Anshi Biotech's Sprint for the STAR Market: A professional manager's 12-year struggle to become the actual controller, former Gansu's richest man Que Wenbin "disappears" in the prospectus

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（Source: Dolphin Finance）

The prospectus shows that although Buricitinib has been approved for listing and commercialized, Anshi Biotech is still facing significant increases in sales expenses and rigid R&D costs, making it difficult for the company to turn losses into profits in the short term. Compared with continuous losses, Anshi Biotech’s disclosures regarding the company’s historical evolution and changes in actual controllers are more attention-grabbing.

The predecessor controlling shareholder of Anshi Biotech was once Gansu’s richest man, Que Wenbin, and Sichuan Hengkang Development controlled by him. Currently, the actual controller of Anshi Biotech, Shi Hepeng, was initially a professional manager hired by Que Wenbin, but the prospectus does not mention Que Wenbin or Hengkang Group. Public information shows that the core management team led by Shi Hepeng has many undisclosed suspected related-party connections with Hengkang Development and Que Wenbin, such as team members collectively holding shares in Que Wenbin’s New Third Board company, and suspected related parties of Que Wenbin still lending funds to support Anshi Biotech before the reporting period, with the third-largest shareholder’s actual controller being a suspected related party of Que Wenbin.

Only one main product

On September 26, 2025, the Shanghai Stock Exchange website shows that Beijing Anshi Biotech Co., Ltd. (“Anshi Biotech”) has its Sci-Tech Innovation Board IPO accepted, sponsored by Huatai United Securities. The IPO aims to raise 2.45 billion yuan, of which 1.97B yuan is for new drug R&D projects, and 500 million yuan is for working capital. As of December 31, 2025, Anshi Biotech’s listing status is “suspended” due to failure to disclose the latest financial data.

The prospectus indicates that Anshi Biotech focuses on diseases such as tumors with significant unmet clinical needs, committed to providing high-quality innovative anti-tumor drugs through efficient independent R&D. As of the signing date of the prospectus, the company has only one main product, Wanbirui® (Buricitinib), which has been approved for listing domestically and is still in early commercialization. One product is in the new drug listing review stage, and two products are in clinical research stages.

As the only product that has achieved commercialization, Buricitinib was approved for listing in China for the first time in November 2023, and the company has built its own commercialization team for sales. Prior to this, Anshi Biotech had no main business income and had been operating at a loss for a long time. In November 2024, Buricitinib was approved for treating METex14 skipping mutation non-small cell lung cancer and ZM fusion gene-positive brain glioma, and was successfully included in the national medical insurance catalog, leading to rapid sales growth. From 2022 to 2024 and January–March 2025, Anshi Biotech achieved operating revenues of 0 yuan, 0 yuan, 71.6562 million yuan, and 64.0425 million yuan, all from sales of Buricitinib.

It is noteworthy that Buricitinib’s indications for MET amplification NSCLC and METex14 skipping mutation NSCLC were approved under priority review and approval procedures with conditional listing, and further clinical confirmation is needed to obtain full approval. As of the signing date of the prospectus, Anshi Biotech is still conducting confirmatory clinical trials for Buricitinib. Given that drug R&D can be affected by factors such as patient enrollment and policy changes, there is uncertainty whether the confirmatory clinical trials for Buricitinib’s indications can be completed on time and yield expected results.

In addition, market competition pressure for Buricitinib should not be underestimated. According to the analysis report by Zhuzhi Consulting, the market size of MET-TKI drugs in China was only 600 million yuan in 2024. Before Buricitinib, Savolitinib and Gumeditinib had already been included in the 2022 and 2023 editions of the national medical insurance catalog, respectively. Therefore, as the third domestically approved MET-TKI drug, Buricitinib faces not only competition from these listed similar drugs but also potential competition from other listed or in-development products.

Financial data shows that from 2022 to 2024 and January–March 2025, Anshi Biotech’s operating revenues were 0 yuan, 12.96M yuan, 71.6562 million yuan, and 64.0425 million yuan, all from sales of Buricitinib; net profits attributable to the parent were approximately -163.6777 million yuan, -0 yuan, -478.7133 million yuan, and -91.6529 million yuan, respectively. As of the end of the reporting period, the company has not yet achieved profitability, with a cumulative unamortized deficit of 782 million yuan on a consolidated basis.

