According to a disclosure by the Hong Kong Stock Exchange on April 29, Weikang Probiotics (Suzhou) Co., Ltd. submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Guotai Haitong serving as the sole sponsor.
Zhitong Finance APP reported that, according to the disclosure by the Hong Kong Stock Exchange on April 29, Weikang Probiotics (Suzhou) Co., Ltd. (referred to as: Weikang Probiotics) submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Guotai Haitong acting as the exclusive sponsor.
Company Profile
The prospectus shows that Weikang Probiotics is a globally leading bio-manufacturing enterprise, mainly engaged in the research and development, production, and sales of probiotic strains. According to Frost & Sullivan, the company ranked third globally in terms of probiotic raw material production in 2025 and ranked first in Asia.
The company is committed to providing high-activity, high-stability, and functional probiotic powders, probiotic preparations, and dairy fermentation agents for companies in the fields of human health (i.e., functional foods and dietary supplements), dairy products, and agriculture through its independently developed probiotic strain resources and supporting production preparation technologies.
Currently, the company has independently developed and industrialized core strains of WecLac, including Bifidobacterium animalis subsp. lactis BLa80, Lacticaseibacillus rhamnosus LRa05, Weissella cibaria BC99, Bifidobacterium longum subsp. longum BL21, and Akkermansia muciniphila Akk11, among others.
The strain-specific functional characteristics of core probiotics in various applications have been validated in human studies and other clinical verification activities. The company is one of the few enterprises globally that possess both the capability to research and develop functional probiotic strains and achieve high-standard industrialization.
As of April 20, 2026, the company has established production bases equipped with intelligent manufacturing systems in Suzhou, Jiangsu Province, and Luohe, Henan Province, China. It has an annual production capacity of 700 tons of probiotic raw materials for human health food and dairy products, over 5,000 tons of probiotic preparations for human health food, and 1,000 tons of beneficial microbial raw materials for agriculture.
The company’s probiotic powder and preparation products primarily include those for human health, dairy products, agriculture, and other applications. The revenue breakdown of each product category is shown in the figure below.
The company's products have been sold to over 60 countries and regions, covering major markets such as China, North America, Europe, and Australia, and it has established four overseas offices, gradually building a broad-reaching and fast-response international marketing and service network.
Financial Information
Revenue
For the fiscal years 2023, 2024, and 2025, the company recorded revenues of approximately RMB 496 million, RMB 544 million, and RMB 701 million, respectively.
Profit
In the fiscal years 2023, 2024, and 2025, the company recorded annual profits of approximately RMB 25.425 million, RMB 79.614 million, and RMB 65.21 million, respectively.
Gross profit
In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 247 million, RMB 265 million, and RMB 333 million, respectively.
Industry Overview
The global probiotics end-product market has experienced robust growth in recent years. The total market size increased from USD 58.7 billion in 2020 to USD 86.7 billion in 2025, representing a compound annual growth rate (CAGR) of 8.1% from 2020 to 2025.
The market is expected to further expand to USD 151.1 billion by 2030, with a CAGR of 11.8% between 2025 and 2030, and reach USD 279.6 billion by 2035, reflecting a CAGR of 13.1% from 2030 to 2035.
The global probiotic raw powder market size grew from USD 2.323 billion in 2020 to USD 3.264 billion in 2025, representing a CAGR of 7.0% from 2020 to 2025.
The market size is projected to further expand to USD 4.821 billion by 2030, with a CAGR of 8.1% between 2025 and 2030, and reach USD 8.154 billion by 2035, reflecting a CAGR of 11.1% from 2030 to 2035.
The Chinese probiotic raw powder market size increased from USD 316 million in 2020 to USD 483 million in 2025, representing a CAGR of 8.8% from 2020 to 2025.
The market is expected to further expand to USD 794 million by 2030, with a CAGR of 10.5% between 2025 and 2030, and reach USD 1.401 billion by 2035, reflecting a CAGR of 12.0% from 2030 to 2035.
The North American probiotic raw powder market size is projected to grow to USD 717 million by 2025, with a CAGR of 7.3% from 2020 to 2025.
The market size is expected to further expand to USD 1.085 billion by 2030, with a CAGR of 8.6% between 2025 and 2030, and reach USD 1.964 billion by 2035, reflecting a CAGR of 12.6% from 2030 to 2035.
The market size of probiotic raw powder in Europe increased from USD 551 million in 2020 to USD 779 million in 2025, with a compound annual growth rate (CAGR) of 7.2% from 2020 to 2025.
The market size is expected to further expand to USD 1,162 million by 2030, with a CAGR of 8.3% from 2025 to 2030, and reach USD 2,004 million by 2035, reflecting a CAGR of 11.5% from 2030 to 2035.
The global probiotic raw powder market shows clear regional growth trends during the forecast period. In terms of regional share, Europe accounted for the largest proportion in 2025 at 23.9%, followed by North America (22.0%) and China (14.8%). By 2030, these proportions are expected to change to 24.1%, 22.5%, and 16.5%, respectively.
Probiotic raw powder is a key material for downstream full-process production (including probiotic powder, probiotic preparations, and end-user probiotic products). As shown in the table below, the company ranked third globally in terms of probiotic raw powder production in 2025 and ranked first in Asia, with a total output of 328 tons.
Board of Directors and Senior Management Information
The company's board of directors will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. Directors serve a three-year term and are eligible for re-election.
Equity Structure
As of April 20, 2026, Dr. Fang (the company's founder, chairman of the board, chief scientist, and executive director) controls approximately 33.60% of the voting rights of the company’s issued share capital, including 18.03% held directly by Dr. Fang and 15.57% held indirectly through controlled entities.
Intermediary team
Sole Sponsor: Haitong International Capital Limited
Legal Counsel to the Company: Regarding Hong Kong and U.S. law: Herbert Smith Freehills; regarding Chinese law: Commerce & Finance Law Offices
Legal Counsel to the Sole Sponsor: Regarding Hong Kong and U.S. law: Jiayuan Law Firm; regarding Chinese law: Jiayuan Law Firm
Auditor and Reporting Accountant: BDO Limited, Hong Kong
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch
Compliance Advisor: Chuoyao Capital Limited