Huilun Pharmaceuticals surges in Hong Kong stocks, 62-year-old Chairman Dong Dalen and his close relatives make a grand appearance

Rui Finance Liu Zhiying On April 2, Shanghai Huilun Pharmaceutical Co., Ltd. (hereinafter referred to as “Huilun Pharmaceutical”) submitted its listing application to the Hong Kong Stock Exchange’s Main Board. CITIC Securities is the sole sponsor.

The prospectus shows that Huilun Pharmaceutical was established in 2004. It is a pharmaceutical company with solid past performance in drug development and commercialization. After years of sustained efforts, the company has built an integrated full-chain operating system covering everything from research and production to commercialization. Based on this, the company is actively expanding its capabilities, with its strategic focus on innovative drugs targeting major and critical diseases.

As of the last actual practicable date, Huilun Pharmaceutical has a product portfolio consisting of more than ten already-listed products and multiple candidate drugs, covering key therapeutic areas such as immuno-inflammation, pain management, oncology, and other chronic diseases. During the track record period, the company’s revenue primarily came from sales of the company’s major already-listed products, namely Xiwelnar® (the only approved domestically produced sitagliptin in China) and Zhaoyu® (China’s first domestically produced Class II folinic acid). At the same time, the company’s innovative drug pipeline has made steady progress, including four Class I innovative drugs and three Class II modified new drugs that are currently in clinical development.

From 2023 to 2025, Huilun Pharmaceutical’s revenue was 985 million yuan, 686 million yuan, and 686 million yuan, respectively; profit for the year was 20.66M yuan, -124 million yuan, and -174 million yuan, respectively; and gross margin was 86.3%, 83.0%, and 83.3%, respectively.

Before the IPO, Dong Daren, Dong Zhu (Dong Daren’s son), Wang Liuzhen (Dong Daren’s spouse), Yu Yi Enterprise Management, Feihe Enterprise Management, Yunbo Enterprise Management, Shanghai Xintian, and Xintian Pharmaceutical constitute the company’s controlling shareholders, which collectively have voting rights attached to approximately 57.42% of the total issued share capital of the company.

In addition to the above individuals, multiple relatives of Dong Daren also hold shares in the company, including: Dong Ye (Dong Daren’s nephew), Dong Wei (Dong Daren’s nephew), Yuan Ye (Dong Daren’s brother-in-law/sister-in-law), Wang Wanyi (the younger brother of Dong Daren’s spouse and a director of Xintian Pharmaceutical), Dong Youxun (Dong Daren’s nephew), Dong Dahua (Dong Daren’s brother), Yuan Zinzi (Dong Daren’s niece), Dong Chang (the granddaughter of Dong Daren’s brother), Li Wanlan (Dong Daren’s niece), Dong Youquan (Dong Daren’s nephew), Dong Hengtian (Dong Daren’s brother), Lin Xiaohong (the sister-in-law of Dong Daren’s nephew), Zhang Liu (Dong Daren’s nephew’s spouse), Zhang Yuyang (a relative of Dong Daren), Han Xianhong (a relative of Dong Daren).

Dong Daren, 62 years old, founded Huilun Pharmaceutical in February 2004. In March 2020, he was appointed as chairman of the board and a director. Subsequently, in August 2025, he was reappointed as a non-executive director. Dong Daren has more than 30 years of extensive experience covering multiple areas including strategy formulation, business management, and corporate governance. In August 1995, Dong Daren founded Xintian Pharmaceutical and has served as chairman since its establishment. Under Dong Daren’s leadership, Xintian Pharmaceutical successfully completed an A-share listing on the Shenzhen Stock Exchange in 2017, stock code: 002873. Dong Daren graduated in July 1984 from Nanjing College of Pharmacy in China (now known as China Pharmaceutical University) with a bachelor’s degree in chemistry and pharmaceutical chemistry (biochemical drug specialization), and graduated in September 2007 from China Europe International Business School with a master’s degree in senior business administration.

Dong Zhu, 36 years old, was appointed as a director in April 2018, and was subsequently reappointed as an executive director in August 2025. Dong Zhu has extensive experience in clinical research and business management in the pharmaceutical industry. From January 2019 to August 2020, he served as a clinical research coordinator at Huilun Pharmaceutical, mainly responsible for supervising compliance management across all stages of clinical trials, ensuring data integrity, and improving execution efficiency. Subsequently, from August 2020 to March 2024, he served as the general manager of Shanghai Jinzhu Information Technology Co., Ltd. Since March 2024, he has served as general manager of the Comprehensive Business Department and the OTC Business Department. In June 2025, Dong Zhu obtained a master’s degree in business administration from Asian City University in Malaysia.