Good News on Listing | Frost & Sullivan Congratulates Jiangsu Hanbang Technology Co., Ltd. on Successfully Listing on the Sci-tech Innovation Board (688755.SH)

Jiangsu Hanbang Technology Co., Ltd. (hereinafter referred to as 'Hanbang Technology') successfully went public on May 16, 2025, issuing a total of 22,000,000 shares at an issue price of 22.77 yuan per share.

• Hanbang Technology has outstanding technological innovation advantages, strong independent research and development capabilities, and the ability to transform technical achievements. It has mastered several core technologies and independently developed advanced process equipment with intellectual property rights. As of the date of signing the prospectus, it has obtained 51 invention patent authorizations, including 38 domestically and 13 internationally. Hanbang Technology has led several scientific research and industrialization projects at the provincial or ministerial level and above, including 6 national-level projects, and the performance indicators of its core products have reached international advanced levels.

   

• Hanbang Technology has a rich product line covering chromatography, layering, ultrafiltration and other equipment. It can provide customized and systematic solutions for multiple cutting-edge pharmaceutical fields such as biopharmaceuticals, enhancing customer loyalty and market competitiveness;

   

• Hanbang Technology ranks among the top in the domestic chromatographic separation and purification equipment market share, and has been approved to establish provincial-level R&D platforms such as the Jiangsu Industrial Preparative Chromatography Engineering Research Center. It is one of the few domestic enterprises capable of competing with internationally renowned equipment manufacturers, with its brand influence continuously increasing.

   

• Since its establishment, Hanbang Technology has exported its products both domestically and internationally, serving over 2,000 customers, including leading domestic pharmaceutical companies such as Hengrui Medicine, Zhengda Tianqing, Lizhu Group, Sino-US Huadong Pharmaceutical, and China National Pharmaceutical Group, as well as international clients from countries like Germany, the UK, India, South Korea, Norway, and others. With its stable product quality, solid R&D capabilities, and comprehensive service system, Hanbang Technology has gained widespread market recognition, strong customer loyalty, and a solid foundation for business development.

Frost & Sullivan has long been monitoring the global and Chinese biopharmaceutical industries, publishing a large number of research reports that are widely cited in the prospectuses of leading science and technology innovation board listed companies in the industry, helping clients accelerate their growth.

Small molecule liquid chromatography equipment can be mainly divided into two categories: laboratory instruments and production-grade equipment. In China, the laboratory liquid chromatography instrument market is mainly dominated by international giants in life science instrumentation such as Agilent, Waters, and Thermo Fisher. Domestic brands represented by Hanbang Technology, with their good localization service capabilities, higher cost-effectiveness advantages, and excellent product performance, have gradually developed and matured in the field of production-grade small molecule liquid chromatography separation and purification equipment, occupying an important market share.

In 2019, the market for small molecule liquid chromatography equipment in China (including export revenue from domestic manufacturers) reached 1.8 billion yuan, and it will reach 2.6 billion yuan by 2024, with a compound annual growth rate of 7.0% during this period. It is expected that the market for small molecule liquid chromatography equipment in China will continue to grow, reaching 4.7 billion yuan by 2028, with a compound annual growth rate of 16.2% from 2024 to 2028. Among them, the market scale for industrial preparative chromatography will reach 740 million yuan in 2024. Benefiting from the rapid development of the peptide drug market in China and globally, the demand for upstream industrial preparative chromatography will continue to grow in the future, expected to reach 1.61 billion yuan by 2028, with a compound annual growth rate of 21.2%.

Market Size of Small Molecule Liquid Chromatography Equipment in China from 2019 to 2028

In 2023, the total scale of liquid chromatography equipment (including production-grade and laboratory-grade) in China exceeded 2.7 billion yuan. Among them, Agilent accounted for the highest proportion, at 23.2%. Hanbang Technology ranked second with the rapid growth in the market for production-grade liquid chromatography separation equipment, with a market share of about 12.7%, ranking among the top of domestic brands. Waters and Thermo Fisher followed closely behind.

Market share of major competitors in the Chinese liquid chromatography equipment (chemical drugs) market, 2023

In 2023, the market scale of production-grade small molecule preparative liquid chromatography systems in China was 780 million RMB. Among them, Hanbang Technology ranked first with a market share of 39.2%. Ranked second and third were Novartis S.A. of France and China Innovent Biotech Co., Ltd., with market shares of 120 million RMB and 70 million RMB respectively.

Market share of major competitors in the Chinese production-grade small molecule preparative liquid chromatography system market, 2023

In the market for production-grade macromolecular chromatography systems, imported products represented by brands such as Cytiva and Pall hold a leading position both internationally and domestically due to their high technical level, early development, full-process equipment layout from upstream to downstream production, and personalized supporting products such as culture media/consumables/packings. In recent years, with the development of domestic pharmaceutical equipment industry, the market share of domestic manufacturers has gradually increased, and their revenue scale has grown rapidly, becoming an important part of the market.

In 2023, the market size of production-grade macromolecular chromatography systems in China was approximately 2.5 billion RMB. Among them, Danaher (including both Cytiva and Pall brands) accounted for the highest proportion, reaching 37.2%. Suzhou Lisiu, a domestic manufacturer, ranked second in market share, accounting for about 18.5%. Hanbang Technology had a market share of approximately 8.8%, ranking third in the market.

Market Size of Macromolecular Chromatography Systems in China from 2019 to 2028

Market Analysis of Main Competitors for China's Production-level Macromolecular Chromatography Systems, 2023

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 and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of Frost & Sullivan's core areas of focus. Over the past 20-plus years, the Frost & Sullivan team has provided financing and financial advisory services, IPO industry advisory services, strategic consulting services, management consulting services, etc., to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare service, and internet healthcare companies. Successful listing cases include: Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Pharmaceutical Group (NASDAQ:AAPG), Zhengye Biotech (NASDAQ:ZYBT), Brainlight (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), Anl Medical (NASDAQ:ANL), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotech (6990.HK), LaiKai Medical (2105.HK), Kedi Group (2487.HK), Lvg Biotech (2480.HK), Meis Health (2415.HK), PHECR, ZJYL Medical, NASDAQ:YS, Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sidaide (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), Bio-Thera (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), 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), Kailai Ying (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), Canopy (2162.HK), Chaoyu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Medicine (UPC.NASDAQ), Sain Pharmaceutical (6600.HK), Zhaoyan New Drug (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), Jianbimiao Miao Miao (2161.HK), Minimally Invasive Heart Tong (2160.HK), Rui Li Medical Beauty (2135.HK), Jiaosisi Pharmaceutical (1167.HK), Hebo Medicine (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Genomics (2126.HK), Xiansheng Pharmaceutical (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Ocular Biotech (1477.HK), Yongtai Biotech (6978.HK), Haipu Pharmaceutical (9989.HK), Kaopu Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng 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), Mabot Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yajichen Scientific Research Pharmaceutical (2633.HK), HCM.NASDAQ, Biotech (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, 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 (STAR Market) in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading STAR Market-listed companies, including: Zhongyan Co., Ltd. (688716.SH), Zhejiang Rongtai (603119.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwe Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopu Mabio (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biologics (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biologics (688331.SH), Rendu Biologics (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biologics (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biologics (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiamhe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novozyme (688105.SH), Chengda Biologics (688739.SH), Geke Micro (688728.SH), Huaxi Biologics (688363.SH), Junshi Biologics (688180.SH), Zhejiang Oncology (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to gain insights into industry trends, seize development opportunities, jointly promote innovation and upgrading of China's health industry, and build a healthy future.