On June 12, "Kedi Group," a portfolio company invested in by Tonghe Yucheng Investment Fund—a sub-fund managed by Yuanhe Chenkun's flagship fund—was listed on the Hong Kong Stock Exchange under the stock code: 2487.HK.

Founded in 2019, Kedi Group is a research-driven biopharmaceutical company specializing in dermatology. It focuses on four key areas within the broad market for dermatological treatments and skincare: hair-related conditions and care, skin diseases and dermatological care, localized fat accumulation management, and topical anesthesia.

Kedi Group is dedicated to developing innovative and comprehensive solutions across a wide range of dermatological fields. Currently, the company employs approximately 200 professionals in management, R&D, manufacturing, and medical roles. It boasts one core product and eight additional pipeline candidates, while also distributing two commercially available products developed by its international partners. By leveraging its proprietary, industry-leading CATAME® technology platform, Kedi has built a competitive and highly differentiated product portfolio that includes creams, sprays, ointments, and aerosol foam formulations. This portfolio spans several cutting-edge platforms, such as the Colloidal Emulsion – Active Ingredient Encapsulation (CEAE) platform, the Aerosol Release System (ARS) platform, the Transdermal Drug Delivery (TDD) platform, the Active Ingredient & Formulation Evaluation (AFE) platform, the Micro/Nano Particles and Self-Assembly (MiSA) platform, and the Ex Vivo & Efficacy Evaluation (EVEE) platform. Currently, the company is equipped with three state-of-the-art production lines capable of fully supporting topical cream, ointment, spray, and foam product lines. These facilities began operations in 2023, and to date, four of Kedi’s products have already received regulatory approval for market launch, while five others have advanced into the pivotal clinical trial phase.

Currently, Kedi has established partnerships with leading dermatology research experts—PIs (Principal Investigators)—across the country. Together with national authorities such as the Chinese Medical Association, the company is jointly developing industry standards, clinical practice guidelines, and experimental protocols in areas like hair care and localized fat management. Additionally, Kedi is building an online content platform to support the creation of targeted marketing strategies for its products, while also launching both digital and offline promotional campaigns. Looking ahead, the company plans to forge strategic collaborations with top-tier Grade-III hospitals and adopt a tiered approach to enter provincial markets, aiming to achieve nationwide coverage within the medium term.

After going public, Codex Group will continue to develop comprehensive solutions to meet the evolving and diverse needs of Chinese patients and consumers in the expanding dermatology treatment and skincare market.