Good News on Listing | Frost & Sullivan Assists Jiangsu Hengrui Medicine Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (1276.HK)

Jiangsu Hengrui Medicine Co., Ltd. (hereinafter referred to as 'Jiangsu Hengrui Medicine') successfully listed on May 23, 2025. The company plans to issue 224,519,800 H shares, of which 5.5% (12,348,600 shares) will be publicly offered in Hong Kong, and 94.5% (212,171,200 shares) will be allocated internationally. The issue price range is set between HK$41.45 and HK$44.05 per share. If the over-allotment option and the issue size adjustment option are fully exercised, the maximum number of H shares issued could reach 296,927,200 shares, with a maximum fundraising amount of HK$13 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and providing assistance to the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

According to LiveReport's big data (statistical data as of May 1, 2025), from January to April 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 13 (76%), 47 (65%) and 149 (69%) Hong Kong-listed IPOs respectively, boasting rich industry experience and communication skills with exchanges and investors.

• As of the last actual practicable date, the company has built a rich pipeline of pharmaceutical products, covering many therapeutic areas with significant unmet medical needs and growth potential. The company currently holds more than 110 commercialized drugs, including 19 new molecular entity innovative drugs and 4 other innovative drugs. At the same time, the company's R&D pipeline also includes over 90 candidate new molecular entity innovative drugs and 7 other innovative drugs in clinical and later stages, among which more than 30 innovative drugs are in pivotal clinical studies or later stages;

   

• As a major player in global oncology, metabolism and cardiovascular diseases, immunology and respiratory system diseases, and neuroscience, the company possesses highly differentiated innovation capabilities and a leading drug portfolio;

   

• The company has built a comprehensive drug portfolio covering tumor immunotherapy, ADC drugs, ER and CDK targeting, as well as RAS targeting in the field of tumor treatment. Starting from multiple mechanisms and targets, it intervenes comprehensively in tumor treatment. This includes but is not limited to novel anti-PD-1/PD-L1 monoclonal antibodies, the bifunctional fusion protein Relaprevir-&alpha, anti-DLL3/CD3 bispecific antibodies, ADC drugs targeting HER2, Nectin-4, Claudin 18.2 and other targets, the KAT6 inhibitor HRS-2189, the selective ER degrader HRS-8080, novel CDK4/6 inhibitors, as well as the new generation KRAS G12C inhibitor HRS-7058 and the world's first clinical-stage KRAS G12D inhibitor HRS-4642;

   

• The company focuses on GLP-1 receptor agonists, siRNA gene therapy, and multi-target drugs in the field of metabolism and cardiovascular diseases. It has developed a GLP-1 drug combination that covers multiple molecular forms, has unique mechanisms of action, and is available as oral or injectable formulations to meet different treatment scenarios.

   

• The company focuses on T/B cell-related targets in the field of immune and respiratory diseases, integrating multiple modalities such as small molecules, monoclonal/antibody/dual monoclonal antibodies, and long-acting antibodies. It has developed drugs for autoimmune diseases such as Vincristine (IL-17A) and Imatinib (JAK1), as well as respiratory disease products such as SHR-1905, SHR-1703, and IL-23p19/IL-36R.

   

• The company develops innovative therapies targeting specific pathogenic mechanisms in the field of neuroscience, such as SHR-1707 for intervening in the core pathology of Alzheimer's disease; HRG2010 for optimizing the management of Parkinson's disease symptoms; highly selective NaV1.8 inhibitors to fill the safety gap in chronic pain treatment, and to build a full-chain pipeline from disease modification to symptom control.

   

• The company possesses a multi-pronged R&D capability and an advanced technology platform, enabling the efficient development of potential blockbuster products. At the same time, its end-to-end clinical development capabilities, combined with a patient-centered strategy, ensure that high-quality drugs are quickly introduced into the global market;

   

• The company has a proprietary production system that meets global standards, ensuring product quality, stable supply, and cost-effectiveness. At the same time, leveraging its industry-leading commercial capabilities, it accelerates global market expansion and promotes sustainable growth.

Cancer is one of the leading causes of death globally, with both global and Chinese cancer incidence rates showing an upward trend. In 2023, there were 208 million new cancer cases globally, which are expected to increase to 234 million by 2028; in China, the number of new cases in 2023 was 490,000, which is expected to rise to 540,000 by 2028. In 2023, new cancer cases in China accounted for 23.7% of global cases, resulting in about 2.6 million deaths, with a five-year survival rate of 43.7%, significantly lower than the 69.0% in the United States. The high incidence rate combined with survival disparities highlight a huge unmet medical need.

The global oncology drug market size was $128.1 billion in 2018, increasing to $228.9 billion by 2023 at a compound annual growth rate of 12.3%. It is expected to reach $360.6 billion by 2028, with a compound annual growth rate of 9.5%.

