Key Highlights
- Lepu Biopharma Co., Ltd. (Stock Code: 2157) will have the “B” marker removed from its stock short name on the Hong Kong Stock Exchange, effective May 11, 2026.
- The company has successfully applied for the dis-application of Rules 18A.09 to 18A.11 under Chapter 18A of the Hong Kong Listing Rules, following approval from the Stock Exchange.
- The shares will trade under the new English short name “LEPU BIO”, with the stock code remaining “2157”.
- This change is due to Lepu Biopharma now meeting the criteria of the market capitalization/revenue test under Rule 8.05(3), demonstrating significant growth and maturity as a listed entity.
Details of the Listing Rule Change
Lepu Biopharma was previously listed under Chapter 18A, which is reserved for biotech companies that do not meet the traditional financial requirements for Main Board listing. As such, its stock was identified with a “B” marker, signaling to investors that it was subject to special biotech listing rules.
The company is now eligible for listing under Rule 8.05(3), which requires:
- A trading record of at least three financial years;
- Management continuity for at least three preceding financial years;
- Ownership continuity and control for at least the most recent audited financial year;
- Market capitalization exceeding HKD4 billion;
- Revenue from the most recent audited financial year exceeding HKD500 million.
Lepu Biopharma has achieved these milestones:
- Market capitalization of approximately HKD9.27 billion as of May 6, 2026 – more than double the minimum requirement.
- Total revenue for the year ended December 31, 2025 was RMB934.9 million (about HKD1.07 billion).
- Revenue from sales of commercialized products reached RMB501.0 million (about HKD0.57 billion).
As a result, the Stock Exchange has approved the removal of the “B” marker and the dis-application of the biotech-specific listing rules.
Implications for Shareholders and Investors
- Removal of the “B” Marker: The absence of the “B” marker signals that Lepu Biopharma is now considered a fully qualified Main Board company, potentially increasing investor confidence and broadening its appeal to institutional investors.
- No Changes to Share Certificates: Existing share certificates remain valid for trading, settlement, and registration. There is no need for shareholders to exchange or transfer their certificates.
- No Changes to Trading Arrangements: Other parameters such as board lot size, trading currency, and share registrar remain unchanged.
- Potential Share Price Impact: The company’s progress from a biotech-specific listing to a fully compliant Main Board listing may be perceived as a significant milestone. This could positively affect share value, as it reflects financial strength, operational stability, and improved credibility in the market.
The company’s board remains unchanged, with Dr. Pu Zhongjie as Chairman and Executive Director, Dr. Sui Ziye as Chief Executive Officer, and a mix of executive, non-executive, and independent directors.
Investor Considerations
Shareholders should note that the removal of the “B” marker and transition to full Main Board compliance is a positive signal of Lepu Biopharma’s financial health and operational maturity. This could attract broader investor participation and potentially increase liquidity and share value.
The exchange rate used for conversions in the announcement is RMB0.87504 = HKD1.00 as of May 6, 2026, but actual rates may differ.
Summary
Lepu Biopharma’s successful transition away from Chapter 18A biotech rules and removal of the “B” marker is a significant event for the company and its shareholders, reflecting robust financial performance and long-term stability. Investors should monitor this development closely for potential positive impacts on market perception and share price.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell shares in Lepu Biopharma Co., Ltd. Investors should conduct their own research or consult with financial advisors before making any investment decisions.
