On June 8, 2026, Hangzhou Highlightll Pharmaceutical Co., Ltd. (hereinafter referred to as "Highlightll Pharma"), headquartered in Qiantang New Area, Hangzhou, Zhejiang Province, submitted its prospectus to the Hong Kong Stock Exchange for a proposed initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange. This marks its second filing following the expiration of its previous application submitted on December 4, 2025.
Highlightll Pharma Prospectus Link
Core Business
Founded in 2017, Highlightll Pharma is a clinical-stage biotechnology company focused on the discovery, development, and commercialization of therapies for autoimmune and inflammatory diseases.
Highlightll Pharma focuses on the development of small-molecule therapeutics and has built a differentiated portfolio. To date, the company has identified seven small-molecule drug candidates primarily targeting autoimmune and neurodegenerative diseases, including four in clinical development and three selected preclinical candidates. The company’s lead product, TLL-018, together with TLL-041 and TLL-009, represents the world’s only highly selective TYK2/JAK1 inhibitors.
The autoimmune disease pipeline includes two clinical-stage candidates:
Lead product TLL-018 (ginozitinib), a selective TYK2/JAK1 inhibitor, is currently undergoing two Phase III registrational trials in China for chronic spontaneous urticaria (CSU) and rheumatoid arthritis (RA);
HL-300, a potent, skin-restricted TYK2/JAK1/JAK2 inhibitor, is being developed as a topical treatment for mild-to-moderate atopic dermatitis (AD).
The neurodegenerative disease pipeline also comprises two clinical-stage candidates:
TLL-041/BHV-8000, a brain-penetrant, selective TYK2/JAK1 inhibitor designed for the treatment of neuroinflammatory disorders, including Parkinson’s disease and Alzheimer’s disease;
HL-400, a brain-penetrant, selective NLRP3 inhibitor targeting Parkinson’s disease.
Shareholding Structure
According to the prospectus, prior to its listing, Gao Guang Pharmaceuticals’ shareholder structure included:
Dr. Congxin Liang, holding 17.69% of shares, and Gao Guang Enterprise Management, controlled by him as general partner, holding 6.55%;
Dr. Xiangdong Liu, holding 12.75% of shares, has granted voting proxy over his shares to Dr. Liang;
Mr. Yilong Tang, holding 3.59% of shares, had entered into a voting agreement and granted voting proxy to Dr. Liang prior to the listing, which will terminate upon listing.
Prior to its listing, these shareholders collectively held approximately 40.85% of the company’s shares, constituting the controlling shareholders.
Other investors include CTK Capital, Hankang Capital, AstraZeneca-CICC Fund, Dr. Fenlai Tan, EFZ Capital, Zeyue Venture Capital, Kangjun Capital, AIHC Capital, Huajin Capital, Infinity Capital, and Hillhouse Capital.
Directors and Senior Management
Gao Guang Pharmaceuticals’ board of directors consists of seven members, including:
Two executive directors:
Dr. Congxin Liang (Chairman, Chief Executive Officer, and General Manager);
Dr. Tang Wei (Senior Vice President);
2 Non-Executive Directors:
Mr. Li Xianxian (Managing Partner, Kaitai Capital);
Mr. Zhang Yincheng (Managing Partner, Hankang Private Equity Fund);
3 Independent Non-Executive Directors:
Dr. Li Xiang (Chairman, Handing Pharmaceuticals);
Dr. Xu Haoxin (Chairman, Rongmei Biosciences; Adjunct Professor, University of Michigan; Dean, School of Basic Medical Sciences, Zhejiang University);
Ms. Huang Xinqi (Executive Director, Huicai Capital);
In addition to executive directors, senior management includes:
Dr. Huang Junmin (Vice President);
Mr. Liu Yong (Vice President);
Ms. Ren Zhenhua (Vice President);
Mr. Song Liujun (Vice President).
Company performance
According to the prospectus, Gao Guang Pharmaceuticals recorded revenue of RMB 0, RMB 107 million, and RMB 0 for the first three months of 2024, 2025, and 2026, respectively. During the corresponding periods, its research and development expenses amounted to RMB 127 million, RMB 151 million, and RMB 37 million, while its net losses were RMB 226 million, RMB 312 million, and RMB 73 million, respectively. The adjusted net losses for these periods were RMB 132 million, RMB 138 million, and RMB 42 million, respectively.
Intermediary team
The intermediary team for Gao Guang Pharmaceuticals’ IPO primarily includes:
China International Capital Corporation Limited (CICC) and CMB International are its joint sponsors;
KPMG as its auditor;
T&C Law Firm is its PRC legal counsel;
Cooley LLP serves as its company's Hong Kong and U.S. legal counsel;
Commerce & Finance Law Firm served as China legal counsel to its sponsor;
Clifford Chance is the legal counsel for Hong Kong and the United States;
Honzbo Capital is the compliance advisor;
Frost & Sullivan served as its industry consultant.