Bio-Thera Solutions, Ltd.
Bio-Thera Solutions, Ltd. (百奥泰生物制药股份有限公司) is a Chinese biopharmaceutical company headquartered in Guangzhou, Guangdong Province. Its shares (百奥泰, stock code 688177) have traded on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR Market) since February 2020.
Bio-Thera researches, develops, manufactures and commercialises biosimilars and innovative biologics, with a pipeline concentrated in oncology, autoimmune and inflammatory disease, cardiovascular disease and ophthalmology. As of its 2024 annual report, the company had four products approved for the Chinese market by the National Medical Products Administration: biosimilars of adalimumab (格乐立®), bevacizumab (普贝希®) and tocilizumab (施瑞立®), and the Class 1 chemical drug bevifibatide citrate injection (贝塔宁®). Its bevacizumab and tocilizumab biosimilars have also been approved by the US FDA and the European Medicines Agency — marketed internationally as Avzivi® and TOFIDENCE® respectively — with bevacizumab additionally approved by Brazil’s ANVISA as Bevyx®. TOFIDENCE® received FDA approval in September 2023, becoming, according to the company, the first monoclonal antibody developed, manufactured and commercialised by a Chinese biopharmaceutical company to reach the US market. The company licenses ex-China development and commercialisation rights for several products to partners including BeiGene, Sandoz, Biogen/Organon and Hikma across different territories, while retaining commercialisation in China itself.
For the 2024 financial year, Bio-Thera reported consolidated operating revenue of RMB 743.2 million (up 5.4% year on year) and a net loss attributable to shareholders of RMB 510.3 million, against research and development spending equivalent to 104.6% of revenue. For the first nine months of 2025, revenue rose 17.6% year on year to RMB 683.6 million, driven largely by increased sales of the adalimumab and tocilizumab biosimilars, while the company remained loss-making; total assets stood at approximately RMB 2.23 billion as of 30 September 2025.
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Shareholders
Shareholders of Bio-Thera Solutions, Ltd.
Bio-Thera Solutions, Ltd. is listed on the Shanghai Stock Exchange’s STAR Market (stock code 688177) and, as a listed company, discloses only its largest shareholders in periodic filings rather than a full shareholder register. As of 30 September 2025, the company reported 9,397 holders of ordinary shares, with the top ten shareholders together holding approximately 75% of the share capital. The largest disclosed shareholder is Guangzhou Qixi Group Co., Ltd. (广州七喜集团有限公司), a domestic non-state-owned legal person holding 159,990,270 shares (38.64%) and identified by the company as its controlling shareholder (控股股东). The second-largest is Therabio International Limited, an overseas legal-person holding vehicle, with 47,177,729 shares (11.39%). Other disclosed holders in the top ten include several domestic limited partnerships (each holding between roughly 3% and 5.6%), individual shareholder Yi Liangyu (易良旼, 2.84%), an investment partnership controlled by founder Li Shengfeng holding 1.79%, Li Shengfeng himself in his own name (SHENGFENG LI, 1.57%, classified in the filing as an overseas/foreign natural person shareholder), and Hong Kong Securities Clearing Company Limited (香港中央结算有限公司, 1.45%), which represents Stock Connect nominee holdings rather than a single beneficial holder.
Ultimate beneficial ownership
Bio-Thera’s own periodic filings identify three individuals as its joint actual controllers (实际控制人): Yi Liangyu (易良旼), Yi Xianzhong (易贤忠) and Guan Yuchan (关玉婉), who are named as acting in concert together with Guangzhou Qixi Group Co., Ltd. and several affiliated investment partnerships. Per the ownership chart in the company’s 2024 annual report, Yi Liangyu holds 98.53% of Qixi Group, Yi Xianzhong holds 1.03%, and Guan Yuchan holds 0.44%; applied to Qixi Group’s 38.64% direct stake in Bio-Thera, this gives a calculated effective indirect interest of approximately 38.1% for Yi Liangyu through this vehicle alone. Each of the three also holds smaller direct and indirect stakes through several additional acting-in-concert entities disclosed in the same filing (including 广州启奥兴投资合伙企业, 广州中科粤创三号创业投资合伙企业, 广州晨旭投资合伙企业 and 横琴中科卓创股权投资基金合伙企业), which the company’s own disclosure aggregates but does not reduce to a single combined percentage per individual. Separately, Therabio International Limited (11.39%) and 广州返湾湖投资合伙企业 (1.79%) are each disclosed as 100%-owned by founder, chairman and general manager Li Shengfeng (李胜峰) and members of his immediate family, making his combined direct and indirect interest, excluding the Qixi Group chain, at least 14.75% of the company.
