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 | Impact Therap-B |
|---|---|
| Stock Code | 07630 |
| Company Full Name | IMPACT Therapeutics Inc. |
| Industry | Biotech & Pharma |
| Principal Activities | targeted development strategy, leveraging diverse methodologies from target selection to assay design, to evaluate drug sensitivity across a broad range of cancer types |
| Listing Date | 2026-05-13 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 399 West Haiyang Road, Pudong New District, Shanghai, PRC Registered Office No. 10 Xinghuo Road, Hi-Tech Development Zone, Nanjing, Jiangsu Province, PRC |
| Business Address (Hong Kong) | 40/F, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | impacttherapeutics.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 Services |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 20.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,020 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-05 to 2026-05-08 |
| Global Offering Shares | 41,977,000 shares |
| HK Public Offer Shares (Initial) | 4,197,800 shares (10.0%) |
| Public Offer Lots (Initial) | 20,989lots (Pool A10,494lots，Pool B10,495lots) |
| International Placing Shares (Initial) | 37,779,200 shares (90.0%) |
| Offer Ratio | ~15.2% |
| Total Shares Post-IPO | 276,165,130 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 50.1% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 843,737,700 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,020 |
| 2 lots | 400 | HK$ 8,040 |
| 3 lots | 600 | HK$ 12,060 |
| 4 lots | 800 | HK$ 16,080 |
| 5 lots | 1,000 | HK$ 20,100 |
| 6 lots | 1,200 | HK$ 24,120 |
| 7 lots | 1,400 | HK$ 28,140 |
| 8 lots | 1,600 | HK$ 32,160 |
| 9 lots | 1,800 | HK$ 36,180 |
| 10 lots | 2,000 | HK$ 40,200 |
| 15 lots | 3,000 | HK$ 60,300 |
| 20 lots | 4,000 | HK$ 80,400 |
| 25 lots | 5,000 | HK$ 100,500 |
| 30 lots | 6,000 | HK$ 120,600 |
| 35 lots | 7,000 | HK$ 140,700 |
| 40 lots | 8,000 | HK$ 160,800 |
| 45 lots | 9,000 | HK$ 180,900 |
| 50 lots | 10,000 | HK$ 201,000 |
| 100 lots | 20,000 | HK$ 402,000 |
| 150 lots | 30,000 | HK$ 603,000 |
| 200 lots | 40,000 | HK$ 804,000 |
| 250 lots | 50,000 | HK$ 1,005,000 |
| 300 lots | 60,000 | HK$ 1,206,000 |
| 350 lots | 70,000 | HK$ 1,407,000 |
| 400 lots | 80,000 | HK$ 1,608,000 |
| 450 lots | 90,000 | HK$ 1,809,000 |
| 500 lots | 100,000 | HK$ 2,010,000 |
| 1,000 lots | 200,000 | HK$ 4,020,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,030,000 |
| 2,000 lots | 400,000 | HK$ 8,040,000 |
| 2,500 lots | 500,000 | HK$ 10,050,000 |
| 3,000 lots | 600,000 | HK$ 12,060,000 |
| 3,500 lots | 700,000 | HK$ 14,070,000 |
| 4,000 lots | 800,000 | HK$ 16,080,000 |
| 4,500 lots | 900,000 | HK$ 18,090,000 |
| 5,000 lots | 1,000,000 | HK$ 20,100,000 |
| 6,250 lots | 1,250,000 | HK$ 25,125,000 |
| 7,500 lots | 1,500,000 | HK$ 30,150,000 |
| 8,750 lots | 1,750,000 | HK$ 35,175,000 |
| 10,494 lots | 2,098,800 | HK$ 42,185,880 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 4.08B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,550,919,113 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 295.9 million |
| Period-End Cash Balance | RMB 258.5 million |
| Listing Expenses | ~HK$ 89,900,000 |
| Listing Expenses / Funds Raised | ~10.3% |
| Total Pre-IPO Investment | approximately RMB 1,500 million |
| First Day Close | HK$ 41.86 |
|---|---|
| First Day Open | HK$ 35.5 |
| First Day Change | 108.26% |
| First Day Volume | 15135000.0 |
