IPO News | Jingyin Pharmaceutical submits to Hong Kong Stock Exchange siRNA therapy enables paradigm shift in chronic disease management

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on September 28, Jingyin Pharmaceutical submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as co-sponsors.

According to the prospectus, Jingyin Pharmaceutical is a global clinical-stage biotechnology company committed to making full use of the clinical and commercial value of siRNA therapy. The company uses three potentially major product pipeline combinations, a proprietary siRNA technology platform, and a global cooperation network as the strategic cornerstone. It aims to revolutionize current treatment standards for chronic diseases by developing first-of-its-kind and best-in-class siRNA therapeutics for huge global unmet medical needs.

According to Frost & Sullivan's report, the global siRNA therapy market will reach 2.4 billion US dollars in 2024 and is expected to grow to 50.3 billion US dollars by 2040, with a compound annual growth rate of 20.9%.

The development of siRNA therapy marks a fundamental shift in the medical field from directly addressing disease mechanisms at the nucleic acid level. This upstream mechanism allows siRNA to develop inhibitory drugs for almost all proteins in the human body, including “undrugable” proteins that are difficult to target with traditional techniques.

siRNA therapy brings about a paradigm shift in chronic disease management and has three definitive advantages. That is, longer persistence and higher compliance, good safety characteristics, lower drug interactions and renal impairment.

The company is focusing on advancing three potentially major product pipeline portfolios, including coagulation disorders, cardiometabolic diseases, and obesity. Strategic choices in these areas are based on its huge market potential and the company's ability to provide transformative siRNA solutions. In 2024, each of these treatment fields will have at least one of the top three best-selling drugs with annual global sales exceeding $10 billion and various other drugs with annual sales of several billion dollars.

Among the main pipeline products, SRSD107, as the company's core product, is a potentially first-of-its-kind siRNA drug targeting coagulation factor XI. It is currently undergoing phase II multicenter clinical trials in Europe, and plans to launch another phase II trial in China and Australia/New Zealand; SRSD216 is a potentially best-in-class siRNA targeting LP (a), which is currently undergoing phase IIa tests simultaneously in China and the US; and SRSD384 is an INHBE targeted drug candidate for obesity. It has compelling preclinical data and is currently actively promoting IND reporting.

The company's self-developed PEPR platform has chemical modification, target and sequence selection, siRNA sequence design and optimization, and advanced delivery technology. These properties enhance siRNA stability and target binding to enable more effective and long-lasting therapies. Currently, the company is advancing research on hepatic delivery systems to expand the scope of action of siRNA from the liver to tissues such as fat, skeletal muscle, heart, kidney, and central nervous system.

In terms of performance, in the six months ended June 30 in 2023, 2024, and 2025, the company achieved other revenue and revenue of approximately RMB 8.809 million, RMB 9.788 million, and RMB 144 million respectively; during the same period, annual/period profits were approximately -309 million yuan, -342 million yuan, and 344.61 million yuan.