HEMAY PHARMA-B 00054Hong Kong Stock ExchangeIPOProspectus Information

15.500 - 18.900
Price range · Lists Nov 9
Listing Date: 2026-11-09 · Registrar: 卓佳
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Company Overview

Stock NameHEMAY PHARMA-B
Stock Code00054
Company Full NameGanzhou Hemay Pharmaceutical Co., Ltd.
IndustryBiotech & Pharma
Principal ActivitiesWe are a biopharmaceutical company dedicated to the discovery and development of self-discovered and self-developed small-molecule drugs for autoimmune diseases and oncology. We have one Core Product, Mufemilast, and five small molecule drug candidates. Mufemilast has received NDA approval in China in September 2025 for the treatment of moderate to severe plaque psoriasis.
Listing Date2026-11-09
Listing StatusPre-listing
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterChapter 18A Biotech
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)West Section of Green Source Avenue, West District, Hi-Tech Industrial Park, Xinfeng County, Ganzhou City, Jiangxi Province, PRC
Business Address (Hong Kong)Room 1912, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
Place of IncorporationPRC
Listing MethodGlobal Offering
Listing BoardMain Board
Websitehemay.com.cn
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceTo be extracted
Offer Price RangeHK$ 15.50 - 18.90
Lot Size100 shares
Entry ThresholdHK$ 1,890
Par ValueRMB 1.0 / shares
Offer Period2026-10-30 to 2026-11-04
Global Offering Shares55,210,000 shares
HK Public Offer Shares (Initial)5,521,000 shares (10.0%)
Public Offer Lots (Initial)55,210lots (Pool A27,605lots，Pool B27,605lots)
International Placing Shares (Initial)49,689,000 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO452,056,576 shares
Greenshoe (Over-allotment Option)Yes
Stabilizing Manager (Greenshoe)SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
Cornerstone Share23.8%
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 1,043,469,000

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 100 HK$ 1,890
2 lots 200 HK$ 3,780
3 lots 300 HK$ 5,670
4 lots 400 HK$ 7,560
5 lots 500 HK$ 9,450
6 lots 600 HK$ 11,340
7 lots 700 HK$ 13,230
8 lots 800 HK$ 15,120
9 lots 900 HK$ 17,010
10 lots 1,000 HK$ 18,900
15 lots 1,500 HK$ 28,350
20 lots 2,000 HK$ 37,800
25 lots 2,500 HK$ 47,250
30 lots 3,000 HK$ 56,700
35 lots 3,500 HK$ 66,150
40 lots 4,000 HK$ 75,600
45 lots 4,500 HK$ 85,050
50 lots 5,000 HK$ 94,500
60 lots 6,000 HK$ 113,400
70 lots 7,000 HK$ 132,300
80 lots 8,000 HK$ 151,200
90 lots 9,000 HK$ 170,100
100 lots 10,000 HK$ 189,000
150 lots 15,000 HK$ 283,500
200 lots 20,000 HK$ 378,000
250 lots 25,000 HK$ 472,500
300 lots 30,000 HK$ 567,000
350 lots 35,000 HK$ 661,500
400 lots 40,000 HK$ 756,000
450 lots 45,000 HK$ 850,500
500 lots 50,000 HK$ 945,000
600 lots 60,000 HK$ 1,134,000
700 lots 70,000 HK$ 1,323,000
800 lots 80,000 HK$ 1,512,000
900 lots 90,000 HK$ 1,701,000
1,000 lots 100,000 HK$ 1,890,000
1,250 lots 125,000 HK$ 2,362,500
1,500 lots 150,000 HK$ 2,835,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
3,000 lots 300,000 HK$ 5,670,000
3,500 lots 350,000 HK$ 6,615,000
4,000 lots 400,000 HK$ 7,560,000
4,500 lots 450,000 HK$ 8,505,000
5,000 lots 500,000 HK$ 9,450,000
6,000 lots 600,000 HK$ 11,340,000
7,000 lots 700,000 HK$ 13,230,000
8,000 lots 800,000 HK$ 15,120,000
9,000 lots 900,000 HK$ 17,010,000
10,000 lots 1,000,000 HK$ 18,900,000
12,500 lots 1,250,000 HK$ 23,625,000
15,000 lots 1,500,000 HK$ 28,350,000
17,500 lots 1,750,000 HK$ 33,075,000
20,000 lots 2,000,000 HK$ 37,800,000
27,605 lots 2,760,500 HK$ 52,173,450

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 5.84B
Est. Threshold HK$ 9.51B Market cap gap 39%
Analysis Result 市值不达标（市值差 39%）
* IPO in progress, estimated at upper bound offer price

Valuation & Financials

Market Cap (at Offer Price)HK$ 7,820,000,000
H-Share Market Cap (at Offer Price)HK$ 4,792,281,940 - 5,843,492,172
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet loss RMB 129.8 million
Period-End Cash Balance人民幣57.4百萬元
Listing Expenses~HK$ 75,455,507
Listing Expenses / Funds Raised~7.9%
Total Pre-IPO Investment約人民幣951.1百萬元