Data availability
Shareholder disclosure for this company is major-shareholders-only: Chinese listed-company rules require periodic reporting of the top ten holders of record, not a complete register, so the roughly 25% of share capital held outside the disclosed top ten is not individually identified.
Sources
- Bio-Thera Solutions, Ltd., 2025 Third Quarter Report (百奥泰生物制药股份有限公司2025年第三季度报告), filed 28 October 2025 — file.finance.qq.com/…/1224749379.PDF. Retrieved 10 September 2026.
- Bio-Thera Solutions, Ltd., 2024 Annual Report Summary (百奥泰生物制药股份有限公司2024年年度报告摘要), filed 9 April 2025 — bio-thera.com/…/3-250409134U5.pdf. Retrieved 10 September 2026.
Officers
10
Directors and officers of Bio-Thera Solutions, Ltd.
Bio-Thera’s own periodic filings confirm several current officers. Li Shengfeng (李胜峰), the company’s founder, has served as Chairman, General Manager and legal representative (公司负责人) continuously through the company’s most recent quarterly filing (30 September 2025); he is classified in the company’s own shareholder disclosures as an overseas/foreign natural person shareholder, though his specific nationality is not stated in the filings reviewed. Yu Dan (鱼丹) is confirmed as a director and the company’s Board Secretary as of the 2024 annual report, matching the “Executive Director & Secretary to the Board” role already on file for this company. Zhan Xianhong (占先红) is confirmed as the officer in charge of accounting work (主管会计工作负责人, functionally Chief Financial Officer) and Shi Lihua (史利华) as head of the accounting department, both as of the September 2025 quarterly report. The company’s existing officer record separately lists three further senior managers — Jinchen Yu (Deputy General Manager, SVP of Preclinical Research and Director), Cai Bao (SVP of Quality) and Bryan Yu (SVP of Technology Development) — whose current status could not be independently re-confirmed against a primary filing in this review.
Data availability
China’s listed-company disclosure regime publishes the legal representative and named senior management in periodic reports but does not routinely publish directors’ nationality, country of residence or full appointment/resignation history in the same filings; those fields are accordingly not stated here beyond what is noted above. The existing on-file officer record shows 5 of a reported 10 total entries.
Sources
- Bio-Thera Solutions, Ltd., 2025 Third Quarter Report, filed 28 October 2025 — file.finance.qq.com/…/1224749379.PDF. Retrieved 10 September 2026.
- Bio-Thera Solutions, Ltd., 2024 Annual Report Summary, filed 9 April 2025 — bio-thera.com/…/3-250409134U5.pdf. Retrieved 10 September 2026.
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Group Structure
Group structure of Bio-Thera Solutions, Ltd.
Bio-Thera Solutions, Ltd. does not disclose a corporate parent company in its own filings; its largest disclosed shareholder, Guangzhou Qixi Group Co., Ltd., is identified as a controlling shareholder rather than as a parent company that itself forms part of a wider group (see Shareholders, above). As of 30 June 2025, the company’s own audited financial statements identify four wholly-owned direct subsidiaries, each newly incorporated by Bio-Thera itself rather than acquired: one in mainland China (Guangzhou), one in the United States, one in Hong Kong and one in the Cayman Islands. No indirect subsidiaries, joint ventures or associates are disclosed, and none of the four is described as a non-wholly-owned entity. The group’s disclosed corporate structure therefore spans five jurisdictions in total, including the parent company’s own registration in mainland China.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| BTS Biopharma Inc. | United States | Not disclosed | Direct subsidiary | 100% of share capital | Active | 30 June 2025 |
| 倍迪思生物科技（广州）有限公司 (Beidisi Biotechnology (Guangzhou) Co., Ltd.) | China | Not disclosed | Direct subsidiary | 100% of share capital | Active | 30 June 2025 |
| 百奥泰（香港）生物制药有限公司 (Bio-Thera (Hong Kong) Biopharmaceutical Co., Ltd.) | Hong Kong | Not disclosed | Direct subsidiary | 100% of share capital | Active; incorporated 24 January 2025 | 30 June 2025 |
| BayLake BioSciences, Inc. (湾湖生物制药有限公司) | Cayman Islands | Not disclosed | Direct subsidiary | 100% of share capital | Active; incorporated 29 May 2025; registered capital not yet paid in | 30 June 2025 |
Recent structural changes
- 24 January 2025 — Incorporation of wholly-owned subsidiary 百奥泰（香港）生物制药有限公司 (Bio-Thera (Hong Kong) Biopharmaceutical Co., Ltd.), registered capital USD 100,000, for drug development, services, wholesale and sales in Hong Kong.
- 29 May 2025 — Incorporation of wholly-owned subsidiary BayLake BioSciences, Inc. (湾湖生物制药有限公司) in the Cayman Islands, registered capital USD 1.5 million, for drug research and development, manufacturing and commercialisation; the board resolution authorising this offshore subsidiary was disclosed in company announcement no. 2025-021, dated 9 April 2025.
Data availability
Corporate-linkage information for this company is classified as subsidiaries only: Bio-Thera’s own audited annual and semi-annual reports disclose its complete consolidated group of direct subsidiaries, together with each one’s registered capital and business scope, but Chinese listed-company filings do not separately confirm or rule out the existence of a corporate parent beyond naming a controlling shareholder, and individual company registration numbers for the four subsidiaries are not stated in the sources reviewed.
Sources
- Bio-Thera Solutions, Ltd., 2025 Semi-Annual Report (百奥泰生物制药股份有限公司2025年半年度报告), filed 21 August 2025 — bio-thera.com/…/3-250R1133544.pdf. Retrieved 10 September 2026.
- Bio-Thera Solutions, Ltd., 2024 Annual Report (百奥泰生物制药股份有限公司2024年年度报告), filed 9 April 2025 — bio-thera.com/…/3-250409134918.pdf. Retrieved 10 September 2026.
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Bio-Thera Solutions, Ltd.
China
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Frequently Asked Questions
What does Bio-Thera Solutions, Ltd. do?
Bio-Thera Solutions, Ltd. (百奥泰生物制药股份有限公司) is a Guangzhou-based Chinese biopharmaceutical company that researches, develops, manufactures and commercialises biosimilars and innovative biologics for oncology, autoimmune and inflammatory disease, cardiovascular disease and ophthalmology. As of its 2024 annual report it had four products approved in China — biosimilars of adalimumab (格乐立®), bevacizumab (普贝希®) and tocilizumab (施瑞立®), and the Class 1 chemical drug bevifibatide citrate injection (贝塔宁®) — with the bevacizumab and tocilizumab biosimilars also approved by the US FDA and EMA and marketed internationally as Avzivi® and TOFIDENCE® respectively.
Where is Bio-Thera Solutions, Ltd. listed, and what is its stock code?
Bio-Thera Solutions, Ltd. is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) under stock code 688177 (百奥泰), where its shares have traded since February 2020.
What were Bio-Thera Solutions' recent financial results?
For the 2024 financial year, Bio-Thera reported consolidated operating revenue of RMB 743.2 million (up 5.4% year on year) and a net loss attributable to shareholders of RMB 510.3 million, with R&D spending equivalent to 104.6% of revenue. For the first nine months of 2025, revenue rose 17.6% year on year to RMB 683.6 million, while the company remained loss-making; total assets stood at approximately RMB 2.23 billion as of 30 September 2025.
