Zhixiang Biological (Suzhou) Co., Ltd. has submitted an application for a main board listing on the Hong Kong Exchange, with Dongxing Securities (Hong Kong) acting as the sole sponsor.
The company is a production-driven, full-lifecycle CDMO focused on biologics. According to data from Frost & Sullivan, it ranks as the second-largest biologics CDMO in China by the number of commercialized products expected in 2025, and the third-largest in China's therapeutic antibody drug CDMO sector by projected 2025 revenue.
Its business model offers one-stop CDMO solutions for biologics development and production, covering process development, analytical method development and validation, GMP manufacturing, quality management, and regulatory affairs with CMC support.
To date, the company has served over 200 clients across more than 400 projects, involving over 200 drugs and drug candidates. This portfolio includes three approved drugs and more than 20 projects in late-stage development. It maintains stable partnerships with clients from key markets including China, the United States, and Europe.
Major projects, defined as those with a contract value of at least RMB 8 million, numbered 18, 16, and 14 in 2023, 2024, and 2025 respectively. Revenue from these major projects accounted for 77.9%, 77.4%, and 72.9% of the company's total revenue in those years.
Its operations in China are supported by a multi-site manufacturing network across the Suzhou corridor, covering approximately 121,265 square meters of GMP facilities. This network provides a total installed production capacity of about 113,400 liters.
Financially, the company reported revenues of approximately RMB 455 million, RMB 433 million, and RMB 484 million for the years 2023, 2024, and 2025, respectively. It recorded annual losses of approximately RMB 168 million, RMB 291 million, and RMB 215 million for the same periods.
The global biologics market has shown sustained growth, expanding from $297.9 billion in 2020 to $471.8 billion in 2025. It is forecast to reach $774.8 billion by 2030 and further increase to $1,173.1 billion by 2035.
The Chinese biologics market grew from RMB 345.7 billion in 2020 to RMB 531.5 billion in 2025. It is projected to reach RMB 964.1 billion by 2030 and expand to RMB 1,791.7 billion by 2035.
The global biologics CDMO market size increased from $18.0 billion in 2020 to $31.8 billion in 2025. It is expected to grow to $63.5 billion by 2030 and further to $105.8 billion by 2035.
In China, the biologics CDMO market expanded from RMB 9.1 billion in 2020 to RMB 32.5 billion in 2025. It is projected to reach RMB 88.0 billion by 2030 and grow to RMB 216.4 billion by 2035.
The Chinese biologics CDMO industry is competitive and highly concentrated. There are at least 150 biologics CDMO companies globally, with at least 25 based in China.
The company's board consists of nine directors: four executive directors, two non-executive directors, and three independent non-executive directors.
As of May 27, 2026, Mr. Li, the group's founder, executive director, board chairman, and CEO, could exercise approximately 57.84% of the company's voting rights through direct and indirect holdings.
The professional team for the listing includes Dongxing Securities (Hong Kong) as sole sponsor, CICC Hong Kong Securities as overall coordinator, and Deloitte Touche Tohmatsu as auditor, among other legal and compliance advisors.
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