Financial Data

Unit: '000 RMB
Income Statement
Item 20242025
Other income and gains, net 5,2985,799
Selling and distribution expenses -818-989
Administrative expenses -33,304-45,978
Operating profit -121,848-129,029
Net finance costs -1,545-777
Profit before tax -123,393-129,806
Income tax expense 00
Profit for the year -123,393-129,806
Profit attributable to owners -123,393-129,806
Balance Sheet
Item 20242025
Cash and cash equivalents 149,79757,392
Inventories 00
Total current assets 161,181128,903
Total assets 450,326332,410
Total current liabilities 156,723159,343
Total liabilities 166,825168,885
Total equity 283,501163,525
Equity attributable to owners 283,501163,525
Cash Flow Statement
Item 20242025
Net cash from operating activities -91,258-81,203
Net cash from investing activities 83,888-9,236
Net cash from financing activities 111,475-1,958
Net increase in cash 104,105-92,397
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 55.5% for Mufemilast R&D and commercialization; approx. 4.5% for Hemay022 R&D; approx. 20.0% for Hemay181 R&D; approx. 10.0% for other pipeline products R&D; approx. 10.0% for general corporate and working capital.

Underwriting Syndicate

Sole Sponsor (1)
SDIC SECURITIES CORPORATE FINANCE (HONG KONG) LIMITED CE AVL376(sole)
Sponsor cum Overall Coordinator (1)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685(sole)
Overall Coordinators (2)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685 SPDB International Capital Limited CE BFZ375
Joint Global Coordinators (2)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685 SPDB International Capital Limited CE BFZ375
Joint Bookrunners (10)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685 SPDB International Capital Limited CE BFZ375 CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956 CMB International Capital Limited CE AVM940 CCB INTERNATIONAL CAPITAL LIMITED CE AJO225 BOCOM International Securities Limited CE APJ121 Guosen Securities (HK) Brokerage Company, Limited CE AUI491 uSmart Securities Limited CE BJA907 PATRONS SECURITIES LIMITED CE BPQ161 ABCI CAPITAL LIMITED CE AWL249
Joint Lead Managers (10)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685 SPDB International Capital Limited CE BFZ375 CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956 CMB International Capital Limited CE AVM940 CCB INTERNATIONAL CAPITAL LIMITED CE AJO225 BOCOM International Securities Limited CE APJ121 Guosen Securities (HK) Brokerage Company, Limited CE AUI491 uSmart Securities Limited CE BJA907 PATRONS SECURITIES LIMITED CE BPQ161 ABCI Securities Company Limited CE ACX411
Capital Market Intermediaries (10)
SPDB International Capital Limited CE BFZ375 CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956 CMB International Capital Limited CE AVM940 CCB INTERNATIONAL CAPITAL LIMITED CE AJO225 BOCOM International Securities Limited CE APJ121 Guosen Securities (HK) Brokerage Company, Limited CE AUI491 uSmart Securities Limited CE BJA907 PATRONS SECURITIES LIMITED CE BPQ161 ABCI CAPITAL LIMITED CE AWL249 ABCI Securities Company Limited CE ACX411
Stabilizing Manager (1)
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685

Service Providers

RoleInstitution
Legal Advisor to Company 金杜律师事务所
Legal Advisor to Sponsors/Underwriters 亚司特博钦律师事务所
北京市天元律师事务所
Auditor and Reporting Accountant 罗兵咸永道会计师事务所
Industry Advisor 弗若斯特沙利文（北京）咨询有限公司上海分公司
Compliance Advisor 迈时资本有限公司 CE BNO600
Receiving Banks 中国银行（香港）有限公司
H Share Registrar 卓佳证券登记有限公司

Cornerstone Investors

#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 广发基金管理 9,500,000 USD 4,309,500 7.81% 0.95% 6 months 2027-05-09
2 广发基金香港 500,000 USD 226,800 0.41% 0.05% 6 months 2027-05-09
3 汇添富基金 8,000,000 USD 3,629,000 6.57% 0.80% 6 months 2027-05-09
4 汇添富香港 1,000,000 USD 453,600 0.82% 0.10% 6 months 2027-05-09
5 富国基金 5,372,000 USD 2,436,900 4.41% 0.54% 6 months 2027-05-09
6 富国香港 1,628,000 USD 738,500 1.34% 0.16% 6 months 2027-05-09
7 易方达基金管理 3,000,000 USD 1,360,900 2.46% 0.30% 6 months 2027-05-09

Directors & Management

PositionChinese nameEnglish Name
ChairmanZhang HeshengZhang Hesheng
Company SecretaryChen Yingwei; Ng Wai KamChen Yingwei; Ng Wai Kam
No director data available.

Major Shareholders

Major Shareholders & HoldingsDr. Zhang Hesheng and Ms. Guo (controlling shareholders, acting in concert): approx. 20.42% of total issued shares; Mr. Jacky Zhuang/Truman: 7.55%; Shanghai Hongfu: 6.94%; Zhenzhuo Investment: 5.53%; Aile Zhide: 5.14%; Mr. Zhuang/Zhenzhuo Pharmaceutical: 4.56%; High Estate: 2.47%.
About this page

This page shows HEMAY PHARMA-B (00054) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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