IPO Observation | Jingshi Biotech's Secondary Listing Update: No Commercialized Products, Two Years of Losses near $9 Billion

Recently, Jiangsu Jingshi Biotech Co., Ltd. (hereinafter referred to as "Jingshi Biotech") updated its prospectus on October 3 and continued to advance the process of listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor. In March 2023, Jingshi Biotech first submitted its prospectus to the Hong Kong Stock Exchange for review, intending to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor.

Jingshi Biotech is a clinical-stage biotechnology company focusing entirely on autoimmune and allergic disease biological therapies. The company has a comprehensive pipeline of self-developed medicines and mature internal production capacity at commercial scale. The product pipeline covers four main areas with significant medical needs in China, including skin diseases, rheumatic diseases, respiratory diseases, and gastrointestinal diseases.

Jingshi Biotech is a clinical-stage biotechnology company focusing entirely on autoimmune and allergic disease biological therapies. According to Frost & Sullivan's data, as of the latest available date, Jingshi Biotech is one of the companies with the most IND approvals in China for autoimmune and allergic disease-related products. As of the same date, Jingshi Biotech's pipeline includes two core products, QX002N and QX005N, as well as 7 other candidate products.

One of the core products is QX002N, an IL-17A inhibitor currently in Phase III clinical trials for treating Ankylosing Spondylitis (AS). The drug has received IND approval for treating AS and LN and plans to prioritize developing it for the former indication. In its II-phase clinical trial, patients receiving QX002N (160mg) every 4 weeks showed an ASAS20 response rate of 60.0% and an ASAS40 response rate of 40.0% at 16 weeks.

According to the prospectus disclosure, Jingshi Biotech has consulted with the National Medical Products Administration (NMPA) for a Phase III clinical trial, and the NMPA did not raise any major issues or express opposition to conducting the trial in its official response dated July 2023. The company has started the Phase III clinical trial and expects to complete it by the end of 2025.

Another core product is QX005N, which targets IL-4Rα. As IL-4Rα controls IL-4 and IL-13 signaling pathways, it plays a critical role in the development of atopic diseases. According to Frost & Sullivan's data, as of the latest available date, IL-4Rα inhibitors have received approvals or are under development for treating 20 indications worldwide. Durolane is the first FDA-approved IL-4Rα inhibitor and one of the most widely used biological therapies for allergic diseases.

As of this day, Jingshi Biotech's pipeline includes QX001S, QX002N, and QX005N. Notably, Jingshi Biotech currently has no commercialized products.