On November 30, Li Li of Leju Finance revealed CLOUDBREAK PHARMA INC., on the official website of the Hong Kong Stock Exchange (hereinafter referred to as “Diokang Shiyun”) In the listing application submitted on the Hong Kong Stock Exchange, the company's listing materials were officially accepted. The co-sponsors were UBS Group, CCB International, and Huatai International.

Baokang Shiyun is an innovation-driven clinical-stage ophthalmology biotechnology company dedicated to developing novel and differentiated therapies. The company is committed to internal discovery, development and commercialization of first-of-its-kind and best-in-class ophthalmic treatments to meet unmet medical needs around the world. According to Frost & Sullivan's report, the global ophthalmic drug market increased from US$32.4 billion in 2018 to US$38.7 billion in 2022, with a compound annual growth rate of 4.5%. It is expected to reach US$57 billion and US$85.8 billion in 2027 and 2032 respectively, with a compound annual growth rate of 8.1% from 2022 to 2027 and 8.5% from 2027 to 2032. A number of ophthalmic diseases, such as pterygium and vascularized eyelid fissures, lack targeted and accessible drug treatment options, and are a huge underserved market worldwide.

At present, Diokang Shiyun has established a pipeline of seven drug candidates covering the main diseases of the front and back of the eye. Among them, there are four clinical drug candidates (i.e. CBT-001, CBT-009, CBT-006, and CBT-004) and three drug candidates in the preclinical stage (i.e. CBT-007, CBT-145, and CBT-011). Since Diakang Shiyun has not yet commercialized any products, the company has not yet recorded any revenue since its establishment.

According to the prospectus, other revenue allocated to Kangshiyun in 2021 and 2022 was US$688,000 and US$471,000 respectively; net other income was US$339,000 and US$718,000 respectively; and R&D expenses were US$8.457 million and US$15.29 million respectively.

Kangshiyun's operating losses in 2021 and 2022 were US$9.369 million and US$23.1 million respectively; losses during the period were US$35.4 million and US$66.84 million respectively.

Kangshiyun's other revenue for the first half of 2023 was 463,000 million US dollars, net other income was 1,474 million US dollars; R&D investment was 11.447 million US dollars, operating losses were 15.74 million US dollars, and losses during the period were 56.26 million US dollars.

The executive directors of Guo Kang Shiyun are Dr. NI Jinsong, Van Son DINH, and Yang Rong; the non-executive directors are Dr. Li Jun Zhi, Cao Xu, and Zhou Chao; and the independent non-executive directors are Lai Xianrong, Liao Zhongmin, and Nie Sijiang.

Dr. NI Jinsong, Dr. Van Son DINH, Dr. Yang Rong, and Dr. Li Jun Zhi are all American nationals.

As of the date of this document, Dr Ni and Ms Leng (Dr Ni's spouse) had interests in a total of 172,150,042 common shares, accounting for approximately 22.18% of the total issued share capital.

The interests of Dr. Ni and Ms. Leng to Hong Shiyun include: (i) holding 157,992,705 common shares through WaterLily Consultants, accounting for approximately 20.36%; (ii) holding 3,900,219 common shares through Ni Legacy Trust, accounting for approximately 0.50%; (iii) holding 5,288,139 common shares through Ice Tree LLC, accounting for about 0.68%; (iv) holding through Ice Tree Consultants; (iv) holding through Ice Tree Consultants 3,624,970 shares of common stock, accounting for approximately 0.47%; and (v) holding 1,344,009 common shares, accounting for approximately 0.17%, through Leng Legacy Trust.

Before the IPO, Dinh held 7.14% of shares through VD&TL and 0.25% through DinhLegacy Trust; Dr. Yang Rong held 1.76% of shares through YDD Consulting, Dr. Li held 4.14%; Australia and the US held 12.3%, Skketch Shine held 6.39%, and Yicun Holdings held 6.04%.

Gaotejia holds 4.8% of the shares, WhitcuLife holds 3.51%, Grand Diamond holds 3.45%, Design Time and Dehongxin each hold 3.2%, and Brillimedical holds 3.08% of the shares.