Good News on Listing | Frost & Sullivan Congratulates Wuhan Heyuan Biotechnology Co., Ltd. on Successfully Listing on the Sci-tech Innovation Board (688765.SH)

Wuhan Heyuan Biotechnology Co., Ltd. (hereinafter referred to as 'Heyuan Biotech') successfully went public on October 28, 2025, issuing 89.451354 million shares at a price of 29.06 yuan per share.

• The company is an innovative biopharmaceutical enterprise with a globally leading plant bioreactor technology platform;

   

• The rice endosperm cell bioreactor developed by the company has unique advantages such as high yield, good bioactivity, simple downstream purification process, good safety, and environmental friendliness. It also has the advantages of easy scale-up and low production cost;

   

• The plant-derived recombinant human serum albumin developed by the company can eliminate the potential risk of transmitting blood-borne viruses and is safer than human serum albumin derived from plasma;

   

• The recombinant human serum albumin developed by the company is produced from plants, not limited by plasma sources. It can be rapidly and linearly scaled up for production to meet market demand. At the same time, recombinant human serum albumin is synthesized by plants through photosynthesis, achieving zero emissions from raw material production, which is conducive to the realization of carbon neutrality goals. The production process is green and environmentally friendly, in line with the country's green industry development policies.

Frost & Sullivan has long been monitoring the global and Chinese biopharmaceutical industries, publishing a large number of research reports that are widely cited in the prospectuses of leading companies listed on the Sci-tech Innovation Board. This helps clients accelerate their growth.

Common recombinant protein expression systems include Escherichia coli, yeast, mammalian cells, insect cells, and plant cells (including higher plants and algae). Among them, Escherichia coli and yeast have simple culture conditions, low cost, and are easy to achieve large-scale fermentation, making them the most commonly used protein recombinant expression systems. However, the Escherichia coli and yeast systems also tend to suffer from incomplete processing modifications and immunogenic issues. Mammalian and insect cell expression systems produce proteins that are closer to natural proteins in terms of molecular structure, physicochemical properties, and biological functions, but their harsh culture conditions lead to higher production costs. In comparison, higher plant expression systems have the advantages of low production cost and high expression product activity. Moreover, since mammalian viruses cannot replicate in plant cells, higher plants serve as an expression system for protein drugs with better safety.

Data source: Analysis by Frost & Sullivan

Plant molecular medicine technology has been under development for nearly 30 years, with the vast majority using tobacco leaves as the main source of biomass expression systems to produce recombinant proteins. However, due to issues such as low expression levels (mg level/kg), complex purification processes (thousands of types of leaf proteins), and difficulties in scaling up (immediate processing is required for transient expression and fresh leaves), the industrialization of plant molecular medicine technology has been hindered.

The rice system selected by Heyuan Biotechnology exhibits significant advantages over other plant expression systems. For example, due to the unique bioprotein synthesis mechanism of rice endosperm cells and their resistance to protease degradation within the cell, rice-derived recombinant proteins have higher yields compared to other plant expression systems. Additionally, the rice expression system has advantages such as high expression product activity, simple downstream purification processes, good safety, green and environmentally friendly production processes, easy scalability, and low production costs. It is worth noting that the purity of human serum albumin injections produced by Heyuan Biotechnology using the rice system can reach 99.9999%, with all indicators of the injection meeting or exceeding the standards of the 2015 edition of the Chinese Pharmacopoeia, and it has been approved for clinical research. This is the world's first innovative drug produced using a rice system.

Human Serum Albumin (HSA) is the main protein component in blood or plasma, produced by liver cells and accounting for 60% of total plasma proteins. It plays an important role in maintaining plasma osmotic pressure and keeping the balance of fluids inside and outside blood vessels. The concentration of serum albumin in a normal human body is maintained within a certain range; levels below the normal range can lead to hypoproteinemia, which is a complication of many common clinical diseases.

In 2020, the market size of Chinese serum albumin treatment drugs reached 258 billion RMB, and it is expected to reach 425 billion RMB by 2025, with a compound annual growth rate of 10.5%. By 2030, the market size is expected to reach 570 billion RMB, with a compound annual growth rate of 6.0% from 2025 to 2030.

Market size and forecast of albumin treatment drugs in China, 2016-2030E

Data source: Analysis by Frost & Sullivan

From 2016 to 2021, the batch release volume of human serum albumin in China increased steadily, from 400.0 tons in 2016 to 645.2 tons in 2021. Splitting by origin, China's imports and domestic production of human serum albumin basically maintained a ratio of 60% to 40%, showing an import-dependent situation. In 2020, affected by the COVID-19 pandemic, the batch release volume of domestic human serum albumin in China was basically the same as that in 2019, with a slight decrease in proportion. In 2021, the batch release volume of domestic human serum albumin in China increased significantly compared to 2019 and 2020, and its proportion also increased.