In 2018, the market size of oncology drugs in China was RMB 157.5 billion, increasing to RMB 241.6 billion by 2023 at a compound annual growth rate of 8.9%. It is expected that by 2028, it will reach RMB 448.4 billion, with a compound annual growth rate of 13.2%.

The following figure lists the global and Chinese tumor drug market sizes for the indicated years.

Data source: Analysis by Frost & Sullivan

Data source: Analysis by Frost & Sullivan

Antibodies are large, protective proteins produced by the immune system in response to stimulation from pathogens such as pathogenic bacteria and viruses (known as antigens). Antibodies can recognize and lock onto antigens, neutralize them, and remove them from the body. Currently, antibody drugs have been used to treat a variety of diseases including multiple cancers.

Among the main antibody-targeted therapies, antibody-drug conjugates (ADCs) are one of the fastest-growing treatment modalities. ADCs utilize antibodies to selectively deliver biologically active cytotoxic drugs to cancer cells. ADCs combine the unique targeting ability of antibodies with the killing effect of cytotoxic drugs, enabling them to accurately distinguish between normal cells and cancer cells. After triggering the endocytosis of the corresponding antibody, the cytotoxic payload is released, thereby killing cancer cells.

The global ADC drug market size was $2 billion in 2018, increasing to $10.4 billion by 2023 at a compound annual growth rate of 38.6%. It is expected to reach $41.3 billion by 2028, with a compound annual growth rate of 31.8%.

The market size of ADC drugs in China was RMB 25 billion in 2023, and it is expected to increase to RMB 383 billion by 2028 at a compound annual growth rate of 72.6%.

The following figure lists the global and Chinese ADC drug market sizes for the indicated years.

Data source: Analysis by Frost & Sullivan

Data source: Analysis by Frost & Sullivan

Metabolic and cardiovascular diseases are common health problems with a large patient base. Their incidence rates continue to rise, not only placing a heavy burden on society but also generating a large number of unmet medical needs. The following chart lists the incidence data for major metabolic and cardiovascular diseases.

Data source: Analysis by Frost & Sullivan

● Global and China's Metabolic and Cardiovascular Drug Market Size and Growth

The global market size for metabolic and cardiovascular disease drugs was $214 billion in 2018, increasing to $2588 billion by 2023 at a compound annual growth rate of 3.8%. It is expected to reach $3385 billion by 2028, with a compound annual growth rate of 5.5%.

In 2018, the market size of drugs for metabolic and cardiovascular diseases in China was RMB 287.2 billion, which increased to RMB 289.3 billion in 2023. It is expected to reach RMB 414.3 billion by 2028, with a compound annual growth rate of 7.4%.

The following figure lists the market size of metabolic and cardiovascular drugs globally and in China for the indicated years.

Data source: Analysis by Frost & Sullivan

Data source: Analysis by Frost & Sullivan

Immune diseases are illnesses where the human immune system mistakenly attacks itself, which may be related to abnormal low or high activity of the immune system. Respiratory diseases are those that affect the lungs or other parts of the respiratory system. The global and Chinese markets are facing a heavy burden brought about by immune and respiratory diseases, mainly due to the large base of patients requiring long-term medication and the high economic burden. In 2023, the number of people living with psoriasis, rheumatoid arthritis, asthma, and chronic obstructive pulmonary disease globally was approximately 136.6 million, 40.9 million, 78.69 million, and 24.62 million, respectively. In China, most innovative drugs are expensive and not covered by social medical insurance, resulting in limited disease diagnosis and treatment rates, a large number of unmet medical needs, and posing a major public health challenge.

● Global and China Immunology and Respiratory System Disease Drug Market Size and Growth

The global market size for drugs for immune and respiratory diseases was $198.9 billion in 2018, increasing to $228.3 billion by 2023 at a compound annual growth rate of 2.8%. It is expected to reach $294.6 billion by 2028, with a compound annual growth rate of 5.2%.

In 2018, the market scale in China was RMB 967 billion, increasing to RMB 1090 billion by 2023 at a compound annual growth rate of 2.4%. It is expected that it will reach RMB 2044 billion by 2028, with a compound annual growth rate of 13.4%.

The following figure lists the market size of immunology and respiratory system disease drugs globally and in China for the indicated years.

Data source: Analysis by Frost & Sullivan

Data source: Analysis by Frost & Sullivan

The neuroscience pharmaceutical market broadly covers the fields of neurology, analgesia (or pain management), and anesthesia. Neurological diseases originate from the central and peripheral nervous systems, and their structural, biochemical, or electrophysiological abnormalities can trigger a variety of symptoms. Typical diseases include migraines, depression, Alzheimer's disease, and Parkinson's disease. Among them, Alzheimer's disease and Parkinson's disease are two major neurodegenerative diseases globally: in 2023, there were approximately 58.3 million dementia patients worldwide, with Alzheimer's disease accounting for 60%-70% of dementia cases; in the same year, there were 9.4 million Parkinson's disease patients globally. In China, there were about 14 million Alzheimer's disease patients in 2023, with about 4,340 people in the mild cognitive impairment (MCI) stage; and about 3.2 million Parkinson's disease patients. Currently, there is a huge unmet medical need for disease-modifying therapies that target clear pathogenic mechanisms and may delay disease progression.

