The first Chinese replacement of erectile-dysfunction drug "Viagra" has been granted approval for production by the China Food and Drug Administration on Wednesday.

Developed by Chinese drug maker Guangzhou Pharmaceutical Holdings (GPH), the generic drug is the first "approved" product of a number of homegrown generic drugs aimed at filling the vacuum left by Pfizer's Viagra after its patent expired on May 12 in the Chinese market.

"The new drug will be sold under the brand name 'Jin'ge,' literally meaning 'gold dagger-axe' in Chinese," GPH said in a statement e-mailed to the Global Times.

GPH ranked 219th in the latest ranking of China's top 500 companies released Tuesday.