Keli Limited has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, according to a disclosure on June 30. China International Capital Corporation Hong Kong Securities Limited is the sole sponsor. The company had previously filed an application on December 18, 2025.

Keli is a diversified healthcare company with origins in Korea and a significant presence in China. Leveraging a nationwide distribution network, the company is primarily engaged in pharmaceutical marketing, promotion, and sales, as well as the research and development, production, and distribution of maternal, infant, and nutritional supplements. Its mission is to deliver healthcare solutions that enhance global health and improve quality of life. During the track record period, Keli's main business lines were pharmaceutical marketing, promotion, and sales, and the R&D, production, and distribution of maternal, infant, and nutritional supplements.

According to Frost & Sullivan, based on 2025 revenue, Keli ranked among the top ten in China's pharmaceutical marketing, promotion, and sales market, with a market share of approximately 2.0%. By the same measure, the company was the largest pediatric pharmaceutical marketing, promotion, and sales service provider in China, holding about 17.0% of the market. Keli's sales network spans all 31 provinces in mainland China, covering all provincial capitals and prefecture-level cities. As of December 31, 2025, the company's pharmaceutical marketing, promotion, and sales network comprised over 1,600 distributors, reaching approximately 156,000 clinics, 367,000 pharmacies, and 1,700 hospitals, including 216 top-tier (Class III Grade A) hospitals in China, representing about 12% of the total number of such hospitals in the country.

Currently, the pharmaceutical marketing, promotion, and sales business line is anchored by two flagship pediatric prescription drugs the company distributes: Momi Love and Yitanjing. Both products were developed and manufactured by the Hanmi Group. During the track record period, Keli was the exclusive distributor for Momi Love and Yitanjing in the non-hospital segment of the Chinese market. Momi Love is recognized as a "China Famous Trademark."

Additionally, Keli has developed a highly diversified and differentiated portfolio of innovative products, including the R&D, production, and sale of maternal, infant, and nutritional supplement products, primarily bio-health functional supplements and infant formula milk powder. The company has also developed and offers a comprehensive range of probiotic supplements designed to meet the diverse formulation needs of different age groups.

The company's products are sold under multiple brands, including Ofmom (Momi Love), a leading brand in China's infant probiotic market that has achieved widespread brand recognition nationwide and high market penetration among newborns to three-year-olds. The company also researches, develops, and sells formula milk powder products, primarily for daily infant feeding to meet nutritional needs. These formula products are tailored to the specific nutritional requirements of different infant development stages.

Financial Performance

For the years 2023, 2024, and 2025, the company generated revenue of approximately $350 million, $282 million, and $304 million, respectively.

Annual profit for the years 2023, 2024, and 2025 was approximately $24.77 million, $21.85 million, and $32.96 million, respectively.

Gross profit margin for the years 2023, 2024, and 2025 was 48.3%, 53.3%, and 52.3%, respectively.

Industry Overview

Policies such as the "Two-Invoice System" and volume-based procurement have compelled pharmaceutical companies to strengthen cost-control measures. Furthermore, many biotech companies lack the necessary capabilities and resources to establish their own sales teams. These factors have collectively accelerated the development of the pharmaceutical marketing, promotion, and sales industry.

According to Frost & Sullivan, the market size for pharmaceutical marketing, promotion, and sales in China was RMB 103.2 billion in 2025, with a compound annual growth rate (CAGR) of 8.2% since 2020. It is projected to grow to RMB 142.1 billion by 2030, with a CAGR of 6.6% from 2025.

Hospitals represent a major expansion direction for drug suppliers due to their large and stable demand for pharmaceuticals. Concurrently, growing demand from channels like clinics and other medical institutions is increasing the need for drugs. Policies separating prescription and dispensing have limited hospitals' ability to profit from drug sales to patients but have benefited the retail pharmacy sector. Consequently, an increasing number of pharmaceutical marketing, promotion, and sales service providers are exploring non-hospital channels for rapid development.

Measured by revenue, the market size for pharmaceutical marketing, promotion, and sales in non-hospital channels is expected to grow at a CAGR of 11.2% from 2025 to 2030.

A shortage of specialized pediatric pharmacists, coupled with insufficient standardization of pediatric drug instructions, has created a pressing need for professional and standardized training in this field. Pharmaceutical marketing, promotion, and sales service providers play a key role in enhancing awareness of pediatric drugs and promoting their standardized use through professional drug promotion services, such as organizing academic lectures and other activities.

The efforts of these service providers to integrate pediatric drugs into medical practice are crucial. As the market size for pediatric drugs in China expands, the proportion accounted for by marketing, promotion, and sales services is gradually increasing. Measured by revenue, the market size for pediatric pharmaceutical marketing, promotion, and sales grew from RMB 6.4 billion in 2020 to RMB 10.2 billion in 2025, a CAGR of 9.8%. It is projected to reach RMB 15.0 billion by 2030, with a CAGR of 8.0% from 2025 to 2030.

Board Composition

The company's board consists of seven directors, including four executive directors and three independent non-executive directors.

Shareholding Structure

Ofmom HK is a non-wholly owned subsidiary of the company, held 33.60%, 26.56%, 19.92%, and 19.92% by the company, Mr. Lin, Lin Juxian, and Lin Zhongxun, respectively.

Centre Ofmom Korea Co., Ltd. is a non-wholly owned subsidiary of the company, held 61.54% and 26.92% by the company and Hmg Korea, respectively.

Intermediary Team

Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited

The Company's Legal Advisers: For Hong Kong and U.S. law: Simpson Thacher & Bartlett; For Chinese law: Fangda Partners; For Korean law: Jipyong LLC

Sole Sponsor's Legal Advisers: For Hong Kong and U.S. law: Stephenson Harwood & Kaiman; For Chinese law: JunHe LLP

Reporting Accountant and Independent Auditor: KPMG

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

Compliance Adviser: Max Capital Limited