● Global and China Neuroscience Market Size and Growth

The global neuroscience drug market size was $119.7 billion in 2018, increasing to $129.8 billion by 2023 at a compound annual growth rate of 1.6%. It is expected to reach $159.3 billion by 2028, with a compound annual growth rate of 4.2%.

In 2018, the market scale of neuroscientific drugs in China was RMB 197.4 billion and declined to RMB 173.4 billion by 2023. This decline was mainly due to the inclusion of more than 30 neuroscientific drugs in the volume-based procurement plan by the end of 2022. However, it is expected that the market will grow at a compound annual rate of 5.7%, reaching RMB 228.8 billion by 2028.

The following figure lists the market size of neuroscience drugs globally and in China for the indicated years.

Data source: Analysis by Frost & Sullivan

Data source: Analysis by Frost & Sullivan

Contrast agents are substances used in medical imaging to improve the visibility of internal body structures such as organs, blood vessels, and other tissues. They are usually administered orally or by injection before medical imaging examinations. The increasing demand for medical care and the wider application of medical imaging in clinical protocols have driven the growth in demand for medical imaging.

The global contrast agent market size was $18.6 billion in 2018, increasing to $21.7 billion by 2023 at a compound annual growth rate of 3.1%. Driven by the growing demand for early disease detection, it is expected to reach $25.5 billion by 2028, with a compound annual growth rate of 3.2%.

In 2018, the market size of contrast agents in China was RMB 81 billion, increasing to RMB 102 billion by 2023 at a compound annual growth rate of 4.8%. Driven by the heightened awareness of early disease detection, it is expected to reach RMB 218 billion by 2028, with a compound annual growth rate of 16.3%.

Antimicrobial drugs are a class of medications that kill or inhibit various pathogenic microorganisms through oral administration, intramuscular injection, intravenous injection, or local use. They are widely used to treat infectious diseases and complications caused by other diseases. In 2018, the market size of antimicrobial drugs in China was 217.9 billion yuan, which dropped to 190.3 billion yuan in 2023, mainly due to the price reduction after major antimicrobial drugs were included in the volume-based procurement plan. Driven by the launch of new antibacterial drugs to address the growing demand for antibiotics that are not effective against drug-resistant bacteria, it is expected that the market will reach 213.3 billion yuan in 2028, with a compound annual growth rate of 2.3%.

Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market. With a global perspective, it helps clients accelerate their business growth and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided services such as financing financial advisory, IPO industry advisory, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Medicine Group (NASDAQ:AAPG), Zhengye Biotech (NASDAQ:ZYBT), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinos (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahe (2453.HK), WuXi AppTec (2268.HK), Anol Medical (NASDAQ:ANL), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotech (6990.HK), LaiKai Medical (2105.HK), Kedi Group (2487.HK), Green Bamboo Biotech (2480.HK), Meis Health (2415.HK), PHECR, Zhongjin Medical (NASDAQ:ZJYL), Yisheng Biotech (NASDAQ:YS), Meili Tianyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sida Di (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xin Tai (2291.HK), Jian Shi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Biotec (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Clear Medical (1406.HK), Bai Xin An (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Clover Biotech (2197.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bo Yao (2137.HK), Canopy (2162.HK), Chaoyu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koji Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature Pharmacy (UPC.NASDAQ), Saisen Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), Jianbimiao Miao Miao (2161.HK), Minimally Invasive Heart Link (2160.HK), Rui Li Medical Beauty (2135.HK), Jiaosisi Pharmaceutical (1167.HK), Hepalink (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Genomics (2126.HK), SinoBIO (2096.HK), Yunding New Energy (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Ou Kang Wei Shi (1477.HK), Yongtai Biotech (6978.HK), Haipure Pharmaceutical (9989.HK), Kepeng Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabot Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi Concordia (2359.HK), Xinda Biotech (1801.HK), Hailong Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Pharmaceutical (3320.HK), Yacobin Scientific Research Pharmaceutical (2633.HK), HCMNasdaq, (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK) and others. In terms of the number of listed projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry, including: Zhongyan Co., Ltd. (688716.SH), Zhejiang Rongtai (603119.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwe Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopu Medical Biotechnology (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biologics (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biologics (688331.SH), Rendu Biologics (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotechnology (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biologics (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiamhe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novogene (688105.SH), Chengda Biologics (688739.SH), Geke Micro (688728.SH), Huaxi Biologics (688363.SH), Junshi Biologics (688180.SH), Zeping Pharmaceutical (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to gain insights into industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.