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 | B&K Corp-B |
|---|---|
| Stock Code | 02396 |
| Company Full Name | B&K Corp Ltd |
| Industry | Healthcare |
| Principal Activities | We are a biopharmaceutical company headquartered in China, dedicated to developing various therapies, with a focus on developing protein drugs for indications with unmet medical needs and market opportunities. Our primary focus is the discovery, development and commercialization of wound healing therapies, currently platelet-derived growth factor (PDGF) drugs. |
| Listing Date | 2025-12-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國山東省 青島市嶗山區 秦嶺路19號協信中心 1號樓1507室 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | huarenshengwu.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 38.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 7,640 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-12 to 2025-12-17 |
| Global Offering Shares | 17,648,800 shares |
| HK Public Offer Shares (Initial) | 1,765,000 shares (10.0%) |
| Public Offer Lots (Initial) | 8,825lots (Pool A4,412lots，Pool B4,413lots) |
| International Placing Shares (Initial) | 15,883,800 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 117,657,522 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 674,184,160 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 7,640 |
| 2 lots | 400 | HK$ 15,280 |
| 3 lots | 600 | HK$ 22,920 |
| 4 lots | 800 | HK$ 30,560 |
| 5 lots | 1,000 | HK$ 38,200 |
| 6 lots | 1,200 | HK$ 45,840 |
| 7 lots | 1,400 | HK$ 53,480 |
| 8 lots | 1,600 | HK$ 61,120 |
| 9 lots | 1,800 | HK$ 68,760 |
| 10 lots | 2,000 | HK$ 76,400 |
| 15 lots | 3,000 | HK$ 114,600 |
| 20 lots | 4,000 | HK$ 152,800 |
| 25 lots | 5,000 | HK$ 191,000 |
| 30 lots | 6,000 | HK$ 229,200 |
| 35 lots | 7,000 | HK$ 267,400 |
| 40 lots | 8,000 | HK$ 305,600 |
| 45 lots | 9,000 | HK$ 343,800 |
| 50 lots | 10,000 | HK$ 382,000 |
| 100 lots | 20,000 | HK$ 764,000 |
| 150 lots | 30,000 | HK$ 1,146,000 |
| 200 lots | 40,000 | HK$ 1,528,000 |
| 250 lots | 50,000 | HK$ 1,910,000 |
| 300 lots | 60,000 | HK$ 2,292,000 |
| 350 lots | 70,000 | HK$ 2,674,000 |
| 400 lots | 80,000 | HK$ 3,056,000 |
| 450 lots | 90,000 | HK$ 3,438,000 |
| 500 lots | 100,000 | HK$ 3,820,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 750 lots | 150,000 | HK$ 5,730,000 |
| 1,000 lots | 200,000 | HK$ 7,640,000 |
| 1,250 lots | 250,000 | HK$ 9,550,000 |
| 1,500 lots | 300,000 | HK$ 11,460,000 |
| 1,750 lots | 350,000 | HK$ 13,370,000 |
| 2,000 lots | 400,000 | HK$ 15,280,000 |
| 2,250 lots | 450,000 | HK$ 17,190,000 |
| 2,500 lots | 500,000 | HK$ 19,100,000 |
| 3,000 lots | 600,000 | HK$ 22,920,000 |
| 3,500 lots | 700,000 | HK$ 26,740,000 |
| 4,412 lots | 882,400 | HK$ 33,707,680 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 475.7M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +1885% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,494,517,340 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,171,445,939 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 212.3 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 78,300,000 |
| Listing Expenses / Funds Raised | ~11.61% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 27.0 |
|---|---|
| First Day Open | HK$ 33.8 |
| First Day Change | -29.32% |
| First Day Volume | 4989600.0 |
| First Day Turnover | 188795000.0 |
| Use of Proceeds | 1、約61.8%或437.6百萬港元，將用于資助公司核心產品Pro101-1及Pro-101-2的持續臨床開發及商業化；
2、約18.8%或133.5百萬港元，將用于通過購買與研發及質量控制活動相關的專業設備及儀器來提升公司研發能力；
3、約6.3%或44.5百萬港元，將用于支付公司核心產品以外的PDGF產品用于治療其他適應癥的持續臨床前研發的第三方服務費、研發人員費用及原材料成本；
4、約3.1%或22.3百萬港元，將用于支付Mes-201、Oli-101及Oli201臨床前研發活動的第三方服務費、研發人員費用及原材料成本；
5、約10.0%或70.9百萬港元，用作營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (7)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CLSA LIMITED CE AAB893
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
CMBC SECURITIES COMPANY LIMITED CE APU820
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
国联证券国际金融有限公司 CE BPX918
CMB International Capital Limited CE AVM940
Joint Bookrunners (12)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CLSA LIMITED CE AAB893
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
CMBC SECURITIES COMPANY LIMITED CE APU820
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
国联证券国际金融有限公司 CE BPX918
CMB International Capital Limited CE AVM940
中州国际证券有限公司 CE BFI947
Futu Securities International (HONG KONG) Limited CE AZT137
Huafu International Securities Limited CE BQC241
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
Joint Lead Managers (15)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CLSA LIMITED CE AAB893
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
CMBC SECURITIES COMPANY LIMITED CE APU820
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
国联证券国际金融有限公司 CE BPX918
CMB International Capital Limited CE AVM940
中州国际证券有限公司 CE BFI947
Futu Securities International (HONG KONG) Limited CE AZT137
Huafu International Securities Limited CE BQC241
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
FORTUNE (HK) SECURITIES LIMITED CE AHQ488
Zinvest Global Limited CE BJJ179
WINBULL SECURITIES INTERNATIONAL (HONG KONG) LIMITED CE BRG131
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 贾丽加 | — |
| Company Secretary | 何鴻添 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | As of the Latest Practicable Date, Ms. Jia, Mr. Wang, Ms. Zhang and Mr. Li directly held approximately 19.54%, 17.98%, 17.47% and 12.00% of our total issued share capital, respectively. Pursuant to the concert party agreement, Ms. Jia, Mr. Wang, Ms. Zhang and Mr. Li jointly controlled approximately 66.99% of the voting rights in our total issued share capital as of the Latest Practicable Date, and, for the purposes of the Listing Rules, Ms. Jia, Mr. Wang, Ms. Zhang and Mr. Li are regarded as a group of controlling shareholders. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
华芢生物－Ｂ IPO attracted overwhelming retail demand, with an oversubscription ratio of 791.95 times, leading to a low hit rate of just 5.44%. This indicates fierce competition for allocations and strong market enthusiasm for this 18A biotech listing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier allocation anomaly exists: 甲尾 (A-tail) applicants with 90,000 shares expected only 0.1375 lots, while 乙头 (B-head) applicants with 100,000 shares expected a significantly higher 0.6003 lots. This extreme disparity suggests that the allocation curve is highly convex at this boundary, making B-head applications disproportionately more efficient for those who can reach the threshold. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The applicant pool shows a strong mainland China presence at 64.2%, indicating high cross-border interest in this biotech IPO. Male investors dominate at 63.3%, with an average age of 45.2, consistent with typical HK IPO demographics but with a notably high mainland share. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
