New Stock News | Zhengxiang Pharmaceuticals has once again submitted an application to the Hong Kong Stock Exchange. Its core product, Moxifloxacin Tablets, was officially launched in October 2025.

According to the Hong Kong Stock Exchange's disclosure on August 26, Zhengxiang Pharmaceutical (Nanjing) Group Co., Ltd. (abbreviated as Zhengxiang Pharmaceutical) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on January 30, 2026. Company Profile The prospectus shows that Zhengxiang Pharmaceutical is a biopharmaceutical company in the commercialization stage, focused on developing and commercializing innovative therapies to meet the medical needs in the fields of viral infectious diseases, oncology, and inflammatory diseases, where existing treatment options are limited. The companys core product, Marcilovir Tablets, is an inhibitor targeting the influenza virus polymerase acidic protein (PA) nuclease. It received approval from the National Medical Products Administration (NMPA) for a new drug application (NDA) for the treatment of adult influenza in July 2025, and subsequently received NDA approval in June 2026 for the treatment of adolescent patients. The company is also developing influenza prevention options for populations exposed to the virus. As of the final practical date, the company has developed six proprietary small molecule drug assets, including its commercial antiviral Marcilovir Tablets, a clinical-stage dry suspension formulation of Marcilovir for pediatric influenza patients, a selective ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) inhibitor ZX-8177 (Phase I clinical stage), which submitted an IND application to the NMPA for the treatment of hypophosphatasia (HPP) in August 2026 (after the final practical date), and a DNA polymerase inhibitor ZX-12042B for human papillomavirus (HPV) infection in the IND application stage. The company also has two preclinical candidate drugs targeting herpes simplex virus (HSV) infections and autoimmune diseases. The company has completed a Phase III clinical trial and submitted an NDA to expand the target patient age for Marcilovir Tablets to adolescents. This application was accepted by the NMPA in April 2025 and approved in June 2026. The company obtained IND approval from the Drug Review Center in April 2025 to initiate a Phase III clinical trial using Marcilovir Tablets for post-exposure prevention of influenza. This IND targets a population that includes adults, adolescents, and children over five years old. Given the difficulty younger pediatric patients have in swallowing oral solid formulations, and the need for flexible dosing based on weight, the company is developing a dry suspension specifically for pediatric patients and received an IND issued by the NMPA in May 2026. The company plans to initiate this Phase III clinical trial in 2026. As Marcilovir Tablets officially launched in October 2025, the product is still in the market penetration stage in China. The company primarily collaborates with a national CSO, Hubei Jumpcan Pharmaceutical Group Co., Ltd. (Hubei Jumpcan Pharmaceutical), and maintains a distribution network through its established connections to expand market share. As of June 30, 2026, the company had established partnerships with 30 distributors in China. The company believes this strategy will enable faster market access. As of the final practical date, the oral formulation of Marcilovir has not yet been approved in overseas markets. The company is exploring its commercial potential in overseas markets through collaboration with local partners and has established a partnership with the rapidly growing UAE pharmaceutical company Cigalah Medpharm Trading LLC (Cigalah Medpharm) to commercialize the oral formulation of Marcilovir in the MENA region. Financial Information Revenue: In the fiscal year 2025 and the six months ending June 30, 2026, the company's revenue was RMB 5.314 million and RMB 2.514 million, respectively. Loss: In the fiscal years 2024 and 2025, as well as for the six months ending June 30, 2025, and 2026, the loss was approximately RMB 145 million, RMB 209 million, RMB 105 million, and RMB 90.793 million, respectively. Research and Development Costs: In fiscal years 2024 and 2025, as well as for the six months ending June 30, 2025, and 2026, the R&D costs were approximately RMB 100 million, RMB 112 million, RMB 64.325 million, and RMB 42.789 million, respectively. Industry Overview The global market for influenza treatment and prevention drugs is closely related to the activity level of seasonal influenza, resulting in a trend of year-over-year fluctuations. The market scale was relatively low from 2020 to 2022, primarily reflecting the reduced transmission of influenza due to widespread non-pharmaceutical interventions such as mask-wearing, social distancing, and travel restrictions during the COVID-19 pandemic. In 2023, the market size increased, reflecting the resurgence of seasonal influenza virus transmission after the relaxation of epidemic control measures. The market size is expected to be higher in 2025, reflecting updated epidemiological data from major markets. The U.S. Centers for Disease Control and Prevention estimate that by early January 2026, there will be at least 11 million cases of influenza in the 2025-2026 season, compared to about 5.3 million cases during the same period of the previous season. The market size for antiviral treatment and prevention drugs for influenza in China declined in 2021, primarily due to reduced influenza transmission during the COVID-19 pandemic; however, it has recovered as epidemic prevention measures have eased. According to data from the Chinese Center for Disease Control and Prevention, confirmed cases of influenza reported by sentinel surveillance hospitals reached 12.8 million in 2023, a year-on-year increase of 266%, and are expected to reach 17.2 million by 2025, a 100% year-on-year growth. The projections starting in 2026 are based on historical average incidence rates. The market is expected to grow from 2028 due to new approvals for additional indications of influenza drugs. In China, most antiviral drugs for influenza have been included in the National Reimbursement Drug List (NRDL), such as Oseltamivir and Baloxavir (Xofluza), which improves the affordability and accessibility of medications for patients through public medical insurance coverage. Marcilovir (JiKeshu) and Pexidartinib (Yilikan) are recently launched drugs that have not yet entered the price negotiation process for NRDL. As of the final practical date, PA inhibitors have not been included in the national drug procurement (VBP) plan, while NAIs have been included in national and provincial procurement plans, significantly reducing drug prices. VBP has been applied to Oseltamivir products in China, with varying bid prices for different formulations. In the seventh national procurement round in 2022 covering Oseltamivir capsules, the lowest winning bid was approximately RMB 0.99 per capsule (30 capsules per box), provided by SUNSHINE PHARMA, while other generic Oseltamivir capsules generally had bid prices around RMB 1.5 to 2.7 per capsule. In the eleventh national procurement round in 2025 covering Oseltamivir phosphate granules, the lowest winning bid was approximately RMB 17.88 per box (900 mg specification); however, this product did not rank among the top 20 best-selling Oseltamivir products in China by sales revenue. The top-selling Oseltamivir product could not participate in the procurement and maintains its leading market position. As of the final practical date, the detailed situation of the developing PA inhibitors for influenza in the United States and China is as follows: Board Information The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors. Shareholding Structure Dr. Yang, Dr. Hao, and Zhengxiang Jiwang are acting in concert. Enran Venture Capital refers to Enran Ruiguang, its Ruiyoukang, Jieyuan Growth, Enjie Venture Capital, Enran Chengfeng, and Nanjing Jiakang. As of the final practical date, there are also 26 existing minority shareholders, each holding less than 10% of the company's issued share capital. Intermediary Team Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisors: Regarding Hong Kong and US law: King & Wood Mallesons; Regarding Chinese law: Jingtian & Gongcheng Law Firm Sole Sponsor Legal Advisors: Regarding Hong Kong law: King & Wood Mallesons; Regarding Chinese law: King & Wood Mallesons Auditor and Reporting Accountant: KPMG Industry Consultant: ZhiShi Industry Consulting Co., Ltd. Compliance Consultant: FIRST SHANGHAI Financing Limited