3SBio to spin off Mandi Inc. for Hong Kong listing

3SBio Inc. announced a proposed spin-off and separate listing of Mandi Inc. on the Main Board of the Stock Exchange of Hong Kong. The spin-off will be implemented through a distribution of all Mandi shares held by 3SBio to its shareholders, proportional to their holdings, and a Global Offering of new Mandi shares. The Global Offering will comprise a Hong Kong Public Offering and an International Offering. The Stock Exchange confirmed that 3SBio may proceed with the proposed spin-off. Following completion, 3SBio will not retain any interest in Mandi, and Mandi will cease to be a subsidiary.

Mandi submitted its listing application to the Stock Exchange on November 20, 2025. Mandi is beneficially owned approximately 87.16% by 3SBio, with other investors including Hero Grand Management Limited (3.38%), Mandi Group Limited (2.80%), GL Wecan Investment IV L.P. (4.00%), and Alibaba Health (Hong Kong) Technology Company Limited (2.65%). The proposed spin-off is not expected to constitute a discloseable transaction for 3SBio.