Hong Kong-listed pharmaceutical group China Medical System (CMS) has filed for a secondary listing on the Singapore Exchange (SGX) mainboard, with trading expected to commence in July 2025.
The move is part of CMS’s strategy to deepen its footprint in Southeast Asia by leveraging Singapore as its regional hub. The company said the listing would allow it to access a new pool of sophisticated investors and build on its established success in China’s pharmaceutical landscape.
Founded in 1995 and listed on the Hong Kong Stock Exchange since 2010, CMS specialises in the entire lifecycle of pharmaceuticals, including clinical need identification, research and development (R&D), regulatory approval, and commercialisation.
Tapping Growth in a Rising Region
“The Southeast Asian region, home to nearly 700 million people, is experiencing a surge in pharmaceutical demand,” the company noted. CMS attributes this to rapid economic expansion, a growing middle class, an ageing population, and the rising prevalence of non-communicable diseases.
With Singapore serving as its regional headquarters for Southeast Asia and the Middle East, CMS intends to replicate its China playbook through localised R&D, regional manufacturing, and cross-border commercialisation initiatives.
Financial Rebound Despite Policy Headwinds
CMS’s revenue faced headwinds in 2023 and early 2024 due to China’s volume-based procurement (VBP) policy, which led to price suppression on several of its products. However, a second-half rebound in 2024 was driven by the commercialisation of innovative drugs and growth in non-VBP products.
Looking ahead, the company expects accelerated growth, underpinned by a robust innovation pipeline – projected to include around 40 innovative drug products by the end of 2024.
Four-Platform Strategy
CMS outlined its regional strategy through four platforms:
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CMS R&D – Focuses on global drug discovery and development.
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PharmaGend – Oversees manufacturing and regional supply chains.
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Rxilient Health – Based in Singapore, responsible for commercialisation in Southeast Asia.
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Venture Arm – Backs strategic investments in regional pharmaceutical innovation.
No New Shares in SGX Listing
In its June 24 announcement, CMS clarified that the SGX listing will be non-dilutive, involving no issuance of new shares. The company’s primary listing will remain on the Hong Kong Stock Exchange.
Listings Momentum on SGX
CMS’s announcement comes amid renewed IPO activity on SGX. Recent filings include:
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Info-Tech Systems, a software services firm, expected to debut on Jul 4 – marking SGX’s first mainboard listing in two years.
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NTT DC Reit, backed by Japanese telecom giant Nippon Telegraph and Telephone, set to become Singapore’s largest Reit IPO in a decade.
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Lum Chang Creations, a spin-off from Lum Chang Holdings, eyeing a Catalist board listing.
The SGX is also attracting interest from other Chinese firms seeking secondary listings, a trend driven by ASEAN growth prospects and the region’s increasing relevance to multinational pharma strategies.
This strategic SGX listing underscores CMS’s ambition to become a pan-Asian pharmaceutical powerhouse, capitalising on cross-border innovation, local market access, and investor diversification.
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