国产“减肥神药”，要IPO了

Core Insights - A new weight loss drug, Enochoglutide, developed by Xianweida Biotech, is set to enter the Hong Kong stock market, capitalizing on the global trend of GLP-1 drugs for treating type 2 diabetes and obesity [1][4] - The company has secured significant partnerships, including a $70 million upfront payment from Verdiva Bio Limited, with potential total returns of up to $2.4 billion [1][5] - The drug has shown promising clinical results, achieving a 15.4% average weight loss over 48 weeks, with 92.8% of participants losing more than 5% of their body weight [4] Company Background - Founded by Pan Hai, a Nanjing University alumnus with extensive drug development experience, Xianweida Biotech focuses on GLP-1 drug development [2][3] - The company is headquartered in Hangzhou, a strategic location for talent and resources in the biopharmaceutical industry [2] Development and Clinical Trials - Xianweida Biotech received approval for clinical trials in China in November 2020 and submitted a market application for Enochoglutide in 2024 [3] - The company conducted over 2,000 clinical trials to ensure product efficacy, resulting in substantial documentation [3] Financial Performance and Funding - The company has raised significant funding, including $60 million from Tencent and IDG Capital, and $41 million in subsequent rounds, leading to a valuation exceeding 4.8 billion yuan [6][8] - Despite generating over 91 million yuan in revenue in the first half of 2025, the company remains in a loss position, with net losses narrowing from 620 million yuan in 2023 to 108 million yuan in mid-2025 [5][6] Market Potential - The global market for GLP-1 drugs is projected to grow from $900 million in 2020 to $14.7 billion by 2024, with expectations to reach $38.6 billion by 2029 [4] - The success of similar drugs, such as Semaglutide, indicates a lucrative opportunity for Xianweida Biotech in the weight loss market [8]