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 Name | Micot Pharma-B |
|---|---|
| Stock Code | 02335 |
| Company Full Name | Shaanxi Micot Pharmaceutical Technology Co., Ltd. |
| Industry | Healthcare |
| Principal Activities | Focused on the discovery, development and commercialization of bispecific/multispecific peptide therapeutics for the treatment of metabolic diseases and cardiovascular and cerebrovascular diseases, with its core product in Phase III clinical trials |
| Listing Date | 2026-06-24 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18A Biotech |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國陝西省西安市長安區協同創新港6號樓 |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | microtechmd.com |
| 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 Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 21.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,242 |
| Par Value | RMB 0.02 / shares |
| Offer Period | 2026-06-15 to 2026-06-18 |
| Global Offering Shares | 58,054,400 shares |
| HK Public Offer Shares (Initial) | 5,805,600 shares (10.0%) |
| Public Offer Lots (Initial) | 29,028lots (Pool A14,514lots，Pool B14,514lots) |
| International Placing Shares (Initial) | 52,248,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 331,740,350 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 39.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,219,142,400 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,200 |
| 2 lots | 400 | HK$ 8,400 |
| 3 lots | 600 | HK$ 12,600 |
| 4 lots | 800 | HK$ 16,800 |
| 5 lots | 1,000 | HK$ 21,000 |
| 6 lots | 1,200 | HK$ 25,200 |
| 7 lots | 1,400 | HK$ 29,400 |
| 8 lots | 1,600 | HK$ 33,600 |
| 9 lots | 1,800 | HK$ 37,800 |
| 10 lots | 2,000 | HK$ 42,000 |
| 15 lots | 3,000 | HK$ 63,000 |
| 20 lots | 4,000 | HK$ 84,000 |
| 25 lots | 5,000 | HK$ 105,000 |
| 30 lots | 6,000 | HK$ 126,000 |
| 35 lots | 7,000 | HK$ 147,000 |
| 40 lots | 8,000 | HK$ 168,000 |
| 45 lots | 9,000 | HK$ 189,000 |
| 50 lots | 10,000 | HK$ 210,000 |
| 100 lots | 20,000 | HK$ 420,000 |
| 150 lots | 30,000 | HK$ 630,000 |
| 200 lots | 40,000 | HK$ 840,000 |
| 250 lots | 50,000 | HK$ 1,050,000 |
| 300 lots | 60,000 | HK$ 1,260,000 |
| 350 lots | 70,000 | HK$ 1,470,000 |
| 400 lots | 80,000 | HK$ 1,680,000 |
| 450 lots | 90,000 | HK$ 1,890,000 |
| 500 lots | 100,000 | HK$ 2,100,000 |
| 1,000 lots | 200,000 | HK$ 4,200,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,300,000 |
| 2,000 lots | 400,000 | HK$ 8,400,000 |
| 2,500 lots | 500,000 | HK$ 10,500,000 |
| 3,000 lots | 600,000 | HK$ 12,600,000 |
| 3,500 lots | 700,000 | HK$ 14,700,000 |
| 4,000 lots | 800,000 | HK$ 16,800,000 |
| 4,500 lots | 900,000 | HK$ 18,900,000 |
| 5,000 lots | 1,000,000 | HK$ 21,000,000 |
| 10,000 lots | 2,000,000 | HK$ 42,000,000 |
| 14,514 lots | 2,902,800 | HK$ 60,958,800 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 6.47B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,502,110,860 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 184.9 million |
| Period-End Cash Balance | RMB 80.56 million |
| Listing Expenses | ~HK$ 70,550,000 |
| Listing Expenses / Funds Raised | ~6.2% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 39.1% will be used for clinical trials and commercialization of core products, 36.3% will be used for clinical trials and commercialization of key products, 14.6% will be used for research and development of other candidate products and technology platforms, and 10.0% will be used for working capital and general corporate purposes. |
Underwriting Syndicate
Joint Sponsors (1)
建银国际金融有限公司 CE AJO225
Sponsor cum Overall Coordinator (1)
建银国际金融有限公司 CE AJO225
Overall Coordinators (1)
建银国际金融有限公司 CE AJO225
Joint Global Coordinators (2)
Joint Bookrunners (12)
建银国际金融有限公司 CE AJO225
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
KINGKEY SECURITIES GROUP LIMITED CE AXG710
Ruibang Securities Limited CE BIJ312
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
uSmart Securities Limited CE BJA907
WEBULL SECURITIES LIMITED CE BNG700
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ZMF Asset Management Limited CE AWF641
Joint Lead Managers (12)
建银国际金融有限公司 CE AJO225
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
KINGKEY SECURITIES GROUP LIMITED CE AXG710
Ruibang Securities Limited CE BIJ312
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
uSmart Securities Limited CE BJA907
WEBULL SECURITIES LIMITED CE BNG700
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ZMF Asset Management Limited CE AWF641
Capital Market Intermediaries (12)
建银国际金融有限公司 CE AJO225
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
KINGKEY SECURITIES GROUP LIMITED CE AXG710
Ruibang Securities Limited CE BIJ312
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
uSmart Securities Limited CE BJA907
WEBULL SECURITIES LIMITED CE BNG700
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ZMF Asset Management Limited CE AWF641
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Tian Yuan Law Firm 君合律师事务所 King and Wood LLP Tian Yuan Law Firm 国浩律师（深圳）事务所 Concord & Sage PC |
| Legal Advisor to Sponsors/Underwriters |
Eric Chow & Co. in Association with Commerce & Finance Law Offices 通商律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 启源香港 | 341 HKD | 17,416,400 | 30.00% | 5.25% | 6 months | 2026-12-24 |
| 2 | 云顶新耀 | 100 HKD | 5,102,200 | 8.79% | 1.54% | 6 months | 2026-12-24 |
| 3 | 顺鸣资本 | 8 HKD | 399,600 | 0.69% | 0.12% | 6 months | 2026-12-24 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 王冰 | — |
| Company Secretary | 鄒然、陳綺藍 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Dr. Wang Bing and Dr. Wang Mei are the controlling shareholders, holding in aggregate approximately 43.43% of the equity interests in the Company (assuming that the over-allotment option is not exercised). |
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