According to the disclosure by the Hong Kong Stock Exchange on April 24, 2026, Beijing Zhitai BioPharmaceutical Technology Co., Ltd. (Zhitai Bio) submitted its listing application to the Hong Kong Stock Exchange, with Jefferies and Huatai International acting as joint sponsors.
According to Zhitong Finance, the Hong Kong Stock Exchange disclosed on April 24, 2026, that Beijing Zhitai BioPharmaceutical Technology Co., Ltd. (Zhitai Bio) submitted its listing application to the Hong Kong Stock Exchange, with Jefferies and Huatai International acting as joint sponsors.
Company Profile
Zhitai Bio, established in 2018, is a biopharmaceutical company nearing commercialization. It has built a diversified product portfolio covering monthly injectables, oral peptide therapies, and multi-target therapies to meet the increasingly personalized treatment needs of global populations suffering from obesity and other metabolic diseases.
To address the differentiated needs of various patient groups, the company has established a diversified product portfolio consisting of eight investigational drugs, spanning three therapeutic modalities. The aim is to provide differentiated clinical profiles and patient experiences: (a) once-monthly injectables designed to reduce dosing frequency from weekly to monthly; (b) oral peptide formulations intended to deliver safety and efficacy comparable to injectables in a convenient tablet form; and (c) multi-target therapies that simultaneously act on GLP-1 and other synergistic metabolic pathways (such as fibroblast growth factor 21 (FGF21) and amylin), targeting patients with complications or more severe conditions. This product portfolio architecture ensures that each candidate drug targets a specific clinical scenario and patient group, providing doctors and patients with broader treatment options encompassing efficacy, tolerability, convenience, and economic accessibility.
The core product, Zuweigerutide, is a monthly GLP-1 receptor agonist in Phase III clinical trials for the treatment of obesity, type 2 diabetes, and metabolic dysfunction-associated steatohepatitis. It has the potential to become the world's first marketed and best-in-class monthly GLP-1 receptor agonist peptide injection. The once-monthly dosing regimen of Zuweigerutide benefits from the company’s QLLong platform, which uses dual fatty acid chain conjugation technology. This technology enhances its binding affinity to albumin approximately ninefold compared to tirzepatide and extends the terminal half-life to about 12 days (compared to approximately five days for tirzepatide). In January 2026, the company completed the enrollment of the first patient in its Phase III clinical trial for obesity treatment in China. According to CIC Consulting data, as of the latest practicable date, based on the timeline for entering Phase III clinical studies, Zuweigerutide leads most competitors in China by approximately four to five years.
Financial Information
Revenue:
In fiscal years 2024 and 2025, the company generated revenues of approximately RMB 4.01 million and RMB 3.13 million, respectively.
Losses:
In fiscal years 2024 and 2025, the company incurred net losses of RMB 164 million and RMB 191 million, respectively.
Cash and cash equivalents at year-end
In fiscal years 2024 and 2025, cash and cash equivalents at year-end were RMB 351 million and RMB 312 million, respectively.
Industry Overview
In recent years, the global market for obesity/overweight drugs has experienced rapid growth, driven primarily by an increase in the prevalence of obesity/overweight, growing recognition of obesity/overweight as a chronic condition requiring pharmacological intervention, and the emergence of highly effective therapeutic options. GLP-1 receptor agonists have become the dominant drug category in this market, accounting for the majority of revenue from obesity/overweight medications and fundamentally reshaping the competitive landscape of the industry. The global market size expanded from approximately USD 2.4 billion in 2020 to around USD 18.6 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 67.3% over four years. It is projected to reach about USD 80.6 billion by 2035, with a CAGR of approximately 14.3% from 2024 to 2035. The Chinese market demonstrates particularly significant growth potential. The Chinese market is expected to grow from approximately USD 300 million in 2024 to about USD 12.7 billion by 2035, mainly driven by the expansion of GLP-1 receptor agonist therapies; during the same period, the GLP-1 receptor agonist market is anticipated to expand from approximately USD 100 million to about USD 10.7 billion.
