According to disclosures made by the Hong Kong Stock Exchange on Sept. 30, Beijing Acrobiosystems Co., Ltd. (301080.SZ) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Merchants Securities International serving as its sole sponsor.

Corporate Overview

According to the prospectus, the company is primarily engaged in the research, development, production and sales of recombinant proteins, antibodies and assay kits.

Based on Frost & Sullivan data, the company holds a favorable position in the biological reagents industry, particularly in the recombinant protein segment. By 2025 revenue, it ranked first among all Chinese suppliers in the global recombinant protein market and third among all suppliers, with a global market share of 2.7%, while the top two market participants held a combined share of 33.0%. By 2025 revenue, the company ranked third among all suppliers in China's biological reagents industry, with a market share of 2.6%, while the top two market participants held a combined share of 17.6%.

It is worth noting that, according to Frost & Sullivan, from 2023 to 2025, the company achieved a higher revenue growth rate compared to the top five participants in the global biological reagents market by revenue.

The company offers a comprehensive product portfolio integrating biological reagents, including recombinant proteins, antibodies, assay kits and other products, complemented by a range of technical services. The synergies within the company's products enable it to provide customized solutions that address key needs in biopharmaceutical R&D, from early target discovery to clinical trials. Specifically: (i) vertically, the company's product portfolio covers the tool chain from target discovery, drug screening and optimization to preclinical research, ensuring experimental continuity and consistent, comparable data; (ii) horizontally, the company deeply integrates reagent products such as recombinant proteins with technical capabilities to address key industry R&D bottlenecks, such as the expression of difficult-to-express proteins; and (iii) by leveraging product and data synergies across preclinical and clinical trial stages, the company achieves full traceability of research outcomes and maintains dataset consistency.

As of the latest practicable date, the company offers more than 5,000 SKUs of products and various technical services, all manufactured or provided in accordance with applicable international and industry-recognized quality standards and frameworks, including ISO 9001:2015, ISO 13485:2016, current Good Manufacturing Practices, the Medical Device Single Audit Program (MDSAP) and Rx-360.

The company serves a diverse customer base, including leading global pharmaceutical companies and biotechnology firms. Its solutions cover multiple therapeutic areas such as oncology, autoimmune diseases, cardiovascular diseases, metabolic diseases, central nervous system and infectious diseases, while actively supporting modalities including conjugated drugs (XDC), ADC, cell and gene therapy (CGT) and multi-specific antibodies.

Financial Data

Revenue: For 2023, 2024, 2025 and the seven months ended July 31, 2026, the company's revenue was approximately RMB 544 million, RMB 645 million, RMB 838 million and RMB 606 million, respectively.

Profit: For 2023, 2024, 2025 and the seven months ended July 31, 2026, the company's annual/period profit was approximately RMB 148 million, RMB 120 million, RMB 165 million and RMB 123 million, respectively.

Industry Overview

In 2020, the global and Chinese biological reagents markets reached USD 18.2 billion and USD 2.2 billion, respectively, growing at compound annual growth rates of 7.7% and 16.2% to reach USD 26.4 billion and USD 4.6 billion in 2025. These markets are expected to further expand to USD 39.5 billion and USD 13.4 billion by 2032, with compound annual growth rates of 5.9% and 16.8% from 2025 to 2032, respectively.

Biological reagents can be divided into three types: cell-based, protein-based and nucleic acid-based. Protein-based reagents are further categorized into antibodies, recombinant proteins and others. In 2025, by revenue, the protein-based biological reagents segment accounted for 36.3% of the global biological reagents market. In 2025, by revenue, the global recombinant protein segment accounted for 36.0% of the global protein-based biological reagents market and is expected to rise to 51.0% by 2032. In 2025, recombinant protein reagents accounted for 13.1% of the global biological reagents market, making them a key growth engine for the industry. Looking ahead, recombinant proteins are expected to continue increasing their share of protein-based reagents and record the fastest growth among all protein-based reagent categories. The growing share of recombinant protein reagents is mainly driven by technological advances, which have significantly increased the usage of certain reagents including enzymes and diagnostic raw materials.

In 2020, the global and Chinese recombinant protein markets reached USD 1 billion and USD 100 million, respectively, growing at compound annual growth rates of 28.2% and 25.2% to reach USD 3.5 billion and USD 400 million in 2025. These markets are projected to further expand to USD 8.6 billion and USD 1.3 billion by 2032, with compound annual growth rates of 14.0% and 17.0% from 2025 to 2032, respectively.

Driven by factors such as rising healthcare demand and increasingly comprehensive regulatory frameworks, from 2020 to 2030, the compound annual growth rate of the biopharmaceutical market significantly exceeds the average growth rate of the overall pharmaceutical market. In 2025, the global biologics market reached USD 474.9 billion and is expected to reach USD 911.0 billion by 2032, with a compound annual growth rate of 9.8%. By comparison, benefiting from improved medical reimbursement capabilities and an expanding patient population, China's biologics market reached RMB 523.9 billion in 2025. It is expected to further grow to RMB 1,275.3 billion by 2032, with a compound annual growth rate of 13.6%.

Board of Directors

The company's board of directors is responsible for managing and operating the company's business and has general authority over it. The board consists of seven directors, including three executive directors, one non-executive director and three independent non-executive directors.

Shareholding Structure

Based on the concerted action agreement and Mr. Chen's role as general partner of Anyi Acrobiosystems and Anyi Acrobijiale, Mr. Chen, Mr. Miao, Anyi Acrobiosystems and Anyi Acrobijiale together constitute the company's controlling shareholder group, exercising approximately 41.36% of the company's total voting rights as of the latest practicable date.

Intermediary Team

Sole Sponsor: China Merchants Securities (Hong Kong) Co., Ltd.; Legal Advisors: Morgan, Lewis & Bockius LLP, Ms. Ng Wing Shan, Llinks Law Offices, among others; Legal Advisors to the Sole Sponsor: Fangda Partners, King & Wood Mallesons; Auditor and Reporting Accountant: Rongcheng (Hong Kong) CPA Limited; Independent Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Transfer Pricing Advisor: Ernst & Young (China) Corporate Advisory Co., Ltd. Beijing Branch; Compliance Advisor: Rongtong Fintech Limited.