On June 12, 2026, Yantai Lannacheng Biotechnology Co., Ltd. ("Lannacheng"), headquartered in Muping District, Yantai, Shandong Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Main Board of the Hong Kong Stock Exchange. This marks its renewed application following the lapse of its initial submission on September 29, 2025.
Lannacheng prospectus link:
https://www1.hkexnews.hk/app/sehk/2026/108638/documents/sehk26061202230_c.pdf
Core Business
Founded in 2021, Lannacheng is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of radiopharmaceuticals for oncology diagnostics and therapeutics. The company aims to transform cancer care by enabling precise diagnosis and effective treatment of a broad range of cancers, including prostate cancer, gastric cancer, glioma, neuroendocrine tumors, lung cancer, and thyroid cancer. Supported by its proprietary technology platforms and integrated R&D system, Lannacheng is advancing a pipeline of candidate drugs and has emerged as a leading developer of comprehensive diagnostic and therapeutic radiopharmaceuticals targeting key biomarkers such as FAP, αvβ3, and PSMA.
According to Frost & Sullivan, Lannacheng ranks first in China in terms of the number of clinical-stage theranostic radiopharmaceutical candidates and is among the few biopharmaceutical companies in China simultaneously developing both diagnostic and therapeutic radiopharmaceuticals.
Lannacheng has established a pipeline comprising 13 candidate drugs, including seven diagnostic radiopharmaceuticals and six therapeutic radiopharmaceuticals, among which four are core products:
18F-LNC1001 is a PSMA-targeted diagnostic radiopharmaceutical candidate in the registration stage, developed for positron emission tomography (PET) imaging in patients with PSMA-positive prostate cancer;
18F-LNC1005 is an FAP-targeted diagnostic radiopharmaceutical candidate specifically developed for PET imaging in gastric cancer patients;
177Lu-LNC1011 is a PSMA-targeted therapeutic radiopharmaceutical specifically developed for the treatment of PSMA-positive metastatic castration-resistant prostate cancer (mCRPC);
18F-LNC1007 is an FAP/αvβ3-targeted diagnostic radiopharmaceutical candidate specifically developed for PET imaging in patients with metastatic clear cell renal cell carcinoma (ccRCC).
Shareholding Structure
According to the prospectus, prior to its listing in Hong Kong, Lanancheng's shareholder structure was as follows:
Dongcheng Pharmaceutical (002675.SZ) held approximately 43.95% of the shares, making it the controlling shareholder.
Other shareholders include Dr. Chen Xiaoyuan, Shandong New Kinetic Energy Capital, Shenzhen Capital Group, Qianhai Fangzhou, Yantai Guofeng Group, Shanghai United Media Group, and China Cinda (01359.HK).
Directors and Senior Management
Lanancheng’s board of directors consists of nine members, including:
3 executive directors
Mr. Wu Xiaoming (General Manager);
Mr. Li Ji (Board Secretary and Joint Company Secretary);
Mr. Yuan Chunyun (Chief Financial Officer);
Three non-executive directors;
Mr. Luo Zhigang (Chairman of the Board and General Manager of Dongcheng Pharmaceutical (002675.SZ));
Mr. Liu Xiaojie (Director and Board Secretary of Dongcheng Pharmaceutical (002675.SZ));
Ms. You Sai (Deputy General Manager of Dongcheng Pharmaceutical (002675.SZ))
Three independent non-executive directors
Mr. Zhang Yongxue (Chief Physician, Department of Nuclear Medicine, Peking University Shenzhen Hospital; Director, Hubei Provincial Quality Control Center for Nuclear Medicine);
Dr. Li Yaming (Second-Class Professor and Chief Physician, Department of Nuclear Medicine, The First Affiliated Hospital of China Medical University);
Mr. Fan Zhichao (Investment President, AB Builders (01615.HK)).
Company performance
According to the prospectus, Lan Na Cheng recorded zero revenue in both 2024 and 2025, with corresponding R&D expenses of RMB 1,146.58 million and RMB 1,258.55 million, and corresponding net losses of RMB 1,188.14 million and RMB 1,530.15 million, respectively.
Intermediary team
The main intermediaries for Lan Na Cheng’s IPO are as follows:
China International Capital Corporation (CICC) as its sole sponsor;
Ernst & Young as its auditor;
Zhong Lun acted as its PRC legal counsel;
Cooley LLP serves as its company's Hong Kong and U.S. legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Ashurst serves as its Hong Kong and U.S. legal counsel;
Bohai Capital serves as its compliance advisor;
Frost & Sullivan served as its industry consultant.