IPO Timeline
Broker Deadline
2025-08-12
Morning deadline
HKEX Deadline
2025-08-12
Noon deadline
Broker Results (T-2)
2025-08-13
Some brokers release in afternoon
Grey Market (T-1)
2025-08-14
Afternoon
HKEX Allotment (T-1)
2025-08-14
Evening
Registrar Allotment (T-1)
2025-08-14
Evening
Listing Day (T)
2025-08-15
First day of trading
Company Overview
| Stock Name | 银诺医药－Ｂ |
|---|---|
| Stock Code | 02591 |
| Company Full Name | 银诺医药－Ｂ |
| Industry | Biotech & Pharma |
| Principal Activities | clinician scientist in GLP-1 research and clinical application |
| Listing Date | 2025-08-15 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 409, Building H Business in the PRC Self-numbered Creative Building No. 2 Tengfei Second Street China-Singapore Guangzhou Knowledge City Huangpu District, Guan |
| Business Address (Hong Kong) | 香港灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.innogenpharm.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C特专科技 |
|---|---|
| Offer Price | HK$ 18.68 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,736 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-08-07 to 2025-08-12 |
| Global Offering Shares | 36,556,400 shares |
| HK Public Offer Shares (Initial) | 3,655,800 shares (10.0%) |
| Public Offer Lots (Initial) | 18,279lots (9,139lots, 9,140lots) |
| International Placing Shares (Initial) | 32,900,600 shares (90.0%) |
| Offer Ratio | ~8.0% |
| Total Shares Post-IPO | 456,819,349 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 682,873,552 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,736 |
| 2 lots | 400 | HK$ 7,472 |
| 3 lots | 600 | HK$ 11,208 |
| 4 lots | 800 | HK$ 14,944 |
| 5 lots | 1,000 | HK$ 18,680 |
| 6 lots | 1,200 | HK$ 22,416 |
| 7 lots | 1,400 | HK$ 26,152 |
| 8 lots | 1,600 | HK$ 29,888 |
| 9 lots | 1,800 | HK$ 33,624 |
| 10 lots | 2,000 | HK$ 37,360 |
| 15 lots | 3,000 | HK$ 56,040 |
| 20 lots | 4,000 | HK$ 74,720 |
| 25 lots | 5,000 | HK$ 93,400 |
| 30 lots | 6,000 | HK$ 112,080 |
| 35 lots | 7,000 | HK$ 130,760 |
| 40 lots | 8,000 | HK$ 149,440 |
| 45 lots | 9,000 | HK$ 168,120 |
| 50 lots | 10,000 | HK$ 186,800 |
| 100 lots | 20,000 | HK$ 373,600 |
| 150 lots | 30,000 | HK$ 560,400 |
| 200 lots | 40,000 | HK$ 747,200 |
| 250 lots | 50,000 | HK$ 934,000 |
| 300 lots | 60,000 | HK$ 1,120,800 |
| 350 lots | 70,000 | HK$ 1,307,600 |
| 400 lots | 80,000 | HK$ 1,494,400 |
| 450 lots | 90,000 | HK$ 1,681,200 |
| 500 lots | 100,000 | HK$ 1,868,000 |
| 1,000 lots | 200,000 | HK$ 3,736,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 5,604,000 |
| 2,000 lots | 400,000 | HK$ 7,472,000 |
| 2,500 lots | 500,000 | HK$ 9,340,000 |
| 3,000 lots | 600,000 | HK$ 11,208,000 |
| 3,500 lots | 700,000 | HK$ 13,076,000 |
| 4,000 lots | 800,000 | HK$ 14,944,000 |
| 4,500 lots | 900,000 | HK$ 16,812,000 |
| 5,000 lots | 1,000,000 | HK$ 18,680,000 |
| 6,000 lots | 1,200,000 | HK$ 22,416,000 |
| 7,000 lots | 1,400,000 | HK$ 26,152,000 |
| 8,000 lots | 1,600,000 | HK$ 29,888,000 |
| 9,139 lots | 1,827,800 | HK$ 34,143,304 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,533,385,439 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣174.7百萬元 |
| Period-End Cash Balance | 人民币64,800,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~10.7% |
| Total Pre-IPO Investment | 人民幣581.4百萬元 |
First Day Performance
| First Day Close | HK$ 57.25 |
|---|---|
| First Day Open | HK$ 72.0 |
| First Day Change | 206.48% |
| First Day Volume | 16217300.0 |
| First Day Turnover | 978472000.0 |
Use of Proceeds
| Use of Proceeds | 1、約90.0%或549.1百萬港元將用于正在進行及計劃中的臨床試驗以及核心產品依蘇帕格魯肽α的計劃商業化上市； 2、約10.0%或61.0百萬港元將用于營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249
中国国际金融香港证券有限公司 CE AEN894
Sponsor cum Overall Coordinator (2)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
Overall Coordinators (4)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
德意志银行香港分行
麦格理资本股份有限公司 CE AAC534
Joint Global Coordinators (5)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
德意志银行香港分行
麦格理资本股份有限公司 CE AAC534
中国银河国际证券（香港）有限公司 CE AXM459
Joint Bookrunners (13)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
德意志银行香港分行
麦格理资本股份有限公司 CE AAC534
中国银河国际证券（香港）有限公司 CE AXM459
农银国际融资有限公司 CE AWL249
交银国际证券有限公司 CE APJ121
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
哈富证券有限公司 CE ATR761
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (9)
中国银河国际证券（香港）有限公司 CE AXM459
农银国际证券有限公司 CE ACX411
交银国际证券有限公司 CE APJ121
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
哈富证券有限公司 CE ATR761
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (14)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
德意志银行香港分行
麦格理资本股份有限公司 CE AAC534
中国银河国际证券（香港）有限公司 CE AXM459
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
交银国际证券有限公司 CE APJ121
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
哈富证券有限公司 CE ATR761
老虎证券（香港）环球有限公司 CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company | 通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔律师事务所 金杜律师事务所 |
| 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 | 嘉林资本有限公司 CE BBX925 |
| Receiving Banks | 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 | 骏升环球有限公司 | — | — | — | — | 6 months | 2026-02-15 |
| 2 | 迈富时管理有限公司 | — | — | — | — | 6 months | 2026-02-15 |
Directors & Management
| Chairman | 王博士 |
|---|---|
| Company Secretary | Ms. Jin Jin |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 中国上海市加拿大 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 中国上海市韩国 | — | 非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS As far as the Directors are aware, immediately following the completion of the Global Offering (assuming that the Offer Size Adjustment Option and the Over-allotment Option are not exercised) and the conversion of the Unlisted Shares into H Shares, |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted overwhelming demand with an oversubscription ratio of 5,341.66 times, signaling extreme market enthusiasm. Despite 256,072 valid applications, only 18,279 were successful, yielding a hit rate of just 7.14%. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A-tail (甲尾) applicants with HKD 200,000 could expect just 0.2162 lots, while B-head (乙头) applicants with HKD 300,000 received only 0.3001 lots, a disproportionate 39% increase in allocation for 50% more capital. This narrow gap makes the B-head tier economically inefficient, especially after broker fees. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors accounted for 62.6% of participants, highlighting strong cross-border appetite for this biotech listing. The applicant base was predominantly male (61.4%) with an average age of 43, typical for high-risk speculative IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
