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 | HJ Science-B |
|---|---|
| Stock Code | 06132 |
| Company Full Name | HJ Science Co., Ltd. |
| Industry | Healthcare |
| Principal Activities | A clinical-stage biotechnology company focused on the research and development of small-molecule drugs for autoimmune, metabolic and oncology diseases. It has three core products: HJ787 (a TYK2 inhibitor, for AD, AV, etc.), HJ178 (GLP-1/GIP, for type 2 diabetes and obesity) and HJ891 (a KRAS G12C inhibitor, for NSCLC). |
| Listing Date | 2026-06-23 |
| 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) | 中國成都市溫江區永寧鎮八一路北段18號4號樓1單元5層501號 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | hj3h.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 81.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,180 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-12 to 2026-06-17 |
| Global Offering Shares | 13,600,000 shares |
| HK Public Offer Shares (Initial) | 1,360,000 shares (10.0%) |
| Public Offer Lots (Initial) | 13,600lots (Pool A6,800lots，Pool B6,800lots) |
| International Placing Shares (Initial) | 12,240,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 73,599,605 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CITIC Securities (Hong Kong) Limited CE AAK249 |
| Cornerstone Share | 45.7% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,112,480,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 8,180 |
| 2 lots | 200 | HK$ 16,360 |
| 3 lots | 300 | HK$ 24,540 |
| 4 lots | 400 | HK$ 32,720 |
| 5 lots | 500 | HK$ 40,900 |
| 6 lots | 600 | HK$ 49,080 |
| 7 lots | 700 | HK$ 57,260 |
| 8 lots | 800 | HK$ 65,440 |
| 9 lots | 900 | HK$ 73,620 |
| 10 lots | 1,000 | HK$ 81,800 |
| 15 lots | 1,500 | HK$ 122,700 |
| 20 lots | 2,000 | HK$ 163,600 |
| 25 lots | 2,500 | HK$ 204,500 |
| 30 lots | 3,000 | HK$ 245,400 |
| 35 lots | 3,500 | HK$ 286,300 |
| 40 lots | 4,000 | HK$ 327,200 |
| 45 lots | 4,500 | HK$ 368,100 |
| 50 lots | 5,000 | HK$ 409,000 |
| 60 lots | 6,000 | HK$ 490,800 |
| 70 lots | 7,000 | HK$ 572,600 |
| 80 lots | 8,000 | HK$ 654,400 |
| 90 lots | 9,000 | HK$ 736,200 |
| 100 lots | 10,000 | HK$ 818,000 |
| 200 lots | 20,000 | HK$ 1,636,000 |
| 300 lots | 30,000 | HK$ 2,454,000 |
| 400 lots | 40,000 | HK$ 3,272,000 |
| 500 lots | 50,000 | HK$ 4,090,000 |
| 600 lots | 60,000 | HK$ 4,908,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,726,000 |
| 800 lots | 80,000 | HK$ 6,544,000 |
| 900 lots | 90,000 | HK$ 7,362,000 |
| 1,000 lots | 100,000 | HK$ 8,180,000 |
| 1,500 lots | 150,000 | HK$ 12,270,000 |
| 2,000 lots | 200,000 | HK$ 16,360,000 |
| 2,500 lots | 250,000 | HK$ 20,450,000 |
| 3,000 lots | 300,000 | HK$ 24,540,000 |
| 3,500 lots | 350,000 | HK$ 28,630,000 |
| 4,000 lots | 400,000 | HK$ 32,720,000 |
| 4,500 lots | 450,000 | HK$ 36,810,000 |
| 5,000 lots | 500,000 | HK$ 40,900,000 |
| 6,000 lots | 600,000 | HK$ 49,080,000 |
| 6,800 lots | 680,000 | HK$ 55,624,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 2.58B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +266% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,020,447,689 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 135.1 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 111,400,000 |
| Listing Expenses / Funds Raised | ~10.01% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 80.6% will be used for the clinical development of core products and pipeline products, approximately 9.4% for enhancing the R&D platform, approximately 5.0% for building the commercialization team, and approximately 5.0% for general working capital. |
Underwriting Syndicate
Sole Sponsor (1)
CITIC Securities (Hong Kong) Limited CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
CLSA LIMITED CE AAB893(sole)
Overall Coordinators (1)
CLSA LIMITED CE AAB893(sole)
Joint Global Coordinators (1)
CLSA LIMITED CE AAB893(sole)
Joint Bookrunners (1)
CLSA LIMITED CE AAB893(sole)
Joint Lead Managers (1)
CLSA LIMITED CE AAB893(sole)
Capital Market Intermediaries (1)
CLSA LIMITED CE AAB893(sole)
Stabilizing Manager (1)
CITIC Securities (Hong Kong) Limited CE AAK249
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
盛德律师事务所 君合律师事务所 上海市海华永泰律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔凯迈律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 德勤• 关黄陈方会计师行 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Receiving Banks |
招商永隆银行有限公司 中国工商银行（亚洲）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 | 睿远基金 | 25,000,000 USD | 2,395,400 | 17.60% | 3.30% | 6 months | 2026-12-23 |
| 2 | 凯博 | 25,000,000 USD | 2,395,400 | 17.60% | 3.30% | 6 months | 2026-12-23 |
| 3 | LBC HK | 5,000,000 USD | 479,000 | 3.50% | 0.70% | 6 months | 2026-12-23 |
| 4 | Sage Partners | 4,000,000 USD | 383,200 | 2.80% | 0.50% | 6 months | 2026-12-23 |
| 5 | 盘京基金 | 3,000,000 USD | 287,400 | 2.10% | 0.40% | 6 months | 2026-12-23 |
| 6 | 泰康人寿 | 3,000,000 USD | 287,400 | 2.10% | 0.40% | 6 months | 2026-12-23 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 姬建新 | Ji Jianxin |
| Company Secretary | 張菁潔、馬詠儀 | — |
| Non-Executive Director | 耿学莉 | Geng Xueli |
| Independent Non-Executive Director | 姜和 | Jiang He |
| Executive Director | 杨翔宇 | Yang Xiangyu |
| Non-Executive Director | 杜江波 | Du Jiangbo |
| Independent Non-Executive Director | 林芳竹 | Lin Fangzhu |
| Executive Director | 吴振 | Wu Zhen |
| Non-Executive Director | 王俊峰 | Wang Junfeng |
| Independent Non-Executive Director | 刘哲 | Liu Zhe |
| Executive Director | 张瑶 | Zhang Yao |
| Non-Executive Director | 张志勇 | Zhang Zhiyong |
| Independent Non-Executive Director | 唐高嘉 | Tang Gaojia |
| Independent Non-Executive Director | 汪丽群 | Wang Liqun |
| Independent Non-Executive Director | 郭琦 | Guo Qi |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholders are Dr. 姬建新, 成都聞韶 and 蘇州積石堂, holding approximately 46.87% of the shares in aggregate; other major shareholders include 國投上海 (7.50%), 君聯欣康 (5.77%) and 華達私募股權 (5.43%). |
|---|