It is clear that over the past three years, Anshi Biotech has been operating at a loss continuously, with losses expanding year by year. The significant rise in sales expenses and rigid R&D expenses are key reasons for the worsening operating losses. According to the prospectus, from 2022 to 2024, sales expenses were 3.6145 million yuan, 45.4137 million yuan, and 102 million yuan, respectively, far exceeding the corresponding operating income.

Due to persistent negative cash flow from operating activities, the company mainly relies on external financing to meet its working capital needs. Since 2021, Anshi Biotech has completed four rounds of financing, with investors including Guotou Investment, IDG Capital, KKR, and Bain Capital.

Former major shareholder was once Gansu’s richest man

From the equity structure, as of the signing date of the prospectus, Anshi Biotech has no controlling shareholder. The actual controller, Shi Hepeng, directly and through concerted action with Kunshi Julii and Kunshi Heli, controls 23.81% of the voting rights. Additionally, five other shareholders hold more than 5% of shares individually or jointly, including Bain with 17.04%, Vivo IX, Weiwusu, and Vivo II, which have entered into a concerted action agreement, collectively holding 17.09%; BFV with 8.49%; Advanced Manufacturing Fund with 7.72%; and PV with 7.60%.

Public information shows that early founders and actual controllers of Anshi Biotech were not Shi Hepeng but Gansu’s richest man, Que Wenbin, and Sichuan Hengkang Development controlled by him.

The cooperation between Shi Hepeng and Que Wenbin began with Beijing Purun Ao. Tianyancha shows that Beijing Purun Ao Biotechnology Co., Ltd. was established in 2012, with founders being Sichuan Hengkang Development Co., Ltd. (97%) and Chengdu You Ta Pharmaceutical Co., Ltd. (3%). After the corporate structure was penetrated, both companies’ actual controller was Que Wenbin, founder of Sichuan Hengkang Group. At that time, Shi Hepeng was the general manager of the company, a professional manager, without shareholding.

In October 2013, Beijing Purun Ao underwent a change in industrial and commercial registration, reducing Sichuan Hengkang Development’s shareholding to 95%, with Chengdu You Ta Pharmaceutical exiting, and China-US CrownKoe Biotech (Taicang) Co., Ltd. holding 5%.

In terms of management, before the change, the original executive director and general manager was Shi Hepeng, and the supervisor was Luo Cong. Public info shows Luo Cong had served as assistant to the president of Sichuan Hengkang Development Co., Ltd., as well as chief audit officer, supervisor, and chairman of the supervisory board of Hengkang Medical Group.

After the change, Shi Hepeng became chairman, with Shi Quan added as vice chairman; new directors included Li Yufei, Zheng Yiting, and Lou Shi as supervisors.

Public data shows Shi Quan was born in August 1954, a U.S. citizen, with a Ph.D. from Ohio State University, and has served as executive vice president of China-US CrownKoe Biotech (Taicang) since January 2010.

Li Yufei previously held roles such as IP manager, president’s assistant, and supervisor at Gansu Duyiwei Biopharmaceuticals, and was assistant to the chairman of Sichuan Hengkang Development Co., Ltd. Gansu Duyiwei is also a major industry under Que Wenbin.

The 2013 addition of China-US CrownKoe is related to the main product Buricitinib. Buricitinib was initially a compound designed by four scientists—Zhong Bo Yu, Shi Quan, Yuan Hongbin, and Zhou Feng—targeting c-Met, with CBT-101 being the research code. Subsequently, China-US CrownKoe licensed the Chinese rights of this product to Purun Ao, retaining rights outside China. Under the promotion of Hengkang Development, Buricitinib entered clinical trials in 2015.

Notably, Shi Hepeng had participated in R&D cooperation with China-US CrownKoe before joining Beijing Purun Ao, involving Yangtze River Pharmaceutical Group.

