Chengdu-Based Biotech Zelun Pharma Files for Hong Kong IPO with Two Lead Candidates in Phase III Trials

Source: Chengdu Daily Jinguang

From Huaxi Hospital to HKEX

Another Pharmaceutical Company in Chengdu Rushes for IPO

Report by Liu Taishan, a reporter of Chengdu Daily (China News Service) — Another biopharmaceutical company in Chengdu is making a push towards the capital market. On January 13, Zenitar submitted an application for listing on the Main Board of the Hong Kong Stock Exchange.

Zenitar, established in 2019, is a biotechnology company in the late clinical stage. The company focuses on diseases of the hematological system, oncology, central nervous system (CNS), inflammation, and immunity (I&I), aiming to develop innovative treatment standards for diseases with significant unmet clinical needs or to significantly improve the efficacy of existing treatments with innovative drugs.

The establishment of Zenitar stems from a research achievement made by its founder, Chairwoman, General Manager, and Chief Scientist Dr. Chen Lijuan during her tenure at the West China Hospital of Sichuan University in the field of small molecule therapy. According to the announcement, the 61-year-old Chen Lijuan holds a bachelor’s degree in chemistry from Sichuan Normal University, a master’s degree in inorganic chemistry from Sichuan University, and a doctorate in pharmaceutical analysis and separation from Swansea University in the UK.

Before founding Zenitar, she worked at Sichuan University from July 1995 to October 2000; and served as the Deputy Director of the State Key Laboratory of Biotherapy at Sichuan University from July 2006 to December 2025, focusing on fundamental and applied research in biotherapy, while overseeing the development of key technologies and product research and development projects.

As of now, Zenitar has established a robust and diversified pipeline consisting of eight proprietary assets, covering both clinical and preclinical stages. The company's pipeline includes two core products (namely, Flunotinib Maleate ("FM") and Puvomeset Injection ("PM")), two other clinical-stage drug candidates (namely, ZL-82 and ZL-85), and four preclinical-stage drug candidates (namely, ZL-65, ZL-69, ZL-59, and ZL-89). Among these, two drug candidates have entered the Phase III registrational clinical trial stage.

Strong R&D capabilities have attracted investments from numerous institutions. Not long ago, Zenitar announced the completion of a nearly 600 million yuan C-round financing. Following this round of financing, the company's valuation has reached 3.411 billion yuan. Currently, the company’s main shareholders include well-known institutions such as Temasek and Tencent, and it has also received strategic investments from state-owned capital in multiple regions including Chengdu, Shanghai, Zhuhai, and Xiamen (such as Sichuan Academician Fund, Sichuan Achievement Transformation Fund, Chengdu Science and Technology Investment, Shanghai Innovation No. 3, and C&D Emerging No. 7).