On July 24, 2026, Beijing Puchi Biopharmaceutical Technology Co., Ltd. (PrimeGenX Therapeutics Co., Ltd., hereinafter referred to as "Puchi Pharma"), headquartered in Fengtai District, Beijing, submitted a prospectus to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its second application following the expiration of its initial submission on January 21, 2026.
Puchi Pharma was listed on the National Equities Exchange and Quotations (NEEQ) on December 7, 2022, under stock code 873969, and delisted from NEEQ on December 22, 2025.
Core Business
Founded in 2016, Puchi Pharma is a biotechnology company focused on the field of immune-inflammatory disorders. Built upon core capabilities in 'innovative original drug design' and 'precision local delivery,' the company specializes in therapies for chronic inflammatory diseases and aims to become a leader in locally delivered targeted therapeutics.
Puchi Pharma’s pipeline includes proprietary small-molecule drug candidates, comprising its lead product PG-011 (Pumexitinib), three other innovative candidates, and five generic drug candidates. The lead product PG-011 (Pumexitinib) is formulated in two dosage forms: Pumexitinib Gel for atopic dermatitis and Pumexitinib Nasal Spray for allergic rhinitis. Other proprietary candidates include PG-033 tablets for pruritus, PG-018 tablets for autoimmune kidney disease, and PG-040 eye drops for glaucoma, along with five generic candidates targeting various chronic inflammatory conditions.
Pumexitinib Gel: The world’s first JAK inhibitor gel for the treatment of atopic dermatitis. The company has completed Phase III clinical trials for this formulation in adults and adolescents aged 12 to 17 years with atopic dermatitis and is preparing to submit a New Drug Application (NDA). The company is also expanding the indication of Pumexitinib Gel to treat atopic dermatitis in children aged 2 to 11 years.
Pumexitinib Nasal Spray: The world’s first clinical-stage JAK inhibitor nasal spray for seasonal allergic rhinitis (SAR). It is currently in Phase III clinical trials for SAR in adults. The company is also extending the indication of Pumexitinib Nasal Spray to treat SAR in adolescents aged 12 to 17 years and perennial allergic rhinitis (PAR) in adults.
PG-033 Tablets: A first-in-class transient receptor potential vanilloid subtype 3 (TRPV3) inhibitor with the potential to block calcium ion release channels and interrupt pruritus signaling pathways. Currently in Phase I clinical development, PG-033 is being evaluated not only for pruritus associated with neurodermatitis but also for refractory pruritus and hyperkeratosis related to Olmsted syndrome—a condition with no approved therapies and significant unmet medical need.
PG-018 Tablets: A first-in-class dual-target inhibitor of JAK1 and Rho-associated coiled-coil kinase (ROCK), developed for autoimmune kidney diseases. By simultaneously targeting JAK1 and ROCK—both implicated in endothelin receptor-related pathways—PG-018 is expected to deliver synergistic clinical benefits for conditions such as membranous nephropathy and IgA nephropathy. The candidate is currently in Phase I clinical trials, with Phase II trials anticipated to commence in 2027.
PG-040 Eye Drops: A first-in-class dual-target ROCK-JAK inhibitor eye drop formulation offering a novel therapeutic approach for glaucoma. Unlike conventional glaucoma treatments that primarily aim to reduce intraocular pressure (IOP), this agent is expected to provide synergistic clinical benefits through enhanced neuroprotection of the optic nerve.
In addition to the aforementioned clinical-stage pipeline products, the company is expanding its preclinical development pipeline to other chronic diseases, including urticaria, chronic kidney disease, acute and chronic pain, metabolic and degenerative diseases, cardiovascular and cerebrovascular diseases, and impaired wound healing.
Shareholding Structure
According to the prospectus, prior to its listing in Hong Kong, Puqi Pharmaceuticals had the following shareholding structure among its shareholders:
Mr. Li Yuliang directly holds and controls approximately 43.22% of the shares in aggregate, making him the controlling shareholder.
Directors and Senior Management
The Board of Directors of Puqi Pharmaceuticals comprises nine directors, including:
4 executive directors:
Mr. Li Yuliang (Chairman and General Manager);
Dr. Daniel Yunlong Du (Deputy General Manager and Chief Medical Officer);
Mr. Wu Xing (Chief Financial Officer, Secretary of the Board, and Joint Company Secretary);
Ms. Wang Hongmei (formerly known as Wang Hongmei) (Director of the Board Office) (spouse of Mr. Li Yuliang);
1 Non-Executive Director:
Dr. Han Yongxin (Director of Beijing Bohui Bio and Kangchen Pharmaceutical Co., Ltd. (603590.SH));
4 Independent Non-Executive Directors:
Mr. Zhang Qing (Associate Professor at Nanjing Medical University);
Mr. Shuai Na (Researcher, Peking University);
Mr. Wei Hu (Assistant to the Chairman, Beijing Huaxia Pawnshop Co., Ltd.);
Mr. Xiaofeng Lang (Managing Director and Managing Partner, Hony Capital).
Company performance
Financial data show that Pulcy Pharmaceuticals recorded no revenue during the past years of 2024 and 2025, and the first four months of 2026, with corresponding net losses of RMB 178 million, RMB 141 million, and RMB 78 million, respectively.
Intermediary Team
The intermediary team for Pulcy Pharmaceuticals’ IPO primarily includes:
CITIC Securities and CMBC Capital as joint sponsors;
KPMG as its auditor;
Fangda Partners as its PRC legal counsel;
Fangda Partners (Hong Kong) as its Hong Kong legal counsel;
Junhe as its sponsor’s PRC legal counsel;
Clifford Chance as legal counsel to the sponsors in Hong Kong;
Bohai Capital serves as its compliance advisor;
Frost & Sullivan served as its industry consultant.