New stock news | Chimei Life Sciences submits application to Hong Kong Stock Exchange. Two candidate drugs have entered Phase 3 registration clinical trials.

On January 13, Chengdu Zelin Biopharmaceutical Technology Co., Ltd. (referred to as Zelin Biopharmaceutical) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Jefferies and CICC serving as its joint sponsors. Company Overview According to the prospectus, Zelin Biopharmaceutical is a late-stage biotechnology company dedicated to integrating structural biology, artificial intelligence, and clinically relevant disease models to develop highly differentiated small molecule therapies with first-in-class or best-in-class potential. Zelin Biopharmaceutical is committed to addressing significant unmet medical needs in the areas of hematologic diseases, cancer, central nervous system, and immune/inflammatory diseases. The company has established a strong and diversified pipeline consisting of eight proprietary assets, covering both clinical and pre-clinical stages. As of January 5, 2026, Zelin Biopharmaceutical's pipeline includes two core products (Malate Flunatinib and intravenous Pyritinib Mesylate), two other clinical stage candidates (ZL-82 and ZL-85), and four pre-clinical stage candidates (ZL-65, ZL-69, ZL-59, and ZL-89). Two candidate drugs have entered Phase 3 registration clinical trials, including Malate Flunatinib for the treatment of myelofibrosis ("FM") and Pyritinib Mesylate for the treatment of relapsed/refractory diffuse large B-cell lymphoma ("PM"). FM is a novel triple-target inhibitor of Janus kinase 2, FMS-like tyrosine kinase 3, and cyclin-dependent kinase 6, primarily used for the treatment of myeloproliferative neoplasms, including myelofibrosis and polycythemia vera. Myelofibrosis is a malignant hematologic disorder caused by JAK2V617F (65%), CALR (20-35%), or MPL (5-8%) mutations, characterized by splenomegaly and symptoms affecting quality of life. PM is a novel selective HDAC I/IIb inhibitor aiming to address unmet medical needs and has broad therapeutic potential. PM features an innovative non-linear large triangle cap structure, which greatly enhances its affinity for HDAC I/IIb, exhibiting superior inhibitory activity and selectivity compared to approved HDAC inhibitors. Its molecular design emphasizes selectivity and safety. The role of class IIa and class IV HDACs in tumor development remains controversial, with increasing evidence suggesting that inhibiting them may lead to more cardiovascular toxicity and immune suppression-related adverse reactions. PM inhibits key genes and signaling pathways associated with tumor cell survival while promoting anti-tumor immune response, achieving more precise and effective tumor treatment. Financial Information Revenue Zelin Biopharmaceutical currently has no products approved for commercial sales and has not generated any revenue from product sales. For the year ended December 31, 2024 and the nine months ended September 30, 2025, the company's other income and gains were RMB 19.661 million and RMB 7.126 million, respectively. Profit During the historical reporting period, the company incurred operating losses. For the year ended December 31, 2024 and the nine months ended September 30, 2025, the company's losses for the respective years/periods were RMB 91.656 million and RMB 1.19 billion, mainly due to research and development expenses and changes in the fair value of redeemable equity. Industry Overview globally, cancer remains a leading cause of both incidence and mortality. According to a report by Torch Insight, the global market for cancer treatment drugs increased from $167 billion in 2020 to $262.1 billion in 2024, with a compound annual growth rate of 11.9%, projected to reach $724.9 billion by 2035, with a compound annual growth rate of 9.7% from 2024 to 2035. In China, the market increased from $25.8 billion in 2020 to $37.2 billion in 2024, expected to reach $143.7 billion by 2035, with a compound annual growth rate of 13.1% from 2024 to 2035. Myeloproliferative neoplasms ("MPN") are a group of clonal hematopoietic stem cell diseases characterized by excessive proliferation of one or more blood cell lineages, including Philadelphia chromosome-positive (Ph-positive) MPN (chronic myeloid leukemia) and Philadelphia chromosome-negative MPN. According to a report by Torch Insight, the global market for Philadelphia chromosome-negative drugs increased from $4.5 billion in 2020 to $6.8 billion in 2024, with a compound annual growth rate of 10.9%. It is projected to reach $18.7 billion by 2035, with a compound annual growth rate of 9.6% from 2024 to 2035. In China, the market increased from $300 million in 2020 to $400 million in 2024, with a compound annual growth rate of 13.3%. It is expected to reach $1.6 billion by 2035, with a compound annual growth rate of 12.0% from 2024 to 2035. Myelofibrosis is a rare and aggressive hematologic malignancy characterized by progressive development of fibrosis in the bone marrow, impairing normal blood cell production and leading to chronic and incurable systemic symptoms, including blood cell reduction, extramedullary hematopoiesis (primarily occurring in the spleen), and whole-body chronic symptoms. According to a report by Torch Insight, the global market for myelofibrosis drugs increased from $1.6 billion in 2020 to $3 billion in 2024, with a compound annual growth rate of 15.9%. The market is projected to reach $6.4 billion by 2030 and $11.1 billion by 2035, with a compound annual growth rate of 12.7% from 2024 to 2035. In the United States, the market for myelofibrosis drugs increased from $900 million in 2020 to $1.5 billion in 2024, with a compound annual growth rate of 15.9%. It is expected to reach $3.4 billion by 2030 and $5.9 billion by 2035, with a compound annual growth rate of 13.0% from 2024 to 2035. In China, the market increased from $100 million in 2020 to $200 million in 2024, with a high compound annual growth rate of 29.4%. It is expected to reach $600 million by 2030 and $1 billion by 2035, with a compound annual growth rate of 14.6% from 2024 to 2035. Furthermore, the market for myelofibrosis drugs in other regions of the world increased from $700 million in 2020 to $1.2 billion in 2024, with a compound annual growth rate of 14.0%. It is projected to reach $2.4 billion by 2030 and $4.2 billion by 2035, with a compound annual growth rate of 11.9% from 2024 to 2035. Polycythemia vera (PV) is a chronic MPN characterized by clonal proliferation of hematopoietic stem cells and continuous overproduction of red blood cells, leading to erythrocytosis and increased blood viscosity. According to a report by Torch Insight, the global prevalence of PV increased from 1.7258 million in 2020 to 1.9332 million in 2024, projected to reach approximately 2.6166 million by 2035. In China, the prevalence increased from 312,100 in 2020 to 336,200 in 2024, expected to reach 425,500 by 2035. Board of Directors Information The company's board of directors consists of eleven directors, including four executive directors, three non-executive directors, and four independent non-executive directors. Equity Structure As of January 5, 2026, Dr. Chen has the right to exercise approximately 25.6% of the total issued share capital of the company, including: (i) approximately 19.8% of the total issued share capital held directly by Dr. Chen himself; and (ii) Dr. Chen, through his respective general partner positions in Zhenxing Huizhi, Zhenxing Hengsheng, and Zhenxing Ruichuang, controls approximately 3.2%, 2.4%, and 0.3% of the total issued share capital of the company, respectively. Intermediary Team Joint Sponsors: Fuerst Financial Group Hong Kong Limited, China International Finance Hong Kong Securities Limited Company Legal Counsel: Kaye Scholer LLP for Hong Kong and U.S. laws, JunHe LLP for Chinese law Joint Sponsors Legal Counsel: Lo & Lo Associates for Hong Kong and U.S. laws, Commerce & Finance Law Offices for Chinese law Auditors: Ernst & Young LLP Industry Consultants: Torch Insight Industry Consulting Co., Ltd. Compliance Consultants: CYFIRE Capital (Hong Kong) Limited