Zeluns Biopharma Files for Hong Kong IPO: Tencent-Backed Biotech Reports Nearly 4x Valuation Growth in 5 Years Despite No Product Sales, Plans First NDA Submission in 2027

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Reporter from Every Day Economic News | Cai Ding Editor from Every Day Economic News | Wen Duo

On January 13, Zenitar (Chengdu Zenitar Biomedical Technology Co., Ltd.) submitted its IPO (Initial Public Offering) application to the Hong Kong Stock Exchange for the first time.

According to the prospectus (application version, hereinafter the same), Zenitar plans to allocate the proceeds from this Hong Kong IPO to the research and development of its core products, Furanonil (hereinafter referred to as FM) and Pumetinib Mesylate (hereinafter referred to as PM), the research and development of other pipeline assets, further enhancement of its technology platform, as well as working capital and other general corporate purposes.

The reporter of "Every Day Economic News" (hereinafter referred to as Every Day journalist) reviewed Zenitar's prospectus and found that, as of the date of the disclosure of the prospectus, Zenitar has not had any products approved for commercial sale, nor has it generated any revenue from product sales. Due to high research and development expenses, the company's net loss in the first three quarters of 2025 (RMB 119 million) significantly widened compared to the same period in 2024 (RMB 61.528 million). In addition, during the whole year of 2024 and the first three quarters of 2025 (hereinafter referred to as the "reporting period"), most of Zenitar's R&D expenses were invested in its core products FM and PM.

FM's primary indication is myelofibrosis, where the cornerstone therapy is the blockbuster drug ruxolitinib, with global sales reaching $4.7 billion in 2024. The company stated that in a Phase IIb head-to-head clinical trial targeting ruxolitinib, the current standard treatment for myelofibrosis, FM demonstrated superiority. However, this claim still needs market validation.

Zenitar, established in 2019, is a clinical-stage biotechnology company dedicated to integrating structural biology, artificial intelligence, and clinically relevant disease models to develop highly differentiated small molecule therapies with first-in-class or best-in-class potential. The company’s core business model focuses on the independent discovery and development of innovative small molecule therapies to address unmet medical needs in the fields of hematological/oncological diseases, central nervous system disorders, and I&I (immunology and inflammation) conditions.

Zenitar has established a diversified pipeline consisting of eight proprietary assets, covering both clinical and preclinical stages. As of the date of the prospectus disclosure, the company's pipeline includes two core products (namely FM and injectable PM), two clinical-stage drug candidates, and four preclinical-stage drug candidates. According to the prospectus, FM (a family of intracellular non-receptor tyrosine protein kinases) is a first-in-class triple-target inhibitor targeting JAK2 (a non-receptor tyrosine protein kinase), CDK (cyclin-dependent kinase) 6, and FLT3 (a tyrosine kinase receptor on the cell membrane). PM, on the other hand, is a highly selective HDAC (histone deacetylase) Class I/IIb inhibitor designed for the treatment of relapsed/refractory DLBCL (diffuse large B-cell lymphoma).

Image Source: Zenitar Prospectus

Zenitar's core strength in constructing and optimizing small molecule drugs is driven by three integrated technology platforms, namely ZeniFold, ZeniMind, and ZeniScreen.

The prospectus shows that Zenitar plans to submit a new drug marketing application for FM to the National Medical Products Administration in 2027, for use as a first-line standard treatment for intermediate- and high-risk myelofibrosis and as a second-line treatment for myelofibrosis patients who are refractory, relapsed, or intolerant to JAK inhibitors. "We applied for breakthrough therapy designation for FM in 2025. If granted, we expect to achieve market launch as early as 2028," the company stated. After the new drug is marketed, the company plans to promote the inclusion of FM in China's National Reimbursement Drug List to broaden patient access.

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Image Source: Zenitar Prospectus

In addition, Zenitar launched a Phase III registrational clinical trial in China in July 2025 to evaluate PM as a monotherapy for relapsed/refractory DLBCL. The company plans to submit a new drug application to the National Medical Products Administration (NMPA) for this indication in 2027, with conditional approval expected in 2028, enabling commercial launch for this indication.

Zenitar admitted that as of the date of the prospectus disclosure, the company has not had any products approved for commercial sales, nor has it generated any revenue from product sales. Therefore, Zenitar did not have any income from its main business during the reporting period.

During the reporting period, Zenitar recorded other income and gains of RMB 19.661 million and RMB 7.126 million, respectively. During the same period, the company's annual/period profits were -RMB 91.656 million and -RMB 119 million, respectively, with the net loss for the first three quarters of 2025 significantly widening compared to the same period in 2024 (RMB 61.528 million).

