Metis TechBio Makes Hong Kong Debut as 'World’s First AI-Powered Nanodelivery Pharma', Setting Three IPO Records

5Month13Date, METiS TechBio was listed on the Hong Kong Stock Exchange, becoming the "globalAI"The First Nanomedicine Delivery Stock" and also a Hong Kong stockAIThe First Large-Molecule Biopharmaceutical Stock.

This TimeIPO, METiS TechBio Global Launch201,229,000ThighHShares (depending on whether the over-allotment option is exercised), raising more than21HKD billion (excluding over-allotment option),The issue price is per share10.50HKD, with a market value of approximately121HKD billion.

According to PharmaCubeInvestGoDatabase, METiS TechBio's listing this year is currently the largest fundraising in the Hong Kong stock market's healthcare sector.IPO。

At the same time, METiS TechBioRecorded Excess in Hong Kong Public Offering6,900Times oversubscribed, locking in subscription funds exceeding7,300HKD billion, for2026Year-to-Date HKEX HealthcareIPOThe highest subscription amount for the Hong Kong public offering; in terms of international placement, received over280Institutional investors place orders, recording distributable quotas.82Times oversubscribed, also2026Year-to-Date HKEX HealthcareIPOThe Highest International Placement Subscription Multiple.

Not only that,METiS TechBioIPOalso set a record in the Hong Kong stock marketAIA New Record for the Cornerstone Scale of the Pharmaceutical Sector：18Cornerstone investors collectively subscribed up to1.48Billion US dollars.

Among them, BlackRock5000Million-dollar-led, together with UBS, Mirae Asset, and Orix, the four major global asset management giants gather on the cornerstone list; the three giants of international professional medical funds.Deerfield、RTW, Clear Pool, andAITech fund giants Walden International, Hillhouse,IDGBoth entered the market, showing the market's recognition of METiS TechBio "AI+The confidence in the "dual attributes" of pharmaceuticals. Top-tier Chinese public funds such as ICBC Credit Suisse, Huaxia, Fuguo, and Guangfa also appeared together, and the National Team's national-level fund, Guoxin Fund, made its debut inAIThe cornerstone subscription of pharmaceutical enterprises has appeared.

Obviously, METiS TechBio, which has achieved multiple "firsts," is becomingAIThe Latest Trend in the Pharmaceutical Sector.

GloballyAIIn the pharmaceutical sector, METiS TechBio stands out with itsAIThe platform focuses on nanomaterial discovery, drug formulation,LNPGeneration and Development,RNAStand out in aspects such as design.

This unique positioning stems from METiS TechBio's deep insight into the iterative trend of innovative drug development: the development of innovative drugs is transitioning from "target-Molecule-The clinical field has entered the "delivery era." Especially in the era of large molecule drugs such as bispecific antibodies and nucleic acids, delivery is a prerequisite. Nanomaterials possess tremendous potential to achieve targeted delivery to specific organs and tissues, directly interact with cells, and address diseases at the molecular level.

According to Frost & Sullivan, the global nanotechnology-based pharmaceuticals market2020Year's1,875billion dollars increased to2024Year's2,220billion US dollars, expected to reach2035will reach by the year5,854Billion US dollars,2024Year to2035The compound annual growth rate over the years is9.2%。

2025In the year, METiS TechBio released the world's first self-developedAINano Delivery PlatformNanoForge, including the industry's first, largest, and most diversified lipid library, containing over1,000A myriad of structurally diverse lipids.Relying on this, METiS TechBio has developed in the human body8Targeted delivery to organs or tissues, including the liver, lungs, immune organs, heart, muscles, tumors, central nervous system, and gastrointestinal tract.

Based onNanoForge, METiS TechBio has developed three major professional solutions:AiTEM（AISmall molecule formulation design platform),AiLNP（AINucleic Acid Delivery System Design Platform),AiRNA（AI mRNASequence Design Platform), used to simulate, predict, and interpret interactions at the nanoscale, thereby enabling the rational design, optimization, and validation of advanced nanomaterials and their associated payloads.

