IPO News | Keli Co., Ltd. submitted a listing to the Hong Kong Stock Exchange as a comprehensive healthcare solutions provider

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on December 18, Keli Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC is its sole sponsor.

According to the prospectus, Keli is a comprehensive healthcare solutions provider originating in South Korea, with its main business in China and expanding its international business footprint. The company is committed to promoting the upgrading of the pharmaceutical supply chain through digital solutions while promoting innovation and development in the field of biological health and multi-functional nutrition.

During the track record period, the company was mainly engaged in the following business lines: pharmaceutical marketing, promotion and sales; R&D, production and distribution of maternal and child nutritional supplements.

According to Frost & Sullivan, the company ranked in the top ten in the Chinese pharmaceutical marketing, promotion and sales market in terms of revenue in 2024. Based on revenue in 2024, the company is the largest pediatric drug marketing, promotion and sales service provider in China, accounting for 15.9% of the Chinese market.

The company's sales network covers 31 provinces in mainland China, covering all provincial capitals and prefecture-level cities. As of June 30, 2025, the company has a pharmaceutical marketing, promotion and sales network of more than 1,500 distributors, covering about 110,000 clinics, 310,000 pharmacies and 3,600 hospitals, including 68 Chinese grade III hospitals (accounting for about 3.8% of the total number of grade 3 A hospitals in China).

Currently, the company's pharmaceutical marketing, promotion and sales business line is based on the distribution of two flagship pediatric prescription drugs (Mommy Love and Yi Tanjing). Mommy Love and Yi Tanjing are both products developed and produced by the Hanmi Group. During the track record period, the company was the exclusive distributor of Mommy Love and Yi Tanjing in the Chinese out-of-hospital market segment.

In addition, the company has also developed a highly diversified and differentiated innovative product portfolio, including R&D, production and sales of maternal and child nutritional supplement products (mainly biohealth functional supplements and infant formula).

The company's suppliers mainly include suppliers of pharmaceuticals and raw materials. For the year ended 2022, 2023, and December 31, 2024, and the six months ended June 30, 2025, the amount purchased from the five major suppliers in each year/period was equivalent to 69.4%, 68.5%, 64.1%, and 68.4% of the total procurement volume for each period.

Hanmi Group is the company's key strategic supplier. In the same period, purchases from the largest supplier, Hanmi Group, were equivalent to 57.0%, 57.5%, 52.6%, and 62.0% of the total procurement volume for each period.

Mr. Lin, the founder, executive director and controlling shareholder of the company, is also a shareholder of Hanmi Group. As of December 10, 2025, Mr. Lin directly held 3.20% of Korea-US Group's interests and indirectly held 4.04% of its interests through Coree Pohang.

Financial data

revenue

In 2022, 2023, 2024, and 2025 for the six months ended June 30, the company recorded revenue of US$322 million, US$350 million, US$282 million and US$143 million respectively.

profit

In 2022, 2023, 2024, and 2025 for the six months ended June 30, the company recorded annual/period profit of US$173.382 million, US$247.684 million, US$21.85,800, and US$21.825,500, respectively.

gross profit margin

For the six months ended June 30 in 2022, 2023, 2024, and 2025, the company's corresponding gross profit margins were 43.6%, 48.3%, 53.3%, and 56%.

Industry Overview

Driven by an aging population, increasing health awareness and life expectancy, and increasing R&D expenditure, people are increasingly willing to invest in health-related industries. The market size of China's pharmaceutical industry will increase from RMB 1,447.9 billion in 2020 to RMB 1,629.7 billion in 2024. It is expected to grow 4.0% at a compound annual growth rate and reach RMB 1,985.4 billion by 2029.

In recent years, the government has attached great importance to children's health and has successively introduced relevant policies and strategies to support the development of the pediatric pharmaceutical industry. In terms of revenue, the market size of the pediatric pharmaceutical industry is expected to grow at a compound annual growth rate of 5.0% to reach RMB 123.2 billion by 2029.

Pharmaceutical marketing, promotion and sales industry in China

China's pharmaceutical marketing, promotion and sales industry is specialized. In recent years, pharmaceutical marketing, promotion and sales outsourcing has become an increasingly important part of pharmaceutical companies' marketing strategies.

According to Frost & Sullivan, the market size of China's pharmaceutical marketing, promotion and sales industry in 2024 was RMB 97.8 billion, with a compound annual growth rate of 8.9% from 2020.

The market size of the pharmaceutical marketing, promotion and sales industry is expected to grow to RMB 139 billion by 2029, with a compound annual growth rate of 7.3% from 2024.

Hospital demand for drugs is huge and stable, making it one of the main expansion directions for drug suppliers. In terms of revenue, the market size of the out-of-hospital channel pharmaceutical marketing, promotion and sales industry is expected to grow at a CAGR of 11.6% from 2024 to 2029.

With the expansion of the pediatric drug market in China, the proportion of pharmaceutical marketing, promotion and sales services has gradually increased. In terms of revenue, the market size of the pediatric drug marketing, promotion and sales industry increased from RMB 6.4 billion in 2020 to RMB 9.6 billion in 2024, with a compound annual growth rate of 10.7%. The market size is expected to reach RMB 14.8 billion by 2029, and the compound annual growth rate from 2024 to 2029 will be 9.0%.

China's probiotic supplement industry

In terms of retail sales, the market size of China's nutritional supplement industry will increase from RMB 199.5 billion in 2020 to RMB 260.6 billion in 2024. It is expected to grow at a CAGR of 9.5% and reach RMB 410.1 billion by 2029.

As public health awareness increases, consumer demand for various aspects of health management, such as gut health, immune support, and oral health, continues to rise. The consumer base of probiotic supplement products has further expanded to include infants, young children, women and the elderly. This trend provides a clear direction for the diversified development of such probiotic supplement products.

The market size of China's probiotic supplement industry increased from RMB 17.2 billion in 2020 to RMB 24.6 billion in 2024, with a compound annual growth rate of 9.4%. In 2029, the probiotic supplement market is expected to grow to RMB 40 billion, with a CAGR of 10.2%.

Board Information

The board of directors of the company consists of 7 directors, including 4 executive directors and 3 independent non-executive directors.

Shareholding structure

As of December 10, 2025, Mr. Lin directly held 76.2% of the company's shares and indirectly held 23.8% of the shares through Coree Pohang.

Intermediary team

Sole sponsor and exclusive overall coordinator: China International Finance Hong Kong Securities Limited.

Company Legal Advisors: Regarding Hong Kong and US law: Shengxin Law Firm; relating to Chinese law: Fangda Law Firm.

Sole sponsor legal advisors: relating to Hong Kong and US law: Smith & Phil; relating to Chinese law: Junhe Law Firm.

Reporting accountant and independent auditor: KPMG.

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.

Compliance Advisor: Maxi Capital Ltd.