From its origins in Shenyang, biopharmaceutical company 3SBIO has reached another capital milestone after over 30 years of development spanning two generations of leadership.

On November 20, 3SBIO (01530.HK) announced plans to spin off its hair loss treatment subsidiary, Mindy International, for a Hong Kong IPO. This marks the fourth IPO attempt for Lou Jing, the "pharma heir" from Northeast China.

**01 The Pharma Heir’s Journey: From Military Doctor to Capital Player** Lou Dan, born in 1935 in Harbin, Heilongjiang, joined the military at 15 and later became a leading researcher in microbiology and immunology at the Shenyang Military Medical Research Institute.

In 1993, at age 57, Lou Dan founded Shenyang 3SBIO, leveraging his scientific expertise to commercialize biotech innovations. The company quickly launched key products, including interferon α2a ("Intefen") and interleukin ("Yingluyin"), positioning itself as a pioneer in domestic biologics.

Lou Jing, born in 1963, holds Antiguan and Barbudan citizenship and earned a Ph.D. in molecular biology from Fordham University. He joined Shenyang 3SBIO in 1995, spearheading the development of recombinant erythropoietin ("Epiao") and thrombopoietin ("Tebiao"), which became core products.

After taking the company public on Nasdaq in 2007, Lou Jing led a privatization in 2013, citing undervaluation. 3SBIO relisted in Hong Kong in 2015, raising HK$5.52 billion to fund acquisitions, including the pivotal purchase of Mindy.

**02 The Game-Changing Acquisition: Mindy for ¥528 Million** Mindy traces its roots to Zhejiang Wanma Group, a cable manufacturer that ventured into pharmaceuticals in 1996. Its flagship product, a 5% minoxidil solution, filled a critical gap in China’s hair loss treatment market.

In 2015, 3SBIO acquired Zhejiang Wansheng (later renamed 3SBIO Mindy) for ¥528 million. Under Lou Jing’s leadership, Mindy expanded its product line, launching a foam formulation in 2024 that sold over 2.5 million bottles in its first year, generating ¥300 million in revenue.

**03 A Market Fueled by 338 Million Consumers** China’s hair health market has surged from ¥19.8 billion in 2018 to ¥52.7 billion in 2024, driven by rising hair loss concerns among younger demographics. Mindy dominates this space, holding 57% of the hair loss drug market and 71% of the minoxidil segment.

From 2022 to 2024, Mindy’s revenue grew at a 21.7% CAGR, reaching ¥1.45 billion, with gross margins exceeding 80%. Its high profitability rivals that of Kweichow Moutai (600519.SH), though heavy sales and marketing expenses (43–49% of revenue) reflect its consumer healthcare focus.

**04 Conclusion** From Lou Dan’s founding vision to Lou Jing’s capital market maneuvers, 3SBIO has evolved into a biopharma leader. Mindy’s IPO bid underscores the company’s expansion into consumer healthcare, backed by a lucrative and fast-growing hair loss market.

Post-listing, Lou Jing and his spouse will emerge as Mindy’s largest shareholders, with 3SBIO retaining an 87.16% stake. The spin-off represents another strategic milestone for the Shenyang-based firm.