IPO Timeline
Broker Deadline
2026-06-02
Morning deadline
HKEX Deadline
2026-06-02
Noon deadline
Broker Results (T-2)
2026-06-03
Some brokers release in afternoon
Grey Market (T-1)
2026-06-04
Afternoon
HKEX Allotment (T-1)
2026-06-04
Evening
Registrar Allotment (T-1)
2026-06-04
Evening
Listing Day (T)
2026-06-05
First day of trading
Company Overview
| Stock Name | 天辰生物－Ｂ |
|---|---|
| Stock Code | 01779 |
| Company Full Name | 天辰生物－Ｂ |
| Industry | Biotech & Pharma |
| Principal Activities | We are a clinical-stage biopharmaceutical company primarily focusing on in-house discovery and development of biopharmaceuticals targeting allergic and autoimmune diseases. Our Core Product, LP-003, is an anti-IgE antibody for allergic diseases including seasonal AR, CSU, allergic asthma, and CRSwNP. Our Key Product, LP-005, is a bi-functional antibody fusion protein targeting C5 and C3b complement for complement-mediated autoimmune diseases. We also have other pipeline products in pre-clinical stages. |
| Listing Date | 2026-06-05 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A Biotech |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 5th Floor, Building F, Area A No. 128 Yinhe Road, Dongnan Subdistrict Changshu City, Suzhou City, Jiangsu Province, PRC |
| Business Address (Hong Kong) | 40/F, Dah Sing Financial Centre 248 Queen's Road East, Wanchai, Hong Kong |
| Place of Incorporation | 中国 |
| Listing Method | 全球发售 (公开发售 + 国际配售) |
| Listing Board | Main Board |
| Website | To be extracted |
| 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$ 96.06 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-28 to 2026-06-02 |
| Global Offering Shares | 14,193,150 shares |
| HK Public Offer Shares (Initial) | 1,419,350 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 12,773,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 94.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,363,393,989 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,803 |
| 2 lots | 100 | HK$ 9,606 |
| 3 lots | 150 | HK$ 14,409 |
| 4 lots | 200 | HK$ 19,212 |
| 5 lots | 250 | HK$ 24,015 |
| 6 lots | 300 | HK$ 28,818 |
| 7 lots | 350 | HK$ 33,621 |
| 8 lots | 400 | HK$ 38,424 |
| 9 lots | 450 | HK$ 43,227 |
| 10 lots | 500 | HK$ 48,030 |
| 12 lots | 600 | HK$ 57,636 |
| 14 lots | 700 | HK$ 67,242 |
| 16 lots | 800 | HK$ 76,848 |
| 18 lots | 900 | HK$ 86,454 |
| 20 lots | 1,000 | HK$ 96,060 |
| 30 lots | 1,500 | HK$ 144,090 |
| 40 lots | 2,000 | HK$ 192,120 |
| 50 lots | 2,500 | HK$ 240,150 |
| 60 lots | 3,000 | HK$ 288,180 |
| 70 lots | 3,500 | HK$ 336,210 |
| 80 lots | 4,000 | HK$ 384,240 |
| 90 lots | 4,500 | HK$ 432,270 |
| 100 lots | 5,000 | HK$ 480,300 |
| 120 lots | 6,000 | HK$ 576,360 |
| 140 lots | 7,000 | HK$ 672,420 |
| 160 lots | 8,000 | HK$ 768,480 |
| 180 lots | 9,000 | HK$ 864,540 |
| 200 lots | 10,000 | HK$ 960,600 |
| 400 lots | 20,000 | HK$ 1,921,200 |
| 600 lots | 30,000 | HK$ 2,881,800 |
| 800 lots | 40,000 | HK$ 3,842,400 |
| 1,000 lots | 50,000 | HK$ 4,803,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,763,600 |
| 1,400 lots | 70,000 | HK$ 6,724,200 |
| 1,600 lots | 80,000 | HK$ 7,684,800 |
| 1,800 lots | 90,000 | HK$ 8,645,400 |
