Core Viewpoint - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on developing siRNA therapies and has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as joint sponsors [1] Industry Summary - The siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, representing a compound annual growth rate (CAGR) of 20.9% [1] - siRNA therapies address disease mechanisms at the nucleic acid level and can target "undruggable" proteins that traditional technologies struggle to reach, offering a paradigm shift in chronic disease management with advantages such as longer durability, higher compliance, good safety profile, and lower drug interactions [1] Company Summary - The company has three core product pipelines focusing on coagulation disorders, cardiovascular metabolic diseases, and obesity [1] - SRSD107 is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II clinical trials in Europe [1] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), with ongoing Phase IIa trials in China and the United States [1] - SRSD384 is an INHBE-targeting candidate drug for obesity, supported by compelling preclinical data, and is actively pursuing IND application [1] - The company’s proprietary PEPR platform includes chemical modifications, target and sequence optimization, and delivery technologies, and is researching extrahepatic delivery systems to expand the range of siRNA effects [1]

Core Insights - Jingyin Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC acting as joint sponsors [1] Company Overview - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies. The company aims to develop innovative and best-in-class siRNA therapies to address significant unmet medical needs in chronic disease management [4][5] - The company is advancing three major product pipelines targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, which are based on their substantial market potential and the ability to provide transformative siRNA solutions [5] Market Potential - According to a Frost & Sullivan report, the global siRNA therapy market is projected to reach USD 2.4 billion in 2024 and grow to USD 50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [4] Product Pipeline - The core product, SRSD107, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II multi-center clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [5] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), currently in Phase IIa trials in China and the United States [5] - SRSD384 is an INHBE-targeted candidate for obesity, with promising preclinical data and active IND application progress [5] Technology Platform - The company has developed a proprietary PEPR platform that enhances the stability and target binding of siRNA, enabling more effective and durable therapies. Research is ongoing to expand the delivery range of siRNA beyond the liver to other tissues such as fat, skeletal muscle, heart, kidneys, and the central nervous system [6] Financial Performance - For the six months ending June 30, 2023, the company reported other income and revenue of approximately RMB 8.81 million, with a net loss of approximately RMB 309.41 million. The projected other income and revenue for the same period in 2024 is RMB 9.79 million, with an expected loss of RMB 341.96 million [6][7]