3SBio spin-off Mandi banks on hair-loss and weight-loss drugs in Hong Kong IPO bid

As 3SBio lines up a Hong Kong spin-off for its hair-loss unit Mandi, the subsidiary is preparing a drug pipeline aimed at acne and obesity

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The spin-off would result in 3SBio completely exiting its stake in Mandi. Photo: SMCP

Published: 1:37pm, 21 Nov 2025

Mandi, the Alibaba Health-backed consumer healthcare arm being spun off from mainland drug maker 3SBio, filed for an initial public offering in Hong Kong on Friday, betting that its market-leading minoxidil hair-loss products will attract investors.

The deal aims to tap into a red-hot Hong Kong market that has seen US$73 billion in equity capital market activity this year, a 232 per cent surge from the same period in 2024, according to data from the London Stock Exchange Group.

The company did not disclose its fundraising target or listing timeline. Mandi appointed Huatai International as the sole sponsor for its listing.

The capital raised was expected to fund product expansion, refine the company’s digital operating model, strengthen marketing and support early-stage research and development.

3SBio currently held an 87.16 per cent stake in Mandi, with Alibaba Health (Hong Kong) Technology owning 2.65 per cent, according to a filing with the Hong Kong stock exchange on Thursday. Alibaba Group Holding owns the Post.

Other minority shareholders include Hero Grand Management and the China healthcare-focused private equity firm GL Wecan Investment.

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