According to news on Yangtze River Pharmaceutical Group’s official website, on October 19, 2010, a signing ceremony for R&D cooperation between Yangtze River Pharmaceutical Group and China-US CrownKoe was held, with Shi Heping, vice general manager of Yangtze River Beijing Haiyan Pharmaceutical, and Shi Quan, Ph.D., representing both sides.

Whether the cooperation between China-US CrownKoe and Hengkang Development was aided by Shi Heping remains unknown. But the purpose of Que Wenbin’s hiring of Shi Heping was undoubtedly to promote cooperation with China-US CrownKoe and accelerate the commercialization of Buricitinib.

However, the equity cooperation between the two parties did not last long. Business registration info shows that in March 2016, China-US CrownKoe withdrew from the shareholder list of Beijing Purun Ao, with Hengkang Development holding 100%. Registration also shows that Shi Quan exited management; supervisors Zheng Yiting and Lou Shi also left, with Long Kai and Song Liping joining management.

Public info indicates that Long Kai served as executive president of Sichuan Hengkang Development Co., Ltd. for drug development; Song Liping, who joined Hengkang Group’s anti-tumor new drug R&D company Shanghai Jinmant in 2016, previously held roles at Hengkang Development.

This means Hengkang Development became the sole controller of Buricitinib’s commercialization.

From 2017 to 2018, Hengkang Development’s actual controller Que Wenbin faced debt crises, unable to continue clinical research on Buricitinib, and began seeking overseas listing and financing.

Que Wenbin, born in 1963, is the “Hengkang system” leader, previously sales manager at Sino-foreign joint venture Chengdu Enwei Shiheng Pharmaceutical. Since October 1996, he has served as chairman and president of Sichuan Hengkang Development Co., Ltd. His capital operations began with the listing of Yuyi in 2008, and later he took control of a second listed company, Western Resources, through a backdoor listing. Hengkang Group also owns a NEEQ-listed enterprise, Saizhuo Pharmaceuticals, and four companies dedicated to anti-tumor drug R&D, including Sichuan Sainuo Weixin, Shanghai Jinmant, Shanghai Meiyake, and Beijing Purun Ao. According to the Hurun Rich List, in 2015, Que Wenbin’s net worth once reached 20 billion yuan, making him Gansu’s richest man.

In 2017, the CSRC announced that Que Wenbin, controlling shareholder and actual controller of Hengkang Medical, colluded with Diecai Assets and its controller Xie Fenghua, using information advantages to control Hengkang Medical and release favorable information, manipulating the timing and content of disclosures, affecting Hengkang Medical’s stock price, and enabling Que Wenbin to sell shares at high prices.

In October 2018, “Cailian News” reported that, due to debt crises, the former “Gansu’s richest man” Que Wenbin planned to sell 100% of Shanghai Jinmant Biotechnology Co., Ltd., a biopharmaceutical company under his control, for 120 million yuan. Shanghai Jinmant was a wholly owned subsidiary of Sichuan Hengkang Group, specializing in tumor-targeted antibody drugs.

Since 2018, Que Wenbin’s holdings in listed companies have been repeatedly frozen by courts. Also that year, he and Sichuan Hengkang gradually transferred some subsidiaries’ shares to senior executives or newly established entities. Hengkang Medical entered bankruptcy reorganization in 2021 and was renamed “Xinlicheng” in 2022. Western Resources was transferred out of Que Wenbin’s control in early 2020 and eventually delisted.

Under debt pressure, Que Wenbin led the establishment of Beijing Maineng Bonie Biotechnology Co., Ltd., the predecessor of Anshi Biotech, in 2018. The shareholder was Shenzhen Keluoxi Technology Co., Ltd., whose two shareholders, Zhang Jingwen and Xu Rui, are senior executives under Sichuan Hengkang.

In 2019, Beijing Maineng Bonie’s shareholder changed to Anshi Biotech Co., Ltd., registered in Hong Kong, with the sole shareholder being Cayman offshore company Pearl Biotechnology Limited. Meanwhile, the name of Beijing Maineng Bonie also changed to Beijing Anshi Biotech Co., Ltd. The company’s senior executives Zhang Jingwen and Xu Rui exited, and Zhang Peilong and Zheng Yiting joined.