NanoForgePlatform Architecture

Source of the image: Prospectus (same below)

At the same time, METiS TechBio has developed a pipeline of products through its organ-specific delivery platform, covering areas such as oncology, immunology, metabolism, and the central nervous system, and currently has more than10Product pipeline.

METiS TechBio's R&D Pipeline

The fastest progress isAiTEMProduced inMTS-004. This is the first domestically producedIIIPhase ClinicalAIEmpowering New Drug Formulations, which is also the first and only one in China to have completed clinical trials.PBA（Pseudobulbar Affect, Pseudobulbar Affect) drug, filling a gap in ChinaPBAA blank in therapeutic drugs, which is also expected to be used for dysphagia caused by other central nervous system diseases or injuries in the future.

It is worth mentioning that, according to Frost & Sullivan,MTS-004(Excluding delivery systems based on nanomaterials) represents the adoptionAIThe pipeline with the fastest progress in drug delivery technology design, from project initiation to completion3The clinical trial only took38Months.

Based onAiLNPAndAiRNATwo Major Platforms, METiS TechBio Advances Further, Pioneering the "Rocket (LNP）+Satellite (mRNA)" A new paradigm for delivery, reconstructing the logic of drug development from the ground up, and launching a pipeline of emerging therapies with "global new" potential.

Developed under this paradigmMTS-105, is expected to become the world's firstmRNACodeTCESolid Tumor Therapy, which can be used to treat liver cancer and other advanced solid tumors with liver metastases, is currently inIITPhase and has been obtainedFDA"Orphan Drug Designation"

The innovation strength of METiS TechBio can be seen from its R&D expenditure. The prospectus shows that most of the company's operating expenses are related to R&D.2023Year,2024Year,2025Annual R&D expenditure reached2.91100 million yuan,2.74100 million yuan,2.70100 million yuan.

It can be seen that whether in terms of track layout, technical innovation barriers, or product implementation efficiency, METiS TechBio has a strong presence in the Hong Kong stock market “AIThe unique value of the "Three Little Dragons" in the pharmaceutical industry is the main reason for attracting top investors to increase their investments.

As innovative achievements continue to be realized, METiS TechBio also bases its efforts on "platform technology cooperation+Self-developed PipelineIPThe "dual-driver" business model of authorization has reached a commercial inflection point.

2025In [Year], METiS TechBio's revenue exceeded1100 Million Yuan, Annual loss by2024Year's4.99Narrowed to billions3.92billion yuan, adjusted net loss decreased to1.8100 million yuan, with gross margin from2024Year's55.5%Upgrade to2025Year's98.2%。

Specifically, through platform collaboration, METiS TechBio supports partners in utilizing itsAiTEM、AiLNP、AiRNAProprietary platform for drug formulation optimization, delivery system development andmRNASequence optimization, thereby generating project-based revenue, including option fees (if applicable), research fees, and licensing fees ultimately collected for the nano-materials-based products developed.

The prospectus shows that, as of now, METiS TechBio has already owned more than30A pharmaceutical and biotechnology partner. Recently, METiS TechBio has been in deep negotiations regarding the establishment of potential platform partnerships, with each contract valued between3.45~5.12Billion USD.

At the same time, METiS TechBio realizes long-term value by licensing its self-developed assets to partners through product cooperation in the form of upfront payments, milestone payments, and royalties.

2025Year9In the month, METiS TechBio entered into a licensing agreement with Zhejiang YinAn Pharmaceuticals, grantingMTS-004, used for treatmentPBA, METiS TechBio has the right to collect1100 Million Yuan as the First Payment (Already Paid on2025Year2Monthly arrival) and the highest18.45Payments for specific commercial milestones in the hundreds of millions, along with tiered royalties calculated as a high double-digit percentage of the product's annual net sales.

In addition, both parties in2025Year10Signed a supplementary agreement in the month ofMTS-004For further R&D cooperation on the treatment of dysphagia indications, Zhejiang Yin'an will be responsible for obtaining marketing approval for this indication. After licensing, METiS TechBio has the right to collect up to...1Milestone payments for development in the hundreds of millions.

