SINOTAUPHARMA-B 09941Hong Kong Stock ExchangeIPOProspectus Information

52.000 - 68.000
Price range · Lists Nov 24
Listing Date: 2026-11-24
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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 NameSINOTAUPHARMA-B
Stock Code09941
Company Full NameBeijing Sinotau International Pharmaceutical Technology Co., Ltd.
IndustryBiotech & Pharma
Principal ActivitiesDevelopment and commercialization of diagnostic and therapeutic radiopharmaceuticals, including radioligands for oncology, neurodegenerative diseases and cardiovascular diseases.
Listing Date2026-11-24
Listing StatusPre-listing
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterChapter 18A Biotech
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)Floors 1-2, Block 1, No. 5, Tongji Road Central, Beijing Economic-Technological Development Area, Beijing, PRC
Business Address (Hong Kong)31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Place of IncorporationPRC
Listing MethodGlobal Offering
Listing BoardMain Board
Websitewww.sinotau.com
Share Registrar
Registrar ContactTo be extracted
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceTo be extracted
Offer Price RangeHK$ 52.00 - 68.00
Lot Size50 shares
Entry ThresholdHK$ 3,400
Par ValueRMB 1.0 / shares
Offer Period2026-11-16 to 2026-11-19
Global Offering Shares6,561,000 shares
HK Public Offer Shares (Initial)656,100 shares (10.0%)
Public Offer Lots (Initial)13,122lots (Pool A6,561lots，Pool B6,561lots)
International Placing Shares (Initial)5,904,900 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO65,609,614 shares
Greenshoe (Over-allotment Option)Yes
Stabilizing Manager (Greenshoe)中国国际金融香港证券有限公司 CE AEN894
Cornerstone ShareNo cornerstone investors
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 446,148,000

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 SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 50 HK$ 3,400
2 lots 100 HK$ 6,800
3 lots 150 HK$ 10,200
4 lots 200 HK$ 13,600
5 lots 250 HK$ 17,000
6 lots 300 HK$ 20,400
7 lots 350 HK$ 23,800
8 lots 400 HK$ 27,200
9 lots 450 HK$ 30,600
10 lots 500 HK$ 34,000
15 lots 750 HK$ 51,000
20 lots 1,000 HK$ 68,000
25 lots 1,250 HK$ 85,000
30 lots 1,500 HK$ 102,000
35 lots 1,750 HK$ 119,000
40 lots 2,000 HK$ 136,000
45 lots 2,250 HK$ 153,000
50 lots 2,500 HK$ 170,000
60 lots 3,000 HK$ 204,000
70 lots 3,500 HK$ 238,000
80 lots 4,000 HK$ 272,000
90 lots 4,500 HK$ 306,000
100 lots 5,000 HK$ 340,000
150 lots 7,500 HK$ 510,000
200 lots 10,000 HK$ 680,000
250 lots 12,500 HK$ 850,000
300 lots 15,000 HK$ 1,020,000
350 lots 17,500 HK$ 1,190,000
400 lots 20,000 HK$ 1,360,000
450 lots 22,500 HK$ 1,530,000
500 lots 25,000 HK$ 1,700,000
600 lots 30,000 HK$ 2,040,000
700 lots 35,000 HK$ 2,380,000
800 lots 40,000 HK$ 2,720,000
900 lots 45,000 HK$ 3,060,000
1,000 lots 50,000 HK$ 3,400,000
1,250 lots 62,500 HK$ 4,250,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1,500 lots 75,000 HK$ 5,100,000
1,750 lots 87,500 HK$ 5,950,000
2,000 lots 100,000 HK$ 6,800,000
2,500 lots 125,000 HK$ 8,500,000
3,000 lots 150,000 HK$ 10,200,000
3,500 lots 175,000 HK$ 11,900,000
4,000 lots 200,000 HK$ 13,600,000
4,500 lots 225,000 HK$ 15,300,000
5,000 lots 250,000 HK$ 17,000,000
6,000 lots 300,000 HK$ 20,400,000

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 2.79B
Est. Threshold HK$ 9.44B
Analysis Result HK market cap below threshold, need +239%
* IPO in progress, estimated at upper bound offer price

Valuation & Financials

Market Cap (at Offer Price)HK$ 3,411,699,928 - 4,461,453,752
H-Share Market Cap (at Offer Price)HK$ 2,133,415,128 - 2,789,850,552
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet loss RMB 618.4 million
Period-End Cash Balance人民幣449,054千元
Listing Expenses~HK$ 64,600,000
Listing Expenses / Funds Raised~16.4%
Total Pre-IPO InvestmentTo be extracted

