China Medical System Debuts on the Mainboard of the SGX-ST

● Shares rose by 11.2% on its first trading day, closing at S$2.28, demonstrating investor recognition of the Group’s proven track record and promising growth prospects.

● This listing has greatly elevated the Group’s brand visibility and supports its overseas expansion strategy.

Singapore, TechnoBusiness SG ● China Medical System (CMS) Holdings Limited, a platform company linking pharmaceutical innovation and commercialisation, made its debut on the Mainboard of the Singapore Exchange Limited (SGX: ST) under the ticker symbol 8A8. CGS International Securities Singapore Pte. Ltd. is the sole issue manager for this secondary listing.

This marks CMS’s secondary listing in the capital markets, following its debut on the Stock Exchange of Hong Kong Limited in 2010. While no new shares were issued or placed, the move reflects CMS’s commitment to expand its footprint to the broader Asia-Pacific region by capitalising on its proven track record in the pharmaceutical industry of over 30 years in China.

Having evolved from being China’s largest contract sales organisation (CSO) into an innovation-driven multinational pharmaceutical company, the Group is now operating an integrated product lifecycle management platform that covers target selection and confirmation, to preclinical research, clinical development, and commercialisation. Building on this foundation, CMS has developed strong capabilities in identifying, developing, and commercialising First-in-Class and Best-in-Class innovative products. As of 15 July 2025, the Group’s market capitalisation stood at HK$31.91 billion.

The listing comes at a time where CMS is transitioning toward an innovative product-driven business model to mitigate the impact of China’s volume-based procurement (VBP) policies to ensure sustainable growth. Since 2018, the Group has developed a robust pipeline of approximately 40 innovative products, five of which were already approved for marketing as of 2024. Notably, two other products have been submitted for marketing approval in China as well.

This includes ruxolitinib cream, the first and only topical Janus kinase (JAK) inhibitor approved by both the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for repigmentation in non-segmental vitiligo with facial involvement in adults and adolescents aged 12 and above. It is expected to be the first approved treatment for vitiligo in China.

CMS currently sells seven (7) major exclusive or brand-name products in the market, which have shown a progressively upward trend in their revenue contribution over time. Together with five (5) commercialised innovative drugs, these collectively contributed RMB 4.56 billion in revenue in FY2024, accounting for 52.8% of the Group’s total turnover. Given the gradually easing impact from China’s VBP policy and the Group’s optimised product portfolio focusing on exclusive and innovative drugs which are typically exempt from VBP, CMS is well-positioned to resume its top-line growth trajectory from FY2025.

Commenting on the promising business prospects and the SGX listing, CMS said, “We believe FY2025 will be a fruitful year for China Medical System. Momentum is building across our innovative product pipeline, with 1) five (5) drugs entering large-scale commercialisation, 2) two (2) more innovative products expected to receive marketing approval in China in FY2025, 3) stronger growth in the specialty-focused business supported by product differentiation and expansion to products with consumer attributes, and 4) more proactive execution of our integrated omnichannel marketing strategies.

Moreover, our skin health business, Dermavon, is proposed to be spun off and listed on the HKEX via a distribution in specie and by way of introduction. Dermavon has showcased a strong growth momentum, emerging as a leading player in its specialty segment. This listing on SGX-ST comes at an opportune timing. We are excited to introduce a stronger CMS to a broader investor base across the region. More importantly, this listing demonstrates our commitment to deepening our business presence in Southeast Asia and the Middle East.●

—Michael T. Kheilton, TechnoBusiness SG