New Stock News | Zhaojing Pharmaceutical (688266.SH) re-submits its application to the Hong Kong Stock Exchange, owning four marketed drugs including Zeplus .

According to a disclosure by the Hong Kong Stock Exchange on August 12, Suzhou Zelgen Biopharmaceuticals Co., Ltd. (abbreviated as Zelgen Pharmaceuticals (688266.SH)) has submitted a listing application to the Hong Kong Stock Exchange Main Board, with CICC serving as the exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on December 19, 2025. Company Profile The prospectus indicates that Zelgen Pharmaceuticals is a comprehensive biopharmaceutical enterprise focused on the discovery, research and development, and commercialization of innovative small molecules and biological therapies, with strategic concentrations in oncology, autoimmune diseases, and hemostasis/hematology. As of the last feasible date, the company has four marketed drugs: Zepsun (donaferin mesylate tablets), which is Chinas first domestically developed multi-target small molecule drug for first-line treatment of advanced liver cancer; Zeppin (giclatopin hydrochloride tablets), which is Chinas first domestically developed innovative JAK inhibitor for treating myelofibrosis; Zepsan (recombinant human thrombin), which is Chinas only recombinant human thrombin product developed and commercially marketed using recombinant DNA technology; and Zesun (recombinant human thyroid-stimulating hormone beta for injection), which is the only approved recombinant human thyroid-stimulating hormone for diagnostic use in postoperative follow-up of differentiated thyroid cancer patients in China, applicable for whole-body imaging with radioactive iodine and serum thyroglobulin monitoring. As of the last feasible date, the company has a clearly defined pipeline of candidate drugs at the strategic level, including 10 candidate drugs across 29 major clinical projects. Among these, 8 indications of 4 candidate drugs have entered BLA/NDA or pivotal/phase III registration clinical trial stages, including Hydrobromide for treating ankylosing spondylitis and atopic dermatitis, which is currently in NDA stage; and recombinant human thyroid-stimulating hormone beta for postoperative treatment of thyroid cancer, which is currently in BLA stage. The company continues to invest in research and development of new targets and breakthrough technologies, with key projects including ZG006 (Alveltamig) (the worlds first tri-specific antibody targeting DLL3/DLL3/CD3) and ZG005 (Nilvanstomig) (a PD-1/TIGIT bispecific antibody, among the most advanced projects globally). In addition, the company is also building a portfolio of cutting-edge early-stage projects, including ZGGS18, ZGGS34, ZGGS15, ZG2001, ZG0895, and ZG2273, covering T cell connectors, bispecific and multispecific antibodies, and small molecule therapies targeting traditional "undruggable" targets. Relying on its small molecule drug development platform, the company has launched several marketed drugs and candidate drugs with good clinical and commercial potential, including Zepsun, Zeppin, ZG2001, ZG0895, and ZG2273. Meanwhile, leveraging its bispecific/tri-specific antibody and complex recombinant protein research and development platforms, the company has achieved innovative breakthroughs in products like Zepsan and Zesun, and has built a patented bispecific/tri-specific antibody pipeline, including ZG006, ZG005, ZGGS18, ZGGS34, and ZGGS15. The company has cooperated with well-known contract sales organizations (CSOs) to promote some of its products. As of June 30, 2026, the company has three CSOs, two of which are appointed exclusively: Yanda Life Sciences, which is appointed as the exclusive commercialization service provider for Zepsan in mainland China, Hong Kong, Macau, and Taiwan (collectively referred to as "Greater China"), and the Swiss subsidiary of Merck, ATSA, which has been granted exclusive rights to commercialize Zesun in China. On December 30, 2025, the company entered into a collaboration and licensing option agreement (the AbbVie Agreement) with AbbVie Group Holdings Limited, under which the company granted AbbVie an exclusive option to develop, manufacture, commercialize or otherwise exploit ZG006 and any products containing ZG006 outside of mainland China, Hong Kong, and Macau in all global countries or jurisdictions. Financial Information Revenue: For the fiscal years of 2023, 