Anshi Biotech’s prospectus briefly discloses the setup of these companies but does not reveal the ultimate controlling shareholder or actual controller after the penetration.

Beijing Anshi Biotech Co., Ltd. was established by Que Wenbin to facilitate overseas financing. The prospectus shows that Anshi Biotech established Hong Kong Anshi and Anshi Cayman, with Hong Kong Anshi acquiring Beijing Anshi Biotech (the predecessor of Anshi Biotech) and Beijing Purun Ao. By November 2021, the red-chip structure was basically completed, with Anshi Cayman as the controlling company.

After no progress in overseas listing, Anshi Biotech shifted its target to domestic listing. In July 2023, the red-chip structure was dismantled. Shareholders of Hong Kong Anshi, Anshi Biotech Limited, Beijing Purun Ao, and Shi Heping signed a “Restructuring Framework Agreement for Beijing Anshi Biotech Co., Ltd.”

According to this agreement, Anshi Biotech, under common control, acquired 100% of Beijing Purun Ao held by Hong Kong Anshi, and the goodwill previously recorded in the Hong Kong-controlled entity was included in the consolidated financial statements, forming goodwill of 927 million yuan. After the acquisition, Beijing Purun Ao became a wholly owned subsidiary managed by Shi Heping.

As disclosed in the prospectus, in 2022, Beijing Purun Ao’s net loss was as high as 94 million yuan. By the end of 2022, its total assets were only 31.7454 million yuan.

However, the transfer price for the acquisition of Beijing Purun Ao was not based on its valuation but on the historical investment cost of Hong Kong Anshi in Beijing Purun Ao, totaling over 1.1726 billion yuan (12.96M yuan plus 282.71M USD), which explains the huge amount of goodwill.

Is the “unresolved” relationship with Hengkang system a mystery?

The prospectus shows that during the reporting period, there were many hidden connections between Anshi Biotech and Que Wenbin and his Hengkang system subsidiaries, but these are not disclosed in the prospectus.

It shows that, during the reporting period, Anshi Biotech engaged in fund borrowing and lending with third parties and related parties, including two third-party transactions. Before the reporting period, Beijing Purun Ao borrowed a total of 20 million yuan from Shaoguan Jinshan Stone Mine Co., Ltd. for daily operations. Since 2021, Beijing Purun Ao has repaid the lender, Lin Shixi, in installments, with total principal and interest of 22.96 million yuan, fully repaid by May 2024. Additionally, Anshi Biotech and its subsidiary Beijing Purun Ao borrowed a total of 19.5 million yuan from Shenzhen Tingxi Energy Technology Co., Ltd., also fully repaid by May 2024, with total principal and interest of 21.10 million yuan.

Lin Shixi is a related party of Que Wenbin, having served as legal representative or senior executive in multiple Hengkang system subsidiaries. For example, when Que Wenbin controlled Gansu Duyiwei, the second-largest shareholder was Gansu Longnan Traditional Chinese Medicine Research Co., Ltd., where Lin Shixi was executive director and general manager until its deregistration in 2015.

In addition, Lin Shixi also served as shareholder and legal representative of Sichuan Hengkangyuan Medical Trade Co., Ltd. After 2018, he became a new shareholder holding 95% of Gansu Shanshui New Energy Technology Co., Ltd., previously controlled by Sichuan Hengkang Development and Shaoguan Jinshan Stone Mine.

In 2018, the “Major Asset Purchase Plan of Hengkang Medical Group Co., Ltd.” disclosed that Lin Shixi was one of its shareholders.

Public info shows that Shenzhen Tingxi Energy Technology Co., Ltd.’s shareholders and senior managers in 2018/2019 included He Wenping, Guo Chenguang, and Li Rui. In August 2019, the main shareholders and leaders changed to Shi Yun.

Dolphin Finance notes that these individuals are suspected to be close related parties of Que Wenbin and his Hengkang Group.

