On 12 June, Changfeng Pharma submitted its Hong Kong IPO application, with CITIC Securities and CMB International as joint sponsors. The inhalation therapy specialist, valued at RMB 4.02 billion in its 2022 funding round, focuses on asthma, chronic obstructive pulmonary disease (COPD) and allergic rhinitis treatments. Changfeng aims to allocate IPO proceeds to R&D, global expansion and facility upgrades.

The company has secured six product approvals from China and US regulators, including CF017 (budesonide suspension for asthma), which captured 16% of China's budesonide market by volume in 2024.

Revenue grew at a 31.9% CAGR from 2022 to 2024 (RMB 608 million in 2024), with CF017 contributing over 94% of sales. The company plans to expand production capacity and advance novel inhaled therapies.