国产“减肥神药”，要IPO了

Core Viewpoint - The article discusses the promising prospects of a weight-loss drug, Enoglutide, developed by Xianweida Biotech, which is expected to generate significant revenue and is on the verge of an IPO in Hong Kong [5][11][12]. Company Overview - Xianweida Biotech, founded by Nanjing University alumnus Pan Hai, focuses on GLP-1 class drugs for treating type 2 diabetes and obesity, with Enoglutide being its flagship product [6][9]. - The company has received substantial financial backing from various investors, including Tencent, Meituan, and IDG Capital, which has facilitated its rapid growth [15][18]. Product Development - Enoglutide has shown promising clinical results, achieving a 15.4% average weight reduction over 48 weeks, with 92.8% of participants losing more than 5% of their body weight [12][14]. - The drug is expected to be commercially available by 2026 and aims to be the first cAMP biased GLP-1 receptor agonist approved globally [12][14]. Financial Projections - Xianweida Biotech has secured agreements that could yield up to $2.4 billion (approximately 170 billion RMB) in returns, with initial payments already received [7][14]. - The global market for GLP-1 obesity drugs is projected to grow from $900 million in 2020 to $14.7 billion by 2024, and reach $38.6 billion by 2029 [12][14]. Investment and Support - The company has raised significant funds through multiple financing rounds, including a $60 million investment from Tencent and IDG Capital, and a total of over 910 million RMB in revenue in the first half of 2025 [16][18]. - The support from local government and the strategic location in Hangzhou's biomedical hub have been crucial for the company's development [9][10]. Market Context - The success of similar drugs, such as Semaglutide, which achieved over $8 billion in sales in the first quarter of 2025, indicates a strong market demand for GLP-1 drugs [19]. - The increasing prevalence of obesity and related chronic diseases highlights the need for effective weight management solutions, positioning Xianweida Biotech favorably in the market [19].