Simcere Zaiming Files for Hong Kong IPO with Post-Money Valuation of RMB 8.57 Billion, Focused on Innovative Oncology Pipeline

▎Armstrong

On January 9, 2026, ZAIMING's IPO application was accepted by the Hong Kong Stock Exchange, and the prospectus was officially disclosed.

ZAIMING has four commercialized products, including three large molecules (Endostatin, VEGF antibody, EGFR antibody) and one small molecule (CDK4/6 inhibitor). The subsequent R&D pipeline includes PD-L1/IL-15, GPRC5D/BCMA/CD3 trispecific antibody, PD-1/VEGF bispecific antibody, STEAP1/PSMA/CD3 trispecific antibody, CD80/IL-2, polθ inhibitor, pan-RAS inhibitor.Fourth-generation ALK inhibitor, CDH6 ADC, CDH17 ADC, FGFR2b ADC, EGFR/cMET ADC, LRRC15 ADC, B7H3/cMET ADC, EGFR/cMET ADC (Myristoyltransferase Inhibitors as Payload）。

ZAIMING has reached three authorized overseas cooperation agreements, including the GPRC5D/BCMA/CD3 tri-specific antibody licensed to AbbVie, with a total transaction value exceeding $1.055 billion; LRRC15 ADC licensed to Ipsen, with a total transaction value of $1.06 billion; and CDH6 ADC licensed to NextCure, with a total transaction value of $745 million.

ZAIMING underwent a shareholding reform in February 2024, followed by an A-round financing of 1.07 billion yuan, with a pre-investment valuation of 7.5 billion yuan and a post-investment valuation of 8.57 billion yuan.

The latest equity structure of ZAIMING is as follows,

Summary

ZAIMING is highly focused on novel anti-tumor drugs, covering various drug formats including small molecules, PROTAC, bispecific/trispecific antibodies (including TCE), antibody-cytokine fusion proteins, ADCs (including bispecific ADCs, new toxin ADCs, etc.).