On March 25, 2026, Metis TechBio Co., Ltd. (hereinafter referred to as 'Metis TechBio'), headquartered in Daxing District, Beijing, disclosed its prospectus on the Hong Kong Stock Exchange. The company had previously submitted its prospectus in confidential form on February 12, 2026, with plans to conduct an initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange.
Jitai Technology has received a notice from the China Securities Regulatory Commission regarding its offshore issuance and listing case, allowing it to issue no more than 273.495 million ordinary shares for offshore listing. Additionally, 39 shareholders intend to convert their combined 851,697,111 unlisted domestic shares into offshore-listed shares, which will be listed and traded on the Hong Kong Stock Exchange.
Jitai Technology prospectus link:
https://www1.hkexnews.hk/app/sehk/2026/108330/documents/sehk26032501679_c.pdf
Main Business
Jitai Technology, founded in 2020, is a leader in AI-driven nanomaterial innovation, committed to the delivery and application of payloads across all forms of life, guided by the vision of using AI nanotechnology to usher in a healthier future.
NanoForge, as a pioneer in targeted drug delivery innovation, serves as the foundation of the company's proprietary, synergistically integrated AI-driven nanotechnology innovation system. It encompasses an extensive lipid library autonomously generated by the company, AI foundational models, METiS agents, quantum chemistry and molecular dynamics simulations, as well as an AI-driven high-throughput screening platform.
Based on this, Jitai Technology has developed three specialized solutions: the AiTEM, AiLNP, and AiRNA platforms, which are used to simulate, predict, and interpret interactions at the nanoscale, thereby enabling the rational design, optimization, and validation of advanced nanomaterials and their associated payloads.
Jitai Technology's platform aims to address long-standing challenges in the pharmaceutical industry, particularly the need for precise and effective therapeutic delivery, while accelerating the development of innovative drugs. In addition to advancing human therapeutics, Jitai Technology is also actively extending the application of its technology to broader life forms, unlocking new opportunities such as anti-aging and animal health. The company has built the industry's first and largest diversified lipid library, containing over ten million structurally diverse lipids, laying the groundwork for targeted delivery. Leveraging this vast lipid library, the company has developed nanomaterials capable of precisely delivering payloads to multiple different organs.
The most advanced drug candidate of Jitai Technology (designed with AI-driven formulation technology) can reduce preclinical formulation development time from approximately one to two years to less than three months. According to a report by Frost & Sullivan, MTS-004 represents the fastest-progressing pipeline utilizing AI-driven formulation technology.
Jitai Technology adopts a dual-driven business model, integrating its proprietary AiTEM, AiLNP, and AiRNA platforms with internally developed therapeutic assets to maximize the commercial value of its solution platform. This model combines (i) a platform-based collaboration model providing delivery systems, lipid libraries, and discovery solutions to external partners; and (ii) product partnerships advancing the company’s internal pipeline through licensing, co-development, or commercialization.
Shareholder Structure
According to the prospectus, in Jitai Technology's equity structure prior to its listing in Hong Kong,
Dr. Lai Caida, Dr. Hongming Chen, and Mr. Wang Wenshou are acting in concert. Together with their controlled shareholding platforms, they collectively hold 30.67% of the shares, making them the single largest shareholder.
Directors and senior management
The board of directors of Ji Tai Technology, after the listing, will consist of eight members, including:
Three executive directors:
Dr. Lai Caida (Co-founder, Chairman of the Board, Chief Executive Officer);
Dr. Hongming Chen (Co-founder, Chief Research and Development Officer);
Dr. Wang Wenshou (Co-founder, Chief Operating Officer);
Two non-executive directors:
Mr. Huang Hantao (Deputy General Manager of CICC Capital);
Ms. Gong Yuan (Partner at HSG);
Four independent non-executive directors:
Mr. Lin Yizhong (Former Partner at PricewaterhouseCoopers);
Dr. Li Jin (Assistant Professor of Strategy at Kellogg School of Management, Northwestern University, and Director of the Academic Area of Management and Strategy at the Faculty of Business and Economics, University of Hong Kong);
Dr. Peter Edward Lobie (Professor at Tsinghua University's Shenzhen International Graduate School and Founding Scientist of Sinotar Pharmaceuticals Ltd.).
In addition to the executive directors, senior executives include:
Dr. Fu Chong (Chief Financial Officer, Board Secretary);
Dr. Xu Wei (Chief Scientist);
Mr. Mark Robert (Chief Commercial Officer).
Company performance
The prospectus shows that during the fiscal years of 2022, 2023, 2024, and the first nine months of 2025, Jitai Technology’s revenue reached RMB 554,000, 9,338,000, 1,482,000, and 101,637,000 respectively. The corresponding net losses were RMB 513 million, 582 million, 499 million, and 247 million, with adjusted net losses of RMB 153 million, 347 million, 240 million, and 108 million respectively.
Intermediary team
The intermediary team for Jitai Technology's IPO primarily includes:
Jefferies Financial Group, Deutsche Bank, and CICC served as joint sponsors;
PricewaterhouseCoopers as its auditor;
Hankun Law Firm acted as its legal counsel in China;
Davis Polk & Wardwell as its legal counsel in Hong Kong and the United States;
Tongshang serves as its securities firm's legal counsel in China;
O'Melveny & Myers is the legal counsel for the underwriters in Hong Kong and the United States;
Jones Lang LaSalle served as its property appraiser.
Highbroad Capital serves as its compliance advisor;
Frost & Sullivan serves as its industry consultant.