IPO Timeline
Broker Deadline
2025-03-18
Morning deadline
HKEX Deadline
2025-03-18
Noon deadline
Broker Results (T-2)
2025-03-19
Some brokers release in afternoon
Grey Market (T-1)
2025-03-20
Afternoon
HKEX Allotment (T-1)
2025-03-20
Evening
Registrar Allotment (T-1)
2025-03-20
Evening
Listing Day (T)
2025-03-21
First day of trading
Company Overview
| Stock Name | 维昇药业－Ｂ |
|---|---|
| Stock Code | 02561 |
| Company Full Name | 维昇药业－Ｂ |
| Industry | 醫療保健 |
| Principal Activities | 公司是一家處于研發后期、產品接近商業化的生物制藥公司，專注于在中國（包括香港、澳門及臺灣）提供特定內分泌疾病的治療方案。 |
| Listing Date | 2025-03-21 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省蘇州市九章路69號恒泰理想創新大廈B座3樓3-108室 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | https://www.visenpharma.com/cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18A生物科技 |
|---|---|
| Offer Price | HK$ 68.80 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2025-03-13 to 2025-03-18 |
| Global Offering Shares | To be extracted |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 65.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 313,315,200 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,880 |
| 2 lots | 200 | HK$ 13,760 |
| 3 lots | 300 | HK$ 20,640 |
| 4 lots | 400 | HK$ 27,520 |
| 5 lots | 500 | HK$ 34,400 |
| 6 lots | 600 | HK$ 41,280 |
| 7 lots | 700 | HK$ 48,160 |
| 8 lots | 800 | HK$ 55,040 |
| 9 lots | 900 | HK$ 61,920 |
| 10 lots | 1,000 | HK$ 68,800 |
| 15 lots | 1,500 | HK$ 103,200 |
| 20 lots | 2,000 | HK$ 137,600 |
| 25 lots | 2,500 | HK$ 172,000 |
| 30 lots | 3,000 | HK$ 206,400 |
| 35 lots | 3,500 | HK$ 240,800 |
| 40 lots | 4,000 | HK$ 275,200 |
| 45 lots | 4,500 | HK$ 309,600 |
| 50 lots | 5,000 | HK$ 344,000 |
| 60 lots | 6,000 | HK$ 412,800 |
| 70 lots | 7,000 | HK$ 481,600 |
| 80 lots | 8,000 | HK$ 550,400 |
| 90 lots | 9,000 | HK$ 619,200 |
| 100 lots | 10,000 | HK$ 688,000 |
| 200 lots | 20,000 | HK$ 1,376,000 |
| 300 lots | 30,000 | HK$ 2,064,000 |
| 400 lots | 40,000 | HK$ 2,752,000 |
| 500 lots | 50,000 | HK$ 3,440,000 |
| 600 lots | 60,000 | HK$ 4,128,000 |
| 700 lots | 70,000 | HK$ 4,816,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 80,000 | HK$ 5,504,000 |
| 900 lots | 90,000 | HK$ 6,192,000 |
| 1,000 lots | 100,000 | HK$ 6,880,000 |
| 1,500 lots | 150,000 | HK$ 10,320,000 |
| 2,000 lots | 200,000 | HK$ 13,760,000 |
| 2,500 lots | 250,000 | HK$ 17,200,000 |
| 3,000 lots | 300,000 | HK$ 20,640,000 |
| 3,500 lots | 350,000 | HK$ 24,080,000 |
| 4,000 lots | 400,000 | HK$ 27,520,000 |
| 4,500 lots | 450,000 | HK$ 30,960,000 |
| 4,950 lots | 495,000 | HK$ 34,056,000 |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | To be extracted |
| Profit/Loss Status | To be extracted |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 68.8 |
|---|---|
| First Day Open | HK$ 68.8 |
| First Day Change | -66.42% |
| First Day Volume | 3408600.0 |
| First Day Turnover | 228142000.0 |
Use of Proceeds
| Use of Proceeds | 1、約506.9百萬港元（占84.0%）用于為正在進行的進口核心產品的BLA注冊，正在進行的及計劃中的本地生產核心產品的研發及BLA注冊，計劃中的新適應癥擴展臨床試驗，以及核心產品隆培促生長素 (lonapegsomatropin)的計劃商業化上市提供資金； 2、約45.7百萬港元（占7.6%）用于為正在進行的帕羅培特立帕肽(palopegteriparatide)的中國3期關鍵性試驗的開放標簽擴展研究部分及商業化上市的籌備工作提供資金； 3、約10.7百萬港元（占1.8%）用于為正在進行的那韋培肽 (navepegritide)用于治療軟骨發育不全的中國2期試驗的開放標簽擴展研究部分及相關分析提供資金； 4、約40.0百萬港元（占6.6%）用于撥付營運資金及作其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
Sponsor cum Overall Coordinator (2)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
Overall Coordinators (2)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
Joint Global Coordinators (2)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
Joint Bookrunners (6)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
富途证券国际（香港）有限公司 CE AZT137
国元证券经纪（香港）有限公司
东吴证券国际经纪有限公司 CE AYA587
Joint Lead Managers (8)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
富途证券国际（香港）有限公司 CE AZT137
国元证券经纪（香港）有限公司
东吴证券国际经纪有限公司 CE AYA587
百惠证券有限公司 CE BPQ161
瑞邦证券有限公司 CE BIJ312
Capital Market Intermediaries (8)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
富途证券国际（香港）有限公司 CE AZT137
国元证券经纪（香港）有限公司
东吴证券国际经纪有限公司 CE AYA587
百惠证券有限公司 CE BPQ161
瑞邦证券有限公司 CE BIJ312
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 君合律师事务所 Travers Thorp Alberga |
| Legal Advisor to Sponsors/Underwriters |
达维香港律师事务所 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文国际有限公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks |
中国工商银行（亚洲）有限公司 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 | The Reynold Lemkins Group (Asia) Limited | 28,359,360 HKD | — | 3.60% | — | 6 months | 2025-09-21 |
| 2 | Vivo Plenilune IX Limited | 70,912,160 HKD | — | 9.10% | — | 6 months | 2025-09-21 |
| 3 | WuXi Biologics Healthcare Venture | 70,912,160 HKD | — | 9.10% | — | 6 months | 2025-09-21 |
| 4 | 安科生物(香港)有限公司 | 212,729,600 HKD | — | 27.20% | — | 6 months | 2025-09-21 |
| 5 | 园丰国际有限公司 | 126,364,960 HKD | — | 16.10% | — | 6 months | 2025-09-21 |
Directors & Management
| Chairman | 付山 |
|---|---|
| Company Secretary | 陳詩婷 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Ascendis Pharma(36.58%),Vivo Plenilune IX Limited(32.14%) |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw an oversubscription of 72.64 times, indicating moderate market enthusiasm. The overall hit rate of 33.56% suggests that about one in three applicants received an allocation, a level typical for offerings with this degree of retail interest. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A sharp allocation discontinuity exists between the A-tier tail (60,000 shares applied, 0.0781 expected lots) and B-tier head (70,000 shares, 0.4605 expected lots), with B-head applicants receiving nearly six times more expected lots for only a 16.7% larger application. This inefficient structure penalizes A-tail subscribers, who face relatively high broker costs per allocated share compared to those just crossing into the B tier. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable, so no analysis of mainland China participation, gender distribution, or regional concentration is possible. Investors should refer to official filings for any such breakdowns if they become available. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Subscription Tiers
IPO Timeline
