SALUBRIS (002294.SZ): HKEX Listing Application Lapses After Six Months; Goldman Sachs, Citi and CITIC Securities Serve as Sole Sponsors

NewTimeSpace News: On 12 February 2026, Shenzhen Salubris Pharmaceuticals Co., Ltd. (stock code: 002294.SZ) submitted a listing application to the Hong Kong Stock Exchange, which has lapsed after six months. Goldman Sachs, Citi and CITIC Securities served as sole sponsors.

Salubris is a pioneer in the treatment of cardiovascular-kidney-metabolic (CKM) syndrome in China. According to Frost & Sullivan, the company ranked second by revenue among China's cardiovascular innovative drug companies in 2024 and holds the second-largest CKM innovative drug pipeline among domestic companies as of the last practicable date. The company's product portfolio is centered on innovative drugs, complemented by generics, biosimilars and medical devices. In 2024, the global prevalence of CKM syndrome among adults reached 88.9%, and the chronic nature of the disease necessitates long-term, often lifelong, treatment.

As of the last practicable date, Salubris has six innovative drugs—Xinlitan (approved in 2013), Fulitan (approved in 2024), Xinlitin (approved in 2024), Xinchaotuo (approved in 2025), Fulian (approved in 2025) and Enaro (initially approved in 2023, with expanded indications in 2025). The proportion of innovative drug revenue to total pharmaceutical revenue rose from 30.1% in 2023 to 37.7% in 2024, and from 35.5% for the nine months ended 30 September 2024 to 51.6% for the same period in 2025. The company has 85 innovative drug R\&D projects, including SAL0140 (a highly selective aldosterone synthase inhibitor) and SAL0120 (a selective ETAR antagonist) for uncontrolled or refractory hypertension and CKD. Its PCSK9-targeted pipeline covers multiple drug modalities including small molecules, cyclic peptides, gene editing and dual-target siRNA. The company also has 17 medical device products and 19 medical device R\&D candidates, covering major areas of cardiovascular and cerebrovascular diseases.

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