On November 20, Mindy International, a spin-off from 3SBIO (01530.HK), submitted its listing application to the Hong Kong Stock Exchange's main board, with Huatai International as the sole sponsor.

Mindy International is China's leading consumer healthcare company specializing in comprehensive, long-term skin health and weight management solutions. The company has established market leadership in hair health—a key segment within the broader skin health industry.

According to CIC data, Mindy's flagship minoxidil-based hair loss treatment series has ranked first in China's hair loss medication market and minoxidil drug market by retail sales for ten consecutive years since 2014, capturing 57% and 71% market shares respectively in 2024. Building on this foundation, the company is expanding into broader skin health and weight management sectors through commercialization of existing products and pipeline development.

China's consumer healthcare market has grown rapidly—from RMB 931.3 billion in 2018 to RMB 1.642 trillion in 2024—and is projected to reach RMB 4.0569 trillion by 2035, reflecting an 8.6% CAGR. The hair health segment expanded from RMB 19.8 billion to RMB 52.7 billion during 2018-2024, with an expected CAGR of 11.3% through 2035 to reach RMB 171.4 billion.

With over 339 million Chinese suffering from hair loss in 2024 (60% under age 35), Mindy pioneered China's first 5% minoxidil tincture in 2001. Its 2024-launched second-generation foam formulation—the only domestically approved minoxidil foam—improves efficacy while reducing irritation risks. The brand also offers functional shampoos for scalp health.

Key achievements: - Sold 2.5 million bottles of minoxidil foam in its first year, generating over RMB 300 million - Cumulative sales exceeding 50 million bottles of minoxidil products (2018-2024) - Ranked first in OTC dermatological products by China Nonprescription Medicines Association (2023-2024) - Launched China's first caffeine-infused anti-hair loss shampoo in March 2025, selling 500,000+ bottles in six months

Mindy's omnichannel network covers 2,000+ medical institutions and 190,000 retail pharmacies (90% of China's top pharmacy chains), with O2O partnerships including Meituan and Ele.me. Online sales grew at a 40% CAGR (2022-2024), while overall revenue achieved a 21.9% CAGR during this period.

Financial highlights: - Revenue: RMB 982 million (2022), RMB 1.228 billion (2023), RMB 1.455 billion (2024) - Gross margin: 80.3%-82.7% (2022-2024) - Net profit: RMB 202 million (2022), RMB 341 million (2023), RMB 390 million (2024)

Pipeline includes Winlevi® (acne treatment, Phase III trials) and semaglutide injection (weight management, Phase III), potentially among China's first domestically approved GLP-1 therapies for obesity. IPO proceeds will fund R&D, digital transformation, marketing, and working capital.

Major shareholders include 3SBIO, GL Wecan Investment IV L.P., and Alibaba Health.