IPO Timeline Raw facts
Broker Deadline
2026-01-06
Morning deadline
HKEX Deadline
2026-01-06
Noon deadline
Broker Results (T-2)
2026-01-07
Some brokers release in afternoon
Grey Market (T-1)
2026-01-08
Afternoon
HKEX Allotment (T-1)
2026-01-08
Evening
Registrar Allotment (T-1)
2026-01-08
Evening
Listing Day (T)
2026-01-09
First day of trading
Company Overview
| Stock Name | Ribolife-B |
|---|---|
| Stock Code | 06938 |
| Company Full Name | Suzhou Ribo Life Science Co |
| Industry | Biotech & Pharma |
| Principal Activities | biopharmaceutical company engaged in oligonucleotide research and development, with a focus on siRNA therapeutics |
| Listing Date | 2026-01-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Yushan Town Kunshan City Jiangsu Province PRC |
| Business Address (Hong Kong) | 灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | ribolia.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 57.97 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 11,594 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-31 to 2026-01-06 |
| Global Offering Shares | 31,610,400 shares |
| HK Public Offer Shares (Initial) | 2,748,800 shares (10.0%) |
| Public Offer Lots (Initial) | 13,744lots (6,872lots, 6,872lots) |
| International Placing Shares (Initial) | 24,738,600 shares (90.0%) |
| Offer Ratio | ~8.7% |
| Total Shares Post-IPO | 161,690,510 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 46.5% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,832,454,888 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 11,594 |
| 2 lots | 400 | HK$ 23,188 |
| 3 lots | 600 | HK$ 34,782 |
| 4 lots | 800 | HK$ 46,376 |
| 5 lots | 1,000 | HK$ 57,970 |
| 6 lots | 1,200 | HK$ 69,564 |
| 7 lots | 1,400 | HK$ 81,158 |
| 8 lots | 1,600 | HK$ 92,752 |
| 9 lots | 1,800 | HK$ 104,346 |
| 10 lots | 2,000 | HK$ 115,940 |
| 15 lots | 3,000 | HK$ 173,910 |
| 20 lots | 4,000 | HK$ 231,880 |
| 25 lots | 5,000 | HK$ 289,850 |
| 30 lots | 6,000 | HK$ 347,820 |
| 35 lots | 7,000 | HK$ 405,790 |
| 40 lots | 8,000 | HK$ 463,760 |
| 45 lots | 9,000 | HK$ 521,730 |
| 50 lots | 10,000 | HK$ 579,700 |
| 100 lots | 20,000 | HK$ 1,159,400 |
| 150 lots | 30,000 | HK$ 1,739,100 |
| 200 lots | 40,000 | HK$ 2,318,800 |
| 250 lots | 50,000 | HK$ 2,898,500 |
| 300 lots | 60,000 | HK$ 3,478,200 |
| 350 lots | 70,000 | HK$ 4,057,900 |
| 400 lots | 80,000 | HK$ 4,637,600 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 450 lots | 90,000 | HK$ 5,217,300 |
| 500 lots | 100,000 | HK$ 5,797,000 |
| 750 lots | 150,000 | HK$ 8,695,500 |
| 1,000 lots | 200,000 | HK$ 11,594,000 |
| 1,250 lots | 250,000 | HK$ 14,492,500 |
| 1,500 lots | 300,000 | HK$ 17,391,000 |
| 1,750 lots | 350,000 | HK$ 20,289,500 |
| 2,000 lots | 400,000 | HK$ 23,188,000 |
| 2,500 lots | 500,000 | HK$ 28,985,000 |
| 3,000 lots | 600,000 | HK$ 34,782,000 |
| 3,500 lots | 700,000 | HK$ 40,579,000 |
| 4,000 lots | 800,000 | HK$ 46,376,000 |
| 4,500 lots | 900,000 | HK$ 52,173,000 |
| 5,000 lots | 1,000,000 | HK$ 57,970,000 |
| 6,872 lots | 1,374,400 | HK$ 79,673,968 |
Stock Connect Inclusion
| HK Market Cap | HK$ 10.57B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | 18A Biotech |
|---|---|
| Est. Threshold | HK$ 10.47B Met |
| Analysis Result | 预计2026年9月7日入通 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 9,373,198,864 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 281.5 million |
| Period-End Cash Balance | RMB 183.62 million |
| Listing Expenses | ~HK$ 119,900,000 |
| Listing Expenses / Funds Raised | ~7.5% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 82.1 |
|---|---|
| First Day Open | HK$ 75.0 |
| First Day Change | 41.62% |
| First Day Volume | 14151800.0 |
| First Day Turnover | 1056890000.0 |
Use of Proceeds
| Use of Proceeds | 1、約37.4%（或551.0百萬港元）將用于核心產品RBD4059的研發； 2、約19.6%（或288.7百萬港元）將用于RBD5044的研發； 3、約15.9%（或234.6百萬港元）將用于RBD1016的研發； 4、約10.1%（或148.7百萬港元）將為研發處于臨床前申報試驗階段的管線資產提供資金； 5、約8.9%（或131.0百萬港元）將分配用于推進尚未進入臨床前申報試驗階段的臨床前資產的開發及加強技術平臺； 6、約8.1%（或119.5百萬港元）將用于營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (6)
Joint Global Coordinators (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
MACQUARIE CAPITAL LIMITED CE AAC534
ABCI CAPITAL LIMITED CE AWL249
SDIC SECURITIES CORPORATE FINANCE (HONG KONG) LIMITED CE ADS612
Joint Bookrunners (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
MACQUARIE CAPITAL LIMITED CE AAC534
ABCI CAPITAL LIMITED CE AWL249
SDIC SECURITIES CORPORATE FINANCE (HONG KONG) LIMITED CE ADS612
