Targeting the rapidly growing weight management sector, Hangzhou Xianweida Biotechnology Co., Ltd. (hereinafter referred to as "Xianweida Biotechnology") has officially launched its IPO sprint on the Hong Kong Stock Exchange. The company recently submitted its prospectus to the Hong Kong Exchange, seeking a main board listing with Morgan Stanley and China International Capital Corporation serving as joint sponsors. According to the prospectus, Xianweida Biotechnology has completed cumulative financing of approximately 2.2 billion yuan, with investors including TENCENT and MEITUAN-W.

Despite strong capital support, Xianweida Biotechnology remains in the "cash-burning" research and development phase, with no products yet reaching commercialization. The company recorded zero revenue in 2023 and 2024, achieving its first revenue of 91 million yuan in the first half of 2025, primarily from licensing partnerships and research services. During the same period, cumulative net losses exceeded 1.2 billion yuan.

Facing the enormous potential of the global weight management drug market, Xianweida Biotechnology has developed a product pipeline centered on GLP-1 receptor agonists, covering various formulations including the injectable enoglutide (XW003) and oral peptide drug XW004. However, the company still faces multiple challenges including competition from industry giants and lack of initial commercial production experience.

**Core Product Approaches Commercialization**

Xianweida Biotechnology has focused its product pipeline on the weight management field, with its core product enoglutide injection (XW003) entering the critical pre-launch phase. The prospectus shows that enoglutide injection is a novel long-acting GLP-1 receptor agonist with cAMP bias. Biased agonists can preserve downstream therapeutic effects (including insulin secretion and appetite suppression) without triggering excessive receptor internalization, thereby significantly enhancing efficacy in glucose reduction and weight loss.

Besides enoglutide, other biased innovative GLP-1 peptides in global development include Eli Lilly's retatrutide, Roche's CT-388, and Metsera's MET-097. Among these, retatrutide is in Phase III clinical trials, while the other two remain in Phase II clinical stages.

Currently, enoglutide injection has completed biologics license applications for overweight/obesity and Type II diabetes indications in China, with commercial launch expected in 2026. If successfully launched, enoglutide injection could become the world's first approved cAMP-biased GLP-1 receptor agonist.

Regarding other pipeline products, Xianweida Biotechnology has formed a product portfolio centered on GLP-1 receptor agonists, including oral peptides and small molecule drugs, Amylin peptide analogs, and other innovative drugs in the weight management field, covering both injectable and oral formulations. These include the main product oral peptide GLP-1 drug XW004, oral small molecule GLP-1 drug XW014, and Amylin peptide analogs XW015 and XW016. The former can complement GLP-1 injections, while the latter can provide new options for GLP-1 intolerant patients and can also form combination preparations with GLP-1. However, except for enoglutide injection, most of Xianweida Biotechnology's other products remain in early clinical stages, with some distance from commercial launch.

In international markets, in April 2024, Xianweida Biotechnology entered into a licensing agreement with inno.N covering future development and commercialization of enoglutide injection for obesity, Type II diabetes, and MASH indications in South Korea. In October 2024, the company signed a licensing and cooperation agreement with Verdiva for certain GLP-1 and Amylin receptor agonist product portfolios including oral enoglutide (XW004), subcutaneous Amylin receptor agonist (XW015), and oral Amylin receptor agonist (XW016) for future development and commercialization in regions outside Greater China and South Korea.

Medical industry analyst Zhu Mingjun noted that Xianweida Biotechnology's current product layout demonstrates both forward-looking research vision and faces the long test from clinical to commercialization. Overall, the company's pipeline matrix has formed a "core product leading + differentiated product following" echelon effect, but the conversion efficiency of early clinical products will be a key variable determining its market position after 2026.

**Competing in the Hundred-Billion-Yuan Track**

According to Frost & Sullivan data, weight management and obesity-related complications represent one of the fastest-growing urgent medical needs globally. The global weight management drug market is large and steadily growing, expected to increase from $112.8 billion in 2024 to $165.9 billion in 2029.

This "hundred-billion-level high-growth track" has also attracted investment from numerous renowned institutions. The prospectus shows that Xianweida Biotechnology has completed multiple financing rounds with total funding of approximately 2.2 billion yuan. Well-known institutions including TENCENT Investment, Suzhou Pai Yi, IDG Capital, MEITUAN-W, Zhou Ling Capital, Zhengxin Valley Capital, and Legend Capital are all on the investor list, with post-financing valuation of approximately 4.868 billion yuan.

However, under the dual pressure of existing products from multinational pharmaceutical companies like Novo Nordisk holding first-mover advantages and rapid catching-up by domestic enterprises, competition in the hundred-billion-yuan track is considerable. The prospectus shows that globally, three GLP-1 drugs have been approved for overweight/obesity indications, with another seven candidate drugs in Phase III clinical trials. Domestically, multiple innovative GLP-1 drugs have been approved for treating overweight/obesity indications, including Jiangsu Hengrui's benaglutide, Novo Nordisk's semaglutide, Eli Lilly's tirzepatide, and Innovent's mazdutide. Additionally, more than ten similar investigational drugs are in Phase III clinical trials and biologics license application stages.

**Financial Situation**

Without commercialized products and under continuous high R&D investment, Xianweida Biotechnology remains in a loss-making state. In 2023, 2024, and the first half of 2025, the company's R&D expenses were 456 million yuan, 284 million yuan, and 65 million yuan respectively, totaling over 800 million yuan. Corresponding revenues were 0 yuan, 0 yuan, and 91 million yuan respectively, with losses of 620 million yuan, 486 million yuan, and 108 million yuan.

Regarding the net proceeds from this IPO, Xianweida Biotechnology mentioned in its prospectus that funds will be invested in the research and commercialization of enoglutide injection, advancement of major products and other pipelines, upgrading production capacity and quality control systems, and serving as working capital.