New stock news | Shenzhen Salubris Pharmaceuticals (002294.SZ) has submitted documents to the Hong Kong Stock Exchange, making it the second largest pharmaceutical company in China's cardiovascular innovative drug sector.

According to the disclosure by the Hong Kong Stock Exchange on February 12, Shenzhen Salubris Pharmaceuticals Co., Ltd. (referred to as Shenzhen Salubris Pharmaceuticals, 002294.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Citigroup, and CITIC SEC as its joint sponsors. Company Profile According to the prospectus, the company is a pioneer in the field of cardiovascular-kidney-metabolic (cardiorenal metabolic syndrome) disease treatment in China. According to Frost & Sullivan data, by 2024, the company is the second-largest pharmaceutical company in China's cardiovascular innovative drug field by revenue. As of the last feasible date (February 4, 2026), according to Frost & Sullivan data, the company has the second-largest innovative drug pipeline for cardiorenal metabolic syndrome among domestic enterprises by scale. The company's product portfolio focuses on innovative drugs as a strategic core, while also covering generics, biosimilars, and medical devices, synergistically meeting the significant unmet medical needs in the field of cardiorenal metabolic syndrome. Cardiorenal metabolic syndrome is a systemic disease characterized by metabolic risk factors, chronic kidney disease (CKD), and pathological physiological interactions between the cardiovascular system, leading to multi-organ dysfunction and a high incidence of cardiovascular adverse events. In 2024, the prevalence of cardiorenal metabolic syndrome among adults worldwide reached 88.9%. Due to the chronic nature of cardiorenal metabolic syndrome, patients require long-term (usually lifelong) treatment. High-quality original cardiorenal metabolic syndrome products generally lead to higher patient retention rates and longer commercial product lifecycles. The company has always led the innovative development in the field of cardiorenal metabolic syndrome. As of the last feasible date, the company has six innovative drugs - Sartan (approved in 2013), Fartan (approved in 2024), Sintin (approved in 2024), excellent overpronounced (approved in 2025), Fulin (approved in 2025), and Enaro (approved in early 2023 and expanded indication in 2025). The market share of these drugs is rapidly increasing and will become an important driver of revenue growth for the company. The proportion of sales revenue from innovative drugs compared to total drug sales revenue has increased from 30.1% in 2023 to 37.7% in 2024, and from 35.5% in the nine months ended September 30, 2024, to 51.6% in the same period of 2025. The company is committed to pursuing excellence in R&D, constantly leading the development of innovative therapies. As of the last feasible date, the company has 85 innovative drug development projects. It is noteworthy that, to protect cardiovascular and kidney health, the company has developed SAL0140 (highly selective ASI) and SAL0120 (selective ETAR antagonist) for the treatment of uncontrolled or refractory hypertension... Financial Information Revenue As of the nine months ended September 30 in 2023, 2024, and 2025, the company's revenue was approximately RMB 3.365 billion, RMB 4.012 billion, and RMB 3.241 billion respectively. Profit As of the nine months ended September 30 in 2023, 2024, and 2025, the company's post-tax profit was approximately RMB 581 million, RMB 605 million, and RMB 591 million respectively. Gross Margin As of the nine months ended September 30 in 2023, 2024, and 2025, the company's gross margin was 68.3%, 71.6%, and 75.3% respectively. Industry Overview Cardiovascular diseases (CVD), chronic kidney disease (CKD), and metabolic disorders collectively constitute a significant burden on the global public health system. Given the chronic and progressive nature of these diseases, patients often experience complications rather than isolated organ lesions. This phenomenon increases clinical complexity and creates a significant unmet medical need. In 2023, the American Heart Association (AHA) officially defined cardiorenal metabolic syndrome as a systemic disease characterized by metabolic risk factors, CKD, and pathological physiological interactions between the cardiovascular system, leading to multi-organ impairment and a high incidence of cardiovascular adverse outcomes. These diseases exhibit a high degree of epidemiological correlation and comorbidity, with the prevalence of the base patient population almost doubling in the past twenty years. In 2024, the prevalence of cardiorenal metabolic syndrome among adults worldwide reached 88.9%. The low control rate and increasing mortality rate of cardiorenal metabolic syndrome-related conditions are closely associated. According to the same data source, cardiorenal metabolic syndrome is one of the leading causes of death globally, with an annual population at high risk of over 1 billion... Cardiorenal metabolic syndrome is characterized by high prevalence, low awareness, low treatment rate, and low control rate. According to Frost & Sullivan, in 2024, the global prevalence of cardiorenal metabolic syndrome among adults reached 88.9%. The low control rate and increasing mortality rate of cardiorenal metabolic syndrome-related diseases are closely related. According to Frost & Sullivan, cardiorenal metabolic syndrome is one of the leading global causes of death, with a high-risk population exceeding 1 billion annually. Globally, the market size of drugs for the treatment of cardiorenal metabolic syndrome has grown from $328.9 billion in 2020 to $468.4 billion in 2024, with a compound annual growth rate of 9.2%, expected to reach $722.5 billion in 2029 and $947.5 billion in 2034. Board of Directors Information The board of directors is composed of nine directors, including six executive directors and three independent non-executive directors. Equity Structure As of the last feasible date, Shenzhen Salubris Pharmaceuticals Hong Kong holds 635,279,380 A-shares, accounting for approximately 56.99% of the total issued share capital of the company. As of the last feasible date, Shenzhen Salubris Pharmaceuticals Hong Kong is jointly owned by America and Mr. Ye, each owning 50% equity, and America is jointly owned by Mr. Ye and his spouse, Ms. Liao, each owning 50% equity. Following the completion of the compilation, assuming the compilation is not exercised, Shenzhen Salubris Pharmaceuticals Hong Kong, America, Mr. Ye, and Ms. Liao collectively will control approximately a% of the total issued share capital of the company and will constitute the controlling shareholder group. Intermediary Team Joint Sponsors: Goldman Sachs (Asia) LLC, Citigroup Global Markets Asia Limited, CITIC SEC (Hong Kong) Limited; Legal Advisors: Jiayi (Hong Kong) Law Firm, King & Wood Mallesons; Legal Advisors for Joint Sponsor Compilation: Freshfields Bruckhaus Deringer, Jiante gongcheng Law Firm; Auditors and Reporting Accountants: Ernst & Young; Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch.