Jingze Biopharmaceutical Files for Hong Kong IPO with Post-Money Valuation of RMB 3.18 Billion

▎Armstrong

On December 31, 2025, Jingze Bio's Hong Kong IPO application was accepted, and the prospectus was officially published.

Jingze Bio was established in 2014, focusing on two major fields: assisted reproductive and ophthalmic drugs. Its R&D pipeline includes eight products, three of which have advanced to the clinical stage, and the recombinant follicle-stimulating hormone has been approved for marketing.

Jingze Bio has undergone multiple rounds of financing, with a post-money valuation of 3.18 billion yuan in the C+ round.

The latest equity structure of Jingze Bio is as follows.

Summary

Jingze Bio's R&D pipeline focuses mainly on biosimilars, while also expanding into innovative drugs. The competitive landscape for biosimilars is relatively complex, and internationalization presents even greater challenges.