Anhui Wanbang Pharmaceutical Technology Co Ltd – based in the Hefei National High-tech Industry Development Zone in Hefei, capital of East China's Anhui province – launched subscriptions on Sept 14 for the upcoming listing of its shares.

The company is preparing to join the Growth Enterprise Market, or GEM board on the Hong Kong stock exchange and aims to raise 484 million yuan ($66.37 million) through the initial public offering of its shares.

The funds raised through the IPO will be allocated towards its drug research and pharmacokinetics engineering center project, along with additional working capital.

Founded in 2006, Wanbang Pharmaceutical Technology is one of the first CROs – Contract Research Organizations – to offer drug development services in China.

Initially focused on offering clinical research services, the company has expanded its portfolio over the years. It's established a number of departments and subsidiaries to provide a wide range of pharmaceutical and clinical research services.

With an impressive track record, the company has undertaken more than 500 pharmaceutical and clinical research projects since 2015, gaining acceptance for 195 of them.

In recent years, the company has witnessed substantial growth in its financial performances. From 2020 to 2022, its annual operating income increased from 139 million yuan to 261 million yuan.