安序源科技再度递表港交所 全球近95%市场被巨头瓜分

Core Viewpoint - Axbio International Limited (安序源科技) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for the development and commercialization of its core products, despite facing significant market competition and financial losses since its establishment in 2016 [1][2][3]. Company Overview - Founded in 2016, Axbio International Limited focuses on the development and commercialization of molecular diagnostic instruments and biochips, with a production center located in Wuxi [2]. - The company claims to be a leader in its field, particularly with its core product AxiLona EL-100, which is designed for rapid, low-cost, multi-target molecular diagnostics [2][3]. Financial Performance - Axbio reported revenues of $0, $47.9 million, and $53.2 million for the years 2023, 2024, and the first half of 2025, respectively, while incurring losses of $22.86 million, $23.47 million, and $5.16 million during the same periods [3][4]. - The company has accumulated total losses of $51.48 million over the past two and a half years, primarily due to R&D and administrative expenses [3][4]. Customer Base and Market Position - As of the IPO filing, Axbio had only five customers, with the largest customer contributing 87% of its revenue in the first half of 2025 [5][6]. - The company operates in a highly competitive market where nearly 95% of the global market share is dominated by five major players, with Illumina alone holding 71.8% [1][8]. Product Development and Regulatory Status - AxiLona EL-100 received regulatory approval in April 2025, while other products like AxiLona AXP-100 are still in development stages, with clinical trials expected to commence in late 2025 [3][9]. - The company has completed four rounds of financing, with the latest round raising $70 million in March 2023, valuing the company at $347.5 million post-financing [7]. Industry Context - The high-throughput gene sequencing market is heavily dominated by established players, making it challenging for new entrants like Axbio to gain market share [8]. - The Chinese market for high-throughput gene sequencing is also competitive, with major players holding significant market shares, and no EL-NGS instruments having received regulatory approval as of the filing date [8][9].