Financial Data

Unit: '000 RMB
Income Statement
Item 202420252026-06
Revenue 44,06499,21061,254
Cost of sales -40,686-84,187-43,267
Gross profit 3,37815,02317,987
Other income and gains, net 100,98081,21018,726
Selling and distribution expenses -24,353-57,219-37,970
Administrative expenses -106,591-142,822-60,640
Net finance costs -10,732-7,971-3,320
Share of associates and JVs -8,111-1,3041,415
Profit before tax -139,719-611,541-532,657
Income tax expense -16,397-6,867-1,283
Profit for the year -156,116-618,408-533,940
Profit attributable to owners -149,286-610,598-530,179
Balance Sheet
Item 202420252026-06
Cash and cash equivalents 471,878449,054341,600
Trade and bills receivables 24,00255,99170,932
Inventories 27,78224,63528,039
Total current assets 1,335,826998,6271,032,792
Total assets 2,278,8161,986,5151,835,611
Total current liabilities 3,247,8653,595,0643,997,772
Total liabilities 3,449,5213,753,3424,141,715
Total equity -1,170,705-1,766,827-2,306,104
Equity attributable to owners -1,166,461-1,754,773-2,290,289
Interest-bearing borrowings 160,203142,934143,207
Cash Flow Statement
Item 202420252026-06
Net cash from operating activities -276,745-333,586-227,568
Net cash from investing activities -601,747275,07162,584
Net cash from financing activities 559,51939,27461,060
Net increase in cash -318,973-19,241-103,924
Depreciation of PP&E 52,06755,83130,866
Depreciation of right-of-use assets 9,5419,9194,842
Amortisation of intangible assets 1,0401,532990
Purchase of PP&E -96,639-66,130-32,091
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 88.0% for research, development and registrational filings of Core Products; approx. 4.9% for R&D of other product candidates; approx. 1.1% for sales and marketing; approx. 1.1% for construction of a new manufacturing facility in Tianjin; approx. 5.0% for working capital and general corporate purposes.

Underwriting Syndicate

Joint Sponsors (3)
广发融资（香港）有限公司 CE AOB163 中国国际金融香港证券有限公司 CE AEN894 中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (3)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893
Overall Coordinators (4)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893 招银国际融资有限公司 CE AVM940
Joint Global Coordinators (6)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893 招银国际融资有限公司 CE AVM940 星展亚洲融资有限公司 CE AAE430 中国银河国际证券（香港）有限公司 CE AXM459
Joint Bookrunners (14)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893 招银国际融资有限公司 CE AVM940 星展亚洲融资有限公司 CE AAE430 中国银河国际证券（香港）有限公司 CE AXM459 中银国际亚洲有限公司 CE AET863 农银国际融资有限公司 CE AWL249 国联证券国际金融有限公司 CE BPX918 交银国际证券有限公司 CE APJ121 民银证券有限公司 CE APU820 浙商国际金融控股有限公司 CE BGD825 富途证券国际（香港）有限公司 CE AZT137 老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (14)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893 招银国际融资有限公司 CE AVM940 星展亚洲融资有限公司 CE AAE430 中国银河国际证券（香港）有限公司 CE AXM459 中银国际亚洲有限公司 CE AET863 农银国际证券有限公司 CE ACX411 国联证券国际金融有限公司 CE BPX918 交银国际证券有限公司 CE APJ121 民银证券有限公司 CE APU820 浙商国际金融控股有限公司 CE BGD825 富途证券国际（香港）有限公司 CE AZT137 老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (13)
广发证券（香港）经纪有限公司 CE AOB364 中国国际金融香港证券有限公司 CE AEN894 中信里昂证券有限公司 CE AAB893 招银国际融资有限公司 CE AVM940 星展亚洲融资有限公司 CE AAE430 中国银河国际证券（香港）有限公司 CE AXM459 中银国际亚洲有限公司 CE AET863 国联证券国际金融有限公司 CE BPX918 交银国际证券有限公司 CE APJ121 民银证券有限公司 CE APU820 浙商国际金融控股有限公司 CE BGD825 富途证券国际（香港）有限公司 CE AZT137 老虎证券（香港）环球有限公司 CE BMU940
Stabilizing Manager (1)
中国国际金融香港证券有限公司 CE AEN894

Service Providers

RoleInstitution
Legal Advisor to Company 美迈斯律师事务所
中伦律师事务所
Hogan Lovells Cadwalader International LLP
Princeton IP Law LLC
Legal Advisor to Sponsors/Underwriters 欧华律师事务所
北京市通商律师事务所
Auditor and Reporting Accountant 安永会计师事务所
Industry Advisor 灼识行业咨询有限公司
Receiving Banks 中国银行（香港）有限公司
招商永隆银行有限公司

Cornerstone Investors

This stock has no cornerstone investors.

Directors & Management

PositionChinese nameEnglish Name
ChairmanXU XinshengXU Xinsheng
Company SecretaryYU Wenbin; Tong Ka KeiYU Wenbin; Tong Ka Kei
Executive Director徐新盛—
Non-Executive Director陈道金—
Independent Non-Executive Director倪虹—
Executive Director唐艳旻—
Non-Executive Director张英杰—
Independent Non-Executive DirectorJimmy Zhimin ZHANG
Executive Director王鹏—
Non-Executive Director叶索夫—
Independent Non-Executive Director吴海东—
Executive Director储维—
Non-Executive Director黄序—
Independent Non-Executive Director杨悦—
Executive Director虞文彬—
Non-Executive Director郝伯男—
Independent Non-Executive Director康彩练—

Major Shareholders

Major Shareholders & HoldingsMr. Xu and concert parties 24.33%; Jiequan Chengda/China Life group 9.02%; CITIC Securities Company 8.90%; GoldStone Investment 8.03%; Dr. Zhang 6.79%; Shenzhen Wuming Investment 5.37%
About this page

This page shows SINOTAUPHARMA-B (09941) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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