2024, 2025, and for the six months ending June 30, 2025, and 2026, the company's revenue was approximately RMB 384 million, RMB 532 million, RMB 810 million, RMB 376 million, and RMB 1.204 billion, respectively. Net Profit: For the fiscal years of 2023, 2024, 2025, and for the six months ending June 30, 2025, and 2026, the net profit was approximately RMB -295 million, RMB -150 million, RMB -165 million, RMB -68.09 million, and RMB 640 million, respectively. Gross Margin: For the fiscal years of 2023, 2024, 2025, and for the six months ending June 30, 2025, and 2026, the gross margins were 92.6%, 93.6%, 90%, 88.8%, and 94.5%, respectively. Industry Overview The global pharmaceutical market (including chemical drugs and biological agents) is expected to reach USD 1,691.4 billion by 2026, and further grow to USD 2,630.7 billion by 2035, with a compound annual growth rate (CAGR) of 5.0% from 2026 to 2035. With economic growth and increasing healthcare demands, the market size of China Meheco Group is projected to increase from RMB 1,447.9 billion in 2020 to RMB 1,654.6 billion in 2025, with a CAGR of 2.7%. It is anticipated that the market size will grow to RMB 3,017.6 billion by 2035, with a CAGR of 7.7% from 2030 to 2035. From 2020 to 2025, the global oncology drug market size is expected to grow from USD 150.3 billion to USD 278.2 billion, with a CAGR of 13.1% during this period. It is projected to reach USD 435.6 billion by 2030, with a CAGR of 9.4% from 2025 to 2030, and further increase to USD 683 billion by 2035, maintaining a CAGR of 9.4% from 2030 to 2035. Within the same timeframe, Chinas oncology drug market size is expected to grow from RMB 197.5 billion to RMB 279.1 billion, with a CAGR of 7.2%, projected to reach RMB 504 billion by 2030, growing at a CAGR of 12.5% from 2025 to 2030, and further expanding to RMB 980 billion by 2035, with a CAGR of 14.2% from 2030 to 2035. HCC is the most common primary liver cancer (accounting for approximately 90%) and is also the leading cause of death among patients with cirrhosis. According to CSCO guidelines, treatment options for HCC vary based on disease stage: early-stage HCC patients primarily receive surgical resection and locoregional therapies, while systemic therapy is recommended for advanced patients. By 2025, the number of new liver cancer cases in China is projected to rise to 389,600, reflecting a CAGR of 2.1% from 2020 to 2025, and is anticipated to reach 436,000 by 2030, increasing to 481,000 by 2035. The market for HCC drugs in China is expected to grow from RMB 7.2 billion in 2020 to RMB 16.7 billion in 2025, with a CAGR of 18.4%. This market is set to expand further to RMB 29.1 billion by 2030 and RMB 43.9 billion by 2035, with CAGRs of 11.8% from 2025 to 2030 and 8.5% from 2030 to 2035. As of the last feasible date, the competitive landscape of approved small molecule targeted drugs for liver cancer in China is as follows: Thyroid cancer is a malignant tumor originating from thyroid tissue, with the potential risk of distal metastasis, commonly presenting symptoms including neck swelling or hard lumps. Thyroid cancer is mainly classified into differentiated thyroid cancer (DTC), medullary thyroid cancer, and anaplastic thyroid cancer. By 2025, the number of new thyroid cancer cases in China is expected to increase to 481,500, with a CAGR of 1.6% since 2020, and is projected to reach 474,600 by 2030. From 2020 to 2025, the market size for thyroid cancer drugs in China is expected to grow from RMB 1.4 billion to RMB 1.8 billion, with a CAGR of 4.8%, and is further projected to expand to RMB 3.5 billion and RMB 5.6 billion by 2030 and 2035, respectively, with CAGRs of 14.7% from 2025 to 2030 and 9.8% from 2030 to 2035. As of the last feasible date, the competitive landscape of approved small molecule targeted drugs for differentiated thyroid cancer in China is as follows: Myelofibrosis (MF) is a clonal hematopoietic stem cell disease belonging to Philadelphia chromosome-negative myeloproliferative neoplasms. MF is caused by abnormal activation of the JAK-STAT signaling pathway, with the most common mutations occurring in the JAK2, CALR, or MPL genes. By 2025, the market size for myelofibrosis drugs in China is projected to reach RMB 2.1 billion, reflecting a CAGR of 3.6% from 2020 to 2025. It is expected to reach RMB 2.5 billion by 2030 and RMB 3.3 billion by 2035, with CAGRs of 4.1% from 