On May 26, 3SBio fell 5.51% in regular trading, trading at HK$18.31/share, with trading volume of HK$192 million. The decline comes as the market continues to digest the expiration of subsidiary Mandi International's Hong Kong IPO application.

On May 20, the Hong Kong Stock Exchange disclosed that Mandi International's IPO prospectus, originally filed on November 20, 2025, automatically lapsed after failing to complete the listing hearing within the required six-month window. Mandi International, 3SBio's hair health subsidiary commanding approximately 57% of China's hair loss drug market with its flagship minoxidil products, had been positioning itself as the anti-hair loss first stock. The IPO failure dims near-term prospects for value realization through the planned spin-off.

The broader Biotechnology sector also traded lower, with AKESO down 2.66%, REMEGEN down 1.89%, and INNOVENT BIO down 1.17%, though 3SBio's decline significantly outpaced peers.

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