Good News on Listing | Frost & Sullivan Assists MiRXES Holding Company Limited in Successful Listing on the Hong Kong Stock Exchange (2629.HK)

Mirxes Holding Company Limited (hereinafter referred to as 'Mirrex') was listed on the Hong Kong Stock Exchange on May 23, 2025, with an issue price of HK$23.30 per share, issuing 4,662 million shares for a total fundraising amount of HK$1.086 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

According to LiveReport's big data (statistical data as of May 1, 2025), from January to April 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 13 (76%), 47 (65%) and 149 (69%) Hong Kong-listed IPOs respectively, boasting rich industry experience and communication skills with exchanges and investors.

● A globally leading miRNA technology platform that redefines cancer screening standards

The core competitiveness of Mirei lies in its independently developed mSMRT-qPCR technology platform. This technology achieves precise detection of trace miRNA biomarkers in blood through highly sensitive and specific multiplex PCR amplification techniques. Compared with traditional protein-based tumor markers, miRNAs have significant advantages such as strong tissue specificity and high stability, enabling earlier and more accurate identification of cancer risk. GASTROClear™, as the world's first approved miRNA screening product for gastric cancer, has sensitivity and specificity of 87% and 68.4%, respectively, far exceeding traditional screening methods (such as gastroscopy and serum protein markers). This technological breakthrough has not only changed the clinical pathway for gastric cancer screening but also provided a new solution for the early detection of high-incidence cancers such as lung cancer and colorectal cancer.

● Continuously increasing R&D investment to drive sustainable development through innovation

Mirei regards technological innovation as the core driving force for long-term development. The company holds 26 authorized patents and 73 patent applications under review, covering the entire chain of miRNA extraction, amplification, and data analysis. The R&D team brings together top experts in molecular biology, bioinformatics, and clinical medicine, and has established deep collaborations with institutions such as the National University of Singapore and the National Institutes of Health in the United States. Currently, the registration and approval process for GASTROClear™ in China and Japan is progressing smoothly, with NMPA certification expected to be completed by the end of 2024; early screening projects for liver cancer and breast cancer have also entered the preclinical validation stage, forming a sustainable innovation output capability.

● A mature commercialization system drives performance growth, and the global layout is accelerating.

Since the commercialization of GASTROClear™ in 2019, Mirei has established sales networks in 35 countries including Singapore, China, and Japan, serving over 100,000 patients in total. The company adopts a dual-track strategy of 'LDT first + IVD follow-up': rapidly penetrating into markets where approval has not yet been granted through laboratory self-built testing services, while simultaneously advancing registration approvals to expand accessibility. In 2023, the company formed a 47-person full-time team in China and plans to expand its sales team to 200 people within the next three years, covering major tertiary hospitals across the country. In addition, Mirei is actively expanding into emerging markets in Southeast Asia, cooperating with local governments and insurance companies to explore medical insurance coverage pathways, and creating a closed-loop ecosystem of 'product + service + payment'.

According to a report by Frost & Sullivan,

• GASTROClear™ is the world's first innovative gastric cancer screening solution based on blood miRNA testing.

   

• The company holds the leading market share in the miRNA liquid biopsy gastric cancer screening market in Southeast Asia (excluding Singapore).

   

• In the Asia-Pacific region, the company is one of the few enterprises that have deployed early cancer screening for multiple cancers such as gastric cancer, lung cancer, and colorectal cancer. Moreover, the LungClear™ product is the world's first commercial miRNA-based lung cancer LDT service.

In the selected countries and regions (including Southeast Asia (Singapore, Malaysia, Indonesia, Thailand, the Philippines, Vietnam), China, the United States, and Japan), as of December 31, 2023, the comprehensive accessible cancer screening market size was approximately $50.4 billion, with an estimated compound annual growth rate (CAGR) of 5.1% from 2023 to 2033. In addition, the global early cancer screening market remains a huge accessible market, with existing solutions struggling to meet many market demands.

The growth of the Southeast Asian preventive healthcare and cancer screening market is expected to be further driven by the following factors: the improvement of health awareness among governments and the public, the affordability of healthcare services, the expansion of the middle class in Southeast Asia, and the continuous growth of the high-risk population. As of December 31, 2023, the market size for cancer screening in Southeast Asia was approximately $1.9 billion, with an estimated average annual compound growth rate of 11.3% from 2023 to 2033 (estimated).

Data source: Analysis by Frost & Sullivan

Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market. With a global perspective, we help clients accelerate their business growth, achieving benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of Frost & Sullivan's core research areas. Over the past 20-plus years, the Frost & Sullivan team has provided financing financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies. Successful listings include: Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Pharmaceutical Group (NASDAQ:AAPG), Zhengye Biotech (NASDAQ:ZYBT), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinos (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahé (2453.HK), WuXi AppTec (2268.HK), Anol Medical (NASDAQ:ANL), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Cerenbo Tai (6990.HK), LaiKai Medical (2105.HK), Kedi Group (2487.HK), Lüzhu Biotech (2480.HK), Meis Health (2415.HK), PHECR, Zhongjin Medical (NASDAQ:ZJYL), Yisheng Biotech (NASDAQ:YS), Meili Tianyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sida Di (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai (2291.HK), Jianshi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), BAIOSAI TUTO (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Rike Biotech (2179.HK), Lepu Biotech (2157.HK), Clear Medical (1406.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailaiying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Clover Biotech (2197.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopai (2137.HK), Canola (2162.HK), Chaoyu Ophthalmology (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koji Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature Pharmacy (UPC.NASDAQ), Saiseng Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive XinTong (2160.HK), RuiLi Medical Beauty (2135.HK), Jiaosisi Pharmaceutical (1167.HK), Hepato Oncology (2142.HK), JD Health (6618.HK), Deqi Pharmaceutical (6996.HK), Rongchang Biotech (9995.HK), WuXi Juenuo (2126.HK), SinoBIO (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), ZaiDing Medicine (9688.HK), Ocular Oncology (1477.HK), Yongtai Biotech (6978.HK), Hapu Pharmaceutical (9989.HK), Kaisai Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), NuoCheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabotech (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hailong Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yager Scientific Research Pharmaceutical (2633.HK), HCM China Medicine (HCM.NASDAQ), Biotechnology (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of listed projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry, including: Zhongyan Co., Ltd. (688716.SH), Zhejiang Rongtai (603119.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration Co., Ltd. (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwe Century (688426.SH), Jinkang Protein (688137.SH), Novogene Biologics Inc. (688428.SH), Aopuima Biotechnology Co., Ltd. (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical Co., Ltd. (688373.SH), Yifang Biotechnology Co., Ltd. (688382.SH), Jicui Pharmaceutical Co., Ltd. (688046.SH), Haichuang Pharmaceutical Co., Ltd. (688302.SH), Rongchang Biotechnology Co., Ltd. (688331.SH), Rendu Biotechnology Co., Ltd. (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotechnology Co., Ltd. (688238.SH), Yaxin Security (688225.SH), Xidi Microelectronics (688173.SH), Mawei Biotechnology Co., Ltd. (688062.SH), Yahong Medicine Co., Ltd. (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine Co., Ltd. (688192.SH), Novozyme (688105.SH), Chengda Biotechnology Co., Ltd. (688739.SH), Geke Microelectronics (688728.SH), Huaxi Biotechnology Co., Ltd. (688363.SH), Junshi Biotechnology Co., Ltd. (688180.SH), Zhejiang Genomics & Biotechnology Co., Ltd. (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.