HONG KONG, June 29th, 2026 —— CIC extends its warmest congratulations to Alebund Pharmaceuticals (Jiangsu) Co., Ltd. (09637. HK) on its official debut on the Main Board of The Stock Exchange of Hong Kong (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
IPO Highlights
Global offering size: 56,755,400 H Shares
Offering price: HK$22.60 per share
Total gross proceeds: Approximately HK$1.283 billion
Net proceeds from the offering: Approximately HK$1.181 billion
Debut performance: Shares traded at HK$44 as of press time, up over 95% from the offering price; intraday market capitalization reached approximately HK$15 billion
About the CKD & Hyperphosphatemia Market
Chronic kidney disease has become a major global public health burden. According to CIC research, CKD affected approximately 802.2 million patients worldwide in 2025, ranking as the world’s third most prevalent chronic disease. China has the largest CKD patient base globally, with an estimated 123.8 million patients in 2025. The global CKD therapeutics market is projected to grow from US$244 billion in 2025 to US$503.9 billion in 2035, representing significant long-term growth potential.
Hyperphosphatemia is one of the most common and difficult-to-manage complications of CKD. According to CIC reports, there were 81.3 million hyperphosphatemia patients globally in 2025, with China accounting for 11.4% of the total at 9.3 million patients. Prevalence rises steadily as CKD progresses, and dialysis patients typically require lifelong phosphate-lowering therapy. Yet under current standard of care, 76% of dialysis patients in China and 52% in the US remain with uncontrolled serum phosphorus levels, highlighting material unmet needs in sustained efficacy, long-term adherence and holistic patient management.
The global hyperphosphatemia drug market reached US$1.8 billion in 2025 and is forecast to expand to US$6.4 billion by 2035. In China, the market size stood at RMB 1.8 billion in 2025 and is expected to grow to RMB 10.7 billion by 2035.
Alebund Pharmaceuticals: Specialty Biopharma Dedicated to Kidney Disease Therapeutics
Founded in 2018, Alebund Pharmaceuticals is a clinical-stage biopharmaceutical company focused exclusively on the research, development and commercialization of therapies for chronic kidney disease (CKD) and related complications, with a mission to deliver innovative treatment solutions that combine proven clinical value and broad patient accessibility.
The company has built a diversified pipeline of one core asset and six additional clinical and pre-clinical candidates, covering high-priority therapeutic areas including hyperphosphatemia, CKD-related anemia, IgA nephropathy, diabetic kidney disease, autosomal dominant polycystic kidney disease (ADPKD) and focal segmental glomerulosclerosis (FSGS).
Notably, as of the latest practicable date, only two clinical-stage hyperphosphatemia drug candidates are in active development globally — AP301 and AP306, both acquired and advanced by Alebund Pharmaceuticals. Its hyperphosphatemia portfolio aligns with the broader industry shift in kidney care: from basic biomarker control toward improved patient adherence, better long-term disease management and differentiated mechanism innovation.
Alebund: Key Pipeline & Clinical Leadership
AP301: Next-Generation Oral Phosphate Binder
AP301, the company’s lead asset, is an oral phosphate binder for the treatment of hyperphosphatemia. It has completed its Phase III registrational trial in China, with global Phase III pivotal multi-center trials ongoing in both the US and China.
Compared with conventional phosphate binders, AP301 features high phosphate-binding capacity, an easy-to-swallow formulation, low volume expansion in digestive fluids and zero systemic absorption, designed to deliver stable, durable phosphate reduction while lowering pill burden, improving tolerability and boosting long-term patient adherence.
Key findings from the China Phase III trial:
At week 12, AP301 reduced serum phosphorus by 2.22 mg/dL, versus 2.17 mg/dL for sevelamer carbonate
Over 52 weeks of long-term treatment, the serum phosphorus response rate reached 66.7% in the AP301 arm, outperforming 58.6% in the sevelamer carbonate arm. The company plans to submit a New Drug Application (NDA) to China’s National Medical Products Administration (NMPA) in June 2026, and file an NDA with the US FDA in the third quarter of 2027.
AP306: First-in-Class Pan-Phosphate Transporter Inhibitor
AP306 is a pan-phosphate transporter inhibitor indicated for hyperphosphatemia in CKD patients on dialysis, and has been granted Breakthrough Therapy Designation (BTD) by the NMPA.
In the completed China Phase II trial, AP306 monotherapy delivered an average serum phosphorus reduction of 2.51 mg/dL, with nearly 95% of patients achieving controlled serum phosphorus levels at weeks 7 to 8 — a result superior to traditional phosphate binders such as sevelamer in the same study.
AP301 and AP306 target hyperphosphatemia via two complementary mechanisms — phosphate binding and phosphate absorption inhibition — forming a tiered pipeline with both product iteration and mechanism differentiation in the high-unmet-need therapeutic area.
Meixiluo® (AP601): Commercial Foundation
Beyond its innovative pipeline, Alebund has established an on-the-ground nephrology commercial platform via Meixiluo® (AP601), a long-acting erythropoietin originally developed by Roche for CKD-related anemia.
In October 2023, Alebund entered an exclusive supply and promotion agreement with Roche for mainland China commercialization rights. The company successfully supported the product’s inclusion in the 2023 National Reimbursement Drug List (NRDL), and as of the latest practicable date, Meixiluo® has access to over 300 hospitals nationwide. The product’s rollout has built Alebund’s core capabilities in hospital access, physician engagement, patient outreach and commercial execution, laying a critical foundation for future proprietary product launches.
The successful HKEX debut marks a pivotal milestone in Alebund’s development trajectory. As AP301 enters the critical stage of regulatory filing, AP306 continues to advance its global clinical development, and follow-on candidates including AP303 and AP308 progress into clinical validation, the company is poised to further strengthen its product pipeline covering key complications of chronic kidney disease (CKD) and disease progression intervention.
Looking ahead, building on its deep R&D expertise, proven clinical execution capabilities and established commercial foundation in nephrology, Alebund Pharmaceuticals is well positioned to drive the development of innovative kidney disease therapies in China and bring more treatment options to CKD patients worldwide.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the biomedicine, medical device and life sciences sectors.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to Alebund, CIC has supported leading enterprises in successful listings both domestically and overseas, including HXPharma, Starsportsmed, Xuanzhu Biopharma, PegBio, Taimei Tech, HighTide Therapeutics, Jiuyuan Gene, Fangzhou, and more.
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About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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