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 | Alebund-B |
|---|---|
| Stock Code | 09637 |
| Company Full Name | Alebund Pharmaceuticals (Jiangsu) Limited |
| Industry | Healthcare |
| Principal Activities | We are a biopharmaceutical company focused on nephrology therapies. Our product portfolio includes our core product AP301 (a phosphate binder for the treatment of hyperphosphatemia) and six other candidate products, covering the treatment of CKD complications and disease modification. We also retain the exclusive commercialization rights in mainland China for the commercialized product Meixinluo®. |
| Listing Date | 2026-06-29 |
| 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) | 中國江蘇省揚州市邗江區高新區金莊路7號7幢 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | alebund.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$ 22.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,260 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-18 to 2026-06-24 |
| Global Offering Shares | 56,755,400 shares |
| HK Public Offer Shares (Initial) | 5,675,600 shares (10.0%) |
| Public Offer Lots (Initial) | 56,756lots (Pool A28,378lots，Pool B28,378lots) |
| International Placing Shares (Initial) | 51,079,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 339,852,231 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 57.4% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,282,672,040 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,260 |
| 2 lots | 200 | HK$ 4,520 |
| 3 lots | 300 | HK$ 6,780 |
| 4 lots | 400 | HK$ 9,040 |
| 5 lots | 500 | HK$ 11,300 |
| 6 lots | 600 | HK$ 13,560 |
| 7 lots | 700 | HK$ 15,820 |
| 8 lots | 800 | HK$ 18,080 |
| 9 lots | 900 | HK$ 20,340 |
| 10 lots | 1,000 | HK$ 22,600 |
| 15 lots | 1,500 | HK$ 33,900 |
| 20 lots | 2,000 | HK$ 45,200 |
| 25 lots | 2,500 | HK$ 56,500 |
| 30 lots | 3,000 | HK$ 67,800 |
| 35 lots | 3,500 | HK$ 79,100 |
| 40 lots | 4,000 | HK$ 90,400 |
| 45 lots | 4,500 | HK$ 101,700 |
| 50 lots | 5,000 | HK$ 113,000 |
| 60 lots | 6,000 | HK$ 135,600 |
| 70 lots | 7,000 | HK$ 158,200 |
| 80 lots | 8,000 | HK$ 180,800 |
| 90 lots | 9,000 | HK$ 203,400 |
| 100 lots | 10,000 | HK$ 226,000 |
| 200 lots | 20,000 | HK$ 452,000 |
| 300 lots | 30,000 | HK$ 678,000 |
| 400 lots | 40,000 | HK$ 904,000 |
| 500 lots | 50,000 | HK$ 1,130,000 |
| 600 lots | 60,000 | HK$ 1,356,000 |
| 700 lots | 70,000 | HK$ 1,582,000 |
| 800 lots | 80,000 | HK$ 1,808,000 |
| 900 lots | 90,000 | HK$ 2,034,000 |
| 1,000 lots | 100,000 | HK$ 2,260,000 |
| 2,000 lots | 200,000 | HK$ 4,520,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 3,000 lots | 300,000 | HK$ 6,780,000 |
| 4,000 lots | 400,000 | HK$ 9,040,000 |
| 5,000 lots | 500,000 | HK$ 11,300,000 |
| 10,000 lots | 1,000,000 | HK$ 22,600,000 |
| 15,000 lots | 1,500,000 | HK$ 33,900,000 |
| 20,000 lots | 2,000,000 | HK$ 45,200,000 |
| 28,378 lots | 2,837,800 | HK$ 64,134,280 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 5.5B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,680,660,421 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 751.8 million |
| Period-End Cash Balance | RMB 385.7 million |
| Listing Expenses | ~HK$ 101,900,000 |
| Listing Expenses / Funds Raised | ~7.94% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 71.0% will be used for the clinical development and regulatory affairs of candidate products (of which approximately 34.0% will be used for the core product AP301 and approximately 37.0% will be used for other candidate products); approximately 12.0% will be used for upgrading production capacity and commercialization; and approximately 10.0% will be used as working capital and for other general corporate purposes. |
