China Medical System Holdings Limited (CMS), a pharmaceutical platform company focused on linking drug innovation and commercialisation, has announced plans to pursue a secondary listing on the Mainboard of the Singapore Exchange (SGX) in July 2025. The move aims to enhance the company’s visibility and investor base in Southeast Asia, positioning Singapore as a key regional hub for its next growth phase.
CMS has been listed on the Main Board of the Hong Kong Stock Exchange (HKSE) since 2010 and is a constituent of the Hang Seng Large-Mid Cap (Investable) Index and Hang Seng Innovative Drug Index. The company brings nearly three decades of experience in China’s pharmaceutical industry, where it has developed strong capabilities in clinical demand-driven product identification, project management, and commercialisation. CMS also has in-house research and development operations that cover the full product lifecycle—from target selection and pre-clinical research to clinical development.
Building a regional pharmaceutical hub
Following years of success in China, CMS is expanding its footprint across Southeast Asia through its Singapore-headquartered business unit, Rxilient Health. Rxilient handles the licensing, registration, and commercialisation of pharmaceutical products in local markets, including Malaysia, Vietnam, the Philippines, Indonesia, and Thailand. As of 31 December 2024, Rxilient had built a portfolio of over ten differentiated products across therapeutic areas such as oncology, dermatology, central nervous system, gastroenterology, autoimmune conditions, and ophthalmology.
To support its regional expansion, CMS also established PharmaGend Global, a Contract Development and Manufacturing Organisation (CDMO) in Singapore. The facility spans 60,290 square metres and began commercial production in late 2024. It has a production capacity of one billion oral solid dosage tablets and capsules annually. Notably, the site is certified under the U.S. Food and Drug Administration’s Good Manufacturing Practice guidelines and has passed inspection by Singapore’s Health Sciences Authority.
Together, Rxilient and PharmaGend enable CMS to manage the full pharmaceutical value chain—research and development, manufacturing, and commercialisation—across Southeast Asia. This integrated setup supports the company’s goal to introduce more global, high-quality, and affordable drugs to patients in the region.
Shifting towards innovation-led growth
CMS is undergoing a strategic shift from generic drug sales towards a more innovation-driven business model. This transition follows challenges brought on by China’s Volume-based Procurement (VBP) policy, which has pressured prices and affected revenue from selected CMS products. The policy allows public hospitals to procure generics at significantly reduced prices through centralised bidding.
In response, CMS launched its Innovative Collaborative R&D strategy in 2017, followed by an In-house R&D strategy in 2021. These efforts have expanded the company’s pipeline to around 40 innovative drugs as of 31 December 2024. Five of these products have been approved for marketing in China, covering six medical indications, and have entered large-scale clinical use. These drugs are supported by CMS’s broad distribution network, which includes over 50,000 hospitals, medical institutions, and approximately 300,000 retail pharmacies across China.
The company expects continued growth from its innovation pipeline, which spans early to late clinical-stage products. In addition, its portfolio of exclusive and brand-name products has shown consistent performance, supporting overall business momentum.
Spotlight on ILUMETRI and future opportunities
One of CMS’s notable successes is the innovative biologic Tildrakizumab Injection (ILUMETRI), used to treat psoriasis. Approved in China in May 2023, ILUMETRI was added to the National Reimbursement Drug List (Category B1) by December of the same year and has since been rolled out to hospitals nationwide. It has received international recognition, featuring in psoriasis treatment guidelines in China, the United States, Europe, the United Kingdom, and Germany.
The company sees Southeast Asia as a key market, with nearly 700 million people and growing pharmaceutical demand driven by economic growth, an ageing population, and rising non-communicable disease prevalence. The SGX listing is expected to broaden CMS’s access to institutional investors in the region and reinforce its brand credibility to support long-term expansion plans.
CMS continues to position itself as a gateway for bringing global pharmaceutical innovations to Southeast Asia, using Singapore as a base for operations, manufacturing, and regional market development.
