Jiangsu Hengrui Pharmaceuticals Co. Ltd – Recent Developments

Corporate Overview

Jiangsu Hengrui Pharmaceuticals Co. Ltd is a Chinese health‑care company listed on the Shanghai Stock Exchange. The company specializes in the development, manufacturing, and marketing of medicines and pharmaceutical packaging materials, including anti‑tumor agents, analgesics, and anti‑infection drugs. Its market capitalisation exceeds 400 billion HKD, with a price‑to‑earnings ratio of 57.67. As of 25 December 2025, the share price stood at 61.66 HKD, within a 52‑week range of 50.2 to 95.2 HKD.

Recent Corporate Disclosure

On 29 December 2025, Hengrui published a notice regarding related‑party transactions. The disclosure, available through the Hong Kong Stock Exchange portal, details the company’s compliance with disclosure obligations under the listing rules. No material change in ownership or control was reported, and the transaction terms comply with regulatory standards.

Progress in Antibody‑Drug Conjugate (ADC) R&D

On 24 December 2025, Hengrui announced that its antibody‑drug conjugate (ADC) product, SHR‑A1904 (a Claudin‑18.2‑targeted ADC), was included in the National Medical Products Administration’s list of breakthrough therapeutic products. Key points include:

  • Product Profile – SHR‑A1904 is an ADC that delivers a topoisomerase I inhibitor to tumour cells expressing Claudin‑18.2. The payload is released intracellularly, inducing tumour cell death.
  • Clinical Status – Phase I/II studies are underway in gastric and pancreatic cancers. No approved indication exists for similar agents worldwide.
  • Investment – The company has invested approximately 174 million CNY in the SHR‑A1904 program to date.
  • Additional ADCs – The company also received approval to initiate clinical trials for SHR‑A2102 (a Nectin‑4‑targeted ADC) and has disclosed cumulative R&D spending of around 248 million CNY on this program.
  • Platform Reach – Hengrui’s ADC platform has been validated in over 5,000 patients across more than 15 tumour types worldwide. As of November 2025, one ADC product has been approved in China, and four key candidates are in Phase III.

These developments underscore Hengrui’s continued investment in ADC technology, positioning the company as a leading innovator in oncology therapeutics within China.

Market Context

While the company’s primary listing remains on the Shanghai Stock Exchange, its shares are also traded in Hong Kong, where the broader IPO market in 2025 experienced a surge in funding and valuation. Several large‑cap Chinese firms, including Hengrui, completed dual listings or announced intentions to list in Hong Kong, contributing to the market’s overall rebound. The favorable regulatory environment and heightened investor interest in biotech and pharma have amplified the value proposition for companies with advanced clinical pipelines such as Hengrui.