Batch release volume of serum albumin for Chinese people, 2016-2021

Data source: Analysis by Frost & Sullivan

Life sciences and biotechnology have witnessed rapid development over the past few decades, especially with the continuous improvement of molecular biology and cell technology levels. The research and development speed, yield, and quality of recombinant protein drugs have been rapidly enhanced, and the production cycle has been significantly shortened. With further development of gene editing technologies, particularly the application of new techniques such as CRISPR/Cas9, vector engineering has made new breakthroughs. In the future, more specific modified cell lines and plant strains will be used for the production of recombinant protein drugs. The importance of recombinant protein drugs is also driving the improvement of protein purification processes. From single-column chromatography purification to mixed-mode chromatography purification, and then to multi-dimensional chromatography purification systems (MDGC) and multi-column countercurrent solvent gradient purification (MCSGP), these technologies have greatly improved the purity and recovery rate of recombinant protein drugs, further shortening purification time. A series of basic technological innovations have promoted the development and production process of recombinant protein drug products, further expanding the application space and market penetration rate of recombinant protein drugs.

Some recombinant protein drugs have a short half-life, require high clinical dosing frequencies, and are mostly administered by injection, which seriously affects patients' compliance. Therefore, transforming or modifying protein drugs to extend their half-life, achieving long-acting effects to reduce dosing frequency, solving problems such as short half-life in the blood, single administration route, immunogenicity, and toxic and side effects of macromolecular protein drugs, enhancing drug activity, and improving efficacy are one of the important trends in the development of biotech drugs in recent years. Promoting the development of innovative long-acting recombinant protein drugs and patent layout is the future development direction of this field.

Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market with a global perspective, helping clients accelerate their corporate growth and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided financing and financial advisory services, IPO industry advisory, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies. Successful listings include: Polaris Cloud Medicine (NASDAQ: POM), Changfeng Pharmaceutical (2652.HK), King Pharma (2595.HK), Health160 (2656.HK), Yinuo Medicine (2591.HK), Zhonghuiyuan Tong (2627.HK), Dongguangyang Medicine (6887.HK), Weilizhibo (9887.HK), Dukang Shiyun (2592.HK), Yunzhisheng (9678.HK), TED Medical (3880.HK), Baize Medical (2609.HK), Yaojie Kang'an (2617.HK), Jiangsu Hengrui Medicine (1276.HK), Mire (2629.HK), Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Pharmaceutical Group (NASDAQ:AAPG), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinos (688710.SH), Crystal Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahé (2453.HK), WuXi Hengliang (2268.HK), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotec (6990.HK), LaiKai Medicine (2105.HK), Lzhu Biotech (2480.HK), Meis Health (2415.HK), Yaohua Pharmaceutical (PHECR), Zhongjin Medical (NASDAQ:ZJYL), Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sidaide (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai (2291.HK), Jianshi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Biorad (2315.HK), Zhiyun Health (9955.HK), Mein Gene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamane (2256.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopharm (2137.HK), Canora (2162.HK), Chaopu Ophthalmology (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koji Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature Pharmacy (UPC.NASDAQ), Saiseng Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceutical (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Xin Tong (2160.HK), Jiaosisi Pharmaceutical (1167.HK), HepB Pharma (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Genentech (2126.HK), SinoBIO (2096.HK), Yunding New Energy (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Oucang Weishi (1477.HK), Yongtai Biotech (6978.HK), Hapu Pharmaceutical (9989.HK), Kepai Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabotech (2181.HK), Fangda Holdings (1521.HK), Via Bio (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi Kangde (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yajichen Scientific Research Pharmaceutical (2633.HK), Hualing China Medicine (HCM.NASDAQ), Biotechnology (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry. These include: Hanbang Technology (688755.SH), Zhongyan Shares (688716.SH), Optics Technology (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optical (688502.SH), Kangwe Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopu Mabio (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biologics (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biologics (688331.SH), Rendu Biologics (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biologics (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biologics (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novozyme (688105.SH), Chengda Biologics (688739.SH), Geke Micro (688728.SH), Huaxi Biologics (688363.SH), Junshi Biologics (688180.SH), Zhejiang Pharmaceutical (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading in China's big health industry, and build a healthy future.