Mandi Inc, a Chinese consumer health company specializing in hair loss treatment, has submitted an application to list on the Hong Kong Stock Exchange. The company is being spun off from biopharmaceutical firm 3SBio Inc, with Huatai International acting as sole sponsor. Mandi’s flagship Mandi minoxidil series has dominated China’s hair loss treatment market for 10 consecutive years, capturing 57% market share in 2024. The company is expanding into skin health and weight management, with a GLP-1 weight loss drug in Phase III clinical trials. Financially, Mandi reported 2024 revenue of 1.46 billion RMB ($200 million), maintaining gross margins above 80%. IPO proceeds will support R&D expansion and digital transformation.