In recent years, the global prevalence of metabolic dysfunction-associated steatohepatitis (MASH) has steadily increased and is expected to continue rising alongside the growing prevalence of obesity/overweight, type 2 diabetes, and other metabolic risk factors. The global number of MASH patients increased from approximately 276.6 million in 2020 to around 302.0 million in 2024 and is projected to reach 380.4 million by 2035. In China, the number of MASH patients grew from approximately 38.2 million in 2020 to around 42.6 million in 2024 and is expected to reach approximately 56.3 million by 2035.
With the approval and market launch of the first dedicated therapies for metabolic dysfunction-associated steatohepatitis (MASH), the MASH drug market is at an early but rapidly advancing stage of commercialization. The global MASH drug market size was approximately USD 300 million in 2024 and is projected to reach about USD 90.9 billion by 2035. In China, the MASH drug market is expected to reach approximately USD 8.8 billion by 2035.
Board of Directors Information
The board will consist of 11 directors, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Directors will serve a term of 3 years, with eligibility for re-election.
Equity Structure
Dr. Zhang, Dr. Zhang Yuanyuan, Dr. Zhai, Mr. Wu, and Tianjin Zhizhen respectively hold approximately 11.88%, 1.58%, 1.58%, 1.58%, and 9.08% of the company's total issued share capital. Dr. Zhang, Dr. Zhang Yuanyuan, Dr. Zhai, and Mr. Wu (collectively referred to as the "concert party") have signed a concert agreement. Although Tianjin Zhizhen has not entered into any commitment letter or agreement with the concert party, given that Dr. Zhang serves as the general partner of Tianjin Zhizhen and has the authority to exercise voting rights, Tianjin Zhizhen is considered part of the concert party. As of the latest practicable date, Dr. Zhang, Mr. Wu, Dr. Zhang Yuanyuan, Dr. Zhai, and Tianjin Zhizhen collectively hold approximately 25.72% of the company’s voting rights, forming the largest single shareholder group of the company.
HSG Venture is a wholly-owned subsidiary of HongShan Capital Venture Fund VII, L.P. The general partner of HongShan Capital Venture Fund VII, L.P. is HSG Venture VII Management, L.P., and the general partner of HSG Venture VII Management, L.P. is HSG Holding Limited. HSG Holding Limited is wholly owned by SNP China Enterprises Limited, which is in turn wholly owned by Mr. Neil Shen.
Bluerun (Chongqing) SME Development Private Equity Investment Fund Partnership (Limited Partnership) ("Bluerun SMEs") is a limited partnership established under Chinese law. The general partner of Bluerun SMEs is Suzhou Bluerun Xinzhe Venture Investment Partnership (Limited Partnership) ("Suzhou Bluerun Xinzhe"), whose general partner is Suzhou Bluerun Xincheng Venture Investment Co., Ltd., ultimately controlled by Mr. Tianyu Zhu ("Mr. Zhu"). Under the Securities and Futures Ordinance, Mr. Zhu is deemed to have an interest in the shares held by Bluerun SMEs, Hangzhou Bluerun Xinhan, Bluerun Xinyue, and Jiaxing Chiyue.
OrbiMed Asia Partners IV, L.P. is the sole shareholder of OrbiMed Asia IV (Hong Kong) Limited ("OrbiMed IV"). OrbiMed Asia Partners V, L.P. is the sole shareholder of OrbiMed Asia V (Hong Kong) Limited ("OrbiMed V"). OrbiMed Advisors LLC serves as the advisor to OrbiMed Asia Partners IV, L.P. and OrbiMed Asia Partners V, L.P. Therefore, under the Securities and Futures Ordinance, OrbiMed Advisors LLC is deemed to have an interest in the shares held by OrbiMed IV and OrbiMed V.
