China Medical System Holdings Limited (CMS), a Hong Kong-listed pharmaceutical company, marked a successful debut on the Singapore Exchange (SGX-ST) mainboard on Monday under the ticker symbol “8A8”, with shares closing 11.2 per cent higher at SGD 2.28. The move signals CMS’s strategic push into Southeast Asia and the Middle East as part of its wider internationalisation agenda.
The listing marks CMS’s secondary presence in capital markets, following its initial public offering on the Hong Kong Stock Exchange (HKEX) in 2010. No new shares were issued as part of the SGX debut, which was managed by CGS International Securities Singapore Pte. Ltd.
With over 30 years of operations and a market capitalisation of HKD 31.91 billion (as of 15 July), CMS is transitioning from its legacy role as China’s largest contract sales organisation to an innovation-driven multinational pharmaceutical player. The company is leveraging its integrated platform spanning drug discovery, development, and commercialisation to fuel growth in emerging markets.
“This listing demonstrates our commitment to deepening our business presence in South East Asia and the Middle East,” CMS said in a statement. “We are excited to introduce a stronger CMS to a broader investor base across the region.”
Growth engines and regional ambitions
The strong investor response to CMS’s SGX debut comes amid the company’s transformation into a product innovation-led business. Since 2018, CMS has built a pipeline of nearly 40 innovative products, five of which have already entered large-scale commercialisation in China. These, alongside seven brand-name or exclusive drugs, contributed RMB 4.56 billion in FY2024 revenue—more than half of the group’s total turnover.
The company is also banking on South East Asia’s growing pharmaceutical demand, underpinned by expanding middle-class populations, rising health awareness, and increasing burden of chronic diseases. According to China’s 2024 White Paper on the Trends and Strategies of Chinese Innovative Drugs and Medical Devices Going Overseas, the region’s pharmaceutical market is projected to hit USD 65.1 billion by 2027, growing at a compound annual rate of 9.5 per cent.
“While complex, this landscape aligns well with CMS’s strengths and resources,” the company noted. “Our proven track record in commercialising innovative therapies will serve us well in these developing but dynamic healthcare systems.”
To support its overseas expansion, CMS has established a full pharmaceutical value chain in Singapore, including research and development, manufacturing, and commercialisation. Its regional affiliate, Rxilient, oversees drug licensing and commercial strategy across Asia-Pacific, while the co-acquisition of CDMO firm PharmaGend bolsters supply chain resilience and provides contract manufacturing services for global partners.
Expansion beyond China
Notably, CMS’s portfolio includes ruxolitinib cream—the first and only topical Janus kinase (JAK) inhibitor approved by both the US FDA and European Medicines Agency for treating non-segmental vitiligo. The drug is pending approval in China and is expected to be the first therapy of its kind in the market.
CMS also plans to spin off its rapidly growing skin health business, Dermavon, via a proposed listing on the HKEX. The segment has shown strong commercial traction and is viewed as a future leader in its category.
Beyond product pipeline growth, CMS is investing in manufacturing expansion. Its CDMO facility plans to add nasal spray, cream, and injectable production lines, with a potential capacity increase of two to three times by 2028.
“We firmly believe that our notable progress in innovative drug development, steady growth in the speciality-focused business, and continued advancement in overseas expansion will collectively facilitate the Group’s return to a multi-year growth trajectory,” CMS added.
Regional impact
CMS’s SGX listing not only enhances its visibility among South East Asian and Middle Eastern investors but also aligns with Singapore’s aim to position itself as a regional hub for biomedical innovation. By establishing Singapore as its regional headquarters, CMS is poised to play a critical role in advancing pharmaceutical accessibility and innovation in Asia-Pacific.
As regional demand for high-quality, affordable medicines grows, CMS’s entry into Singapore’s capital markets signals a broader trend of Chinese pharmaceutical firms seeking cross-border growth while navigating evolving domestic regulatory environments, such as China’s volume-based procurement (VBP) policies.
The company’s strong fundamentals, forward-looking strategy, and established infrastructure place it among a growing group of China-based healthcare firms leveraging South East Asia as both a market and a launchpad for global reach. 