CHINA

AI Drug Delivery Startup Metis Clears Hong Kong IPO Hurdle

Published: Apr. 24, 2026 10:25 p.m. GMT+8

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Founded in 2020, Metis uses artificial intelligence to address complex drug delivery challenges, particularly in the development of lipid nanoparticle systems

Chinese AI-driven drug delivery startup Metis TechBio Co. Ltd. has passed a regulatory hearing for an initial public offering on the Hong Kong Stock Exchange.

The planned listing would make Metis the third artificial intelligence pharmaceutical firm to trade in Hong Kong, underscoring the city’s growing appeal to pre-commercial specialist technology companies and rising global investor appetite for AI in drug development.

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Chinese AI drug delivery startup Metis TechBio passed HKEX IPO hearing, becoming third AI pharma to list there after XtalPi and Insilico.
Founded 2020 by MIT alumni; raised >$300M; AI platform accelerates formulations; MTS-004 completed Phase III trials.
2025 revenue 105M yuan (up from 1.5M); net loss 392M yuan; plans Chapter 18C listing, unprofitable through 2026.

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Who’s Who

Metis TechBio Co. Ltd.: Metis TechBio Co. Ltd., a Chinese AI-driven drug delivery startup founded in 2020 by MIT alumni, has passed a Hong Kong IPO hearing under Chapter 18C. It raised over $300M, uses AI for lipid nanoparticles, and advances MTS-004 (Phase III complete for pseudobulbar affect). 2025 revenue hit 105M yuan, despite losses. (62 words)

China International Capital Corp.: China International Capital Corp. backed Metis TechBio Co. Ltd., investing in funding rounds that raised over $300 million before the startup's Hong Kong IPO filing.

HongShan Capital Group: HongShan Capital Group is one of the key investors backing Metis TechBio Co. Ltd., contributing to the startup's raise of over $300 million across multiple funding rounds before its Hong Kong IPO filing.

5Y Capital: 5Y Capital backed Metis TechBio Co. Ltd., a Chinese AI-driven drug delivery startup, in funding rounds totaling over $300 million before its Hong Kong IPO filing.

Zhejiang Yin’an Pharmaceutical: Zhejiang Yin’an Pharmaceutical licensed Chinese mainland rights for Metis TechBio's MTS-004 (orally dissolving tablet for pseudobulbar affect) in September 2025 for 100 million yuan ($14.6 million) upfront payment.

XtalPi Holdings Ltd.: XtalPi Holdings Ltd., an AI drug discovery firm, successfully debuted on the Hong Kong Stock Exchange in June 2024 under Chapter 18C rules. Its share price has risen well above the initial offering level, following a similar path to peer Insilico Medicine. (42 words)

Insilico Medicine: Insilico Medicine debuted on the Hong Kong Stock Exchange in December 2025. Its share price has risen well above the initial offering level, following a successful IPO like peer XtalPi.

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