The prospectus shows that Be First Ventures Limited is the third-largest shareholder of Anshi Biotech, holding 8.49%. Its sole shareholder is He Wenping. Public info shows that in 2008, the prospectus of Gansu Duyiwei Biopharmaceuticals, controlled by Que Wenbin, disclosed that its main suppliers included Sichuan Xin Hui Trading Co., Ltd., Chengdu Yue’er Trading Co., Ltd., and Chengdu Chengsheng Trading Co., Ltd., with a natural person shareholder named He Wenping. At that time, media questioned whether He Wenping was a related-party transaction partner of Duyiwei.

Shi Yun also has close ties with Hengkang Group. According to a 2023 announcement by Sichuan Saizhuo Pharmaceuticals, a NEEQ-listed company controlled by Que Wenbin, Shi Yun was proposed to be appointed as director. His background shows he was born in June 1989, with a high school education. Since August 2019, he has served as executive director and general manager of Shenzhen Tingxi Energy Technology Co., Ltd. Since 2021, he has been an executive delegate at Shenzhen Lechun Medical Management Partnership. Since June 2022, he has been executive director and general manager of Mianyang Saida Medical Technology Co., Ltd., a shareholder of Saizhuo Pharmaceuticals.

In addition, Shi Yun became the legal representative of Shenzhen Keluoxi Technology Co., Ltd. in 2025, which is controlled by Hengkang Group and was also a shareholder of Beijing Purun Ao.

It appears that Anshi Biotech classifies these two companies as unrelated third parties, which conflicts with public info.

Beyond these suspicions, Anshi Biotech’s disclosures on related-party fund borrowing also seem selective.

According to the prospectus, as of the end of 2022, Anshi Biotech borrowed from Beijing Purun Ao via a natural person, Zhou Zhitao, and Zheng Yiting, for daily operations (funds flow: Beijing Purun Ao → Song Zhitao → Zheng Yiting → company). As of the beginning of the reporting period, the principal and interest balance was 5.4142 million yuan. By the end of December 2023, the loan was fully repaid.

Why would Beijing Purun Ao borrow indirectly through individuals like Song Zhitao and Zheng Yiting?

The prospectus states that Song Zhitao graduated from Beijing University of Chinese Medicine with a bachelor’s in pharmaceutical engineering. From August 2005 to April 2012, he was a research team leader at Yangtze River Pharmaceutical Group Beijing Haiyan Pharmaceutical. From May to September 2012, he was a formulation manager at Beijing Medicon Xin Medical Technology. Since October 2012, he has been director of R&D and assistant general manager at Beijing Purun Ao, and since September 2023, a director and secretary of the board of Anshi Biotech.

The resume of Zheng Yiting is not disclosed, but she previously served as supervisor of Anshi Biotech and left in March 2023. Tianyancha shows she has been a supervisor of Beijing Purun Ao since 2013 until 2019. From January to March 2023, she was also a supervisor of Anshi Biotech.

In March 2023, Xu Rui, who previously served as CFO of Anshi Biotech, also left. Before October 2019, Xu Rui was legal representative of Anshi Biotech, later replaced by Zhang Peilong. Xu Rui also served as legal representative, director, and general manager of Chengdu Shengke Tianhong Pharmaceutical Co., Ltd., an affiliate of Hengkang Group.

In fact, most core members of Anshi Biotech’s past and present directors, supervisors, and senior management have close ties with Hengkang Group.

Currently, Anshi Biotech’s board has 14 directors, including 9 directors and 5 independent directors. Among the 9, five are from the management team, and four are representatives of external investors. The management team’s five directors include CEO and President Shi Heping, Vice President and CTO Zhang Peilong, Secretary of the Board Song Zhitao, Senior Director of Clinical Operations Xue Weizhe, all with highly overlapping backgrounds and all holding shares in Sichuan Saizhuo Pharmaceuticals, a New Third Board company under Hengkang.

The prospectus shows that Shi Heping from May 2005 to October 2011 served as executive vice president and director of research at Yangtze River Pharmaceutical Group Beijing Haiyan Pharmaceutical; from November 2011 to August 2012, he was R&D director and business development director at Harbin Yuheng Pharmaceutical; since December 2012, he has been executive director and general manager of Beijing Purun Ao.