Underwriting Syndicate
Joint Sponsors (5)
Sponsor cum Overall Coordinator (1)
Jefferies Hong Kong Limited CE ATS546
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (3)
Joint Lead Managers (3)
Capital Market Intermediaries (3)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell Zhong Lun Law Firm 君合律师事务所 Junhe Law Office, P.C. |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | Somerley Capital Limited CE BAU754 |
| Receiving Banks |
中国银行（香港）有限公司 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 | （美元）按发售价22.60港元计算GIC | 22,000,000 USD | 7,627,200 | 13.44% | 2.24% | 6 months | 2026-12-29 |
| 2 | Loomis Sayles LSLP | 9,420,410 USD | 3,266,000 | 5.75% | 0.96% | 6 months | 2026-12-29 |
| 3 | LSTC | 3,079,372 USD | 1,067,600 | 1.88% | 0.31% | 6 months | 2026-12-29 |
| 4 | 小计： | 12,500,000 USD | 4,333,600 | 7.64% | 1.28% | 6 months | 2026-12-29 |
| 5 | RTW基金RTW Master Fund | 4,163,037 USD | 1,443,300 | 2.54% | 0.42% | 6 months | 2026-12-29 |
| 6 | RTW Innovation Fund | 3,456,650 USD | 1,198,400 | 2.11% | 0.35% | 6 months | 2026-12-29 |
| 7 | RTW Biotech | 380,163 USD | 131,800 | 0.23% | 0.04% | 6 months | 2026-12-29 |
| 8 | Symbiosis | 7,500,000 USD | 2,600,200 | 4.58% | 0.77% | 6 months | 2026-12-29 |
| 9 | 腾讯Huang River | 4,000,000 USD | 1,386,700 | 2.44% | 0.41% | 6 months | 2026-12-29 |
| 10 | Perfect Ten | 1,000,000 USD | 346,700 | 0.61% | 0.10% | 6 months | 2026-12-29 |
| 11 | Cormorant | 5,000,000 USD | 1,733,400 | 3.05% | 0.51% | 6 months | 2026-12-29 |
| 12 | DAMSIMF | 5,000,000 USD | 1,733,400 | 3.05% | 0.51% | 6 months | 2026-12-29 |
| 13 | 广发基金广发基金管理 | 2,500,000 USD | 866,700 | 1.53% | 0.26% | 6 months | 2026-12-29 |
| 14 | 广发基金香港 | 2,500,000 USD | 866,700 | 1.53% | 0.26% | 6 months | 2026-12-29 |
| 15 | 汇添富香港 | 4,000,000 USD | 1,386,700 | 2.44% | 0.41% | 6 months | 2026-12-29 |
| 16 | （美元）易方达基金易方达基金管理 | 3,200,000 USD | 277,300 | 0.49% | 0.08% | 6 months | 2026-12-29 |
| 17 | 易方达香港 | 800,000 USD | 1,109,400 | 1.95% | 0.33% | 6 months | 2026-12-29 |
| 18 | LVC Golden Valley Master | 1,166,733 USD | 404,500 | 0.71% | 0.12% | 6 months | 2026-12-29 |
| 19 | Golden Valley Global | 1,166,444 USD | 404,400 | 0.71% | 0.12% | 6 months | 2026-12-29 |
| 20 | Loyal Valley Fund III | 1,166,733 USD | 404,500 | 0.71% | 0.12% | 6 months | 2026-12-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Gavin Guoyao Xia | — |
| Company Secretary | 陳南佑、謝愉陽 | — |
| Executive Director | Gavin Guoyao Xia | |
| Non-Executive Director | 鲁安 | Lu An |
| Independent Non-Executive Director | 徐润红 | Xu Runhong |
| Executive Director | Jin Tian | |
| Independent Non-Executive Director | Zhui Chen | |
| Executive Director | 汪昀 | Wang Yun |
| Independent Non-Executive Director | 梁智维 | Leung Chi Wai |
| Executive Director | 张华丁 | Zhang Huading |
Major Shareholders
| Major Shareholders & Holdings | The principal shareholders include a concert party group comprising Dr. Gavin Xia, Dr. Jin Tian and others, which in aggregate holds approximately 20.41% of the equity interests; Tencent Holdings Limited holds approximately 10.28% of the equity interests; other principal shareholders include LAV Delta Limited, Yangzhou Guojin Investment, and others. |
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