HK Stock Market Move | 3SBIO (01530) fell more than 8% and plans to spin off Mundy International for independent listing on the main board of the Hong Kong Stock Exchange.

3SBIO (01530) fell more than 8%, and as of the time of writing, it dropped 8.33% to HKD 29.7, with a turnover of HKD 4.95 billion. On the news front, on the evening of November 20th, 3SBIO announced that the company proposed to spin off its subsidiary, Mandi Holdings, and list it independently on the Main Board of the Stock Exchange. The proposed spin-off is expected to be carried out through a global offering of Mandi shares, including a public offering in Hong Kong and an international offering, based on the shareholding proportions of shareholders as determined by the board for the purpose of determining shareholders' rights on a record date. It is reported that Mandi International submitted a listing application to the Stock Exchange yesterday. As of the announcement date, Mandi is actually owned by the company, Engtai Management Limited, Mandi Group Limited, GL Wecan Investment IV L.P., and ALI HEALTH (Hong Kong) Technology Limited with approximately 87.16%, 3.38%, 2.80%, 4.00%, and 2.65% stakes, respectively. Mandi mainly focuses on and has established a leading position in the hair health sector within the broader skin health industry. Mandi launched the first domestic 5% minoxidil solution under the Mandi brand in 2001 and further introduced the second generation of minoxidil-based products, namely the Mandi 5% minoxidil foam, in 2024.