GLP-1 Dark Horse Files Hong Kong IPO Application with $500 Million Post-Money Valuation

Deep News

2025/10/09

On October 8, 2025, Chengyi Biotechnology's Hong Kong IPO application was accepted. Founded in 2018, the company is a clinical-stage global biotechnology firm that leverages its TRANDD platform to develop next-generation oral small molecule drugs. Its core product, the oral small molecule GLP-1 receptor agonist ECC5004, has the potential to become best-in-class.

Financially, the company recorded revenues of approximately $36.059 million, $221 million, and $557,000 for 2023, 2024, and the first half of 2025, respectively. In late 2023, the company completed a $25 million Series C funding round with a post-money valuation of $498 million.

The company has established a partnership with AstraZeneca, which has already paid $185 million in upfront payments and $60 million in milestone payments. Currently, over 30 domestic companies are developing small molecule GLP-1 products.

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