| First Day Turnover | 544227000.0 |
| Use of Proceeds | 1、約51%或398.37百萬港元將用于為核心產品塞納帕利正在進行及計劃中的臨床開發、監管批準以及商業化提供資金；
2、約31%或242.15百萬港元將用于為關鍵產品IMP1734及IMP9064正在進行的臨床開發提供資金；
3、約8%或62.49百萬港元將用于為其他管線資產、IMP1707、IMP7068、IMP22、IMP25、IMP08、IMP13及IMP10的研發活動提供資金；
4、約8%或62.49百萬港元將用于為研發平臺的開發及擴大藥物管線提供資金；
5、約2%或15.62百萬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 (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (4)
Joint Lead Managers (4)
Capital Market Intermediaries (4)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 君合律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Kirkland & Ellis Tian Yuan Law Firm |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | 招商永隆银行有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | BPV及华泰资本投资（就华泰背对背TRS及华泰客户TRS而言） | 12,250,000 USD | 4,626,000 | 11.02% | 1.68% | 6 months | 2026-11-13 |
| 2 | 腾讯控股(3) | 9,990,000 USD | 3,771,800 | 8.99% | 1.37% | 6 months | 2026-11-13 |
| 3 | 黄河 | 8,000,000 USD | 3,020,000 | 7.19% | 1.09% | 6 months | 2026-11-13 |
| 4 | Prosper High | 1,990,000 USD | 751,800 | 1.79% | 0.27% | 6 months | 2026-11-13 |
| 5 | LAV实体(3) | 5,000,000 USD | 1,887,600 | 4.50% | 0.68% | 6 months | 2026-11-13 |
| 6 | LAV Star | 2,500,000 USD | 943,800 | 2.25% | 0.34% | 6 months | 2026-11-13 |
| 7 | LAV Star Opportunities | 2,500,000 USD | 943,800 | 2.25% | 0.34% | 6 months | 2026-11-13 |
| 8 | 睿远 | 5,000,000 USD | 1,887,200 | 4.50% | 0.68% | 6 months | 2026-11-13 |
| 9 | GSC Fund 1 | 1,450,000 USD | 547,400 | 1.30% | 0.20% | 6 months | 2026-11-13 |
| 10 | Vision Fund 1 | 2,550,000 USD | 962,600 | 2.29% | 0.35% | 6 months | 2026-11-13 |
| 11 | Horizon Fund 1 | 500,000 USD | 188,600 | 0.45% | 0.07% | 6 months | 2026-11-13 |
| 12 | Horizon Next Fund | 500,000 USD | 188,600 | 0.45% | 0.07% | 6 months | 2026-11-13 |
| 13 | First Quarter Moon OFC —Phecda Fund | 2,500,000 USD | 943,800 | 2.25% | 0.34% | 6 months | 2026-11-13 |
| 14 | WWHCP(3) | 1,000,000 USD | 377,400 | 0.90% | 0.14% | 6 months | 2026-11-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 徐聰 | — |
| Company Secretary | 韓一凡 | — |
| Executive Director | 蔡遂雄 | Sui Xiong CAI |
| Non-Executive Director | 徐聪 | Cong XU |
| Independent Non-Executive Director | 郭明 | Edward Ming GUO |
| Executive Director | 田野 | Ye Edward TIAN |
| Non-Executive Director | Qiang Xu | |
| Independent Non-Executive Director | 萧志雄 | Chi Hung SIU |
| Executive Director | 马宁 | Ning MA |
| Non-Executive Director | 刘涛 | Tao LIU |
| Independent Non-Executive Director | 邵黎明 | Liming SHAO |
Major Shareholders
| Major Shareholders & Holdings | Dr. Shi Yi holds 38,470,660 H shares (13.93%) through LAV entities; Shanghai Liyao Investment Management Co., Ltd. and Dr. Chen Fei hold 32,563,765 H shares (11.79%) through entities such as Shanghai Lihan; Decheng IMPACT Limited holds 23,559,685 H shares (8.53%); and Tencent Holdings Limited holds 19,365,333 H shares (7.01%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
英派药业认购热度极高，超额认购2282.4倍，显示市场对生物医药板块的强烈追捧。中签率仅8.46%，远低于港股IPO平均水平，一手中签难度极大。最终发售价定于20.1港元，结合超额倍数，反映出定价相对保守，为二级市场留有一定想象空间。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾每手期望中签0.49手，乙头期望中签0.63手，乙头资金效率明显优于甲尾，未出现甲尾倒挂的异常。但考虑乙组500万港元的高门槛，小额申购者的绝对获配量仍有限。档位分布整体符合顶格回拨后的正态稀释规律，无明显结构性扭曲。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。券商手续费结构各异，实际成本可能不同。）
Demographics
内地申购者占比56.1%，处于近年生物科技板块的中高水平，反映内地资金对未盈利生物医药标的的跨境参与热情。男性占比59.8%，略高于女性，符合生物医药领域投资者性别分布常态。香港本地参与度41.8%，显示本地投资者亦保持较高兴趣。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
