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 | Insilico |
|---|---|
| Stock Code | 03696 |
| Company Full Name | InSilico Medicine Cayman TopCo |
| Industry | Robotics |
| Principal Activities | We were established in 2014 and are a reputable AI-driven drug discovery and development company with a global presence. As of the Latest Practicable Date, we have generated more than 20 assets at the clinical or IND filing stage through our self-developed generative artificial intelligence platform Pharma.AI, three of which have been licensed to international pharmaceutical and healthcare companies, with a total contract value of up to US$2.1 billion, including up to US$110.0 million in total upfront payments and up to US$1.9 billion in milestone payments, and one Phase II asset in the in-house development stage, which is at a relatively advanced stage in the industry. |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business Unit 310, 3/F, Building 8W, Phase 2, in Hong Kong Hong Kong Science Park Pak Shek Kok New Territories, Hong Kong |
| Business Address (Hong Kong) | 香港新界白石角香港科學園第二期8W座3樓310室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | insilico.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 24.05 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 12,025 |
| Par Value | To be extracted |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 94,690,500 shares |
| HK Public Offer Shares (Initial) | 9,469,500 shares (10.0%) |
| Public Offer Lots (Initial) | 18,939lots (Pool A9,469lots，Pool B9,470lots) |
| International Placing Shares (Initial) | 85,221,000 shares (90.0%) |
| Offer Ratio | ~16.99% |
| Total Shares Post-IPO | 557,418,500 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | Morgan Stanley Asia Limited CE AAD291 |
| Cornerstone Share | 39.3% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,277,306,525 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 12,025 |
| 2 lots | 1,000 | HK$ 24,050 |
| 3 lots | 1,500 | HK$ 36,075 |
| 4 lots | 2,000 | HK$ 48,100 |
| 5 lots | 2,500 | HK$ 60,125 |
| 6 lots | 3,000 | HK$ 72,150 |
| 7 lots | 3,500 | HK$ 84,175 |
| 8 lots | 4,000 | HK$ 96,200 |
| 9 lots | 4,500 | HK$ 108,225 |
| 10 lots | 5,000 | HK$ 120,250 |
| 12 lots | 6,000 | HK$ 144,300 |
| 14 lots | 7,000 | HK$ 168,350 |
| 16 lots | 8,000 | HK$ 192,400 |
| 18 lots | 9,000 | HK$ 216,450 |
| 20 lots | 10,000 | HK$ 240,500 |
| 30 lots | 15,000 | HK$ 360,750 |
| 40 lots | 20,000 | HK$ 481,000 |
| 50 lots | 25,000 | HK$ 601,250 |
| 60 lots | 30,000 | HK$ 721,500 |
| 70 lots | 35,000 | HK$ 841,750 |
| 80 lots | 40,000 | HK$ 962,000 |
| 90 lots | 45,000 | HK$ 1,082,250 |
| 100 lots | 50,000 | HK$ 1,202,500 |
| 120 lots | 60,000 | HK$ 1,443,000 |
| 140 lots | 70,000 | HK$ 1,683,500 |
| 160 lots | 80,000 | HK$ 1,924,000 |
| 180 lots | 90,000 | HK$ 2,164,500 |
| 200 lots | 100,000 | HK$ 2,405,000 |
| 400 lots | 200,000 | HK$ 4,810,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 300,000 | HK$ 7,215,000 |
| 800 lots | 400,000 | HK$ 9,620,000 |
| 1,000 lots | 500,000 | HK$ 12,025,000 |
| 1,200 lots | 600,000 | HK$ 14,430,000 |
| 1,400 lots | 700,000 | HK$ 16,835,000 |
| 1,600 lots | 800,000 | HK$ 19,240,000 |
| 1,800 lots | 900,000 | HK$ 21,645,000 |
| 2,000 lots | 1,000,000 | HK$ 24,050,000 |
| 4,000 lots | 2,000,000 | HK$ 48,100,000 |
| 6,000 lots | 3,000,000 | HK$ 72,150,000 |
| 9,469 lots | 4,734,500 | HK$ 113,864,725 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 28.79B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 13,405,914,925 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 17.1 million (2024) |
| Period-End Cash Balance | USD 125.94 million |
| Listing Expenses | ~HK$ 251,500,000 |
| Listing Expenses / Funds Raised | ~11.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 29.98 |
|---|---|
| First Day Open | HK$ 35.0 |
| First Day Change | 24.66% |
| First Day Volume | 37735300.0 |
| First Day Turnover | 1265820000.0 |
| Use of Proceeds | 1、約972.4百萬港元（約48.0%）用于為公司關鍵臨床階段管線候選藥物的進一步臨床研發提供資金；
2、約303.9百萬港元（約15.0%）用于開發新的生成式AI模型及相關的驗證研究工作；
