| Stock Name | Cloudbreak-B |
|---|---|
| Stock Code | 02592 |
| Company Full Name | Cloudbreak Pharma Inc. |
| Industry | 醫療保健 |
| Principal Activities | 公司是一間以創新驅動的臨床階段眼科生物科技公司，致力于開發新型及差異化療法，致力于內部發現、開發及商業化同類首創及同類最佳眼科療法，以滿足全球未滿足的醫療需要。 |
| Listing Date | 2025-07-03 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 8921 Research Drive Irvine, CA 92618 United States |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | https://www.cloudbreakpharma.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 Mechanism | 18A生物科技 |
|---|---|
| Offer Price | HK$ 10.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2025-06-24 to 2025-06-27 |
| Global Offering Shares | To be extracted |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 29.2% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 122,366,550 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 5,050 |
| 2 lots | 1,000 | HK$ 10,100 |
| 3 lots | 1,500 | HK$ 15,150 |
| 4 lots | 2,000 | HK$ 20,200 |
| 5 lots | 2,500 | HK$ 25,250 |
| 6 lots | 3,000 | HK$ 30,300 |
| 7 lots | 3,500 | HK$ 35,350 |
| 8 lots | 4,000 | HK$ 40,400 |
| 9 lots | 4,500 | HK$ 45,450 |
| 10 lots | 5,000 | HK$ 50,500 |
| 12 lots | 6,000 | HK$ 60,600 |
| 14 lots | 7,000 | HK$ 70,700 |
| 16 lots | 8,000 | HK$ 80,800 |
| 18 lots | 9,000 | HK$ 90,900 |
| 20 lots | 10,000 | HK$ 101,000 |
| 30 lots | 15,000 | HK$ 151,500 |
| 40 lots | 20,000 | HK$ 202,000 |
| 50 lots | 25,000 | HK$ 252,500 |
| 60 lots | 30,000 | HK$ 303,000 |
| 70 lots | 35,000 | HK$ 353,500 |
| 80 lots | 40,000 | HK$ 404,000 |
| 90 lots | 45,000 | HK$ 454,500 |
| 100 lots | 50,000 | HK$ 505,000 |
| 120 lots | 60,000 | HK$ 606,000 |
| 140 lots | 70,000 | HK$ 707,000 |
| 160 lots | 80,000 | HK$ 808,000 |
| 180 lots | 90,000 | HK$ 909,000 |
| 200 lots | 100,000 | HK$ 1,010,000 |
| 400 lots | 200,000 | HK$ 2,020,000 |
| 600 lots | 300,000 | HK$ 3,030,000 |
| 800 lots | 400,000 | HK$ 4,040,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 5,050,000 |
| 1,200 lots | 600,000 | HK$ 6,060,000 |
| 1,400 lots | 700,000 | HK$ 7,070,000 |
| 1,600 lots | 800,000 | HK$ 8,080,000 |
| 1,800 lots | 900,000 | HK$ 9,090,000 |
| 2,000 lots | 1,000,000 | HK$ 10,100,000 |
| 4,000 lots | 2,000,000 | HK$ 20,200,000 |
| 6,058 lots | 3,029,000 | HK$ 30,592,900 |
| HK Market Cap | HK$ 3.42B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | 18A Biotech |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 67% |
| Analysis Result | Market cap below threshold (gap 67%) |
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | To be extracted |
| Period-End Cash Balance | USD 34.86 million |
| Listing Expenses | ~HK$ 89,700,000 |
| Listing Expenses / Funds Raised | ~14.7% |
| Total Pre-IPO Investment | approximately USD 144.1 million |
| First Day Close | HK$ 6.2 |
|---|---|
| First Day Open | HK$ 9.5 |
| First Day Change | -38.61% |
| First Day Volume | 43953200.0 |
| First Day Turnover | 318762000.0 |
| Use of Proceeds | 1、約62.4%或325.9百萬港元將用于撥付核心產品CBT-001的持續臨床研發活動，以及注冊備案及獲批后研究所需資金； 2、約27.6%或144.1百萬港元將用于撥付持續臨床研發活動，包括研發人員及研發活動的成本及開支，以及核心產品CBT-009的注冊備案的所需資金； 3、約5.5%或28.7百萬港元將用于撥付生產設施及商業化活動所需資金； 4、約4.5%或23.5百萬港元將用作營運資金及其他一般企業用途。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | The Reynold Lemkins Group (Asia) Limited | 21,977,600 HKD | — | 3.59% | — | 6 months | 2026-01-03 |
| 2 | 富策控股有限公司 | 156,994,400 HKD | — | 25.66% | — | 6 months | 2026-01-03 |
| Chairman | NI Jinsong |
|---|---|
| Company Secretary | 歐子毅;馮雅芳 |
| Major Shareholders & Holdings | Water Lily Consultants Inc.(26.36%);澳美制藥廠有限公司(11.38%) |
|---|
市场情绪
The IPO attracted fierce retail interest, with an oversubscription ratio of 78.78 times pointing to intense demand for the stock. A hit rate of 25.52% means only about one in four applicants received allotments, typical of heavily subscribed deals. The final price of HKD 10.10 indicates pricing at the offer level, consistent with strong book-building momentum. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
At the A‑tail (400k HKD commitment), applicants expected just 1.0 lot, identical to the B‑head at 500k HKD, revealing a flat allocation curve where extra capital yields no incremental lots. This compression, driven by the 78.78 × oversubscription, creates inefficiency — the marginal 100k HKD delivers zero improvement in expected shares. For cost-sensitive participants, the A‑tail may offer better broker-fee efficiency than the B‑head, though actual costs vary by broker. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland China investors dominated successful applications at 75.9%, highlighting strong cross-border enthusiasm for this IPO. The applicant pool skewed male (68%) and averaged 42.8 years old, suggesting experienced, mid‑career individuals with investable assets. No regional breakdown is available, but such offerings typically see heavy Guangdong concentration. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
