On July 8, 2026, Ziyond Pharmaceutical Co., Ltd. (hereinafter referred to as “Ziyond Pharma”), headquartered in Xishan District, Wuxi City, Jiangsu Province, filed its prospectus with the Hong Kong Stock Exchange, proposing an initial public offering (IPO) on the Hong Kong Main Board.
Core Business
Founded in 1999, Ziyond Pharma is a China-based pharmaceutical company specializing in topical dermatology, offering comprehensive end-to-end solutions encompassing dermatological drugs and medical-grade skincare products.
By integrating data-driven user insights, clinically oriented product development, multi-formulation topical drug manufacturing capabilities, an omnichannel commercialization network capable of delivering within 30 minutes, and real-world usage data that feeds back into user insight generation, Ziyond Pharma can rapidly translate user needs into market-ready products and further establish industry-leading offerings across a broad range of therapeutic areas.
According to Frost & Sullivan, Ziyond Pharma’s commercialized products cover the eight major dermatological indications in China, which collectively accounted for approximately 843 million prevalent cases in 2025. The company has established the industry’s most extensive coverage of high-prevalence dermatological indications in China and holds a leading market position in disease areas with more than 20 million patient visits annually.
Ziyond Pharma’s product portfolio spans all skin regions—including the scalp and hair, face, trunk, limbs, and nails—and includes over 50 commercialized products across six core therapeutic areas: rhinofacial dermatoses, superficial fungal infections, onychomycosis, immune-inflammatory skin diseases, pigmentary disorders, and scalp and hair disorders. According to Frost & Sullivan, in 2025, five of Ziyond Pharma’s products ranked first across all channels (online and offline) in their respective categories, and three additional products ranked first in the online channel within their respective categories.
In addition to its commercialized products, Ziyond Pharma currently maintains a pipeline of over 30 candidate products, including three innovative drug candidates approved for Investigational New Drug (IND) applications in China and three candidates that have completed preclinical IND regulatory filings in the United States. According to Frost & Sullivan, as of July 1, 2026, Ziyond Pharma ranked first in China in terms of both the number of filings submitted and marketing authorizations obtained for topical dermatological drugs over the preceding three years.
The company has four products that have received regulatory approval and are currently preparing for commercial launch: desonide lotion, sarecycline hydrochloride tablets, fusidic acid cream, and dutasteride soft capsules.
Shareholding Structure
According to disclosures in the prospectus, prior to its Hong Kong listing, Ziyond Pharma’s shareholding structure was as follows:
Mr. Xu Jun and Mr. Xie Hongwei are parties acting in concert; together with the entities they control, they collectively hold approximately 64.88% of the shares and constitute the controlling shareholder group.
Directors and Senior Management
The Board of Directors of Zhiyuan Pharmaceuticals consists of nine members, including:
4 executive directors:
Mr. Jun Xu (Chairman);
Mr. Hongwei Xie (Chief Executive Officer and General Manager);
Mr. Bin You (Deputy General Manager);
Dr. Beilei Cai (Deputy General Manager);
2 Non-Executive Directors:
Mr. Dacheng Xu (Vice Chairman);
Mr. Xiaolong Yang (Managing Partner, Innovation Works Group);
3 Independent Non-Executive Directors:
Dr. Weiyong Zhang (affiliated with China Europe International Business School, formerly served as Associate Dean and Chinese Dean of Academic Affairs);
Dr. Liping Wu (Associate Vice-President for Institutional Development (Global Affairs) and Adjunct Professor of Finance, Hong Kong University of Science and Technology);
Dr. Lijun Xia (Professor and Doctoral Supervisor, Antai College of Economics and Management, Shanghai Jiao Tong University).
In addition to executive directors, senior management includes:
Mr. Tian Zhihui (Deputy General Manager);
Ms. Zhang Yuli (Chief Financial Officer and Deputy General Manager);
Mr. Deng Wei (Deputy General Manager);
Ms. Wu Lin (Board Secretary and Joint Company Secretary).
Company performance
According to the prospectus, Zhiyuan Pharmaceuticals' revenue for the past periods—2023, 2024, 2025, and the first three months of 2026—was RMB 1.031 billion, RMB 1.126 billion, RMB 1.324 billion, and RMB 337 million, respectively, with corresponding net profits of RMB 146 million, RMB 46 million, RMB 95 million, and RMB 13 million.
Intermediary team
The main intermediaries for Zhiyuan Pharmaceuticals’ IPO are as follows:
CITIC Securities as its exclusive sponsor;
KPMG as its auditor;
Zhong Lun acted as its PRC legal counsel;
Cooley LLP serves as its company's Hong Kong and U.S. legal counsel;
DeHeng as its sponsor’s PRC legal counsel;
Jones Day is serving as the legal counsel for the securities firm in Hong Kong and the United States;
Dahua Jixian serves as its compliance adviser;
Frost & Sullivan served as its industry consultant.