IPO News | Bepsyth (301080.SZ) once again submitted that the Hong Kong Stock Exchange ranked third among suppliers in China's biological reagent industry
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 30, Beijing Baipsis Biotechnology Co., Ltd. (abbreviation: Bepsis, 301080.SZ) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor.
Company profile
According to the prospectus, the company is mainly engaged in R&D, production and sales of recombinant proteins, antibodies and analytical test kits. According to Frost & Sullivan, the company has an advantageous position in the biological reagent industry, particularly in the recombinant protein segment. In terms of revenue in 2025, the company ranked first among all Chinese suppliers in the global recombinant protein market and ranked third among all suppliers, with a global market share of 2.7%, compared to the combined market share of 33.0% of the top two market participants. In terms of revenue in 2025, the company ranked third among all suppliers in the Chinese biological reagent industry, with a market share of 2.6%, compared to the combined market share of 17.6% of the top two market participants. Notably, according to Frost & Sullivan, from 2023 to 2025, the company achieved a higher revenue growth rate compared to the top five players in the global biological reagent market (in terms of revenue).
The company offers a comprehensive product portfolio that integrates biological reagents (including recombinant proteins, antibodies, analytical test kits and other products), and is complemented by a range of technical services. The synergy in the company's products enables the company to provide customized solutions to meet the critical needs of biopharmaceutical development from early target discovery to clinical trials. Specifically: (i) vertically, the company's product portfolio covers the toolchain from target discovery, drug screening and optimization to pre-clinical research to ensure consistent and comparable data; (ii) horizontally, the company deeply integrates reagent products such as recombinant proteins with technical capabilities to solve key R&D bottlenecks in the industry, such as expression of proteins that are difficult to express; and (iii) by using pre-clinical and clinical trial product and data synergy effects, the company achieved complete traceability of research results and maintained data set consistency. As of the last practical date, the company provided more than 5,000 SKU products and various technical services. These products and services are manufactured or provided in accordance with applicable international and industry-recognized quality standards and frameworks, including ISO 9001:2015, ISO 13485:2016, current pharmaceutical production quality management practices, the Single Audit Procedure for Medical Devices (MDSAP), and Rx-360.
The company serves a diverse customer base, including leading global pharmaceutical companies and biotech companies. The company's solutions cover multiple treatment areas such as oncology, autoimmune diseases, cardiovascular diseases, metabolic diseases, central nervous system and infectious diseases, while actively supporting models including conjugated drugs (XDC), ADC, cell and gene therapy (CGT), and multi-specific antibodies.
Financial data
revenue
For the seven months ended July 31 in 2023, 2024, 2025 and 2026, the company's revenue was approximately RMB 544 million, RMB 645 million, RMB 838 million and RMB 606 million, respectively.
profit
For the seven months ended July 31 in 2023, 2024, 2025 and 2026, the company's annual/period profits were approximately RMB 148 million, RMB 120 million, RMB 165 million and RMB 123 million, respectively.
Industry Overview
The global and Chinese biological reagent markets reached US$18.2 billion and US$2.2 billion respectively in 2020, growing at compound annual growth rates of 7.7% and 16.2% respectively to US$26.4 billion and US$4.6 billion in 2025. The market size is expected to expand further to US$39.5 billion and US$13.4 billion by 2032, with compound annual growth rates of 5.9% and 16.8% respectively from 2025 to 2032.
Biological reagents can be divided into three types, namely cells, proteins, and nucleic acids. Protein reagents are further divided into antibodies, recombinant proteins, and others. In 2025, in terms of revenue, the protein biological reagent sector accounted for 36.3% of the total global biological reagent market. In 2025, in terms of revenue, the global recombinant protein sector accounts for 36.0% of the total global protein biological reagent market, and is expected to rise to 51.0% by 2032. In 2025, recombinant protein reagents accounted for 13.1% of the global biological reagent market, which is the main growth engine for the industry. Looking ahead, it is expected that recombinant proteins will continue to increase in the share of protein reagents and record the fastest growth among all protein reagent categories. The increase in the share of recombinant protein reagents is mainly driven by technological progress, which has significantly increased the use of certain reagents, including enzymes and diagnostic raw materials.
In 2020, the global and Chinese recombinant protein markets reached US$1 billion and US$100 million respectively, reaching US$3.5 billion and US$400 million in 2025 with compound annual growth rates of 28.2% and 25.2% respectively. It is predicted that these markets will expand further to US$8.6 billion and US$1.3 billion in 2032, with compound annual growth rates of 14.0% and 17.0% respectively from 2025 to 2032.
Driven by factors such as rising demand for healthcare and improving regulatory frameworks, the compound annual growth rate of the biopharmaceutical market from 2020 to 2030 was significantly higher than the average growth rate of the overall pharmaceutical market. The global biologics market will reach US$474.9 billion in 2025 and is expected to reach US$911 billion by 2032, with a compound annual growth rate of 9.8%. In comparison, benefiting from increased medical reimbursement capacity and expanded patient population, China's biologics market reached RMB 523.9 billion in 2025. The Chinese market is expected to further grow to RMB 1,275.3 billion by 2032, with a compound annual growth rate of 13.6%.
Board Information
The company's board of directors is responsible for managing and operating the company's business and has general powers over it. The company's board of directors consists of seven directors, including three executive directors, one non-executive director and three independent non-executive directors.
Shareholding structure
According to the concerted action agreement and Mr. Chen's status as a general partner of Anyi Bepsyth and Anyi Baipu Gallup, Mr. Chen, Mr. Miao, Anyi Baipcis, and Anyi Baipu Galler jointly formed the company's controlling shareholder group and exercised a total of 41.36% of the voting rights of the company contract until the last practical date.
Intermediary team
Sole sponsor: China Merchants Securities (Hong Kong) Limited;
Legal advisors: Morgan Lewis Law Firm, Ms. Wu Yingshan, Kone Law Firm, etc.;
Sole sponsor's legal advisors: Fangda Law Firm, King & Wood Mallesons;
Auditor and reporting accountant: Yung Shing (Hong Kong) Certified Public Accountants Limited;
Independent industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;
Transfer pricing consultant: Ernst & Young (China) Enterprise Consulting Co., Ltd. Beijing Branch;
Compliance Advisor: Doujin Finance Co., Ltd.