| 2,000 lots | 100,000 | HK$ 9,606,000 |
| 4,000 lots | 200,000 | HK$ 19,212,000 |
| 6,000 lots | 300,000 | HK$ 28,818,000 |
| 8,000 lots | 400,000 | HK$ 38,424,000 |
| 10,000 lots | 500,000 | HK$ 48,030,000 |
| 12,000 lots | 600,000 | HK$ 57,636,000 |
| 14,193 lots | 709,650 | HK$ 68,168,979 |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 175.6 million for the year ended December 31, 2025 |
| Period-End Cash Balance | 人民币28,400,000元 |
| Listing Expenses | ~HK$ 3,300,000 |
| Listing Expenses / Funds Raised | ~0.24% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | Approx. 75.0% for R&D and commercialization of Core Product and Key Product (34.0% for LP-003 R&D, 13.0% for LP-003 commercialization, 28.0% for LP-005 R&D); approx. 15.0% for other pre-clinical pipeline products and R&D platforms; approx. 10.0% for working capital and general corporate purposes. |
|---|
Underwriting Syndicate
Sole Sponsor (1)
国金证券（香港）有限公司 CE AAI195(sole)
Overall Coordinators (6)
国金证券（香港）有限公司 CE AAI195
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
山证国际证券有限公司 CE BEM330
TradeGo Markets Limited CE BRO637
Joint Global Coordinators (6)
国金证券（香港）有限公司 CE AAI195
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
山证国际证券有限公司 CE BEM330
TradeGo Markets Limited CE BRO637
Joint Bookrunners (6)
国金证券（香港）有限公司 CE AAI195
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
山证国际证券有限公司 CE BEM330
TradeGo Markets Limited CE BRO637
Joint Lead Managers (6)
国金证券（香港）有限公司 CE AAI195
广发证券（香港）经纪有限公司
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
山证国际证券有限公司 CE BEM330
TradeGo Markets Limited CE BRO637
Capital Market Intermediaries (7)
国金证券（香港）有限公司 CE AAI195
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
山证国际证券有限公司 CE BEM330
TradeGo Markets Limited CE BRO637
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
柯伍陈律师事务所 海润天睿律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
汉坤律师事务所有限法律责任合伙 中伦律师事务所 |
| 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 | 新百利融资有限公司 CE BAU754 |
| Receiving Banks |
中信银行（国际）有限公司 招商永隆银行有限公司 |
| H Share Registrar | 卓佳证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 等值美元）OrbiMed Funds | 18,000,000 USD | 1,467,050 | 10.34% | 1.98% | 6 months | 2026-12-05 |
| 2 | －OrbiMed Genesis | 11,900,000 USD | 969,900 | 6.84% | 1.31% | 6 months | 2026-12-05 |
| 3 | －BIOG | 6,100,000 USD | 497,150 | 3.50% | 0.67% | 6 months | 2026-12-05 |
| 4 | TruMed | 12,000,000 USD | 977,850 | 6.89% | 1.32% | 6 months | 2026-12-05 |
| 5 | －TruMed Innovation Fund.. | 8,500,000 USD | 692,650 | 4.88% | 0.93% | 6 months | 2026-12-05 |
| 6 | －TruMed Master Fund | 3,500,000 USD | 285,200 | 2.01% | 0.39% | 6 months | 2026-12-05 |
| 7 | 华泰资本投资及其最终客户 | 20,000,000 USD | 1,630,050 | 11.48% | 2.20% | 6 months | 2026-12-05 |
| 8 | －最终客户（高毅） | 12,000,000 USD | 978,050 | 6.89% | 1.32% | 6 months | 2026-12-05 |
| 9 | －最终客户（睿郡） | 8,000,000 USD | 652,000 | 4.59% | 0.88% | 6 months | 2026-12-05 |
| 10 | 睿远基金 | 10,000,000 USD | 815,050 | 5.75% | 1.09% | 6 months | 2026-12-05 |
| 11 | －Vision Fund 1 | 5,800,000 USD | 474,650 | 3.34% | 0.64% | 6 months | 2026-12-05 |
| 12 | －GSC Fund 1 | 3,200,000 USD | 258,900 | 1.83% | 0.35% | 6 months | 2026-12-05 |
