Zeling Bio Rushes to HKEX IPO: Reports RMB 119M Loss in 9 Months, Raises Nearly RMB 900M with Tencent and Qiming as Shareholders

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(Source: Leidi)

Lei Ding Network, Lei Jianping, January 14th

Zenitar Biopharmaceutical Technology Co., Ltd. (referred to as "Zenitar") recently submitted a prospectus, preparing to go public on the Hong Kong Stock Exchange.

Zenitar completed several rounds of financing in 2025. Specifically, it raised 160 million yuan in February 2025, with a post-investment valuation of 1.55 billion yuan; it raised 219 million yuan in July 2025, with a post-investment valuation of 1.883 billion yuan; and it raised 511 million yuan in November 2025, with a post-investment valuation of 3.411 billion yuan.

Zenitar raised 890 million yuan in financing around 2025.

A Loss of 119 Million in 9 Months

Zenitar, founded in 2019, is a clinical-stage biotechnology company dedicated to integrating structural biology, artificial intelligence, and clinical disease models to develop small molecule therapies.

Zenitar is dedicated to addressing significant unmet medical needs in the fields of hematological diseases, oncology, central nervous system ("CNS"), and immune/inflammatory ("I&I") diseases.

As of the latest practicable date, Zenitar's pipeline includes two core products (namely, Flunotinib Maleate (FM) and Puvirostib Mesylate for Injection ("PM")), two additional 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 them, two candidate drugs have entered the Phase 3 registrational clinical trial stage, including FM for the treatment of myelofibrosis and PM for the treatment of relapsed/refractory diffuse large B-cell lymphoma (relapsed/refractory DLBCL).

The prospectus shows that Zenitar's other income and gains in 2024 amounted to 19.66 million yuan, with a loss during the period of 91.66 million yuan; for the first nine months of 2025, other income and gains were 7.13 million yuan, with a loss during the period of 119 million yuan.

As of September 30, 2025, Zenitar held cash and cash equivalents of 205 million yuan.

Tencent and Qiming are shareholders.

The executive directors of Zenitar are Dr. Chen Lijuan, Liang Rui, Dr. Jia Tao, and Li Gang; the non-executive directors are Dang Liming, Dr. Chen Kan, and Wang Wenyi; the independent non-executive directors are Dr. Gong Tao, Dr. Zou Hong, Dr. Dai Lunzhi, and Dr. Li Yuedong.

Before the IPO, Dr. Chen Lijuan held 19.8% of the shares, Zhongxin Hui Zhi held 3.2%, Zhongxin Hengsheng held 2.4%, Zhongxin Ruichuang held 0.3%, and Guizhou Bai Ling held 15%;

Qiming USD Funds holds a 5.1% stake through QM288 and a 2.1% stake through Kunshan Qishun; Qiming RMB Funds holds a 3% stake through Hangzhou Qiming and a 1.7% stake through Suzhou Qiming.

Sichuan Development holds a 4.1% stake in Pengzhou Global Biomedical, a 2.2% stake through the Sichuan Academician Fund, and a 0.1% stake through Chengdu Zenitar.

Tencent holds shares through Shanghai Haoyu (4.5%), Jiaxing Yuxi (4.3%), Chengdu Rongke Fund (3.1%), Rongchuang Zibo (0.9%), Yangzhou Rongke (0.3%), Prestige (3.7%), Hefei Qiji (2.7%), Danming Shengke, and New Rise Shengke (each holding 2.4%);

BioCity No.1 Fund holds 1.6%, BioCity Jingchuang holds 0.6%, BlueRun Chongqing holds 1.4%, BlueRun Xinhao holds 0.4%, BlueRun Xinyue holds 0.3%, Vibrant holds 2.2%. Huajin Lingjian holds 1.5%, Huajin Lingzhi holds 0.6%.

Sichuan Achievement Transformation Fund and Jiaozi Wutong Fund each hold 1% of the shares, while Ce Yuan Guang Yi Fund holds 1.6%, Wu Yuan Zhi Xing holds 1.1%, Zhong Yuan He Hua holds 0.9%, Shenzhen Fuguo Wealth, C&D Emerging No. 7, and Shanghai Innovation No. 3 each hold 0.6%, Ningbo Yu Yi Long Hao holds 0.5%, and Bai Hui Medical Management holds 0.1%.

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