Image Source: Zenitar Prospectus

It is not difficult to see that Zenitar's losses mainly stem from its high R&D expenditures. For instance, the company's total R&D expenditure for 2024 reached 91.896 million yuan, more than four times its revenue that year; in the first three quarters of 2025, the R&D expenditure amounted to 70.324 million yuan, nearly ten times the revenue during the same period.

It should be noted that Zenitar has invested most of its resources in the development of FM and PM. In the first three quarters of 2025, Zenitar's total R&D expenditure for these two core products reached 54 million yuan, accounting for 76.8% of the total R&D expenditure and 72.3% of the total operating expenses. This means that if the clinical development or commercialization of these two products is hindered, it will deal a significant blow to the company.

Zenitar has not yet generated cash flow from product sales. During the reporting period, the net cash used in operating activities was 78.865 million yuan and 84.075 million yuan, respectively. This indicates that as the Phase III clinical trials progress, the company's "cash burn" rate is accelerating.

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Image Source: Zenitar Prospectus

Zenitar clearly stated in the prospectus that during the reporting period, the main use of the company's cash was to fund expenditures for preclinical and clinical research and development of candidate drugs as well as administrative expenses. From the reporting period to the date of the prospectus disclosure, the company primarily financed its operational funding needs through equity financing. Additionally, during the reporting period, the company generated negative cash flow from operations, with nearly all operating cash outflows coming from R&D and administrative activities.

The cornerstone therapy in the field of myelofibrosis is Ruxolitinib, with global sales reaching $4.7 billion in 2024. Zenitar stated that the head-to-head clinical trial results between FM and Ruxolitinib confirmed "significantly enhanced clinical benefits" for FM. However, the company also cautioned that if the candidate drug fails to gain sufficient market recognition, it may not generate the expected significant revenue from future drug sales.

Zenitar was registered as a limited liability company in April 2019 with the aim of exploring and developing an early-stage research project. This project stems from a scientific achievement developed by Dr. Chen Lijuan, the company's chairman, executive director, chief executive officer, and chief scientific officer, during her tenure at West China Hospital of Sichuan University in the field of small molecule therapy.

It was not until late December 2025 that Zenitar completed its shareholding reform and changed its name.

The prospectus shows that Chen Lijuan, now 61 years old, is a second-level professor at Sichuan University and a first-level professor at West China Hospital of Sichuan University. She also serves as the deputy director of the State Key Laboratory of Biotherapy. Chen Lijuan has led a key national "863" scientific research project and has been recognized as a leading talent by the National Health Commission. Previously, Chen Lijuan...Zhongsheng Pharmaceutical(SZ002317) served as the Chief Scientist, leading research projects in the fields of oncology, diabetes, and pulmonary fibrosis, and advancing multiple compounds to Phase III, Phase II, and Phase I clinical trials.

Since its establishment, Zenitar has cumulatively received five rounds of financing. The company's shareholders include Qiming USD Funds, Tencent,

Pengzhou Global Biomedical Science and Technology Achievement Transformation Equity Investment Fund Partnership (Limited Partnership), Chengdu Rongke Precision Medicine Equity Investment Fund Partnership (Limited Partnership), etc., with a total financing amount of approximately 1.18 billion yuan. Most investors made substantial investments in the company at least six months before its filing. According to relevant regulations, even if Zenitar successfully goes public on the Hong Kong Stock Exchange, all existing shareholders are prohibited from disposing of any shares they hold within one year.

Image Source: Zenitar Prospectus

Zenitar's final round of approximately 511 million yuan in Series C financing was completed on November 21, 2025, with the per-share cost being approximately 7 yuan. After the Series C financing, Zenitar's valuation reached about 3.411 billion yuan, increasing by approximately 391% compared to 695 million yuan after the completion of the Series A financing in December 2021.

Before the IPO, Chen Lijuan directly and indirectly holds 25.6% of Zenitar's equity. Chen Lijuan, along with Chengdu Zhongxin Huizhi Enterprise Management Partnership (Limited Partnership), Chengdu Zhongxin Hengsheng Enterprise Management Partnership (Limited Partnership), and Chengdu Zhongxin Ruichuang Enterprise Management Partnership (Limited Partnership), where she serves as the general partner, will form the single largest shareholder group of Zenitar. However, the company will not have any controlling shareholder as defined by the Hong Kong Stock Exchange listing rules.

Regarding the company's plans for specific commercialization strategies to break the monopoly of giants in the market, the increase in redemption liabilities, and other issues, on the morning of January 14, a reporter from Every Day sent an interview outline to the email provided on Zenitar's official website but had not received a response as of press time.

Cover image source: AI generated

Editor: Gao Jia