New Stock News | Zhejiang Jingxin Pharmaceutical (002020.SZ) Files Again with HKEX, Has Successfully Launched Class 1 Innovative Drug Didaxini

According to a disclosure by the Hong Kong Stock Exchange on September 18, Zhejiang Jingxin Pharmaceutical Co., Ltd. (referred to as Zhejiang Jingxin Pharmaceutical, 002020.SZ) has once again submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC SEC acting as its sole sponsor. Company Overview According to the prospectus, the company is a pharmaceutical group strategically focused on two core therapeutic areas: (i) central nervous system (CNS) diseases; and (ii) cardiovascular and cerebrovascular diseases. As of the Latest Practicable Date (September 10, 2026), Didaxini (Jingnuoning) is the company's only approved innovative drug. In addition to Didaxini, the company is advancing selected pipeline drugs in its key therapeutic areas, including JX2201, a Class 1 innovative pipeline drug for the treatment of elevated lipoprotein(a) levels. The company's revenue is primarily derived from sales of marketed products, covering (i) drugs (including generic drugs, innovative drugs (Didaxini), traditional Chinese medicine (TCM), and biologics); (ii) active pharmaceutical ingredients (APIs); and (iii) medical devices. During the Track Record Period, drug sales accounted for the majority of the company's revenue. The company utilizes cash flows generated from marketed products to support its R&D, clinical development, and commercialization activities. Leveraging its in-house R&D, manufacturing, and commercialization capabilities, the company advances its product pipeline focused on CNS diseases and cardiovascular and cerebrovascular diseases. The company's development trajectory has closely followed the evolution of China's pharmaceutical industry over the past three decades. The company initially focused on intermediates and APIs, and subsequently extended its business downstream into drugs. Over time, the company has established a product portfolio spanning generic drugs, TCM and biologics, APIs, and medical devices. In recent years, the company has allocated R&D resources to selected pipeline drugs for CNS and cardiovascular and cerebrovascular diseases. In 2023, the company successfully launched Didaxini, a Class 1 innovative drug approved in China for the treatment of insomnia. Financial Information Revenue For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company's revenue was approximately RMB 3,999 million, RMB 4,159 million, RMB 4,069 million, and RMB 1,987 million, respectively. Profit For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company's annual/period profit was approximately RMB 623 million, RMB 719 million, RMB 772 million, and RMB 358 million, respectively. Industry Overview In terms of pharmaceutical sales revenue, China's pharmaceutical market increased from RMB 1,591.1 billion in 2021 to RMB 1,654.6 billion in 2025, with a CAGR of 1.0% from 2021 to 2025, and is expected to further grow to RMB 2,079.0 billion by 2030, with a CAGR of 5.3% from 2026 to 2030. The market share of patent-protected drugs is expected to increase from 45.8% (RMB 728.7 billion) in 2021 to 68.5% (RMB 1,423.1 billion) in 2030. In contrast, although the generic drug market is expected to grow modestly to RMB 655.9 billion by 2030, its market share will decline sharply from 54.2% in 2021 to 31.5% in 2030. In terms of pharmaceutical sales revenue, the global CNS drug market is large and entering a period of stable growth, with China having become one of the fastest-growing regions. According to publicly available approval records from the National Medical Products Administration, there are approximately 16,737 approved drug registrations in China's CNS therapeutic area. Among them, approximately 750 are classified as innovative (patented) drugs, approximately 14,622 are generic drugs, and the remaining approximately 1,365 approved drugs cannot be clearly classified based on existing registration information. From 2021 to 2025, the global CNS drug market size increased from RMB 1,583.7 billion to RMB 1,898.0 billion, with a CAGR of 1.8% during the period. China's CNS drug market size decreased from approximately RMB 173.5 billion in 2021 to RMB 168.8 billion in 2025, with a CAGR of 0.7%. It is expected to expand at an accelerated CAGR of 1.6% from 2026 to 2030, reaching a market size of approximately RMB 179.1 billion by 2030. China's epilepsy drug market has been steadily expanding, and the growth trend is expected to continue through 2030, though at a relatively moderate pace compared to the rapid growth in the CNS sector. From 2021 to 2025, China's epilepsy drug market size expanded from RMB 6.6 billion to RMB 7.8 billion, with a CAGR of 4.3%. It is expected to reach RMB 9.1 billion by 2030, with a CAGR of 3.0% from 2026 to 2030. The market outlook shows sustained steady expansion, primarily driven by the gradual narrowing of treatment gaps and the progressive upgrading and renewal of therapies with higher value. In 2025, China's Parkinson's disease drug market size reached RMB 3.3 billion, with a CAGR of 0.1% from 2021 to 2025. It is expected to reach RMB 6.4 billion by 2030, with a CAGR of 16.1% from 2026 to 2030. Board of Directors Information Upon completion, the Board will consist of ten directors, including six executive directors and four independent non-executive directors. The Board is responsible for the management and operations of the company and has overall authority over it. Shareholding Structure As of the Latest Practicable Date, the company is controlled by a group of shareholders led by Mr. L Gang, an executive director, chairman of the Board, and general manager of the company. Specifically, the company is directly held approximately 20.77% and 15.68% by Mr. L Gang and Jingxin Holding, respectively. Jingxin Holding is owned 51.00% and 49.00% by Mr. L Gang and Jinzhi Bianzuan, respectively. Jinzhi Bianzuan is owned 60.00% and 40.00% by Mr. L Gang and Ms. Zhang Liling, Mr. L Gang's spouse, respectively. Intermediary Team Sole Sponsor: CITIC SEC (Hong Kong) Limited; Legal Advisors: Wilson Sonsini Goodrich & Rosati, Shanghai Jintiancheng Law Firm, Bae, Kim & Lee LLC; Legal Advisors to the Sole Sponsor: Stephenson Harwood, Jingtian & Gongcheng; Auditor and Reporting Accountant: BDO Limited; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.