--- title: "Ascentage Pharma files for U.S. IPO of ADSs" url: "https://aibio.space/news/ascentage-pharma-files-u-s-ipo-adss-plans-nasdaq-listing-aapg/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2024-12-27" section: "Financings" tickers: "HKEX:6855" source: "https://www.sec.gov/Archives/edgar/data/2023311/000110465924132177/tm2415654-12_f1.htm" summary: "The Cayman Islands company's shares have traded in Hong Kong under stock code 6855 since October 28, 2019. The ADS count and price are blank, and J.P. Morg" --- By the aibio.space news desk. Sources - [Ascentage Pharma Group International F-1 (2024-12-27)](https://www.sec.gov/Archives/edgar/data/2023311/000110465924132177/tm2415654-12_f1.htm) [6855](https://aibio.space/companies/ascentage-pharma-international/) 2024-12-27 # Ascentage Pharma files for U.S. IPO of ADSs, plans Nasdaq listing as AAPG Tickers [6855](https://aibio.space/companies/ascentage-pharma-international/) The Cayman Islands company's shares have traded in Hong Kong under stock code 6855 since October 28, 2019. The ADS count and price are blank, and J.P. Morgan and Citigroup are named on the cover. ## Key facts - **Company**: Ascentage Pharma Group International (HKEX: 6855) - **News type**: Financings - **Primary source**: [Ascentage Pharma Group International F-1 (2024-12-27)](https://www.sec.gov/Archives/edgar/data/2023311/000110465924132177/tm2415654-12_f1.htm) *A meeting room with a long table and a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The filing Ascentage Pharma Group International filed a [Form F-1](https://www.sec.gov/Archives/edgar/data/2023311/000110465924132177/tm2415654-12_f1.htm) with the Securities and Exchange Commission on December 27, 2024 for an initial public offering of American depositary shares in the United States. The company is offering the ADSs itself. The preliminary prospectus leaves blank the number of ADSs, the number of ordinary shares each ADS represents and the price. It says the price will be set through negotiations with the underwriters and will be based on the trading price of the ordinary shares on the Stock Exchange of Hong Kong before pricing. The company has applied to list the ADSs on the Nasdaq Global Market under the symbol "AAPG." Its ordinary shares, par value US$0.0001 each, have been listed in Hong Kong under stock code 6855 since October 28, 2019. No public market exists yet for the ADSs. The company is an emerging growth company, and its address is in Suzhou, Jiangsu, China. ## Banks and counsel The cover of the prospectus lists J.P. Morgan and Citigroup as the underwriters. The filing leaves the number of ADSs blank. The copies-to list on the F-1 names Wilson Sonsini Goodrich & Rosati Professional Corporation, with offices in New York and Hong Kong, and Davis Polk & Wardwell LLP in Hong Kong. The agent for service in the United States is Ascentage Pharma Group Inc. in Rockville, Maryland. ## China approval The prospectus says the offering is an indirect overseas offering under the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, which took effect on March 31, 2023. The company must complete a filing with the China Securities Regulatory Commission, and completion of that filing is a condition to the offering and listing. The company says it submitted the filing confidentially and received the filing notice from the CSRC in December 2024, which it says indicates it has completed the required filing procedures. The prospectus also warns that further Chinese government action on overseas listings could significantly limit or completely hinder its ability to offer securities. ## The business Ascentage Pharma develops small molecule drugs for blood cancers and other tumors. Its first lead asset, olverembatinib, is a next-generation inhibitor of the BCR-ABL1 protein. The company says it is the first and only BCR-ABL1 inhibitor approved in China for certain chronic myeloid leukemia patients with the T315I mutation. The FDA has granted it four orphan drug designations and a fast track designation. Three registrational Phase 3 trials are under way in chronic myeloid leukemia, Ph+ acute lymphoblastic leukemia and a rare gastrointestinal stromal tumor. In June 2024 Ascentage gave Takeda Pharmaceuticals International AG an exclusive option to license olverembatinib. The company says it received US$100.0 million and is eligible for an option exercise fee and milestones of up to approximately US$1.2 billion in total, plus royalties of 12-19% of net sales. The second lead asset, lisaftoclax, is a Bcl-2 inhibitor. In November 2024 the company announced that China's Center of Drug Evaluation accepted its new drug application for relapsed or refractory chronic lymphocytic leukemia and small lymphocytic leukemia with Priority Review. Four registrational Phase 3 trials are evaluating it in CLL/SLL, AML and MDS. The company says it plans to launch in China in 2025 if approved, but acceptance of an application is not approval. ## Losses The business has lost money. Ascentage reports a net profit of RMB162.8 million (US$22.4 million) for the six months ended June 30, 2024, against a net loss of RMB402.3 million for the same six months of 2023. It reported a net loss of RMB925.7 million (US$127.4 million) for 2023 and RMB882.9 million for 2022. As of June 30, 2024, accumulated losses stood at RMB5,202.1 million (US$715.8 million). The company expects substantial and increasing losses for the foreseeable future as it develops candidates, including olverembatinib outside China, and seeks approvals. The company also lists collaborations with Innovent, AstraZeneca, Merck and Pfizer. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story 6855 Ascentage Pharma Group International HKEX ยท China Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/ascentage-pharma-files-u-s-ipo-adss-plans-nasdaq-listing-aapg/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Ascentage Pharma files for U.S. IPO of ADSs", 2024-12-27, https://aibio.space/news/ascentage-pharma-files-u-s-ipo-adss-plans-nasdaq-listing-aapg/