Company Overview - Suzhou Zelgen Biopharmaceutical Co., Ltd. (Zelgen) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1] - Zelgen is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biologics, particularly in oncology, autoimmune diseases, and hemostasis/blood disorders [4] - Since its establishment in 2009, the company has developed a full-spectrum capability covering drug discovery, R&D, production, and commercialization, resulting in a diversified pipeline [4] Product Pipeline - Zelgen has three marketed drugs: - Zepubai® (Tolvaptan), the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China - Zepuping® (JAK inhibitor), the first domestically developed innovative JAK inhibitor for treating myelofibrosis - Zepuining® (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [4] - The candidate drug pipeline includes 28 major clinical projects with 11 candidate drugs, of which 3 candidate drugs have 7 indications entering BLA/NDA or pivotal/Phase III clinical trial stages [4] Financial Performance - Revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million respectively [6] - The company recorded losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the same periods [7] - Gross profit margins were 91.5%, 92.6%, 93.6%, and 89.8% for the respective years [8] Industry Overview - The global pharmaceutical market, including chemical drugs and biologics, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [10] - In China, the pharmaceutical market is projected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% [10] - China has seen a rapid increase in outbound licensing activities, with 94 transactions completed in 2024 totaling USD 51.9 billion, and 72 transactions in the first half of 2025 totaling USD 60 billion [10] - The global pharmaceutical transaction volume has decreased, but the total transaction value has increased from USD 177.5 billion in 2021 to USD 187.4 billion in 2024, indicating a strategic shift towards value-driven investments [10]

Group 1 - China Biopharmaceutical announced a significant outbound licensing deal as part of its strategic goals for the year, aiming to enhance international revenue and initiate a second growth curve [1] - The company has multiple assets with outbound licensing potential, including PDE3/4, HER2 bispecific antibodies, HER2 ADC, FGF21, EGFR/cMET ADC, fourth-generation EGFR, and early-stage projects like oral GLP-1 and PDE4b, which have shown high commercial value in the global pharmaceutical market [1] Group 2 - Dongyang Sunshine Pharmaceutical submitted its IPO application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, focusing on infection, chronic diseases, and oncology treatment areas [2] - The company has a product matrix of 150 approved drugs across various countries, with 48 sold in China and 23 in overseas markets, indicating potential for accelerated international expansion [2] Group 3 - Heyu Pharmaceutical's new drug application for pimicotinib, a selective small molecule inhibitor for TGCT, has been accepted by the NMPA, marking the company's first project entering the NDA approval process [3] - Pimicotinib has demonstrated good clinical efficacy, safety, and tolerability in multiple clinical trials, and its approval could fill a gap in the treatment of TGCT, enhancing the company's innovative competitiveness [3] Group 4 - Tianxing Medical's IPO application on the Sci-Tech Innovation Board has been terminated due to the withdrawal of its sponsor, despite having a complete matrix of 47 approved sports medicine products, including 11 that are the first of their kind in China [4] - The termination of the IPO reflects potential challenges in research, commercialization, and the overall difficulties faced by innovative medical device companies in the listing process [4]