Good News on Listing | Frost & Sullivan Assists Suzhou Ribo Biotechnology Co., Ltd. to Successfully Go Public in Hong Kong (6938.HK)

Suzhou Ruibo Biotechnology Co., Ltd. (hereinafter referred to as 'Ruibo Biotech') successfully listed on January 9, 2026. The company plans to issue 2,748.74 million shares, of which 90% will be international offerings and 10% will be public offerings. The maximum offering price per share is HK$57.97, raising a net amount of approximately HK$1.593 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.

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 82 (accounting for 72%) and 180 (accounting for 71%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.

• The company is a biotechnology company dedicated to the research and development of siRNA innovative drugs, committed to developing treatments for chronic diseases such as cardiovascular, metabolic, and liver diseases.RNA interference drugIt possesses a complete technical platform from R&D to clinical trials and is one of the leading enterprises in the field of small nucleic acid pharmaceuticals in China.

   

• As of now, the company has established one of the world's largest siRNA drug pipelines, including 7 self-developed drugs in clinical trials, covering 7 indications such as cardiovascular, metabolic, kidney, and liver diseases. Four of these have entered phase 2; there are also more than 20 preclinical projects.

   

• The company has equipped with products with independent intellectual property rights and have passed clinical verificationGalNAc delivery technologyThe RiboGalSTARTM platform enables the company to continuously and autonomously advance multiple siRNA projects from drug discovery to clinical development in the fields of cardiovascular, metabolic, renal, and liver diseases.

   

• The company's core product RBD4059 (siRNA targeting FXI) is the world's first siRNA drug for the treatment of thrombotic diseases and is also advancing at the fastest pace in clinical development. Thrombotic diseases have become one of the leading causes of death globally, claiming more than 10 million lives each year.

   

• The company is advancing two key products, RBD5044 and RBD1016. RBD5044 is the second siRNA targeting APOC3 in clinical development globally. APOC3 is a protein that plays a crucial role in lipid metabolism. RBD1016, with its potent and sustained effect on HBsAg, is an important pillar therapy for future combined approaches to achieve functional cure of CHB and is also a leading siRNA candidate drug for the treatment of CHD. In addition to the clinical product pipeline, we also maintain more than 20 preclinical projects planned for advancement into clinical development.

   

• The company owns differentiated key products for common diseases globally, has established valuable partnerships at the platform and asset levels to achieve sustainable global growth, and possesses a world-class management team with a global perspective and a good track record.

Since the approval of the first ASO drug in 1998, the development of small nucleic acid therapies has undergone several generations of technological innovation. Early ASO therapies faced significant challenges including poor bioavailability and off-target effects, which limited their clinical application. The discovery of the RNAi mechanism in 1998 and the subsequent development of siRNA technology led to major therapeutic breakthroughs. The powerful gene silencing ability of siRNA drugs, coupled with their potential to target previously untreatable targets, has made them an effective tool for treating a variety of diseases from rare genetic disorders to chronic diseases and cancer.

The transformation of siRNAs into clinically feasible therapies has undergone more than two decades of in-depth research to overcome key delivery challenges and other technical obstacles. Although only seven siRNA drugs have been approved for marketing globally so far, the field is at a turning point: advancements in targeted delivery and chemical modification are expected to bring a new wave of innovation to siRNA therapy. It is estimated that the clinical and commercial applications of this breakthrough model will achieve significant growth over the next decade. Currently, there are over 100 siRNA candidate drugs in clinical development worldwide, which supports this momentum and demonstrates the maturity of the technology and its continuous expansion potential in addressing previously intractable targets and unmet medical needs across various therapeutic areas.

The global small nucleic acid (SNNA) drug market has shown strong and sustained growth, increasing from $2.7 billion in 2019 to $5.7 billion in 2024, with a compound annual growth rate of 16.2%. Driven by continuous technological progress, increasing market approvals, and clinical validation, the global SNNA drug market is expected to accelerate growth, reaching $206 billion and $549 billion in 2029 and 2034 respectively. The compound annual growth rate from 2024 to 2029 is expected to be 29.4%, and from 2029 to 2034, it will be 21.6%.

Data source: Analysis by Frost & Sullivan

The following charts display the global small nucleic acid (SNNA) drug market by drug type for 2019 and 2024, respectively. siRNA drugs are expected to occupy a larger market share in the next decade than other SNNA drugs.

Data source: Analysis by Frost & Sullivan

The global siRNA therapy market is dominated by a few major players with years of technical and professional expertise. The table below lists the main participants in the global siRNA drug landscape.

Data source: Analysis by Frost & Sullivan

Thrombotic diseases include a range of conditions characterized by pathological blood clots (thrombosis) within arteries or veins. Thrombotic diseases have become one of the leading causes of death globally, accounting for a quarter of all deaths each year. In 2024, the global incidence of thrombotic diseases was 2.67 million people (including 480,000 in the EU and 700,000 in China), and it is expected to reach 2.91 million people (including 760,000 in the EU and 1240,000 in China) by 2034. Risk factors include advanced age, obesity, lack of exercise, and major surgery, while diseases such as metabolic disorders, atrial fibrillation, and cancer significantly increase the risk of thrombosis. It is noteworthy that metabolic disorders, such as hyperlipidemia (especially elevated cholesterol and triglyceride levels), can promote thrombosis by inducing endothelial dysfunction and creating a thrombotic environment.

The global market size for antithrombotic drugs increased from $376 billion in 2019 to $593 billion in 2024, with a compound annual growth rate of 9.5%. It is expected to reach $874 billion and $1226 billion in 2029 and 2034 respectively, with a compound annual growth rate of 8.0% from 2024 to 2029 and 7.0% from 2029 to 2034. The target market size for the global antithrombotic drugs market is listed in the following figure.

