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 | Tennor Therap-B |
|---|---|
| Stock Code | 06872 |
| Company Full Name | TenNor Therapeutics (Suzhou) Limited |
| Industry | AI & Machine Learning |
| Principal Activities | urgent and significant medical need for novel antibacterial drugs with unique mechanisms of action |
| Listing Date | 2026-05-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | BioBay 218 Xinghu Street Suzhou Industrial Park Suzhou Area of China (Jiangsu) Pilot Free Trade Zone Suzhou Jiangsu, PRC |
| Business Address (Hong Kong) | 31/F, Tower Two, Times Square 1 Matheson Street Causeway Bay Hong Kong |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | tennortherapeutics.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 75.70 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,785 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-14 to 2026-05-19 |
| Global Offering Shares | 8,280,550 shares |
| HK Public Offer Shares (Initial) | 828,100 shares (10.0%) |
| Public Offer Lots (Initial) | 16,562lots (Pool A8,281lots，Pool B8,281lots) |
| International Placing Shares (Initial) | 7,452,450 shares (90.0%) |
| Offer Ratio | ~16.0% |
| Total Shares Post-IPO | 51,753,476 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CITIC Securities (Hong Kong) Limited CE AAK249 |
| Cornerstone Share | 37.2% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 626,837,635 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,785 |
| 2 lots | 100 | HK$ 7,570 |
| 3 lots | 150 | HK$ 11,355 |
| 4 lots | 200 | HK$ 15,140 |
| 5 lots | 250 | HK$ 18,925 |
| 6 lots | 300 | HK$ 22,710 |
| 7 lots | 350 | HK$ 26,495 |
| 8 lots | 400 | HK$ 30,280 |
| 9 lots | 450 | HK$ 34,065 |
| 10 lots | 500 | HK$ 37,850 |
| 12 lots | 600 | HK$ 45,420 |
| 14 lots | 700 | HK$ 52,990 |
| 16 lots | 800 | HK$ 60,560 |
| 18 lots | 900 | HK$ 68,130 |
| 20 lots | 1,000 | HK$ 75,700 |
| 30 lots | 1,500 | HK$ 113,550 |
| 40 lots | 2,000 | HK$ 151,400 |
| 50 lots | 2,500 | HK$ 189,250 |
| 60 lots | 3,000 | HK$ 227,100 |
| 70 lots | 3,500 | HK$ 264,950 |
| 80 lots | 4,000 | HK$ 302,800 |
| 90 lots | 4,500 | HK$ 340,650 |
| 100 lots | 5,000 | HK$ 378,500 |
| 120 lots | 6,000 | HK$ 454,200 |
| 140 lots | 7,000 | HK$ 529,900 |
| 160 lots | 8,000 | HK$ 605,600 |
| 180 lots | 9,000 | HK$ 681,300 |
| 200 lots | 10,000 | HK$ 757,000 |
| 400 lots | 20,000 | HK$ 1,514,000 |
| 600 lots | 30,000 | HK$ 2,271,000 |
| 800 lots | 40,000 | HK$ 3,028,000 |
| 1,000 lots | 50,000 | HK$ 3,785,000 |
| 1,200 lots | 60,000 | HK$ 4,542,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 70,000 | HK$ 5,299,000 |
| 1,600 lots | 80,000 | HK$ 6,056,000 |
| 1,800 lots | 90,000 | HK$ 6,813,000 |
| 2,000 lots | 100,000 | HK$ 7,570,000 |
| 4,000 lots | 200,000 | HK$ 15,140,000 |
| 6,000 lots | 300,000 | HK$ 22,710,000 |
| 8,281 lots | 414,050 | HK$ 31,343,585 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 6.05B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 3,917,738,133 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 153.2 million |
| Period-End Cash Balance | RMB 183.8 million |
| Listing Expenses | ~HK$ 60,400,000 |
| Listing Expenses / Funds Raised | ~9.64% |
| Total Pre-IPO Investment | RMB 733.4 million |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 71.0% will be used for R&D and commercialization of core products; approximately 7.0% will be used for the Phase IIb MRCT of TNP-2092 oral formulation for the treatment of hepatic encephalopathy; approximately 7.3% will be used for R&D of other candidate products; approximately 7.2% will be used for construction of a production plant; and approximately 7.5% will be used as working capital and for general corporate purposes. |
Underwriting Syndicate
Sponsor cum Overall Coordinator (1)
CLSA LIMITED CE AAB893
Joint Bookrunners (3)
Joint Lead Managers (5)
Capital Market Intermediaries (6)
Stabilizing Manager (1)
CITIC Securities (Hong Kong) Limited CE AAK249
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 锦天城律师事务所 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）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 | AMR Action Fund, L.P | 14,700,000 USD | 1,521,600 | 18.40% | 2.90% | 6 months | 2026-11-22 |
| 2 | AMR Action Fund, SCSp | 5,100,000 USD | 527,950 | 6.40% | 1.00% | 6 months | 2026-11-22 |
| 3 | 华圆管理咨询（香港）有限公司 | 6,000,000 USD | 620,850 | 7.50% | 1.20% | 6 months | 2026-11-22 |
| 4 | 东方资产管理（香港）有限公司 | 3,000,000 USD | 310,500 | 3.70% | 0.60% | 6 months | 2026-11-22 |
| 5 | 骏升环球有限公司 | 1,000,000 USD | 103,500 | 1.20% | 0.20% | 6 months | 2026-11-22 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Ma Zhenkun | Dr. Ma Zhenkun |
| Company Secretary | Ms. Chen Rongping | Ms. Chen Rongping |
| Executive Director | 马振坤 | Ma Zhenkun |
| Non-Executive Director | 宋高广 | Song Gaoguang |
| Independent Non-Executive Director | 李维刚 | Lee Wai Kong Albert |
| Non-Executive Director | Michael James Bakes | |
| Independent Non-Executive Director | 倪琳 | Ni Lin |
| Independent Non-Executive Director | 李乐平 | Li Leping |
Major Shareholders
| Major Shareholders & Holdings | The Cumbre entities are the single largest shareholder group, holding approximately 15.82% interest immediately after completion of the Global Offering; Dr. Ma holds approximately 11.41% interest; the AMR Action Fund entities hold approximately 10.00% interest in aggregate; WuXi Fund holds approximately 5.50% interest; and Origin Ventures holds approximately 4.26% interest. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
丹诺医药IPO获得9015.11倍超额认购，最终中签率仅6.0%，反映出极度狂热的零售情绪。低至3785港元的入场门槛引发散户大规模涌入，冻资效应显著，市场对生物医药板块追捧力度可见一斑。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾（60000股）预期获配0.1379手，乙头（70000股）预期获配0.14手，两者几乎等同，违背了规模申购边际优势的常规。这种分配模式使得升级到乙组几乎无额外效益，经纪人费用与获配概率严重失衡。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
本次发行未披露认购人地域分布数据，无法评估内地或香港投资者占比。一般超购倍数极高的生物医药股易引多元背景参与，但具体区域集中度无从判断。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
