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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
X.J. Electrics
02619.HK		 Household Appliances 2.86-3.35 1,000 3,384 2025/06/20 2025/06/24 2025/06/25
CaoCao Inc.
02643.HK		 Trucking 41.94 100 N/A 2025/06/20 2025/06/24 2025/06/25
SAINT BELLA
02508.HK		 Health Care Services 6.58 500 N/A 2025/06/23 2025/06/25 2025/06/26
Zhou Liu Fu
06168.HK		 Watch & Jewellery 24 100 N/A 2025/06/23 2025/06/25 2025/06/26
Eternal Beauty
06883.HK		 Beauty & Toiletries Products and Services 2.8-3.38 1,000 3,414 2025/06/23 2025/06/25 2025/06/26
Medtide
03880.HK		 Biotechnology - Pharmaceuticals 28.4-30.6 100 3,091 2025/06/25 2025/06/27 2025/06/30
IFBH
06603.HK		 Beverages (Non-alcoholic) 25.3-27.8 200 5,616 2025/06/25 2025/06/27 2025/06/30
Unisound
09678.HK		 Advanced hardware and software 165-205 20 4,141 2025/06/25 2025/06/27 2025/06/30
Medtide (03880.HK)
Summary
We are the third largest peptide-focused CRDMO worldwide in terms of sales revenue with a market share of 1.5% in 2023, according to Frost & Sullivan. We offer full-cycle services ranging from early-stage discovery, preclinical research and clinical development to commercial-stage production. The top two players in the global peptide-focused CRDMO market accounted for 23.8% of the market share and the remainder of the market is fragmented and each of the top three to six players (including our Company) only accounted for around 1% of the market share in 2023.

Our Services

We mainly provide (i) CRO services, namely peptide NCE discovery synthesis; and (ii) CDMO services, namely peptide CMC development and commercial manufacturing. Our services primarily focus on providing customers with APIs rather than drug products. Our customers then mix the APIs with excipients to create the final dosage forms of drug products, determine the appropriate dosage form, route of administration, and formulation, and then use the final drug products for their clinical trials or commercial sales. We have established stable customer relationships and service footprint in over 50 countries, including major markets such as China, the United States, Japan, Europe, South Korea, and Australia. We provide our customers with peptide drug development, production, and CMC filing support services that meet regulatory requirements in major markets worldwide.

Our Project Pipeline

We have built an extensive project pipeline. As of December 31, 2024, our project pipeline included 1,217 ongoing CRO projects and 332 ongoing CDMO projects. We have strategically focused on the pipeline buildup in the field of GLP-1. We had nine NCE GLP-1 molecule development projects with seven customers in developing oral and/or injectable GLP-1 molecule products as of the Latest Practicable Date. For details, please see “Business—Our Services—Peptide CRDMO Services.” Our Market Opportunities and Competition We face competition primarily from other leading CRDMO and CDMO companies who are active in peptide manufacturing. Peptide CRDMO service providers face competition based on several factors, including growth of the overall pharmaceutical market, the market demand, quality and breadth of services, specific scientific and regulatory expertise, advanced technological requirements, high capital expenditure needs, timeliness of delivery, manufacturing capability and capacities, capable talent, global supply chain solutions and ability to build/establish capable GMP certified facilities.

In terms of barriers to entry, the peptide CRDMO market generally requires high technical expertise. We are well-positioned to capture opportunities in the sizable and fast-growing peptide drug market, with our peptide production technology, strong compliance record and experienced management team. We believe that we can maintain our competitiveness by leveraging our established position in the global peptide CRDMO market and capitalizing on the opportunities offered by the fast-growing market.

Peptide Drug Market

According to Frost & Sullivan, the global peptide drug market grew from US$60.7 billion in 2018 to US$89.5 billion in 2023 as measured by sales revenue, representing a CAGR of 8.1%, and is expected to further grow to US$261.2 billion in 2032, representing a CAGR of 12.6%; the number of non-insulin peptide drugs that had obtained regulatory approvals globally reached 76 between January 1, 2015 and the Latest Practicable Date.

GLP-1 Drug Market

One particular type of peptide drug product, namely GLP-1, has become a major driver for the rapid growth of the global peptide drug market. The global GLP-1 drug market grew from US$9.3 billion in 2018 to US$38.9 billion in 2023 as measured by sales revenue, representing a CAGR of 33.2%, and is expected to further grow to US$129.9 billion in 2032, representing a CAGR of 14.3%.

In case semaglutide related patents expire in 2026 in China and 2032 in the United States, such expiration is expected to lead to an increase in generic drugs, it is possible that this situation is expected to increase the demand for APIs, as well as to increase the demand for CRO services and CDMO services for the discovery and development of more advanced NCEs. Intensified competition could lead to API price decreases, and potentially further affecting our profit margin. While the expiration of semaglutide patents may also lead to the above increase in competition, we believe our established technical and operational expertise in peptide synthesis and the high technical barriers in manufacturing complex peptides put us in a favorable position to compete against potential competitors. We intend to seize the above opportunity of semaglutide’s patent expiration by (i) expanding our production capacity to capture the growth; (ii) enhancing our ability to help customers explore and expand into more markets; and (iii) strengthening our business development capabilities to obtain new NCE projects.

According to Frost & Sullivan, the percentage of pharmaceutical and biotech companies that outsourced clinical development and production to third party service providers reached approximately 70% in the global peptide drug market in 2023, higher than 30%-40% for biologics. This reliance on third party service providers has led to the rapid growth of the global peptide CRDMO market, which increased from US$1.6 billion in 2018 to US$3.1 billion in 2023 as measured by sales revenue, representing a CAGR of 14.8%, and is expected to further grow to US$18.8 billion in 2032, representing a CAGR of 22.0%.

Oligonucleotide CDMO Market

According to Frost & Sullivan, 18 oligonucleotide drugs had obtained regulatory approvals between January 1, 2015 and the Latest Practicable Date. The global oligonucleotide drug market grew significantly from approximately US$2.0 billion in 2018 to approximately US$4.5 billion in 2023 as measured by sales revenue, representing a CAGR of 16.9%, and is expected to further grow to US$45.9 billion in 2032, representing a CAGR of 29.6%. The global oligonucleotide CDMO market by sales revenue grew from US$0.5 billion in 2018 to US$2.3 billion in 2023, representing a CAGR of 33.8%, and is expected to further grow to US$18.4 billion in 2032, representing a CAGR of 26.0%.



Source: Medtide (03880) Prospectus (IPO Date : 2025/06/20)
Listing Market MAIN
Industry Biotechnology - Pharmaceuticals
Background H Shares
Major Business Area USA
Corporate Information
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