Core Viewpoint - The article discusses the upcoming IPO of Xianweida Biotechnology Co., Ltd., which focuses on innovative therapies for obesity and related diseases, highlighting its product pipeline and financial background [2][5]. Business Overview - Xianweida Biotechnology, established in 2017, is in the pre-commercialization stage and specializes in developing innovative treatments for obesity and related conditions. The company aims to transform its proprietary technology into safe and effective solutions for sustainable weight loss and the treatment of complications [5]. - The core product, Enoglutide Injection (XW003), is expected to be the first cAMP-biased GLP-1 receptor agonist launched in China for treating obesity and type 2 diabetes, with commercialization anticipated in 2026 after completing two BLA applications [5]. Product Pipeline - Besides XW003, key products include: - XW004: An oral GLP-1 receptor agonist with higher bioavailability, currently preparing for Phase II clinical trials, showing up to 6.8% weight loss in 6 weeks during Phase I trials [8]. - XW014: An oral small molecule cAMP-biased GLP-1 receptor agonist in Phase I clinical trials, demonstrating up to 5.6% weight loss over 43 days with fewer gastrointestinal side effects [8]. - XW015/XW016X: Amylin analogs in the clinical application stage, showing potential in diabetes and obesity treatment with milder gastrointestinal side effects compared to GLP-1 [8]. - Other pipeline products include XW019, a monthly biological injection in early research, and XW020, a long-acting injectable peptide drug expected to start Phase I trials by the end of 2026 [8]. Shareholder Structure and Financing - The major shareholder, Dr. Pan Hai, holds approximately 28.28% of the shares. Other investors include Tencent, IDG, Meituan, and several venture capital firms [9]. - The company has undergone multiple financing rounds since its inception, with significant increases in post-money valuations, reaching approximately 4.67 billion RMB in the latest round [9].