[WORLD] Singapore-based biotech firm Mirxes launched its initial public offering (IPO) in Hong Kong on May 15, aiming to raise HK$1.09 billion (S$181 million) to fuel its next phase of growth.
The company—spun off from Singapore’s Agency for Science, Technology and Research (A*STAR)—is offering 46.62 million shares at HK$23.30 each, giving it a valuation of approximately HK$6.4 billion.
The Hong Kong listing marks a significant strategic shift for Mirxes as it looks to tap into Asia’s deepening investor interest in biotech. Since 2018, the Hong Kong Stock Exchange has introduced streamlined listing rules for pre-revenue biotech firms, drawing in numerous life sciences players. Mirxes’ move positions it among a growing cohort of regional biotech companies opting for Hong Kong as their capital-raising venue of choice.
Under the IPO terms, 10 per cent of shares will be offered to the public in Hong Kong, with the remaining 90 per cent earmarked for international investors. Trading is scheduled to begin on May 23.
The listing comes amid a challenging IPO climate in Singapore. In 2024, the Singapore Exchange (SGX) recorded more delistings than new listings—20 companies exited the bourse, while just four joined. In response, the Monetary Authority of Singapore (MAS) is reviewing possible reforms to boost listings, including potential grants for IPO costs and enhanced market-making initiatives.
Analysts note that while SGX retains its status as a regional financial hub, its smaller liquidity pool has led high-growth sectors like tech and biotech to pursue listings in larger markets such as Hong Kong or New York. Notably, companies like Grab and Sea Group have gone public in the US, while Shein, the Chinese fast-fashion giant now based in Singapore, is reportedly exploring a London listing at a potential £50 billion (S$86.3 billion) valuation.
Founded in 2014, Mirxes specializes in microRNA-based diagnostics for early cancer detection. Its flagship product, GastroClear, is the world’s first molecular blood test approved for early gastric cancer screening in high-risk populations. In 2020, the firm also co-developed Singapore’s first Covid-19 polymerase chain reaction (PCR) test kit—Fortitude Kit—in partnership with A*STAR.
The IPO proceeds will support the advancement of Mirxes’ diagnostic pipeline, including expanded development and commercialization of GastroClear, alongside broader R&D efforts aimed at improving profitability and launching new products.
Key cornerstone investors have signaled strong backing. Beijing Xunrui Enterprise Management Partnership has committed to US$50 million (S$64.9 million) in shares, while Evergreen Gate, a unit of Fosun International, will invest US$7.92 million. These two investments represent a combined 41.37 per cent of the IPO, or 19.29 million shares.
Fosun’s involvement, in particular, is viewed as strategic. The Chinese conglomerate's healthcare footprint could pave the way for Mirxes to access China’s rapidly growing diagnostics market, where early cancer detection is increasingly prioritized due to demographic and lifestyle shifts.
The IPO is being jointly managed by China International Capital Corporation and CCB International Capital, underscoring the listing’s high profile and expectations.
Despite its commercial ambitions, Mirxes remains loss-making—typical for biotech firms in early stages of product rollout. The company reported a net loss of US$56.64 million in 2022, which widened to US$69.23 million in 2023 and US$92.33 million in 2024. However, industry observers argue that its sustained R&D investment reflects a standard growth trajectory for biotech startups.
Looking ahead, investor attention will focus on Mirxes’ ability to scale operations and win regulatory approvals in key markets like China and Japan, where gastric cancer remains a leading cause of death.
Following the IPO, Mirxes’ founding team will retain significant stakes: Chairman Too Heng Phon will hold 11.73 per cent, CEO Zhou Lihan 6.75 per cent, and Chief Technology Officer Zou Ruiyang 6.46 per cent.
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