Mandi Inc.’s HKEX IPO Application Lapsed; Its Brand Products Rank No.1 in China’s Anti-hair Loss Drug Market for Ten Consecutive Years
NewTimeSpace News: The Hong Kong listing application of Mandi Inc. filed on November 20, 2025 has lapsed upon the expiry of the six-month validity period. Huatai International acted as the original sole sponsor. According to CIC data, by retail sales value, its flagship Mandi® minoxidil anti-hair loss products have topped China’s anti-hair loss drug market and minoxidil drug market for ten consecutive years since 2014, holding respective market shares of approximately 57% and 71% in 2024.
NewTimeSpace News: The listing application submitted by Mandi Inc. to the Hong Kong Stock Exchange on November 20, 2025 has now lapsed after six months. Huatai International was its original sole sponsor.
As a leading professional consumer healthcare enterprise in China, the company commits to developing and supplying comprehensive long-term solutions for skin health and weight management. It mainly focuses on hair health within the broader skin health sector and has established a leading market position.
Per CIC statistics, Mandi® branded minoxidil hair loss treatment products have secured the top ranking in China’s overall anti-hair loss drug market and minoxidil segment market for ten straight years starting from 2014 in terms of retail sales, with market shares reaching around 57% and 71% respectively in 2024. Leveraging solid market foundations, the company is actively expanding its business into broader skin health and weight management sectors.
China’s consumer healthcare market expanded from RMB 931.3 billion in 2018 to RMB 1,642 billion in 2024, and is projected to hit RMB 4,056.9 billion by 2035. Within the sector, China’s hair health management market grew from RMB 19.8 billion to RMB 52.7 billion over the same period, and is expected to rise to RMB 171.4 billion by 2035, representing a compound annual growth rate of 11.3%.
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