3、約243.1百萬港元（約12.0%）用于進一步開發及擴展公司的自動化實驗室；
4、約405.2百萬港元（約20.0%）將用于為早期藥物發現及開發的研發提供資金；
5、約101.3百萬港元（約5.0%）將用作營運資金及其他一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (4)
Joint Global Coordinators (5)
Joint Bookrunners (6)
Morgan Stanley Asia Limited CE AAD291
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GF Securities (Hong Kong) Brokerage Limited CE AOB364
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
BOCI ASIA LIMITED CE AET863
Joint Lead Managers (6)
Morgan Stanley Asia Limited CE AAD291
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GF Securities (Hong Kong) Brokerage Limited CE AOB364
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
BOCI ASIA LIMITED CE AET863
Capital Market Intermediaries (6)
Morgan Stanley Asia Limited CE AAD291
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GF Securities (Hong Kong) Brokerage Limited CE AOB364
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
BOCI ASIA LIMITED CE AET863
Stabilizing Manager (1)
Morgan Stanley Asia Limited CE AAD291
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 竞天公诚律师事务所 汇嘉律师事务所（香港） |
| Legal Advisor to Sponsors/Underwriters |
科律香港律师事务所 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 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| 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 | Lilly | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 2 | 腾讯 | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 3 | Oaktree | 15,000,000 USD | 4,853,000 | 5.13% | 0.87% | 6 months | 2026-06-30 |
| 4 | Schroders | 15,000,000 USD | 4,853,000 | 5.13% | 0.87% | 6 months | 2026-06-30 |
| 5 | 淡马锡 | 15,000,000 USD | 4,853,000 | 5.13% | 0.87% | 6 months | 2026-06-30 |
| 6 | 瑞银 | 15,000,000 USD | 4,853,000 | 5.13% | 0.87% | 6 months | 2026-06-30 |
| 7 | 华夏基金 | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 8 | 中国太保 | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 9 | 易方达基金管理 | 4,000,000 USD | 1,294,000 | 1.37% | 0.23% | 6 months | 2026-06-30 |
| 10 | 富国－富国香港 | 2,340,000 USD | 757,000 | 0.80% | 0.14% | 6 months | 2026-06-30 |
| 11 | －富国基金 | 2,660,000 USD | 860,500 | 0.91% | 0.15% | 6 months | 2026-06-30 |
| 12 | 嘉实 | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 13 | 泰康人寿 | 5,000,000 USD | 1,617,500 | 1.71% | 0.29% | 6 months | 2026-06-30 |
| 14 | RTW | 4,000,000 USD | 1,294,000 | 1.37% | 0.23% | 6 months | 2026-06-30 |
| 15 | Exome | 2,000,000 USD | 647,000 | 0.68% | 0.12% | 6 months | 2026-06-30 |
| 16 | Infini | 10,000,000 USD | 3,235,000 | 3.42% | 0.58% | 6 months | 2026-06-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Alex Zhavoronkov | Mr. Alex Zhavoronkov |
| Company Secretary | 梁君慧 | — |
| Executive Director | Alex Zhavoronkov | |
| Non-Executive Director | 梁传昕 | Chuen Yan Leung |
| Independent Non-Executive Director | Denitsa Milanova | |
| Executive Director | 任峰 | Feng Ren |
| Non-Executive Director | 陈侃 | Kan Chen |
| Independent Non-Executive Director | 王劲松 | Jingsong Wang |
| Non-Executive Director | 施珑 | Long Shi |
| Independent Non-Executive Director | Roman Kyrychynskyi |
Major Shareholders
| Major Shareholders & Holdings | Dr. Alex Zhavoronkov holds 42,583,500 shares (7.64%) and holds 4,060,000 shares (0.73%) through proxies; Mesolite Gem Investments Ltd holds 46,383,400 shares (8.32%); Temasek holds 29,907,720 shares (5.36%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
英矽智能 IPO 获得 1427.37 倍超额认购，显示市场对生物医药板块的强烈追捧。由于高倍超额认购和回拨机制，整体中签率极低，散户参与热情高涨。最终定价 24.05 港元，若处于招股价上限则反映定价进取。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾（200,000 手）预期中签 0.304 手，乙头（300,000 手）预期 0.3301 手，乙头仅比甲尾多约 8.6% 的分配，但投入资金增加 50%，显示甲尾性价比更高。这反映出乙组申购可能不如甲组拥挤，或货源极度集中导致散户分配极低。 (This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Not financial advice.)
Demographics
内地投资者占比 63.7%，香港 35.2%，显示内资主导申购，可能与英矽智能的 AI 制药概念吸引有关。男性占比 61.6%，平均年龄 43.1 岁，反映成熟男性参与为主，或与行业认知门槛相关，且广东地区可能集中。 (This is AI-generated commentary based on historical data. Data may contain errors or omissions from source documents — verify against official HKEX filings. Not financial advice.)
