According to disclosures by the Hong Kong Stock Exchange on August 28, Beta Pharma Inc. has submitted a listing application to the Main Board of the HKEX, with CITIC Securities serving as its sole sponsor.
According to Zhitong Finance, disclosures by the Hong Kong Stock Exchange (HKEX) on August 28 revealed that Bette Pharmaceuticals Co., Ltd. (hereinafter referred to as "Bette Pharmaceuticals," 300558.SZ) has submitted a listing application to the Main Board of the HKEX, with CITIC Securities serving as its exclusive sponsor.
Company Overview
The prospectus indicates that Bette Pharmaceuticals is a key player in China's innovative drug R&D industry, having successfully transformed from a biotechnology company focused on drug discovery and development into a biopharmaceutical company operating across the entire value chain and in the commercialization stage. Alongside this transformation, the company has established an operational platform driven synergistically by four core pillars: independent R&D, market expansion, strategic cooperation, and ecosystem building. The company has recorded profits consecutively for many years since the launch of its first product in 2011.
Among the company's commercialized drugs, Icotinib (Conmana/Kaimeina, EGFR TKI), Ensartinib (Ensacove/Beimeina, ALK TKI), and Vorolanib (Fumeina, VEGFR/PDGFR inhibitor) are the first domestically developed drugs in their respective classes to be approved in China or to enter the global market for targeted indications.
Icotinib has generated cumulative sales exceeding RMB 18 billion and remains the only first-generation EGFR TKI capable of competing directly with third-generation drugs through continuous lifecycle management and expansion into multiple indications.
The company has built a comprehensive drug pipeline covering key lung cancer targets, including Epidermal Growth Factor Receptor (EGFR) and Anaplastic Lymphoma Kinase (ALK), while also exploring promising therapeutic areas such as breast cancer, renal cancer, hematological disorders, and ophthalmology. The company is committed to developing Class 1 innovative drugs recognized by the National Medical Products Administration (NMPA) and maintains a pipeline of more than ten clinical projects at various stages.
In terms of sales channels, the company sells most of its products to wholesale distributors, who then sell them to end customers, primarily hospitals and retail pharmacies. Currently, the company has approximately 170 distributors, covering more than 30 provinces, municipalities, and autonomous regions nationwide.
In 2023, 2024, 2025, and the six months ended June 30, 2025 and 2026, revenue generated from product sales through wholesale distributors accounted for 70.3%, 70.4%, 73.6%, 73.1%, and 74.7% of total revenue, respectively.
Financial Information
Revenue
For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company reported revenue of approximately RMB 2.456 billion, RMB 2.892 billion, RMB 3.609 billion, and RMB 1.976 billion, respectively.
Profit
For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company recorded profits of approximately RMB 334 million, RMB 387 million, RMB 286 million, and RMB 293 million, respectively.
Gross Profit Margin
For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company's corresponding gross profit margins were 82.7%, 80.5%, 78.3%, and 75.1%, respectively.
Industry Overview
Lung cancer is one of the most common and lethal malignant tumors worldwide. Both the incidence and mortality rates of lung cancer are on the rise globally and in China. The number of new lung cancer cases globally increased from 2.3 million in 2020 to 2.7 million in 2025, and is projected to reach 3.5 million by 2035. In China, new lung cancer cases rose from 1 million in 2020 to 1.1 million in 2025, with a projected increase to 1.5 million by 2035.
EGFR-positive lung cancer refers to lung cancer with evidence of EGFR mutations. The global market size for EGFR TKIs is expected to reach USD 23 billion by 2035. The Chinese market for EGFR TKI drugs demonstrates a more balanced and stable growth outlook. As the application of EGFR TKI drugs expands in combination and sequential therapy regimens, and patient access to treatment improves, the market will continue to expand.
In China, the treatment of EGFR-positive NSCLC has become increasingly precise and stage-specific. In the highly competitive EGFR TKI market, Beta Pharma stands out with its product portfolio covering first-generation and third-generation EGFR TKIs (namely Icotinib and Befotertinib), enabling comprehensive care for patients from initial treatment to resistance management.
ALK-positive lung cancer refers to lung cancer with evidence of ALK mutations.
The projected compound annual growth rates (CAGR) for the global ALK TKI drug market from 2025 to 2030 and from 2030 to 2035 are based on the following factors: the continued use of second- and third-generation ALK TKIs with improved central nervous system (CNS) penetration and resistance profiles, and the expansion of molecular testing coverage to support earlier and more comprehensive detection of ALK-positive NSCLC. The previously high growth of the Chinese ALK TKI drug market was driven by the rapid rise of second- and third-generation ALK TKIs and increased molecular testing coverage.
Currently, the FDA has approved six ALK TKIs, the EMA has approved five ALK TKIs, and the National Medical Products Administration (NMPA) has approved ten ALK TKIs. Ensartinib stands out as the first and only domestically developed ALK TKI to enter the global market.
Board Information
The Company's Board of Directors will consist of 12 Directors, including 6 Executive Directors, 2 Non-Executive Directors, and 4 Independent Non-Executive Directors. Directors shall serve a term of three years and are eligible for re-election upon expiration of their term. The term of office for Independent Non-Executive Directors shall not exceed six consecutive years.
Equity Structure
As of August 23, 2026, the Company's largest single shareholder group consists of Dr. Ding, Kaiming Investment, and Beicheng Investment. Dr. Ding controls approximately 21.50% of the Company's total issued share capital directly (holding approximately 0.24%) and indirectly through Kaiming Investment (holding approximately 18.91% of the Company's total issued share capital) and Beicheng Investment (holding approximately 2.34% of the Company's total issued share capital), which are under his control.
Intermediary Team
Sole Sponsor: CITIC Securities (Hong Kong) Limited
Legal Counsel to the Company: For Hong Kong and U.S. law: Covington & Burling LLP (Hong Kong); For PRC law: Zhejiang Tiance Law Firm; For PRC intellectual property law: Liu, Shen & Associates
Legal Counsel to the Sole Sponsor: For Hong Kong and U.S. law: Davis Polk & Wardwell; For PRC law: Commerce & Finance Law Offices
Independent Auditor and Reporting Accountant: BDO Limited
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
Compliance Advisor: New Baili Financing Limited