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Key Takeaways:
Sinder Technology's profit declined in 2024, but then more than doubled in the first nine months of last year
Shares of comparable Mainland-listed companies have undergone similar significant corrections in recent years from earlier peak levels
China's rising living standards have heightened awareness of food safety and livestock health, driving growth in related industries. Shandong Sinder Technology Co. Ltd. rode that wave to prominence, thriving on rising demand for its animal health products. Now, the company is hoping to bring its animal health story to investors with its filing this month for a Hong Kong IPO, adding its name to a long list of hundreds of companies seeking similar listings.
The company is feeding off a Chinese animal health market that expanded from 50.9 billion yuan ($7.37 billion) in sales in 2019 to 68 billion yuan in 2024, averaging 6% annual growth, according to third-party market data in its listing document. That growth is expected to accelerate slightly from last year to reach 141 billion yuan by 2034, increasing at an average annual rate of 7.6%.
Sinder has its own pedigree in founder Li Zhaoyang, 57, who graduated with a veterinary degree from Qingdao Agricultural University in 1991 and established Sinder Technology eight years later. Li currently serves as vice president of the China Veterinary Drug Association, and leads a management team made up mostly of other veterinary professionals.
Veterinary biological products generated around 70% of Sinder's revenue in the first nine months of 2025, with vaccines accounting for 53.8% of total sales. Classified by animal type, poultry products contributed 77.3% of the company's revenue and livestock products made up 13.7%, while pet products accounted for just 1.3%.
Investors indifference
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