New stock news: SmartBio submits application to Hong Kong Stock Exchange to become China's second largest biologic drug CDMO company.

According to the disclosure on June 1st by the Hong Kong Stock Exchange, ZhiXiang Bio (Suzhou) Limited (referred to as ZhiXiang Bio) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Dongxing (Hong Kong) as its exclusive sponsor. Company Profile The prospectus shows that ZhiXiang Bio is a production-driven full-life cycle CDMO dedicated to biologics. According to data from Frost & Sullivan, based on the number of commercialized products by 2025, the company ranks second among CDMO companies for biologics in China, and ranks third in the revenue by 2025 in the field of therapeutic antibody drugs for biologics CDMO in China. In terms of business model, the company provides a one-stop CDMO solution for biologic drug development and production, including (i) process development, (ii) analytical method development and validation, (iii) Good Manufacturing Practice (GMP) production, (iv) quality management, and (v) regulatory affairs and chemistry, manufacturing, and control (CMC) support. As of now, the company has provided CDMO services to over 200 customers, covering more than 400 projects involving over 200 drugs and candidate drugs, including 3 approved drugs and over 20 projects in late-stage development. The company has established a large project portfolio and maintains stable cooperation with customers from major markets in China, the United States, and Europe. Major projects refer to projects with a contract value of no less than RMB 8 million. In 2023, 2024, and 2025, the company had 18, 16, and 14 major projects respectively. The total revenue contributed by these major projects in 2023, 2024, and 2025 accounted for 77.9%, 77.4%, and 72.9% of the total revenue each year. In terms of production capacity, the company's operations in China are supported by a multi-site manufacturing network spanning the Suzhou corridor, including parks in Suzhou Industrial Park, Changshu, and Xiangcheng, covering approximately 121,265 square meters of extensive GMP facilities. Overall, this network provides a total production capacity of approximately 113,400L. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 455 million, RMB 433 million, and RMB 484 million, respectively. Net Loss In the fiscal years 2023, 2024, and 2025, the company recorded net losses of approximately RMB 168 million, RMB 291 million, and RMB 215 million, respectively. Industry Overview Biologics refer to pharmaceutical products manufactured using biotechnology. Raw materials include microorganisms, cells, animal or human tissues and fluids, etc., used for preventing, treating, and diagnosing human diseases. The global biologics market showed continuous growth from 2020 to 2025 and is expected to continue expanding until 2035. The market size is expected to increase from USD 297.9 billion in 2020 to USD 471.8 billion in 2025, with the total market size reaching USD 774.8 billion by 2030. The compound annual growth rate from 2025 to 2030 is estimated to be around 10.4%, and further increasing to USD 1,173.1 billion by 2035, with a compound annual growth rate of 8.6% from 2030 to 2035. The biologics market in China is rapidly growing, increasing from RMB 345.7 billion in 2...