2025 to 2030 and 5.4% from 2030 to 2035. The number of patients with myelofibrosis in China is expected to rise to 62,400 by 2025, reflecting a CAGR of 0.4% from 2020 to 2025, and is forecasted to reach 63,500 and 64,600 by 2030 and 2035, respectively. As of the last feasible date, there are the following four approved small molecule targeted drugs for the treatment of MF in China: From 2020 to 2025, the global autoimmune disease drug market size is expected to grow from USD 120.6 billion to USD 154.9 billion, with a CAGR of 5.1%, projected to reach USD 218.8 billion and USD 272.8 billion by 2030 and 2035, respectively, with CAGRs of 7.2% from 2025 to 2030 and 4.5% from 2030 to 2035. In China, the market size for autoimmune disease drugs is expected to increase from RMB 17.4 billion in 2020 to RMB 38 billion in 2025, with a CAGR of 16.9%, and is projected to reach RMB 123.7 billion and RMB 313.4 billion by 2030 and 2035, respectively, with CAGRs of 26.6% from 2025 to 2030 and 20.4% from 2030 to 2035. Thyroid-stimulating hormone (TSH) is a glycoprotein hormone produced by basophilic cells in the anterior pituitary, playing a central role in regulating thyroid growth, hormone synthesis, and secretion, thereby controlling metabolism and maintaining internal environment homeostasis. Recombinant human thyroid-stimulating hormone (rhTSH) is a bioengineered version of human thyroid-stimulating hormone with an amino acid sequence identical to endogenous pituitary TSH and is clinically used to provide exogenous TSH stimulation for patients with differentiated thyroid cancer without the need to discontinue thyroid hormone. By 2025, the rhTSH drug market in China is expected to reach RMB 31.7 million and is projected to grow to approximately RMB 122.8 million and RMB 2.606 billion by 2030 and 2035, respectively, with CAGRs of 107.8% from 2025 to 2030 and 16.2% from 2030 to 2035. Board Information The board will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Directors will serve a term of three years and are eligible for re-election upon retirement. Equity Structure As of the last feasible date, Guangzhou Jingao is managed by its general partner, Dr. Lv Binhua (one of the companys executive directors). Guangzhou Jingao has three limited partners, among which Mr. Wu Jisheng, Ms. Gao Qingping, and Dr. Sheng (all of whom are directors or senior management members) hold approximately 55.07%, 19.26%, and 6.42% partnership interests, respectively. As of the last feasible date, Ningbo Jingchen is managed by its general partner, Mr. Lin Long (the administrative manager of the company). Ningbo Jingchen has 47 limited partners, among which Ms. Gao Qingping, Mr. Zhang Junxiao, and Ms. Lu (all of whom are directors or senior management members) hold approximately 32.29%, 2.16%, and 0.10% partnership interests, respectively. Among the remaining limited partners, the companys current employee, Ding Wei, holds approximately 31.10% of the partnership interests, and there are no individuals among the remaining limited partners of Ningbo Jingchen holding 30% or more of the partnership interests. The remaining limited partners of Ningbo Jingchen in incentivized allocations are all major employees of the group, including core personnel of R&D, clinical, and administrative functions, and all are independent third parties. As of the last feasible date, Ningbo Zeao is managed by its general partner, Ms. Gao Qingping (one of the companys senior management). Ningbo Zeao has 11 limited partners, among whom Dr. Lv Binhua, Ms. Lu, Mr. Huang Gang, and Mr. Yi Bihui (all of whom are directors or senior management members) hold approximately 22.40%, 8.94%, 5.44%, and 0.51% partnership interests, respectively. Among the limited partners of Ningbo Zeao, no individual holds 30% or more of the partnership interests. The remaining limited partners in Ningbo Zeao in incentivized allocations are all major employees of the group, including core personnel of R&D, clinical, and administrative functions, and all are independent third parties. Intermediary Team Sole sponsor: China International Capital Corporation (Hong Kong) Securities Limited Company legal counsels: K&L Gates Hong Kong, JunHe LLP Legal counsels for the sole sponsor: Baker McKenzie, Jiahua Law Firm Reporting accountants: ShinYong ZhongHe (Hong Kong) CPA Limited Industry consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch