New Stock News | Jingyin Pharmaceuticals submitted a second application to the Hong Kong Stock Exchange. Its core product, SRSD107, is currently undergoing Phase II multi-regional clinical trials in Europe and China.

According to the disclosure on March 31 by the Hong Kong Stock Exchange, Jingyin Pharmaceuticals (also known as Sirius Therapeutics) submitted its listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs Group, Inc., HAITONG INT'L, and HSBC as its joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange. Company Profile The prospectus shows that Jingyin Pharmaceuticals is a global clinical-stage biotechnology company established in 2021, focusing on siRNA therapy for disorders related to blood clotting, cardiovascular metabolic disorders, and obesity. The company has (i) a core product, SRSD107, which is a novel siRNA drug targeting coagulation factor XI, currently undergoing Phase II multi-regional clinical trials in Europe and China, and initiating another Phase II trial in China; this product is being developed through a global collaborative development and commercialization agreement with CRISPR Therapeutics (CRSP.US). and (ii) 21 pipeline products, including SRSD216, a differentiated siRNA targeting Lp(a), currently undergoing simultaneous multi-regional Phase IIa trials in China and the US; and SRSD384, a candidate drug targeting INHBE for obesity with compelling preclinical data, currently advancing towards IND filing. The company's Precision Engineered High Performance RNA Therapy (PEPR) platform features chemical modifications, target and sequence selection, siRNA sequence design and optimization, and advanced delivery technologies. These features enhance the stability and target binding of siRNA, minimize off-target effects, and increase safety, thereby expanding the potential therapeutic window for chronic diseases. Additionally, the company is advancing research on extrahepatic delivery systems to extend the action of siRNA from the liver to tissues such as fat, skeletal muscle, heart, kidney, and central nervous system. This platform is protected by a growing portfolio of submitted and issued patents covering various aspects of chemistry, gene sequences, and company technology. Jingyin Pharmaceuticals' core product SRSD107 targets major indications requiring anticoagulant therapy, including cancer-associated thrombosis (CAT), atrial fibrillation (AF) patients not receiving direct oral anticoagulants (DOAC AF), peripheral vascular disease (PVD), chronic kidney disease (CKD), chronic coronary artery disease (CAD), ischemic stroke prevention, other venous thromboembolisms (VTE) excluding TKA-VTE, and AF patients using DOACs. Financial Information Revenue In the fiscal years 2024 and 2025, the company achieved other income and revenue of approximately RMB 97.88 million and RMB 2.32 billion, respectively. Net Loss for the Year/Period In the fiscal years 2024 and 2025, the company's net loss for the year/period was approximately RMB 342 million and RMB 255 million, respectively. Research and Development Expenses In the fiscal years 2024 and 2025, the company's research and development expenses were approximately RMB 2.13 billion each year. Industry Overview Global Market Size of siRNA Drugs As a specialized subcategory of oligonucleotide drugs, the global market size of siRNA drugs increased from USD 400 million in 2020 to USD 2.4 billion in 2024, with a compound annual growth rate of 60.9%. It is estimated to reach USD 21.5 billion by 2032 and USD 50.3 billion by 2040, with compound annual growth rates of 31.3% and 11.2%, respectively. The market size in the US reached USD 1.3 billion in 2024. By 2032, the US siRNA market is projected to grow at a compound annual growth rate of 31.3% to reach USD 11.7 billion and further increase to USD 25.3 billion by 2040, with a compound annual growth rate of 10.1%. By 2032, the market size in China is expected to reach USD 1 billion and further increase to USD 5.1 billion by 2040, with compound annual growth rates of 22.1% from 2032 to 2040. Global Market Size of Anticoagulant Drugs The global anticoagulant drug market continues to grow steadily, expanding from USD 28 billion in 2020 to USD 33 billion in 2024, with a compound annual growth rate of 4.2%. Looking ahead, the market is expected to continue its upward trend, reaching around USD 55.1 billion by 2032 and further increasing to USD 72.2 billion by 2040, with compound annual growth rates of 6.6% and 3.4%, respectively. In China, the anticoagulant market is rapidly developing and is expected to reach USD 9 billion by 2024. The market is projected to maintain strong growth, with the market size expected to rise to USD 15 billion by 2032, with a compound annual growth rate of 6.5%, and to reach USD 26 billion by 2040, with a compound annual growth rate of 6.8%, reflecting the demand growth driven by the aging population, increasing prevalence of cardiovascular diseases, and expanded accessibility to advanced anticoagulant therapies. Board of Directors Information The board consists of nine directors, including one executive director, five non-executive directors, and three independent non-executive directors. Ownership Structure As of March 25, 2026, OrbiMed Asia and OrbiMed U.S. (collectively referred to as "OrbiMed entities") each hold approximately 20.23% equity in the total issued share capital of the company. As of March 25, 2026, the general partner of OrbiMed Asia is OrbiMed Asia GP IV, L.P., and the general partner of OrbiMed Asia GP IV, L.P. is OrbiMed Advisors IV Limited. Under a consulting agreement between two entities that grant voting rights to OrbiMed Advisors LLC, OrbiMed Advisors LLC is the advisory company of OrbiMed Asia. As of March 25, 2026, the general partner of OrbiMed U.S. is OrbiMed Capital GP VIII LLC, and OrbiMed Advisors LLC is the managing member of OrbiMed Capital GP VIII LLC, exercising voting and investment rights through a management committee consisting of Carl L. Gordon, Sven H. Borho, and W. Carter Neild. Therefore, OrbiMed Advisors LLC has controlling voting rights over OrbiMed U.S. Thus, the OrbiMed entities are jointly controlled by OrbiMed Advisors LLC. The ultimate controlling persons of the OrbiMed entities are Carl L. Gordon, Sven H. Borho, and W. Carter Neild. Intermediary Team Joint Sponsors: Goldman Sachs Group, Inc. (Asia) Limited, HAITONG INT'L Capital Limited, HSBC Corporate Finance (Hong Kong) Limited Company Legal Advisor: Regarding US law: Davis Polk & Wardwell; Regarding Hong Kong law: Wilson Sansini Goodrich & Rosati Law Firm; Regarding Chinese law: Zhong Lun Law Firm; Regarding Cayman Islands law: Harney Westwood & Riegels; Regarding US domestic law: MagStone Law, LLP Joint Sponsors' Legal Advisor: Regarding Hong Kong and US law: Sullivan & Cromwell LLP (Hong Kong) Limited Liability Partnership; Regarding Chinese law: JunHe Law Firm Auditor and Reporting Accountant: Ernst & Young Accounting Firm Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited Company