Who is the controlling shareholder of Bio-Thera Solutions, Ltd.?
As of 30 September 2025, Bio-Thera Solutions' largest disclosed shareholder and controlling shareholder (控股股东) is Guangzhou Qixi Group Co., Ltd. (广州七喜集团有限公司), holding 159,990,270 shares (38.64%). As a Shanghai STAR Market-listed company, Bio-Thera discloses only its top ten shareholders, who together hold about 75% of the shares.
Who are Bio-Thera Solutions' ultimate beneficial owners?
Bio-Thera's own filings identify Yi Liangyu (易良旼), Yi Xianzhong (易贤忠) and Guan Yuchan (关玉婉) as its joint actual controllers (实际控制人), acting in concert through Guangzhou Qixi Group Co., Ltd. and several affiliated investment partnerships. Yi Liangyu holds 98.53% of Qixi Group, which holds 38.64% of Bio-Thera, giving a calculated effective indirect interest of approximately 38.1% through that vehicle alone, before additional direct and indirect holdings in other acting-in-concert entities are added.
What stake does founder Li Shengfeng hold in Bio-Thera Solutions?
Founder, chairman and general manager Li Shengfeng (李胜峰) holds Bio-Thera shares directly (1.57%, as an overseas/foreign natural person shareholder) and indirectly through Therabio International Limited (11.39%) and 广州返湾湖投资合伙企业 (1.79%), both disclosed as 100%-owned by him and members of his immediate family, giving a combined direct and indirect interest of at least 14.75% excluding the separate Qixi Group chain.
Who is the chairman and who are the current officers of Bio-Thera Solutions, Ltd.?
Li Shengfeng (李胜峰), the company's founder, has served as Chairman, General Manager and legal representative continuously through the company's most recent quarterly filing (30 September 2025). Yu Dan (鱼丹) is a director and the company's Board Secretary, and Zhan Xianhong (占先红) is the officer in charge of accounting work (functionally Chief Financial Officer), both as of the September 2025 quarterly report.
Does Bio-Thera Solutions, Ltd. have subsidiaries, and is it part of a larger corporate group?
Bio-Thera does not disclose a corporate parent above itself. As of 30 June 2025, its own audited financial statements identify four wholly-owned direct subsidiaries, each newly incorporated rather than acquired: BTS Biopharma Inc. (United States), 倍迪思生物科技（广州）有限公司 (Beidisi Biotechnology, Guangzhou, China), 百奥泰（香港）生物制药有限公司 (Bio-Thera (Hong Kong) Biopharmaceutical Co., Ltd.), and BayLake BioSciences, Inc. (Cayman Islands, incorporated 29 May 2025). No indirect subsidiaries are disclosed.
Does Bio-Thera Solutions, Ltd. have international licensing partners?
Bio-Thera licenses ex-China development and commercialisation rights for several of its products to partners including BeiGene, Sandoz, Biogen/Organon and Hikma across different territories, while retaining commercialisation rights in China itself. Its TOFIDENCE® tocilizumab biosimilar received FDA approval in September 2023, which the company describes as the first monoclonal antibody developed, manufactured and commercialised by a Chinese biopharmaceutical company to reach the US market.
Is Bio-Thera Solutions, Ltd. still an active company?
Bio-Thera Solutions, Ltd.'s status on SAMR — public search via GSXT (National Enterprise Credit Information Publicity System) is listed as active.
What is Bio-Thera Solutions, Ltd.'s registered address?
The registered address on file for Bio-Thera Solutions, Ltd. is Guangzhou, China.
Can Zavia monitor changes to Bio-Thera Solutions, Ltd.'s ownership over time?
This profile reflects a point-in-time snapshot from SAMR — public search via GSXT (National Enterprise Credit Information Publicity System). Zavia's monitoring API can track changes to Bio-Thera Solutions, Ltd.'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Bio-Thera Solutions, Ltd.'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including China, so records like Bio-Thera Solutions, Ltd.'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from SAMR — public search via GSXT (National Enterprise Credit Information Publicity System) and was last synced on 11 August 2026.