Data source: Analysis by Frost & Sullivan

Hyperlipidemia is a disease characterized by abnormal levels of any or all lipids (such as triglycerides, cholesterol, phospholipids) or lipoproteins in the blood. Globally, the prevalence of hyperlipidemia in adults is estimated at about 40%, affecting approximately 3 billion people each year.

Hypercholesterolemia (‘HC’) is the most common type of dyslipidemia, accounting for about 27.4% of global cases. In 2024, there were approximately 9.35 million people worldwide suffering from HC, which is expected to increase to 10.1 million by 2034. In the EU and China, in 2024, there were 1.749 million and 1.182 million people respectively suffering from HC, which are expected to reach 1.72 million and 1.227 million by 2034. The typical feature of HC is elevated LDL-C, with or without elevated total cholesterol. It can be caused by factors such as poor diet, lack of exercise, obesity, and genetic predisposition. Although most patients with HC do not experience significant discomfort, it is an important risk factor for cardiovascular disease and is often associated with other metabolic diseases.

Data source: Analysis by Frost & Sullivan

Kidney diseases are conditions that damage the structure or function of the kidneys, leading to waste accumulation, electrolyte imbalance, and increased cardiovascular risk. They can be broadly divided into acute kidney injury and chronic kidney disease. The prevalence of chronic kidney disease among adults worldwide is about 9.5%. Conventional treatments, including corticosteroids, immunosuppressants, and renin-angiotensin system blockers, often fail to provide optimal disease control because they do not directly intervene with related pathophysiological mechanisms such as immune-mediated damage and progressive renal fibrosis. In addition, long-term use of these drugs can often produce significant adverse reactions and lead to diminished efficacy in certain patient populations.

The global IgAN drug market size increased from $6.1 billion in 2019 to $7.3 billion in 2024, with a compound annual growth rate of 3.6%. It is expected to reach $138 billion and $205 billion by 2029 and 2034, respectively. The compound annual growth rate from 2024 to 2029 is expected to be 13.7%, and from 2029 to 2034, it will be 8.3%.

Data source: Analysis by Frost & Sullivan

Chronic hepatitis B (CHB) is a long-term liver disease caused by persistent infection with the hepatitis B virus (HBV). It is characterized by the persistent presence of hepatitis B surface antigen (HBsAg) in the serum for at least six months. The virus is transmitted through blood, semen, and other bodily fluids, usually through mother-to-child transmission, unprotected sexual behavior, or sharing needles. According to Frost & Sullivan's data, 80% to 90% of infants at one year old and 30% to 50% of children aged six years and under develop CHB after being infected with HBV, which can lead to serious and potentially fatal complications including cirrhosis, liver failure, and liver cancer. Among untreated CHB patients, about 20% to 30% may progress to cirrhosis and liver cancer. Despite the availability of HBV vaccines, it is estimated that at least 260 million people worldwide will be infected with CHB each year over the next decade, making it a major health issue globally. In the European Union and China, there were 8.1 million and 676 million people suffering from CHB in 2024, respectively.

The global market size for anti-HBV drugs increased from $16.1 billion in 2019 to $20.9 billion in 2024, with a compound annual growth rate of 5.4%. It is expected that by 2029 and 2034, it will reach $45 billion and $77.8 billion respectively, with a compound annual growth rate of 16.5% from 2024 to 2029 and 11.6% from 2029 to 2034. The following chart lists the target market size for the global anti-HBV drug market.

Data source: Analysis by Frost & Sullivan

Chronic hepatitis B (CHD) is a recurrent infection of the liver that can occur in patients with CHB. It is caused by the hepatitis B virus (HBV), a 'satellite' virus that can only infect individuals who are also infected with HBV because HDV requires HBsAg for virus assembly and transmission. Nearly 5% of hepatitis B virus-infected patients worldwide are also infected with HDV. CHD is the most severe form of viral hepatitis, associated with an increased risk of liver cancer and death. Compared to having CHB alone, having CHD also progresses more rapidly to severe liver complications such as liver fibrosis, cirrhosis, and decompensated liver disease. As of 2024, there were 1.23 million CHD patients globally, including 100,000 in the European Union and 2 million in China.

The global market size for anti-HDV drugs increased from $400 million in 2019 to $600 million in 2024, with a compound annual growth rate of 6.0%. It is expected that by 2029 and 2034, the market size will reach $12 billion and $19 billion respectively. The compound annual growth rate from 2024 to 2029 is expected to be 16.7%, and from 2029 to 2034 it will be 9.4%. The following chart lists the target market size for the global anti-HDV drug market.

Data source: Analysis by Frost & Sullivan

Metabolic dysfunction-related fatty hepatitis (MASH) is a severe form of MASLD characterized by excessive fat accumulation (steatosis) in the liver, accompanied by inflammation and hepatocyte damage. MASH is one of the most common liver diseases worldwide. The global number of MASH patients increased from 3.404 billion in 2019 to 3.987 billion in 2024, with a compound annual growth rate of 3.2%. This number is expected to reach 4.701 billion and 5.334 billion by 2029 and 2034 respectively, with a compound annual growth rate of 3.3% from 2024 to 2029 and 2.6% from 2029 to 2034.

The global MASH drug market size grew from $2 billion in 2019 to $3.4 billion in 2024, with a compound annual growth rate of 11.2%. It is expected that by 2029 and 2034, it will reach $233 billion and $536 billion respectively, with a compound annual growth rate of 47.0% from 2024 to 2029 and 18.1% from 2029 to 2034. The target market size for the global MASH drug market is shown in the following chart.

Data source: Analysis by Frost & Sullivan