| 13 | －Horizon Fund 1 | 500,000 USD | 40,750 | 0.29% | 0.05% | 6 months | 2026-12-05 |
| 14 | －Horizon Next Fund | 500,000 USD | 40,750 | 0.29% | 0.05% | 6 months | 2026-12-05 |
| 15 | 富国 | 10,000,000 USD | 815,000 | 5.74% | 1.10% | 6 months | 2026-12-05 |
| 16 | －富国基金 | 8,400,000 USD | 685,450 | 4.83% | 0.92% | 6 months | 2026-12-05 |
| 17 | －富国香港 | 1,600,000 USD | 129,550 | 0.91% | 0.18% | 6 months | 2026-12-05 |
| 18 | 惠理 | 8,000,000 USD | 651,900 | 4.59% | 0.88% | 6 months | 2026-12-05 |
| 19 | －惠理基金管理香港有限公司 | 7,000,000 USD | 570,400 | 4.02% | 0.77% | 6 months | 2026-12-05 |
| 20 | －惠理基金管理公司 | 1,000,000 USD | 81,500 | 0.57% | 0.11% | 6 months | 2026-12-05 |
| 21 | GBAHIL | 5,000,000 USD | 407,500 | 2.87% | 0.55% | 6 months | 2026-12-05 |
| 22 | FR M | 2,000,000 USD | 163,000 | 1.15% | 0.22% | 6 months | 2026-12-05 |
| 23 | 源峰远景成长基金及中国银河国际投资（就源峰场外掉期而言） | 2,000,000 USD | 163,000 | 1.15% | 0.22% | 6 months | 2026-12-05 |
Directors & Management
| Chairman | Dr. LIU Heng |
|---|---|
| Company Secretary | YUNG Mei Yee |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 刘恒 | — | 執行董事 |
| 2 | 孙乃超 | — | 執行董事 |
| 3 | 谢鸣 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 蔺剑 | — | 非執行董事 |
| 2 | 顾勤 | — | 非執行董事 |
| 3 | 薛涤 | — | 非執行董事 |
| 4 | 陈侃 | — | 非執行董事 |
獨立非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 萧耀熙 | — | 獨立非執行董事 |
| 2 | 阮添士 | — | 獨立非執行董事 |
| 3 | 杨春 | — | 獨立非執行董事 |
| 4 | 周国防 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | Dr. Liu (beneficial and through controlled corporation and acting-in-concert) holds approximately 44.16% pre-IPO; Ms. Lu Nan (spouse of Dr. Liu) deemed interested in 44.16%; Suzhou Taiwu (controlled by Dr. Liu) holds 8.17%; Dr. Sun holds 11.11% (plus through spouse and controlled corporations); Ms. Chow holds 6.07% (plus through spouse and controlled corporations); Shanghai Rising Suns (controlled by Ms. Chow) holds 3.59%; PharMab (controlled by Dr. Sun and Ms. Chow) holds 1.14%; Huzhou Youxing holds 11.70%; Suzhou Youxin holds 5.34%; OFC Bohui Fund holds 5.13%; Oriental Fortune Capital deemed interested in 7.08%. |
|---|
AI
AI Analysis
Market Sentiment
The IPO garnered an overwhelming oversubscription ratio of 4762.58x, reflecting extreme market enthusiasm. The overall hit rate of just 10.53% underscores intense competition for allocations, typical of a hot biotech listing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾 (A-tail) applicants with 50,000 lots received an expected 0.1785 lots, while 乙头 (B-head) applicants with 60,000 lots received a marginally higher 0.2401 lots. This narrow gap reveals an inefficient jump, as the additional 10,000 lots applied in B-tier yield only 0.0616 extra lots on average. (Broker fee structures vary and actual costs may differ. This analysis is for informational purposes only.)
Demographics
Mainland China participants accounted for 61.8% of total holders, signaling strong cross-border demand for this biotech IPO. The investor base skewed slightly male at 58.9% with an average age of 42.4, typical for risk-tolerant growth sectors. (Data may contain errors or omissions; verify against official HKEX filings. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
