Good News on Listing | Frost & Sullivan Assists InSilicon Intelligence's Successful Listing in Hong Kong (3696.HK)

InSilicon Intelligence Co., Ltd. (hereinafter referred to as 'InSilicon Intelligence') successfully went public on December 30, 2025. The company plans to issue 9,469,050 H shares globally at a price of HK$24.05 per share, raising a total amount of approximately HK$2.277 billion.

During the process of listing in Hong Kong, 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.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 83 (accounting for 72%) and 180 (accounting for 71%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It possesses rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.

• Founded in 2014, the company is dedicated to developing the world's first mature generative AI-driven drug discovery and development platform, Pharma.AI. It has successfully completed 20 clinical trials and IND filings, generating a total value of over $200 billion. The Pharma.AI platform consists of four core components: Biology42, Chemistry42, Medicine42, and Science42, covering the entire process from target discovery to clinical development;

   

• Pharma. AI has achieved end-to-end drug discovery and development through the platform, authorizing three assets to international pharmaceutical and healthcare companies with a total contract value of up to $2 billion, including a prepayment of $1.1 million and milestone payments of approximately $1.9 billion.

   

• The cycle from target discovery to preclinical candidate drug (PCC) confirmation for candidate drugs ranges from 12 to 18 months, which is much faster than the industry average of 4.5 years;

   

• As of the last practicable date, over 20 assets in clinical or IND filing stages have been generated through the Pharma.AI platform. Three of them have been successfully authorized, and one is in phase 1 of independent development;

   

• Pharma.AI plans to expand its application scope to multiple industries, including advanced materials, agriculture, nutritional products, and the brewing industry, demonstrating the platform's broad application value.

Artificial intelligence (AI) is playing an increasingly important role in shaping industries and driving innovation in the global economy. Its application scope is extensive, covering fields such as pharmaceuticals, nutrition, agriculture, smart laboratories, and energy solutions.

As industries across various sectors increasingly adopt generative artificial intelligence, coupled with continuous investment in both private and public sectors, as well as advancements in computing power and algorithms, the global generative artificial intelligence market is growing rapidly. The global market size for generative artificial intelligence is expected to increase from $4732.7 billion in 2023 to $3741.39 billion in 2032, with a compound annual growth rate of 25.8%, as shown in the following chart.

Data source: Analysis by Frost & Sullivan

It is estimated that the global market size for AI-enabled drug R&D expenses will increase from $11.9 billion in 2023 to $74.6 billion in 2032, with a compound annual growth rate of 22.6%, as shown in the following chart.

Data source: Analysis by Frost & Sullivan

Fibrosis is a pathological feature of many chronic inflammatory diseases, referring to the scarred and hardened state of tissues and organs. This is due to the accumulation of excess extracellular matrix components (especially collagen). The deterioration of fibrosis can lead to organ dysfunction and ultimately death. Most body tissues can be damaged by fibrosis.

Fibrosis can affect almost all tissues or organs, with common types including pulmonary fibrosis (also known as interstitial lung disease), renal fibrosis, cardiac fibrosis, mediastinal fibrosis, retroperitoneal cavity fibrosis, myelofibrosis, cutaneous fibrosis, and systemic diseases such as scleroderma or systemic sclerosis. Among these, idiopathic pulmonary fibrosis (IPF) is a particularly severe and complex form of disease. IPF is characterized by progression, limited treatment options, and poor prognosis, and has become a major focus of current research and drug development.

According to Frost & Sullivan's data, the global incidence of IPF increased from 554,500 cases in 2019 to 612,400 cases in 2023, with a compound annual growth rate of 2.5%. This is due to an increase in the aging population rate, increased awareness and diagnosis of this life-threatening disease, and the prevalence of unhealthy lifestyles. The number of new cases is expected to continue to increase to 1,067,700 cases by 2032, with a compound annual growth rate of 6.4% from 2023 to 2032.

Data source: Analysis by Frost & Sullivan

As of the latest practicable date, there is only one investigational drug globally, pirfenidone (Esbriet from Roche/Genentech).^®), nintedanib (OFEV from Boehringer Ingelheim^®) andThat Mistle(Jascayd of Boehringer Ingelheim^®) has been approved for the treatment of IPF. Currently, there are nearly 100 active IPF candidate drugs in clinical development worldwide, of which 25 are small molecule drugs. In addition, a total of 2 candidate drugs have entered phase III clinical trials globally. The table below lists the global competitive landscape of three approved original research drugs.

