TaiLi Biologics Refiles for Hong Kong IPO Under Chapter 18A With CITIC Securities as Sole Sponsor

TaiLi Biologics has refiled its prospectus with the Hong Kong Stock Exchange and is seeking a listing under Chapter 18A, with CITIC Securities acting as sole sponsor, according to Jiemian News. The clinical-stage biotech focuses on oncology therapies, and its lead asset TSN1611 is an oral KRAS G12D inhibitor. The company said TSN1611 produced a 44.4% objective response rate in 27 evaluable non-small cell lung cancer patients in phase II trials, while no KRAS G12D inhibitor has yet been approved anywhere in the world. TaiLi Biologics also said its rival HRS-4642 from Hengrui Medicine has advanced to phase III, while TSN1611 is still in phase II and has not yet begun a head-to-head trial. TaiLi Biologics reported cumulative losses of 367 million yuan over 2024, 2025 and the first half of 2026, with revenue of 7.856 million yuan, 26.32 million yuan and 4.058 million yuan in those periods. As of June 30, 2026, it had 166 million yuan in cash and cash equivalents, current liabilities of 873 million yuan and a current ratio of 0.26. The company said about 805 million yuan of its 873 million yuan in current liabilities consisted of redeemable convertible preferred shares, and that investors and the company had agreed to complete a listing by the end of 2028.