Futu Securities International (Hong Kong) Limited CE AZT137
Joint Lead Managers (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
MACQUARIE CAPITAL LIMITED CE AAC534
ABCI Securities Company Limited CE ACX411
SDIC SECURITIES CORPORATE FINANCE (HONG KONG) LIMITED CE ADS612
Futu Securities International (Hong Kong) Limited CE AZT137
Capital Market Intermediaries (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
MACQUARIE CAPITAL LIMITED CE AAC534
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
SDIC SECURITIES CORPORATE FINANCE (HONG KONG) LIMITED CE ADS612
Futu Securities International (Hong Kong) Limited CE AZT137
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 Zhong Lun Law Firm |
| Legal Advisor to Sponsors/Underwriters |
美国美迈斯律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | Soochow Securities International Capital Limited CE BBG379 |
| Receiving Banks | Bank of China (Hong Kong) Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Bright Stone | 4,000,000 USD | 536,800 | 2.00% | 0.30% | 6 months | 2026-07-09 |
| 2 | 华夏基金 | 15,000,000 USD | 2,013,200 | 7.30% | 1.20% | 6 months | 2026-07-09 |
| 3 | 大成国际及大成基金(3) | 15,000,000 USD | 2,013,200 | 7.30% | 1.20% | 6 months | 2026-07-09 |
| 4 | Erik Selin Fastigheter AB | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 5 | Himension Fund | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 6 | IvyRock | 4,000,000 USD | 536,800 | 2.00% | 0.30% | 6 months | 2026-07-09 |
| 7 | Mingxin Growth Ventures | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 8 | Springs Capital(Hong Kong) | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 9 | 泰康人寿 | 12,000,000 USD | 1,610,400 | 5.90% | 1.00% | 6 months | 2026-07-09 |
| 10 | 拾贝能信、自然拾贝及Huatai Capital Investment Limited | 5,000,000 USD | 671,000 | 2.40% | 0.40% | 6 months | 2026-07-09 |
Directors & Management
| Chairman | 梁子才 |
|---|---|
| Company Secretary | 張甦 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 梁子才 | — | Executive Director |
| 2 | 甘黎明 | — | Executive Director |
| 3 | 张鸿雁 | — | Executive Director |
Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 戚飞 | — | Non-Executive Director |
| 2 | 李东方 | — | Non-Executive Director |
| 3 | 李宇辉 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 宇学峰 | — | Independent Non-Executive Director |
| 2 | 马朝松 | — | Independent Non-Executive Director |
| 3 | 王瑞平 | — | Independent Non-Executive Director |
| 4 | 王番 | — | Independent Non-Executive Director |
| 5 | 王立杰 | — | Independent Non-Executive Director |
| 6 | 张宁 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Dr. Liang, Dr. Zhang, Kunshan Ruiman, Kunshan Ruixing, Kunshan Ruiji, Kunshan Ruikong, Ms. Mo Hua, Professor Xi Zhen, Professor Zhang Lihe and other persons acting in concert hold in aggregate approximately 24.86% of the equity; Advanced Manufacturing Industry Investment Fund (Limited Partnership) holds approximately 7.07%; Zhipo Co., Ltd. holds approximately 5.39%; Shanghai Panlin Asset Management Co., Ltd. holds approximately 5.55%; and Kunshan Municipal State-owned Assets Supervision and Administration Office holds approximately 5.24%. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO of 瑞博生物－Ｂ saw overwhelming retail demand with an oversubscription ratio of 101.06 times, resulting in a low hit rate of just 12.55%. This level of enthusiasm is typical for high-profile biotech listings under Chapter 18A, reflecting strong market appetite despite no clawback mechanism. (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 allocation at the top of the retail tier (甲尾) yielded an expected 0.2614 lots for an application of 80,000 lots, slightly higher than the 0.2275 lots expected for the bottom of the HKSFC tier (乙头) with 90,000 lots applied. This is unusual as B-head applicants typically receive a proportionally higher allocation, but here the marginal benefit of moving to the B tier is negligible, making the A-tail unexpectedly efficient relative to broker costs. (This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Not financial advice.)
申购人群画像
No detailed demographic breakdown was available in the filing, with reported mainland and Hong Kong participant percentages at zero, likely indicating that the data was not disclosed or not applicable. In practice, biotech IPOs often draw significant interest from mainland Chinese investors despite Hong Kong-centric subscription channels. (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.)
