IPO Timeline Raw facts
Broker Deadline
2025-12-18
Morning deadline
HKEX Deadline
2025-12-18
Noon deadline
Broker Results (T-2)
2025-12-19
Some brokers release in afternoon
Grey Market (T-1)
2025-12-22
Afternoon
HKEX Allotment (T-1)
2025-12-22
Evening
Registrar Allotment (T-1)
2025-12-22
Evening
Listing Day (T)
2025-12-23
First day of trading
Company Overview
| Stock Name | Hanxbio-B |
|---|---|
| Stock Code | 03378 |
| Company Full Name | Hanx Biopharmaceuticals (Wuhan) Co., Ltd. |
| Industry | Biotech & Pharma |
| Principal Activities | innovative biotech company, with in-house expertise and experience in structural biology, translational medicine and clinical development for the development of next-generation immunotherapeutics |
| Listing Date | 2025-12-23 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 湖北省武漢市東湖新技術開發區九峰一路1號生物創新園二期A8棟 |
| Business Address (Hong Kong) | 香港新界沙田香港科學園科技大道2W大樓3樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hanxbio.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$ 32.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,200 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2025-12-15 to 2025-12-18 |
| Global Offering Shares | 18,321,000 shares |
| HK Public Offer Shares (Initial) | 1,832,100 shares (10.0%) |
| Public Offer Lots (Initial) | 18,321lots (9,160lots, 9,161lots) |
| International Placing Shares (Initial) | 16,488,900 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 136,218,830 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 17.0% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 586,272,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,200 |
| 2 lots | 200 | HK$ 6,400 |
| 3 lots | 300 | HK$ 9,600 |
| 4 lots | 400 | HK$ 12,800 |
| 5 lots | 500 | HK$ 16,000 |
| 6 lots | 600 | HK$ 19,200 |
| 7 lots | 700 | HK$ 22,400 |
| 8 lots | 800 | HK$ 25,600 |
| 9 lots | 900 | HK$ 28,800 |
| 10 lots | 1,000 | HK$ 32,000 |
| 15 lots | 1,500 | HK$ 48,000 |
| 20 lots | 2,000 | HK$ 64,000 |
| 25 lots | 2,500 | HK$ 80,000 |
| 30 lots | 3,000 | HK$ 96,000 |
| 35 lots | 3,500 | HK$ 112,000 |
| 40 lots | 4,000 | HK$ 128,000 |
| 45 lots | 4,500 | HK$ 144,000 |
| 50 lots | 5,000 | HK$ 160,000 |
| 60 lots | 6,000 | HK$ 192,000 |
| 70 lots | 7,000 | HK$ 224,000 |
| 80 lots | 8,000 | HK$ 256,000 |
| 90 lots | 9,000 | HK$ 288,000 |
| 100 lots | 10,000 | HK$ 320,000 |
| 200 lots | 20,000 | HK$ 640,000 |
| 300 lots | 30,000 | HK$ 960,000 |
| 400 lots | 40,000 | HK$ 1,280,000 |
| 500 lots | 50,000 | HK$ 1,600,000 |
| 600 lots | 60,000 | HK$ 1,920,000 |
| 700 lots | 70,000 | HK$ 2,240,000 |
| 800 lots | 80,000 | HK$ 2,560,000 |
| 900 lots | 90,000 | HK$ 2,880,000 |
| 1,000 lots | 100,000 | HK$ 3,200,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,400,000 |
| 3,000 lots | 300,000 | HK$ 9,600,000 |
| 4,000 lots | 400,000 | HK$ 12,800,000 |
| 5,000 lots | 500,000 | HK$ 16,000,000 |
| 6,000 lots | 600,000 | HK$ 19,200,000 |
| 7,000 lots | 700,000 | HK$ 22,400,000 |
| 8,000 lots | 800,000 | HK$ 25,600,000 |
| 9,160 lots | 916,000 | HK$ 29,312,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 3.17B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | 18A Biotech |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 70% |
| Analysis Result | Market cap below threshold (gap 70%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,359,002,560 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 116.9 million (year ended December 31, 2024) |
| Period-End Cash Balance | RMB 161.21 million |
| Listing Expenses | ~HK$ 53,500,000 |
| Listing Expenses / Funds Raised | ~9.7% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 17.2 |
|---|---|
| First Day Open | HK$ 28.9 |
| First Day Change | -46.25% |
| First Day Volume | 9903100.0 |
| First Day Turnover | 231837000.0 |
Use of Proceeds
| Use of Proceeds | 1、約35%或173.7百萬港元將用于公司的核心產品（即HX009）的研發； 2、約33%或163.8百萬港元將用于公司的主要產品（即HX301及HX044）的研發； 3、約17%或84.4百萬港元將用于公司其他重要產品的研發； 4、約5%或25.0百萬港元將用于為商業化及╱或業務發展活動提供資金； 5、約10%或49.4百萬港元將用于營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
ICBC INTERNATIONAL CAPITAL LIMITED CE AQW615(sole)
Sponsor cum Overall Coordinator (1)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Overall Coordinators (4)
Joint Global Coordinators (8)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Securities (International) Corporate Finance Company Limited CE BAU112
