Core Viewpoint - Axbio International Limited (安序源科技) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for the development and commercialization of its core product, Axilona EL-100, among other purposes [2][3]. Company Overview - Founded in 2016, Axbio focuses on the development and commercialization of molecular diagnostic instruments and biochips, with a production center located in Wuxi, China [4]. - The company claims to be a leader in its field, yet it has not generated revenue since its establishment, with revenue expected to start in 2024 [3][4]. Financial Performance - The company 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 $2,285.6 million, $2,346.6 million, and $515.5 million during the same periods [6]. - Cumulatively, Axbio has lost $5,147.7 million over the past two and a half years, primarily due to R&D and administrative expenses [6][7]. Market Position - The molecular diagnostics market is highly competitive, with 95% of the market share dominated by five major players, including Illumina, which alone holds 71.8% of the market [3][11]. - In 2024, Axbio's revenue of $47.9 million is significantly lower than Illumina's revenue of $4.372 billion, highlighting the challenges faced by smaller companies in this sector [12]. Product Development - Axbio's core product, Axilona EL-100, currently only offers nucleic acid testing capabilities, with plans to expand to include protein detection in the future [4][5]. - The company has received regulatory approval for Axilona EL-100 and is in the process of developing additional products, including the Axilona AXP-100 and AXP-1000 [5][12]. Funding and Valuation - Axbio has completed four rounds of financing since its inception, with the latest round in March 2023 raising $70 million and achieving a post-money valuation of approximately $347.5 million [8][10]. Customer Base - As of the first half of 2025, Axbio had only five customers, with the largest customer contributing 87% of its revenue, indicating a high dependency on a limited client base [6][7].