METiS TechBio stated in its prospectus that, with the successful completion of key preclinical and clinical milestones, new out-licensing deals will be reached successively.

In the long term, this business model will create a "flywheel effect": insights and data generated from external collaborations will flow back into the platform, enhancing model accuracy, expanding chemical and biological diversity, and enriching its ionizable lipid library; these platform improvements, in turn, will empower METiS TechBio to develop more advanced pipeline products internally and provide higher-value solutions for partners.

METiS TechBio's Dual-Driven Business Model

Thus, METiS TechBio's business model has created a recyclable collaborative ecosystem, forming a powerful feedback mechanism of "technology – commercial reuse – real data feedback." This self-reinforcing innovation cycle, combined with asset advancement to enhance platform credibility, helps support both short-term revenue and long-term growth.

Before the gong was struck for the Hong Kong stock listing, METiS TechBio had already mapped out a development blueprint for itself.According to its global offering document, METiS TechBio has approximately1976.9Million HKD net proceeds from the global offering.

From the perspective of fundraising purposes, the iterative innovation of platform technology remains the top priority for METiS TechBio. METiS TechBio plans to allocate approximately50%Amount Raised (Total)988.5million Hong Kong dollars) to advance itsAIInfrastructure andAIResearch and Development of Core Technologies for Nanomaterials Platforms.

Specifically, METiS TechBio plans to25%Funds raised will be used to enhance independently developedAIModels and AgentsNanoForge; Approximately15%Used forAIEmpower the R&D of solutions; approximately10%For non-liver targetingLNPIn vivo validation of its payload.

At the same time, METiS TechBio plans to20%Amount Raised (Total)395.4HKD million) to advance the product pipeline, includingMTS-105、Oral small molecules with intestinal restrictionTGR5AgonistMTS-201, and potentially the best-in-classmRNACoding TrispecificTCETherapyMTS-109etc.

Beyond the innovative pipeline, METiS TechBio is further expanding its market space in the life sciences field based on nanomaterial technology, with plans to...10%Funds raised will be used to develop animal health and anti-aging solutions.

In this direction, METiS TechBio currently has two pipelines under research:PTS-101, whose drug mechanism is related toMTS-201The same, aiming to address obesity, overweight, and metabolic dysfunction in pets;PTS-201, a first-in-class local administrationmRNATherapy, which is expected to become a differentiated solution for animal vascular regeneration and ischemia-related diseases.

2025Year8Month1Recently, METiS TechBio has signed a letter of intent with a leading pet health supply chain provider in China to jointly developAIDrive and commercialize animal health products.

Finally, METiS TechBio will also approximately10%The fundraising amount is allocated to support the global construction ofAIDrive the Growth Strategy of the Nanomaterials Ecosystem, Marching Towards Overseas Markets. The remaining approximately10%Will be used for working capital and other general corporate purposes.

Based on this blueprint, the founding team of METiS TechBio has set the direction for the company's development. The founding team includes Dr. Hongmin Chen, a member of the American Institute of Medical and Biological Engineering and the National Academy of Engineering.MITDr. Lai Caida,MITDr. Wang Wen, a scientist with deep and complementary expertise in artificial intelligence, drug delivery, and translational science, leads an interdisciplinary R&D team. He is joined by Dr. Wei Xu, Chief Scientific Officer, Dr. Chong Fu, Chief Financial Officer, and the Chief Business Officer.Mark HerbertThe executive team, with rich experience in R&D, operations, and business development, makes METiS TechBio a promising future.

Lai Caida once mentioned that the vision of METiS TechBio is to become theSpaceX, with different nano-rockets, using a similarSpaceXThe commercial-driven model provides rocket services to large pharmaceutical companies andbiotechCollaborative product development, and self-research "Rocket"+"Satellite" Series Breakthrough Pipeline Products.

Today, this "pharmaceutical industrySpaceX"A successful landing on the Hong Kong stock market, its future journey to what kind of vast possibilities is worth looking forward to."

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