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
CCB International Capital Limited CE AJO225
TFI Securities and Futures Limited CE BAV573
ABCI CAPITAL LIMITED CE AWL249
SPDB International Capital Limited CE BFZ375
Joint Bookrunners (12)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Securities (International) Corporate Finance Company Limited CE BAU112
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
CCB International Capital Limited CE AJO225
TFI Securities and Futures Limited CE BAV573
ABCI CAPITAL LIMITED CE AWL249
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
Tiger Brokers (HK) Global Limited CE BMU940
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
BETA INTERNATIONAL SECURITIES LIMITED CE ABN652
Joint Lead Managers (12)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Securities (International) Corporate Finance Company Limited CE BAU112
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
CCB International Capital Limited CE AJO225
TFI Securities and Futures Limited CE BAV573
ABCI Securities Company Limited CE ACX411
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
Tiger Brokers (HK) Global Limited CE BMU940
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
BETA INTERNATIONAL SECURITIES LIMITED CE ABN652
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 Jingtian & Gongcheng |
| Legal Advisor to Sponsors/Underwriters |
亚司特律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 富德资源 | 5,000,000 USD | 1,297,200 | 7.08% | 0.95% | 6 months | 2026-06-23 |
| 2 | Sage Partners | 1,500,000 USD | 389,100 | 2.12% | 0.29% | 6 months | 2026-06-23 |
| 3 | 国泰君安 | 1,410,000 USD | 366,600 | 2.00% | 0.27% | 6 months | 2026-06-23 |
| 4 | TFI Investment Fund SPC | 1,280,000 USD | 333,300 | 1.82% | 0.24% | 6 months | 2026-06-23 |
| 5 | Main Source Capital | 1,280,000 USD | 333,300 | 1.82% | 0.24% | 6 months | 2026-06-23 |
| 6 | YStem Capital | 1,000,000 USD | 259,400 | 1.42% | 0.19% | 6 months | 2026-06-23 |
| 7 | 春雷资本有限公司 | 510,000 USD | 133,300 | 0.73% | 0.10% | 6 months | 2026-06-23 |
Directors & Management
| Chairman | 张发明 |
|---|---|
| Company Secretary | Mr. Li Kin Wai |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张发明 | — | Executive Director |
| 2 | 李其翔 | — | Executive Director |
| 3 | 刘敏 | — | Executive Director |
Non-Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李健 | — | Non-Executive Director |
| 2 | 肖婕妤 | — | Non-Executive Director |
Independent Non-Executive Director (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 毕红钢 | — | Independent Non-Executive Director |
| 2 | 陈奇峰 | — | Independent Non-Executive Director |
| 3 | 王世雄 | — | Independent Non-Executive Director |
| 4 | 张琼光 | — | Independent Non-Executive Director |
| 5 | 柯航 | — | Independent Non-Executive Director |
| 6 | 孙鹏 | — | Independent Non-Executive Director |
| 7 | 陈晨 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | 蔡張生物科技 holds 55.89% (76,138,710 H shares), 翰思生物醫藥（香港） holds 13.06% (17,793,640 H shares), 北京龍磐 holds 9.44% (12,860,470 H shares), 杭州紅業睿吉 holds 9.44% (12,860,470 H shares), and 武漢翰思 holds 2.24% (3,045,070 H shares). |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The massive 3,074x oversubscription signals extremely strong market enthusiasm for this 18A biotech IPO. The overall hit rate of 12.66% is modest but underscores the intense competition for allocations. With no clawback mechanism in place, the final pricing remained stable despite the overwhelming demand. (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
The 甲尾 tier, applying 100,000 lots, expects 0.417 lots, while the 乙头 tier, applying 200,000 lots, expects 0.6001 lots, giving 甲尾 a higher per-lot allocation efficiency. This unusual pattern makes the larger 乙头 investment relatively less cost-effective in terms of marginal allocation, though absolute allocation remains higher. (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 Chinese participants accounted for 59.7% of accepted applicants, indicating robust cross-border interest in this Hong Kong IPO. The investor base skews male at 61.6% with an average age of 43.7, suggesting a mature, predominantly male retail constituency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
