On May 12, the grey market trading for METIS TECHBIO-P (07666), hailed as the first AI drug delivery stock, continued to attract strong market interest. At the time of writing, the highest quoted price reached HK$44, representing a surge of approximately 319% from its IPO price of HK$10.5. Based on a board lot of 500 shares, this translates to a potential profit of HK$16,750 per lot before fees. The company is expected to commence trading on the main board on May 13 (Wednesday), with Jefferies, Deutsche Bank, and CITIC Securities acting as its joint sponsors.
For this offering, METIS TECHBIO-P assembled a cornerstone investor team comprising over ten top-tier investors, including BlackRock, UBS AM Singapore, China Reform Fund Innovation Investment, Mirae Asset, and HHLRA. The team collectively subscribed to shares worth a total of $148 million.
As a leader in AI nanomaterial innovation, METIS TECHBIO-P is focused on the delivery and application of payloads within various living organisms. Its self-developed NanoForge platform is recognized as the world's first AI-driven nano-delivery platform, integrating four pioneering, breakthrough underlying technologies. Presently, the company has built the world's largest and most diverse lipid library, containing over 10 million structurally diverse lipids.
Commercially, METIS TECHBIO-P operates a dual-track business model combining platform partnerships and pipeline licensing. The company has established deep commercial collaborations with more than 30 global top-tier pharmaceutical companies, innovative biotech firms, and medical research institutions. Through its licensing-out strategy, the company can secure revenue upfront and diversify R&D risks.
Furthermore, consistently improving financial metrics underscore the sustainability of its business model. The company's revenue for the 2025 fiscal year reached RMB 105 million, marking a near 70-fold year-on-year increase. Its gross profit margin also improved significantly, rising from 55.5% in 2024 to 98.2% in 2025.
With the completion of its Hong Kong IPO, this AI biotech company, distinguished by its scarce underlying platform technology and dual-track business model, is poised to remain in the market spotlight. Its listing on the Hong Kong Stock Exchange not only marks a milestone for the company's development but also represents a significant step forward for China's foundational biopharmaceutical technologies on the global stage.