Zhang Peilong from August 2006 to June 2012 held roles including research team leader, raw material drug head, and deputy director at Yangtze River Pharmaceutical Group Beijing Haiyan Pharmaceutical; from June to September 2012, project director at Beijing Medicon Xin Medical; from October 2012 to October 2019, R&D director at Beijing Purun Ao; from October 2019 to March 2024, director and manager of Anshi Biotech; since May 2022, chief technology officer; since March 2024, director, deputy general manager, and CTO.

Xue Weizhe from January 2010 to December 2011 was drug R&D supervisor at Yangtze River Pharmaceutical Group Beijing Haiyan Pharmaceutical; from January to August 2012, drug R&D supervisor at Harbin Yuheng Pharmaceutical; from October 2012 to December 2021, manager and project director at Beijing Purun Ao.

Business info shows Beijing Medicon Xin Medical is a wholly owned subsidiary of Yuheng Pharmaceutical, meaning Shi Heping left Yangtze River Haiyan and joined Yuheng. Within half a year, Xue Weizhe, Zhang Peilong, and Song Zhitao also joined Yuheng or its subsidiary Beijing Medicon Xin. In October 2012, Zhang Peilong, Song Zhitao, and Xue Weizhe resigned and joined the newly established Beijing Purun Ao.

Notably, the prospectus discloses that Shi Heping has served as executive director and general manager of Beijing Purun Ao since December 2012. However, public info shows that as early as November 2012, Shi Heping, as general manager of Beijing Purun Ao, publicly participated in activities with Que Wenbin, controlling shareholder of Sichuan Hengkang.

Beijing Purun Ao was established on October 29, 2012, with Shi Heping as legal representative from inception. On November 22, media reported that China-US CrownKoe Biotech and Beijing Purun Ao announced a strategic cooperation agreement to jointly develop and industrialize innovative targeted small-molecule anti-tumor drugs. At the signing ceremony, Que Wenbin, chairman of Sichuan Hengkang Development, and Shi Heping, general manager of Beijing Purun Ao, both spoke.

Dolphin Finance notes that besides being hired by Hengkang Development, Shi Heping, Zhang Peilong, Song Zhitao, Xue Weizhe, and former supervisor Zheng Yiting all participated in Sichuan Saizhuo Pharmaceuticals, a New Third Board company under Que Wenbin.

The prospectus discloses that Shi Heping, Zhang Peilong, Song Zhitao, and Xue Weizhe hold 0.19%, 0.1%, 0.07%, and 0.1% of Sichuan Saizhuo Pharmaceuticals, respectively.

According to the 2014 prospectus of Sichuan Saizhuo Pharmaceuticals, as of November 2013, they held 200k, 100k, 70k, and 100k shares, respectively.

In addition, former supervisor Zheng Yiting also held 100k shares in Saizhuo Pharmaceuticals. Coincidentally, Lin Shixi, the actual controller of Shaoguan Jinshan Stone Mine, a related party of the third-party lender to Anshi Biotech, is also a shareholder of Saizhuo Pharmaceuticals.

More coincidences include that Zhang Bisi served as supervisor of Anshi Biotech from March 2024 to September 2025 and was responsible for the Shanghai and Chengdu branches of Beijing Purun Ao. A shareholder named Zhang Bisi also held 20k shares in Saizhuo Pharmaceuticals.

Li Yufei, who served as director of Beijing Purun Ao from 2013 to 2016, appeared in Saizhuo Pharmaceuticals’ shareholder list at the end of 2013, holding 65k shares.

According to Saizhuo Pharmaceuticals’ prospectus, Que Wenbin, through Hengkang Assets, holds 50.55% of the company’s total shares, and through Sichuan Beileike, holds 19.05%, collectively controlling 69.6%, making him the actual controller.

Are the numerous directors, senior executives, former core staff, and third-party related parties appearing in both Anshi Biotech and Hengkang subsidiaries just a coincidence? To dispel investor doubts, Anshi Biotech may need to provide more detailed and accurate disclosures in subsequent exchange inquiries.