Source: FDA label, Frost & Sullivan analysis

Inflammatory bowel disease (IBD) refers to a group of chronic, relapsing gastrointestinal inflammations, mainly including Crohn's disease (CD) and ulcerative colitis (UC). The characteristics of IBD include persistent diarrhea, abdominal pain, rectal bleeding, weight loss, and fatigue, which can severely affect the quality of life of patients. Although the exact cause of IBD is still unclear, it is generally believed to be the result of a complex interaction between genetic susceptibility, environmental triggers, imbalance of the intestinal microbiota, and immune system dysfunction. The main goal of IBD treatment is to control the inflammation that causes symptoms, with broader goals being to induce and maintain remission and prevent complications. Treatment usually involves medication, and in some cases, surgery may be necessary depending on the severity of the disease and the individual patient's response. Medication treatment usually starts with anti-inflammatory drugs. Immunosuppressants (such as azathioprine) are also commonly used to suppress immune responses and reduce the release of inflammatory-inducing chemicals from the inner lining of the intestine. In recent years, biological therapy has changed the landscape of IBD treatment by specifically targeting and neutralizing key immune proteins that cause chronic inflammation in IBD. The table below shows the global competitive landscape of major marketed drugs for IBD.

Source: Drug Evaluation Center, FDA labeling, Frost & Sullivan analysis

According to Frost & Sullivan's data, the global number of IBD cases is steadily increasing. Epidemiological studies show that the global number of IBD cases rose from about 5.9 million in 2019 to 7 million in 2023, with a compound annual growth rate of 4.4%. It is estimated that the global number of IBD cases will reach about 11.5 million by 2032, with a compound annual growth rate of 5.6% from 2023 to 2032.

Data source: Analysis by Frost & Sullivan

Over the past century, the tumor treatment paradigm has shifted from traditional broad-spectrum therapies to precision medicine. Targeted therapies (including small molecule therapies and antibody therapies) and immunotherapy provide tumor patients with more accurate prognoses and better survival opportunities.PROTACThe application of new technologies is helping to solve the problem of 'undruggability'. In terms of antibody-based therapies, an increasing number of antibody-drug conjugates (ADCs) have shown good efficacy in various cancer types. Bispecific/multispecific T cell conjugates have also been developed for the treatment of hematological malignancies.

The global oncology drug market size increased from $143.5 billion in 2019 to $228.9 billion in 2023, with a compound annual growth rate of 12.4%. It is expected to reach $486.8 billion by 2032, with a compound annual growth rate of 8.7% from 2023 to 2032.

As of the latest practicable date, more than 480 tumor drugs have been approved globally. Currently, there are over 4,500 active tumor candidate drugs in clinical development worldwide, nearly 300 of which have entered phase III clinical trials globally.

The following table listsTargeting USP1The global competitive landscape of anti-tumor drugs.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

The following table listsTargeting QPCTLThe global competitive landscape of anti-tumor drugs.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

The following table listsTargeting KAT6AThe global competitive landscape of anti-tumor drugs.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

The following table illustrates the global competitive landscape of anti-tumor drugs targeting MAT2A.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

The following table illustrates the global competitive landscape of anti-tumor drugs targeting TEAD.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

The table below illustrates the global competitive landscape of anti-tumor drugs targeting ENPP1.

Data source: Clinicaltrials.gov, analysis by Frost & Sullivan

Metabolism refers to the biological process in which the human body primarily breaks down food into its basic components (proteins, carbohydrates (sugars), and fats) within the digestive system. When these physiological mechanisms malfunction, they can lead to metabolic diseases such as diabetes, obesity, and non-alcoholic fatty liver disease. The main risk factors for metabolic diseases include poor lifestyle habits, aging, obesity, environmental pollution, and abnormalities in blood sugar control, blood pressure, blood lipids, and uric acid levels. Patients often experience a variety of complications or comorbidities, such as obesity, fatty liver disease related to metabolic dysfunction, hypertension, and dyslipidemia.

The market size of the global metabolic disease drug market increased from $106.3 billion in 2019 to $134.6 billion in 2023, with a compound annual growth rate of 6.1%. It is expected to reach $208.5 billion by 2030, with a compound annual growth rate of 6.5% from 2023 to 2030.

As of the latest practicable date, more than 210 drugs for metabolic diseases have been approved globally. Currently, there are over 700 active metabolic disease candidate drugs in clinical trials worldwide, nearly 80 of which have entered phase III clinical trials globally.

Neurological diseases, especially those involving pain, are an important area of clinical demand and drug innovation. According to the definition by the International Association for the Study of Pain (IASP), pain is defined as 'an unpleasant sensory and emotional experience associated with actual or potential tissue injury, or described in terms of such injury.' The intensity, duration, and origin of pain can vary greatly, and effective management is crucial for reducing pain, restoring function, and improving overall quality of life.

From 2019 to 2023, the global market size for pain management drugs remained stable at $735 billion, mainly due to stricter restrictions on the use of opioid drugs and the impact of the COVID-19 pandemic. Driven by the approval of innovative non-opioid analgesics and the increasing number of chronic pain patients, the global market size is expected to reach $1075 billion by 2030, with a compound annual growth rate of 5.6% from 2023 to 2030.

As of the latest practicable date, more than 120 painkillers have been approved globally. Currently, there are over 200 active pain management candidate drugs in clinical trials worldwide, of which 22 have entered phase III clinical trials globally.