BASIL: My one thing to watch is that chip designer's first day of trading, on Tuesday, November tenth, which is the next read on whether Hong Kong will fund Chinese chip companies. [3]

BASIL: If this brief helps your morning, follow The East-West Bio Brief on Spotify or Apple Podcasts.

NING: And for our weekly roundup, subscribe to the LinkedIn newsletter, also called The East-West Bio Brief, which goes out every Monday.

NING: That's today's brief. The key sources are in the show notes. See you on Friday.

[closing music]