New stock news | Ke Li Limited submits application to HKEX to become a comprehensive healthcare solutions provider.

According to the disclosure by the Hong Kong Stock Exchange on December 18th, Ke Li Limited has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The prospectus shows that Ke Li is a comprehensive provider of medical and health solutions originating from South Korea, with its main business in China and expanding internationally. The company is committed to promoting the upgrading of the pharmaceutical supply chain through digital solutions, as well as fostering innovation and development in the fields of biohealth and functional nutrition. During the reporting period, the company's main business lines were pharmaceutical marketing, promotion and sales, as well as research, production, and distribution of maternal and child health and nutritional supplements. According to Frost & Sullivan data, based on revenue in 2024, the company ranks among the top ten in China Meheco Group's pharmaceutical marketing, promotion, and sales market. Based on revenue in 2024, the company is the largest pediatric pharmaceutical marketing, promotion, and sales service provider in China, accounting for approximately 15.9% of the market share. The company's sales network covers all 31 provinces in mainland China, including all provincial capitals and prefecture-level cities. As of June 30, 2025, the company had a pharmaceutical marketing and sales network of over 1,500 distributors, covering approximately 110,000 clinics, 310,000 pharmacies, and 3,600 hospitals, including 68 Class A tertiary hospitals in China (accounting for approximately 3.8% of all Class A tertiary hospitals in China). Currently, the company's pharmaceutical marketing and sales business line is supported by the distribution of two flagship pediatric prescription drugs (Mami Ai and Yitanjing). Mami Ai and Yitanjing are products developed and produced by the Hanmi Group. During the reporting period, the company was the exclusive distributor of Mami Ai and Yitanjing in the outpatient segment market in China. In addition, the company has developed a highly diversified and differentiated portfolio of innovative products, including the research, production, and sales of maternal and child health and nutritional supplements (mainly biologically functional supplements and infant formula milk powder). The company's suppliers mainly include pharmaceutical and raw material suppliers. As of the end of the fiscal years ending December 31, 2022, 2023, and 2024, and the six months ended June 30, 2025, the amounts purchased from the top five suppliers accounted for 69.4%, 68.5%, 64.1%, and 68.4% of the total purchases, respectively. The Hanmi Group is a key strategic supplier for the company. During the same period, the amounts purchased from the largest supplier, Hanmi Group, accounted for 57.0%, 57.5%, 52.6%, and 62.0% of the total purchases in each respective period. The company's founder, executive director, and controlling shareholder, Mr. Lin, is also a shareholder of the Hanmi Group. As of December 10, 2025, Mr. Lin directly holds a 3.20% stake in the Hanmi Group and indirectly holds a 4.04% stake through Coree Pohang. Financial Information Revenue For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded revenues of $322 million, $350 million, $282 million, and $143 million, respectively. Profit For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded annual/profit of $17.338 million, $24.768 million, $21.8508 million, and $21.8255 million, respectively. Gross Margin For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's corresponding gross profit margins were 43.6%, 48.3%, 53.3%, and 56%, respectively. Industry Overview Driven by an aging population, increased health awareness, extended life expectancy, and rising research and development expenditures, there is a growing willingness to invest in the health-related industry. The market size of the China Meheco Group industry, based on revenue, increased from RMB 1,447.9 billion in 2020 to RMB 1,629.7 billion in 2024, with a projected compound annual growth rate of 4.0%, reaching RMB 1,985.4 billion by 2029. In recent years, the government has placed high importance on children's health and has successively introduced relevant policies and strategies to support the development of the pediatric pharmaceutical industry. In terms of revenue, the market size of the pediatric pharmaceutical industry is expected to grow at a compound annual growth rate of 5.0% to reach RMB 123.2 billion by 2029. China Meheco Group pharmaceutical marketing, promotion, and sales industry China's pharmaceutical marketing, promotion, and sales industry is specialized. In recent years, the outsourcing of pharmaceutical marketing, promotion, and sales business has become an increasingly important part of pharmaceutical marketing strategies. According to Frost & Sullivan data, the market size of the pharmaceutical marketing, promotion, and sales industry in China Meheco Group was RMB 97.8 billion in 2024, with a compound annual growth rate of 8.9% since 2020. It is projected that by 2029, the market size of the pharmaceutical marketing, promotion, and sales industry will grow to RMB 139 billion, with a compound annual growth rate of 7.3% since 2024. Hospitals have a large and stable demand for drugs, making it one of the main expansion directions for drug suppliers. According to revenue, it is projected that from 2024 to 2029, the market size of pharmaceutical marketing, promotion, and sales channels outside hospitals will grow at a compound annual growth rate of 11.6%. As the market size of the pediatric drug market in China expands, the proportion of pharmaceutical marketing, promotion, and sales services is also gradually increasing. In terms of revenue, the market size of the pediatric pharmaceutical marketing, promotion, and sales industry increased from RMB 6.4 billion in 2020 to RMB 9.6 billion in 2024, with a compound annual growth rate of 10.7%. It is estimated that by 2029, the market size will reach RMB 14.8 billion, with a compound annual growth rate of 9.0% from 2024 to 2029. Chinese probiotic supplement industry Based on retail sales, the market size of the Chinese nutritional supplement industry increased from RMB 199.5 billion in 2020 to RMB 260.6 billion in 2024, with a projected compound annual growth rate of 9.5%, reaching RMB 410.1 billion by 2029. With the growing public health awareness, the demand for various aspects of health management such as intestinal health, immune support, and oral hygiene is continuously increasing. The consumer base for probiotic supplement products is expanding, including infants, women, and the elderly. This trend provides a clear direction for the diversified development of these probiotic supplement products. The market size of the probiotic supplement industry in China increased from RMB 17.2 billion in 2020 to RMB 24.6 billion in 2024, with a compound annual growth rate of 9.4%. By 2029, the market size of probiotic supplements is expected to reach RMB 40 billion, with a compound annual growth rate of 10.2%. Board of Directors Information The company's board of directors consists of 7 directors, including 4 executive directors and 3 independent non-executive directors. Ownership Structure As of December 10, 2025, Mr. Lin directly holds 76.2% of the company's shares and indirectly holds 23.8% through Coree Pohang. Intermediary Team Exclusive sponsor and exclusive overall coordinator: China International Capital Corporation Hong Kong Securities Limited. Company legal counsel: For Hong Kong and U.S. law: Simmons & Simmons; For Chinese law: Fangda Partners. Exclusive sponsor legal counsel: For Hong Kong and U.S. law: Sidley Austin; For Chinese law: JunHe. Reporting accountant and independent auditor: KPMG. Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch. Compliance consultant: Maisi Capital Limited.