On December 10, 2025, CSPC Innovation submitted its first IPO application to the Hong Kong Stock Exchange for a main board listing, with CITIC Securities as the sole sponsor. Spun off from CSPC Pharma (1093.HK), the company had already listed on China's A-share market in March 2019 (Stock Code: 300765, A-share name: Sinoway) with a market capitalization reaching RMB 47.5 billion as of December 11.
As an innovative biopharma company specializing in biologics, functional ingredients and health supplements, CSPC Innovation reported RMB 1.98 billion revenue with RMB 304 million net loss in 2024. For the first seven months of 2025, revenue reached RMB 1.24 billion with RMB 226 million net loss, maintaining a 38.3% gross margin while R&D expenditure ratio approached 43%.
The company achieved a strategic milestone in 2024 by acquiring control of Jushi Biologics, expanding into the biopharmaceutical sector. Since its 2006 founding, CSPC Innovation has dominated global synthetic caffeine production by volume and revenue, supplying industry giants including Coca-Cola (since 2006), PepsiCo (since 2007) and Red Bull GmbH (since 2008). Its 2016 expansion into health supplements established nationwide distribution across 200 pharmacy chains, with the "Guoweikang®" brand recognized as a China Famous Trademark.
The 2022 acquisition of CSPC Shengxue expanded its functional ingredients portfolio to include APIs like acarbose and anhydrous glucose. The company currently leads China's certified acarbose API production by volume and revenue.
CSPC Innovation has strategically focused on antibody drugs, ADCs and mRNA vaccines targeting high-growth therapeutic areas including oncology, autoimmune diseases and infectious diseases. As of the latest practicable date, the company has commercialized two antibody drugs and two mRNA vaccines, with a robust pipeline of 15 clinical-stage candidates including 9 ADCs and 1 mRNA vaccine.
Key commercialized products include: - Enshuxing® (anti-PD-1 mAb), a Class 1 innovative drug - Enyitan® (China's first omalizumab biosimilar) - Duentai® (China's first domestically developed COVID-19 mRNA vaccine, 2023 EUA) - Duentai 2® (bivalent COVID-19 mRNA vaccine targeting XBB.1.5 variants)
The core mRNA candidate SYS6017 for herpes zoster prevention is undergoing Phase I trials in China. The ADC pipeline strategically targets high-incidence cancers including lung, breast, gastric, colorectal and esophageal squamous cell carcinoma, with innovative targets covering EGFR, Nectin-4, HER2 and others.
Financial Performance (RMB): - 2022-2024 Revenue: 2.838B → 2.539B → 1.981B - Jan-Jul 2025 Revenue: 1.241B (+8.74% YoY) - Gross Margin: 38.27% (2025 YTD) - R&D Ratio: 42.67% (2025 YTD)
Industry Outlook: - Global antibody drug market projected to grow from $254.3B (2024) to $675.7B (2035) at 8.1% CAGR - Synthetic caffeine market forecast to reach $1.48B by 2035 (9.7% CAGR)
Pre-IPO Shareholding: - CSPC Pharma holds 75.3% via subsidiaries - Other A-share investors hold 24.7%
The board will comprise 10 directors (3 executive, 2 non-executive and 5 independent). CSPC Innovation maintains its position as China's largest synthetic caffeine producer with 51.5% market share by revenue in 2024.
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