Qiming Hillhouse Bets Big! Innovative drug company Aike Baifa makes its third attempt to list on Hong Kong Stock Exchange, facing funding pressure without commercialized products | Hong Kong E Voice

Ask AI · Can AK0529 become a breakthrough drug in the RSV treatment space?

Source丨Times Business Research Institute

Author丨Intern Yang Junwei

Editor丨Zheng Lin

On March 17, 2026, Akebai Biological Medicine Technology (Shanghai) Co., Ltd. (“Akebai Biological Medicine” or “Akebai Biological”), an innovative drug company focused on respiratory system and pediatric diseases, submitted its third application to the Hong Kong Stock Exchange main board for listing. The joint sponsors are Citic Securities and JPMorgan Chase, as it seeks to raise in the category of innovative respiratory drugs.

According to the prospectus, Akebai Biological Medicine was established in 2013. The company adopts a dual-track model of in-licensing plus independent R&D, focusing deeply on innovative drug areas with strong clinical demand such as respiratory care and pediatrics. It has attracted first-tier institutional investment including Mingming Ventures and Hillhouse Capital. The R&D team accounts for more than 70% of staff, and its core members have experience in R&D management from leading global pharmaceutical companies. At present, the company has no products commercialized; its revenue mainly comes from government subsidies and cooperation income.

In terms of business, according to the prospectus materials, Akebai Biological Medicine has laid out a pipeline of six candidate drugs, focusing on three core tracks with pronounced scarcity. The core product Qilisuowei (AK0529) is the most promising RSV (respiratory syncytial virus) -specific treatment drug globally. It submitted an NDA application in August 2025, targeting RSV infection in infants aged 1–24 months. The clinical data are strong, and it is expected to fill the treatment gap in this field; the remaining pipeline covers conditions such as idiopathic pulmonary fibrosis and pediatric attention-deficit/hyperactivity disorder. The company has also built five R&D platforms to support pipeline iteration.

On the financial side, Akebai Biological Medicine has no product sales revenue and has been in a loss-making position throughout. Cumulative losses in 2024–2025 are approximately RMB 425 million. Operating cash flow remains under sustained pressure, making it unlikely to achieve a return to profitability in the short term.

The prospectus shows that Akebai Biological Medicine’s core risks are fairly clear: first, it has no commercialized products, so performance depends entirely on advancing R&D, resulting in a long profitability cycle; second, there is uncertainty in the approval of its core product. Qilisuowei previously withdrew its NDA and supplemented Phase III clinical studies; once again filing the application still carries risks of delays or rejection; third, the pipeline relies on external licensing, and the pressure on its independent R&D capability and patent-related costs is not small; fourth, there are twists and turns in the listing process—this is already its third submission, and there is still uncertainty around capital landing.

This fund-raising is intended to be used for core product R&D, registration, pipeline expansion, commercialization preparations, and replenishing working capital. As a scarce innovative drug company in the respiratory and pediatrics segment, the progress toward approval and the effectiveness of commercialization of Akebai Biological Medicine’s products will be the focus of market attention.

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