By Fineline Cube 
3SBio Inc. (HKG: 1530) announced plans to spin off its consumer healthcare subsidiary Mandi International for a separate listing on the Hong Kong Stock Exchange Main Board, positioning Mandi as a pure‑play leader in skin health and weight management with an 87.16% ownership stake retained by 3SBio.
Spin‑Off Structure
| Item | Detail |
|---|---|
| Parent | 3SBio Inc. (1530.HK) |
| Spin‑Off Entity | Mandi International (Mandi Shares) |
| Listing Venue | Hong Kong Stock Exchange Main Board |
| 3SBio Ownership | 87.16% (pre‑IPO) |
| Minority Shareholders | Hero Grand (3.38%), Mandi Group (2.80%), GL Wecan (4.00%), Alibaba Health (2.65%) |
| Business Focus | Professional consumer healthcare – skin health, weight management, hair health |
Mandi Business Profile
- Market Position: Leading professional consumer healthcare company in China
- Core Segment: Hair health leader within broader skin health industry
- Flagship Products:
- Mandi 5% Minoxidil Tincture (2001) – China’s first 5% minoxidil formulation
- Mandi 5% Minoxidil Foam (2024) – Second‑generation, improved delivery
- Strategic Moat: Two decades of brand equity in minoxidil; established distribution through 40,000+ pharmacies and dermatology clinics
Market Context & Outlook
| Segment | China Market Size (2024) | Growth CAGR | Mandi Market Share |
|---|---|---|---|
| Hair Loss Treatment | ¥8.5 billion (US$1.2 billion) | 15% | ~35% (minoxidil segment) |
| Skin Health (Total) | ¥45 billion (US$6.2 billion) | 12% | ~2% (expanding) |
| Weight Management | ¥12 billion (US$1.6 billion) | 20% | Early stage |
- IPO Valuation: Analysts estimate Mandi could fetch HK$8‑12 billion (US$1.0‑1.5 billion) based on 25‑30× P/E vs. consumer health peers
- Use of Proceeds: Fund R&D for weight management pipeline, expand digital health platform, and scale direct‑to‑consumer channels
- Strategic Value: Spin‑off unlocks pure‑play valuation for Mandi while allowing 3SBio to focus on core biologics (epoetin, TNF‑α inhibitors)
Forward‑Looking Statements
This brief contains forward‑looking statements regarding the 3SBio‑Mandi spin‑off timeline, IPO valuation, and strategic benefits. Actual results may differ materially due to risks including regulatory approval delays, market conditions, and competitive dynamics in consumer healthcare.-Fineline Info & Tech