Beijing Nuobo Te Biotechnology Co., Ltd. ("Beijing Nuobo Te") is wholly owned by Aimeike Technology Development Co., Ltd. ("Aimeike," a company listed on the Shenzhen Stock Exchange (300896.SZ)). Therefore, under the Securities and Futures Ordinance, Aimeike is deemed to have an interest in the shares held by Beijing Nuobo Te.
Shenyang Jiahong No. 1 Low-Carbon Venture Investment Partnership (Limited Partnership) ("Shenyang Jiahong No. 1") is a limited partnership enterprise established under Chinese law. The general partner of Shenyang Jiahong No. 1 is the U.S.-China Green Fund Management Co., Ltd. ("U.S.-China Green Fund"), a limited liability company ultimately controlled by Mr. Xu Lin. As of the latest practicable date, the sole limited partner holding 30% or more of the partnership interests in Shenyang Jiahong No. 1 is the U.S.-China Green Huitong (Tianjin) Venture Investment Fund Partnership (Limited Partnership) ("U.S.-China Green Huitong"). Therefore, under the Securities and Futures Ordinance, the U.S.-China Green Fund, U.S.-China Green Huitong, and Mr. Xu Lin are all deemed to have an interest in the shares held by Shenyang Jiahong No. 1.
Hangzhou Qiming Rongjing Equity Investment Partnership (Limited Partnership) ("Hangzhou Qiming Rongjing") is a limited partnership enterprise established under Chinese law. The general partner of Hangzhou Qiming Rongjing is Suzhou Qikun Venture Capital Partnership (Limited Partnership) ("Suzhou Qikun"). The general partner of Suzhou Qikun is Suzhou Qiwang Venture Capital Co., Ltd. ("Suzhou Qiwang"), which is ultimately controlled by Yu Jia and Xu Jing, who each hold 50% and 50%, respectively. The limited partner of Suzhou Qikun is Suzhou Qiyuan Equity Investment Management Partnership (Limited Partnership) ("Suzhou Qiyuan"), holding 99.33% of its partnership interests. As of the latest practicable date, no limited partner holds 30% or more of the partnership interests in Hangzhou Qiming Rongjing. Therefore, under the Securities and Futures Ordinance, Suzhou Qikun, Suzhou Qiwang, Suzhou Qiyuan, Yu Jia, and Xu Jing are all deemed to have an interest in the shares held by Hangzhou Qiming Rongjing.
Suzhou Xingze Xingyong Emerging Healthcare Industry Investment Fund Management Partnership (Limited Partnership) ("Suzhou Xingze Xingyong") is a limited partnership enterprise established under Chinese law. The general partner of Suzhou Xingze Xingyong is Suzhou Xingze Equity Investment Center (Limited Partnership) ("Suzhou Xingze Equity"). The general partner of Suzhou Xingze Equity is Shanghai Xingze Investment Management Co., Ltd. ("Shanghai Xingze"), which is ultimately controlled by Mr. Liu Wenyi. Therefore, under the Securities and Futures Ordinance, Suzhou Xingze Equity, Shanghai Xingze, and Mr. Liu Wenyi are all deemed to have an interest in the shares held by Suzhou Xingze Xingyong.
Intermediary team
Joint Sponsors: Jefferies Hong Kong Limited, Huatai Financial Holdings (Hong Kong) Limited
Company's Legal Counsel: Regarding Hong Kong and U.S. laws: Cooley (Hong Kong) LLP; Regarding Chinese law: JunHe Law Offices
Legal Counsel for Joint Sponsors: Regarding Hong Kong law: Chau, Chun & Associates in association with Commerce & Finance Law Offices; Regarding Chinese law: Commerce & Finance Law Offices
Reporting Accountant and Auditor: Ernst & Young LLP
Industry Advisor: CIC Industry Consulting Co., Ltd.