Annoroad Gene Technology (Beijing) Co., Ltd. submitted its third application for a main board listing on the Hong Kong Stock Exchange on April 15, 2026, with joint sponsors CCB International and Guotai Junan International.

After its initial filing in March 2025 expired in September, and a second filing in September 2025 expired in March 2026, this leading NIPT (non-invasive prenatal testing) company, backed by BYD co-founder Xia Zuoquan, is making its third attempt to enter the capital markets.

Compared to previous filings, Annoroad has shifted its corporate positioning—from emphasizing "integrated life science sequencing solutions" to focusing on "clinical IVD-driven growth as an NIPT leader," while adding new pipelines like Alzheimer's disease (AD) testing to break its reliance on a single product. This year-long IPO battle reflects not only one company's capital strategy but also the broader transition of China's NIPT industry from rapid growth to存量 competition.

Xia Zuoquan, 62, who invested 300,000 yuan for a 10% stake in BYD in 1995, becoming its third-largest shareholder, has played a pivotal role in Annoroad's development. That early investment eventually yielded nearly 60,000-fold returns. Currently, Xia holds 2.72% of BYD shares, remaining its third-largest individual shareholder. In 2012, he entered the life sciences sector as an angel investor, providing startup capital for Annoroad's founding team.

Through entities like Annoroad Fuzhuo, Shifenghuafu, and Zhenxuan Annoroad, Xia and his concert parties control 54.25% of Annoroad's voting rights, making him the actual controller. Under his influence, Annoroad initially focused on research sequencing services for universities and institutions but has since pivoted, selling its Shanghai and Beijing medical testing labs in 2024 and 2025, respectively.

Annoroad now concentrates on clinical sequencing solutions and research sequencing services. In 2025, clinical solutions accounted for 61.0% of revenue, with NIPT kits as a key contributor, while research services made up 38.9%, forming a "clinical-focused, research-supported" business model.

In terms of market share, Annoroad ranks among China's top NIPT players. By testing volume, it held 15.5% of the market in 2024, placing second; by revenue, its share was 14.6%, ranking third behind BGI and Berry Genomics.

However, Annoroad's core business faces dual pressures from centralized procurement and declining birth rates. NIPT kit prices have fallen sharply—for example, in Jiangsu province, average selling prices dropped from 34,200 yuan in 2024 to 25,500 yuan in 2025, though sales volume doubled. Meanwhile, China's newborn population has declined since 2016, falling below 9 million in 2025, shrinking the potential NIPT user base. The market is expected to grow at a CAGR of only 6.5% from 2024 to 2033, indicating maturity.

To diversify, Annoroad is developing CNV-seq (chromosomal copy number variation detection) and AD testing kits. Its CNV-seq kit, approved in January 2024, was China's first for amniotic fluid samples, but it faces competition from BGI and Berry Genomics, which launched similar products soon after. Annoroad's AD detection kits, approved in 2025, target a market with over 10 million potential patients in China, offering a less invasive alternative to traditional methods.

Financially, Annoroad's revenue grew from 475 million yuan in 2023 to 547 million yuan in 2025, but net losses narrowed significantly from 223 million yuan to 54 million yuan over the same period. This improvement was partly due to financial adjustments, including changes in special shareholder liability interest. Excluding these factors, the adjusted net loss was 30.15 million yuan in 2025, up from 11.79 million yuan in 2024. Operating cash flow turned positive in 2024 but fell back into negative territory in 2025 due to increased receivables.

Operating expenses as a percentage of revenue declined from 53.4% in 2023 to 45.0% in 2025, indicating improved efficiency. R&D spending rebounded to 42.74 million yuan in 2025, supporting pipeline development.

Annoroad's third IPO attempt comes amid regulatory scrutiny and industry challenges. Previous filings lapsed due to delays in obtaining overseas listing approvals from Chinese regulators. This time, the company must convince regulators and investors of its viability in a competitive landscape, leveraging its integrated "instrument + reagent + software" model and new product pipelines to secure a valuation anchor in the Hong Kong market.