METiS TechBio’s blockbuster IPO signals rising investor interest in AI startups focused on how drugs are delivered inside the body
Updated
May 14, 2026 3:02 PM
HIV-1 virus particles, coloured red. PHOTO: UNSPLASH
Investors are beginning to place bigger bets on AI startups focused on drug delivery infrastructure rather than drug discovery alone. That shift was on display this week after METiS TechBio, a Hong Kong tech-bio startup focused on AI-powered drug delivery systems, debuted on the Hong Kong Stock Exchange.
The listing made METiS TechBio the world’s first publicly traded AI-powered drug delivery startup and the first AI-powered large-molecule biopharmaceutical startup listed in Hong Kong. The startup raised more than HKD 2.1 billion through its IPO, making it the largest healthcare listing in Hong Kong so far in 2026.
Investor demand was unusually strong. The Hong Kong public offering was oversubscribed by more than 6,900 times while the international tranche recorded 82 times oversubscription. More than 280 institutional investors participated in the international placing.
The strong demand reflects a wider shift in AI biotech. Over the past few years, much of the sector’s attention has focused on using AI to discover new drugs or molecules. METiS is taking a different approach. The startup focuses on how medicines are delivered inside the body after they are developed.
That challenge is becoming harder to ignore in biotech. Designing a therapy is only one part of the process. Delivering it precisely to specific organs, tissues or cells remains a major hurdle, especially for newer therapies involving RNA, proteins and large-molecule drugs.
METiS is trying to solve that problem through its proprietary NanoForge platform. The system uses AI to design and test nanodelivery systems that help medicines reach targeted areas inside the body more efficiently. The platform combines AI models, simulation systems and high-throughput screening tools to speed up formulation development and improve delivery precision.
The startup says it has already achieved targeted delivery across eight organs and tissue systems including the liver, lungs, heart, muscles and central nervous system.
One of its lead programs, MTS-004, became China’s first AI-enabled formulation drug to complete a Phase III clinical trial. The drug is being developed for pseudobulbar affect, a neurological condition that affects emotional expression. According to the startup, AI tools helped reduce preclinical formulation development time from up to two years to less than three months.
Investor interest in the IPO also came from some of the world’s largest asset managers and healthcare funds. BlackRock led the cornerstone investments with a USD 50 million subscription. Other participating investors included UBS Asset Management Singapore, Mirae Asset, ORIX Corporation, Deerfield, RTW, Hillhouse Capital and IDG Capital.
METiS is also building what it describes as a “platform collaboration + product partnership” business model. The startup currently works with more than 30 pharmaceutical and biotechnology partners globally, including large pharmaceutical companies and medical research institutions.
The company reported RMB 105 million in revenue in 2025, largely tied to upfront payments connected to its MTS-004 partnership agreements. It also said some platform collaboration contracts could reach milestone values of up to USD 109 million.
Chris Lai said: "The future of biomedicine will no longer be simply about 'taking medicine when one falls ill.' METiS TechBio's ambition is to harness AI to build nano-rockets that can navigate with precision through the inner space of the human body's 30 trillion cells, write the code of nucleic acids and proteins into cells, and reprogram diseased and aging cells into healthy cells. This was our founding aspiration, and it is the mission to which we will dedicate our lives. The IPO marks a new starting point for us to accelerate forward, and we will strive to live up to the support and trust we have received from all sectors."
The IPO also highlights how Hong Kong is increasingly positioning itself as a hub for next-generation biotech and AI healthcare startups. While investor excitement around AI drug discovery has cooled in parts of the market, startups focused on delivery systems and biotech infrastructure are beginning to attract stronger institutional backing.
For METiS, the challenge now will be turning that investor confidence into commercially viable therapies and long-term partnerships. But the listing suggests that AI-driven drug delivery is starting to emerge as a category investors are willing to treat as core biotech infrastructure rather than a niche research experiment.
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From AI diagnostics to exoskeletons, the event highlights how healthcare tech is moving into real-world use
Updated
May 1, 2026 2:25 PM
Tesla Bot Optimus, designed by Tesla. PHOTO: ADOBE STOCK
The China International Medical Equipment Fair 2026 will open in Shanghai from April 9 to 12 at the National Exhibition and Convention Center. It is one of the largest gatherings in the medical device industry. This year’s edition will cover more than 320,000 square metres. Nearly 5,000 companies and brands are expected to participate, representing over 20 countries and regions. Organisers also expect more than 200,000 professional visitors and buyers from around 150 markets.
A key focus this year is the growing use of artificial intelligence in healthcare. One of the headline technologies is an AI agent designed to carry out multiple diagnoses from a single scan. The exhibition will also feature diagnostic software that is already in clinical use. In addition, an integrated platform for AI training and inference will be showcased to improve computing capacity within healthcare institutions.
Robotics will also play a central role at the event. New systems across surgical procedures, rehabilitation and elderly care are expected to be presented. Together, these developments point to a steady move toward more precise and assisted forms of care. Many of these technologies are designed to support clinicians and patients, especially in tasks that require consistent accuracy or long-term physical assistance.
For the first time, the event will introduce a dedicated Future Tech Arena. It will focus on brain-computer interfaces, embodied intelligence and university-led innovation. The space will include AI-assisted MRI systems for Alzheimer’s diagnosis. It will also feature brain-computer interface technologies used for cognitive assessment and training, along with wearable robotic exoskeletons.
Alongside product showcases, the event will continue to act as a platform for international trade and collaboration. An International Zone will host exhibitors from countries such as the United States, Germany, Japan, South Korea, the United Kingdom, France, Singapore, Malaysia and Thailand. This provides a view of how different markets are approaching medical technology. It also reflects the global nature of innovation and deployment in this sector.
The programme will include a set of networking and exchange formats under its “We” initiative. These include discussion stages with representatives from consulates and industry organisations, as well as matchmaking sessions based on verified buyer demand. Guided tours will also be organised to help international visitors connect with relevant exhibitors. In parallel, organisers are working with hospital partners to provide medical support services for attendees during the event.
Across the four days, hundreds of forums are scheduled. These will bring together policymakers, researchers and industry leaders to discuss regulatory frameworks, market access and the future of healthcare innovation. Some of these sessions will be led by the Global Harmonization Working Party in collaboration with the Ministry of Health of Malaysia, with a focus on regulatory alignment and cross-border cooperation in medical devices.
As healthcare systems continue to adopt digital tools and advanced equipment, events like CMEF provide a clear view of how these technologies are being developed and applied. The scale of participation this year reflects continued activity across both innovation and international collaboration in the medical device sector.