Anhui Huaheng Biotechnology Co. Ltd. A

While innovative pharmaceutical and medical device companies queue up to sprint toward IPOs, several companies have voluntarily withdrawn their application materials during the review stage, pressing pause on the listing process. Saikesaisi received inquiries in April this year and terminated its STAR Market issuance and listing application on October 8, marking its third failed IPO attempt in six years. Huihe Medical withdrew its STAR Market listing application at the end of September after entering the inquiry stage, less than three months from acceptance to withdrawal. In addition, Borui Pharmaceutical announced the termination of plans to issue H shares and list on the main board of the Hong Kong Stock Exchange, and will no longer continue filing for an extension. Earlier, Yan'an Pharmaceutical, Bainuo Pharmaceutical, Tiankang Pharmaceutical and other companies had already suspended their Beijing Stock Exchange listing processes. In June this year, Huaheng Biotechnology and Nuosiland also successively announced the termination of plans for H-share issuance and Hong Kong listing. Industry insiders believe that against the backdrop of increasingly stringent pharmaceutical IPO reviews and heightened capital market volatility, the pace of pharmaceutical company listings is diverging more sharply. Companies planning to go public should coordinate their capital planning based on their own operating conditions and avoid blindly chasing listing windows.

Huaheng Biotech released its 2026 interim report, with net profit attributable to the parent company of 101 million yuan, a decrease of 12.22% compared with the same period last year. The company's total operating revenue was 1.632 billion yuan, and net cash inflow from operating activities was 74.4052 million yuan, down 0.44% year-on-year. The company's latest asset-liability ratio was 56.32%, gross margin was 23.59%, ROE was 3.73%, and diluted earnings per share was 0.40 yuan.

Huafeng Biology's actual controller, chairwoman and general manager Guo Henghua has been approved for arrest by the procuratorate on suspicion of illegally absorbing public deposits. On the evening of June 24, news came that Guo Henghua had been taken into criminal detention, and she resigned from all her positions at the company that day. Huafeng Biology urgently terminated its Hong Kong IPO plan, which had just passed the hearing of the Hong Kong Stock Exchange. Guo Henghua directly holds 18.08% of Huafeng Biology's shares, while Ningbo Ruiheyuan Venture Capital Partnership and Anhui Hengrun Huaye Investment, which she controls, hold 7.77% and 2.91% of the company's shares respectively. Together, the three control nearly 30% of the listed company's equity. Guo Henghua previously founded companies such as Jinguo Microcredit and Jinguo Pawnshop. Her business partner Xue Jinhe had previously been sentenced to 19 years in prison for illegally absorbing public deposits and fundraising fraud. Currently, Huafeng Biology's chief financial officer Fan Yi has taken over as chairman and general manager, but Guo Henghua still holds 30.78% of the voting rights. The company faces a dual governance structure and the risk of a change in control.