Jingxin Pharmaceutical Refiles for Hong Kong IPO, Citing New Insomnia Drug

Zhejiang Jingxin Pharmaceutical Co., Ltd. (002020.SZ) has renewed its bid for a public listing on the Hong Kong Stock Exchange's mainboard, according to a filing disclosed on September 18. The move signals the company's ambition to tap international capital markets, supported by the recent commercial launch of its first innovative drug.

CITIC Securities is acting as the sole sponsor for the proposed initial public offering.

Strategic Focus on CNS and Cardiovascular Drugs

According to its prospectus, Jingxin Pharmaceutical is strategically focused on two core therapeutic areas: central nervous system (CNS) diseases and cardiovascular/cerebrovascular diseases. The company's portfolio includes generic drugs, traditional Chinese medicines, biologics, and active pharmaceutical ingredients (APIs).

A key milestone for the company was the successful 2023 launch of Didacinine (brand name Jingnuoning®), a Class 1 innovative drug approved in China for the treatment of insomnia. As of its latest filing, Didacinine is the company's only approved innovative drug. The company is also advancing other pipeline candidates, including JX2201, a Class 1 drug for elevated lipoprotein(a) levels.

Financial Performance

Jingxin Pharmaceutical's revenue is primarily generated from the sale of its commercial products, with cash flow used to fund its research, development, and commercialization activities. The company reported steady profitability over the past several years.

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Key financial figures from the prospectus include:

• Revenue: Approximately ¥4.07 billion in 2025, compared to ¥4.16 billion in 2024 and ¥4.00 billion in 2023. For the six months ended June 30, 2026, revenue was approximately ¥1.99 billion.
• Profit: Approximately ¥772 million in 2025, up from ¥719 million in 2024 and ¥623 million in 2023. For the first six months of 2026, profit was approximately ¥358 million.

Market Outlook

Citing data from industry consultant Frost & Sullivan, the prospectus highlights a significant shift in China's pharmaceutical market. While the overall market is projected to grow from ¥1.65 trillion in 2025 to ¥2.08 trillion by 2030, the market share of patented drugs is expected to increase from 45.8% in 2021 to 68.5% in 2030.

Conversely, the market share for generic drugs is forecast to decline sharply from 54.2% to 31.5% over the same period. This industry trend underscores the strategic importance of Jingxin's pivot towards innovative drug development, particularly within the CNS market, which is expected to return to growth in China through 2030.