Shares of Chinese AI drug-delivery developer Metis TechBio Co Ltd opened at HK$28.68, up 173.14 percent from its IPO price on its trading debut on Wednesday.

The company has raised more than HK$2.1 billion ($270 million) in Hong Kong's largest healthcare IPO so far this year.

The Beijing-based biotech issued 201.2 million shares in its Hong Kong initial public offering. The Hong Kong public tranche was more than 6,900 times oversubscribed, while the international placement was 82 times oversubscribed, according to the company.

Metis, founded six years ago, focuses on artificial intelligence-powered nanotechnology designed to improve how large-molecule medicines such as nucleic acid therapies are delivered to target tissues.

The listing makes Metis the first publicly traded AI drug-delivery company globally, and the first Hong Kong-listed biotech focused on AI-driven large-molecule drug delivery, the company said.

Its core technology platform, NanoForge, combines artificial intelligence models, molecular simulation and high-throughput screening to design lipid nanoparticles and other delivery systems.

Metis said it has built a pipeline of more than 10 programs, including several clinical-stage candidates. The company has filed 224 patent applications and secured 52 granted patents.

Its most advanced candidate, MTS-004, has completed Phase III clinical trials in China for pseudobulbar affect, a neurological disorder for which there are currently limited treatment options domestically.

The company reported revenue of 105 million yuan ($14.5 million) in 2025, mainly from an upfront payment related to a product collaboration involving MTS-004. The program carries potential milestone payments totaling 1.845 billion yuan for the PBA indication, with an additional 100 million yuan tied to possible expansion into other indications.

The company said about 50 percent of IPO proceeds will be used to further develop its AI infrastructure and nanomaterial platform, while roughly 20 percent will fund ongoing and planned clinical trials.

Chris Lai, co-founder and CEO, said the listing would help accelerate the company's goal of applying AI-driven nanotechnology to enable targeted drug delivery and new therapeutic approaches.

Metis currently works with more than 30 pharmaceutical and biotechnology partners globally, including drugmakers, biotech firms and research institutions, according to the company.