Vimox Bio (Zhejiang) Co., Ltd. has submitted a fresh application to the Hong Kong Stock Exchange main board on August 28, with China International Capital Corporation serving as the sole sponsor. This marks the company's second attempt, following an earlier filing on February 13.

Founded in 2016, Vimox Bio is a clinical-stage biotechnology company specializing in ophthalmology. The company leverages its technology platforms in small molecule drug discovery for ocular diseases, advanced formulation development, and translational medicine research to build a product pipeline spanning various indications affecting both the ocular surface and fundus. Its two lead candidates, VVN461 (high-dose) and VVN001, have both entered Phase III clinical trials in China.

During the track record period, the company engaged contract development and manufacturing organizations to produce its drug candidates for preclinical and clinical use. Subject to regulatory approvals, the company plans to continue working with contract manufacturing partners to support future commercial production of its core products. Additionally, Vimox Bio may consider establishing in-house manufacturing capabilities in the future.

The company is actively developing commercialization strategies and expects to launch multiple potential products in the coming years. In formulating these strategies, it will consider key factors including pricing, dosing regimens, patient economics, social and demographic characteristics, market access, and reimbursement policies. As of the latest practicable date, the company has no approved drugs and has not yet established specific pricing strategies for its candidates. Its primary commercialization approach will center on collaborations with established pharmaceutical companies, supported by a dedicated in-house team with strong medical and scientific backgrounds.

During the track record period, the company's suppliers mainly included contract research organizations for preclinical and clinical studies, CDMOs for producing research-stage drug candidates, site management organizations for clinical trials, and suppliers of laboratory consumables, machinery, and equipment.

As of August 20, 2026, the latest practicable date, Vimox Bio holds six patents in China and twelve overseas. The company also has fourteen patent applications pending in China and thirty-six abroad. For its core products specifically, it holds four patents in China and eleven overseas, with two applications pending in China and thirty-one internationally.

Financial Performance

The company recorded other income and gains of RMB 8.572 million, RMB 7.047 million, and RMB 1.684 million for the full years 2024 and 2025, and the six months ended June 30, 2026, respectively. Losses during the same periods amounted to approximately RMB 202 million, RMB 190 million, and RMB 126 million.

Market Landscape

Driven by the continuous development of innovative drugs, China's ophthalmic pharmaceutical market grew rapidly from USD 3.2 billion in 2021 to USD 4.5 billion in 2025, reflecting a compound annual growth rate of 9.0%. The market is projected to reach USD 7.4 billion by 2030 with a CAGR of 10.6% from 2025 to 2030, before maintaining strong momentum to reach USD 16.3 billion by 2035, representing a CAGR of 17.2% over 2030-2035.

The global NIAU drug market expanded from USD 1,604.7 million in 2021 to USD 1,925.2 million in 2025, a CAGR of 4.7%. Supported by a growing NIAU patient population, expanded use of long-term pharmacological treatment, and further driven by the adoption of higher-value therapies, the market is expected to grow to USD 2,726.0 million by 2030 and reach USD 3,916.9 million by 2035. In China, the NIAU drug market grew from USD 140.7 million in 2021 to USD 204.7 million in 2025, a CAGR of 9.8%. It is expected to reach USD 423.5 million by 2030 and USD 1,053.6 million by 2035, driven by an expanding patient base, higher diagnosis rates, and increased treatment penetration, translating into growing demand for drug interventions including higher-value treatment options.

The number of global postoperative ocular inflammation patients rose from 38.8 million in 2021 to 44.2 million in 2025. This growth is primarily driven by the rising volume of ophthalmic surgeries, especially cataract and refractive procedures. This affected population is expected to reach 52.2 million by 2030 and 61.5 million by 2035. In line with this epidemiological trend, the global postoperative ocular inflammation drug market grew from USD 1,191.5 million in 2021 to USD 1,470.2 million in 2025, a CAGR of 5.4%. Benefiting from increased surgical volumes and higher adoption rates of postoperative anti-inflammatory treatments, the market is expected to reach USD 2,681.5 million by 2030 and USD 4,338.0 million by 2035.

As of the latest practicable date, China has not yet approved any innovative drug for treating SS-DED, nor are there any clinical-stage candidates specifically targeting this condition. However, with deeper research in the fields of immune system diseases and dry eye treatment, China's SS-DED drug market is expected to reach USD 370.4 million by 2035.

The global patient population with moderate-to-severe DED rose from 322.0 million in 2021 to 349.5 million in 2025. It is estimated that the global DED population will reach approximately 386.3 million by 2030 and 425.3 million by 2035. In China, DED patients increased from 107.5 million in 2021 to 113.7 million in 2025, projected to reach approximately 121.6 million by 2030 and 130.1 million by 2035. Current epidemiological research in China reports a relatively high prevalence of dry eye disease, generally ranging from 21.0% to 52.4%.

Governance and Ownership

The company's board comprises seven directors: two executive directors, two non-executive directors, and three independent non-executive directors.

As of the latest practicable date, Dr. Shen serves as the company's largest single shareholder, holding approximately 15.92% of shares. Huzhou Xiulai holds approximately 9.22%, Longpan entities collectively hold about 13.21%, HSG Venture owns approximately 7.15%, Hangzhou Qiandai holds approximately 6.50%, and other pre-IPO investors collectively hold approximately 48.00% of shares.

Advisory Team

The sole sponsor is China International Capital Corporation Hong Kong Securities Limited. Company legal counsel includes Linklaters for Hong Kong and US law, Global Law Office for China law and China IP law, and Venture Partner LLC for US IP law. Sponsor legal counsel includes Baker McKenzie for Hong Kong and US law and Jingtian & Gongcheng for China law. The auditor and reporting accountant is Ernst & Young, the industry consultant is Frost & Sullivan (Beijing) Shanghai Branch, and the compliance adviser is Somerley Capital Finance Limited.