IPO Timeline
Broker Deadline
2025-12-18
Morning deadline
HKEX Deadline
2025-12-18
Noon deadline
Broker Results (T-2)
2025-12-19
Some brokers release in afternoon
Grey Market (T-1)
2025-12-22
Afternoon
HKEX Allotment (T-1)
2025-12-22
Evening
Registrar Allotment (T-1)
2025-12-22
Evening
Listing Day (T)
2025-12-23
First day of trading
Company Overview
| Stock Name | 翰思艾泰－Ｂ |
|---|---|
| Stock Code | 03378 |
| Company Full Name | 翰思艾泰－Ｂ |
| Industry | Biotech & Pharma |
| Principal Activities | innovative biotech company, with in-house expertise and experience in structural biology, translational medicine and clinical development for the development of next-generation immunotherapeutics |
| Listing Date | 2025-12-23 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 湖北省武漢市東湖新技術開發區九峰一路1號生物創新園二期A8棟 |
| Business Address (Hong Kong) | 香港新界沙田香港科學園科技大道2W大樓3樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hanxbio.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 | Mechanism B |
|---|---|
| Offer Price | HK$ 32.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,200 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2025-12-15 to 2025-12-18 |
| Global Offering Shares | 18,321,000 shares |
| HK Public Offer Shares (Initial) | 1,832,100 shares (10.0%) |
| Public Offer Lots (Initial) | 18,321lots (9,160lots, 9,161lots) |
| International Placing Shares (Initial) | 16,488,900 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 136,218,830 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 17.0% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 586,272,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,200 |
| 2 lots | 200 | HK$ 6,400 |
| 3 lots | 300 | HK$ 9,600 |
| 4 lots | 400 | HK$ 12,800 |
| 5 lots | 500 | HK$ 16,000 |
| 6 lots | 600 | HK$ 19,200 |
| 7 lots | 700 | HK$ 22,400 |
| 8 lots | 800 | HK$ 25,600 |
| 9 lots | 900 | HK$ 28,800 |
| 10 lots | 1,000 | HK$ 32,000 |
| 15 lots | 1,500 | HK$ 48,000 |
| 20 lots | 2,000 | HK$ 64,000 |
| 25 lots | 2,500 | HK$ 80,000 |
| 30 lots | 3,000 | HK$ 96,000 |
| 35 lots | 3,500 | HK$ 112,000 |
| 40 lots | 4,000 | HK$ 128,000 |
| 45 lots | 4,500 | HK$ 144,000 |
| 50 lots | 5,000 | HK$ 160,000 |
| 60 lots | 6,000 | HK$ 192,000 |
| 70 lots | 7,000 | HK$ 224,000 |
| 80 lots | 8,000 | HK$ 256,000 |
| 90 lots | 9,000 | HK$ 288,000 |
| 100 lots | 10,000 | HK$ 320,000 |
| 200 lots | 20,000 | HK$ 640,000 |
| 300 lots | 30,000 | HK$ 960,000 |
| 400 lots | 40,000 | HK$ 1,280,000 |
| 500 lots | 50,000 | HK$ 1,600,000 |
| 600 lots | 60,000 | HK$ 1,920,000 |
| 700 lots | 70,000 | HK$ 2,240,000 |
| 800 lots | 80,000 | HK$ 2,560,000 |
| 900 lots | 90,000 | HK$ 2,880,000 |
| 1,000 lots | 100,000 | HK$ 3,200,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,400,000 |
| 3,000 lots | 300,000 | HK$ 9,600,000 |
| 4,000 lots | 400,000 | HK$ 12,800,000 |
| 5,000 lots | 500,000 | HK$ 16,000,000 |
| 6,000 lots | 600,000 | HK$ 19,200,000 |
| 7,000 lots | 700,000 | HK$ 22,400,000 |
| 8,000 lots | 800,000 | HK$ 25,600,000 |
| 9,160 lots | 916,000 | HK$ 29,312,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,359,002,560 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | 人民币150,000,000元 |
| Listing Expenses | ~HK$ 53,500,000 |
| Listing Expenses / Funds Raised | ~9.13% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 17.2 |
|---|---|
| First Day Open | HK$ 28.9 |
| First Day Change | -46.25% |
| First Day Volume | 9903100.0 |
| First Day Turnover | 231837000.0 |
Use of Proceeds
| Use of Proceeds | 1、約35%或173.7百萬港元將用于公司的核心產品（即HX009）的研發； 2、約33%或163.8百萬港元將用于公司的主要產品（即HX301及HX044）的研發； 3、約17%或84.4百萬港元將用于公司其他重要產品的研發； 4、約5%或25.0百萬港元將用于為商業化及╱或業務發展活動提供資金； 5、約10%或49.4百萬港元將用于營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
工银国际融资有限公司 CE AQW615(sole)
Sponsor cum Overall Coordinator (1)
工银国际证券有限公司 CE ARO299
Overall Coordinators (4)
中信建投（国际）融资有限公司 CE BAU112
招商证券（香港）有限公司 CE AAI650
海通国际证券有限公司 CE AAF806
建银国际金融有限公司 CE AJO225
Joint Global Coordinators (8)
工银国际证券有限公司 CE ARO299
中信建投（国际）融资有限公司 CE BAU112
招商证券（香港）有限公司 CE AAI650
海通国际证券有限公司 CE AAF806
建银国际金融有限公司 CE AJO225
天风国际证券与期货有限公司 CE BAV573
农银国际融资有限公司 CE AWL249
浦银国际融资有限公司 CE BFZ375
Joint Bookrunners (12)
工银国际证券有限公司 CE ARO299
中信建投（国际）融资有限公司 CE BAU112
招商证券（香港）有限公司 CE AAI650
海通国际证券有限公司 CE AAF806
建银国际金融有限公司 CE AJO225
天风国际证券与期货有限公司 CE BAV573
农银国际融资有限公司 CE AWL249
浦银国际融资有限公司 CE BFZ375
利弗莫尔证券有限公司 CE BJN764
老虎证券（香港）环球有限公司 CE BMU940
山证国际证券有限公司 CE BEM330
贝塔国际证券有限公司 CE ABN652
Joint Lead Managers (12)
工银国际证券有限公司 CE ARO299
中信建投（国际）融资有限公司 CE BAU112
招商证券（香港）有限公司 CE AAI650
海通国际证券有限公司 CE AAF806
建银国际金融有限公司 CE AJO225
天风国际证券与期货有限公司 CE BAV573
农银国际证券有限公司 CE ACX411
浦银国际融资有限公司 CE BFZ375
利弗莫尔证券有限公司 CE BJN764
老虎证券（香港）环球有限公司 CE BMU940
山证国际证券有限公司 CE BEM330
贝塔国际证券有限公司 CE ABN652
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
亚司特律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 富德资源 | 5,000,000 USD | 1,297,200 | 7.08% | 0.95% | 6 months | 2026-06-23 |
| 2 | Sage Partners | 1,500,000 USD | 389,100 | 2.12% | 0.29% | 6 months | 2026-06-23 |
| 3 | 国泰君安 | 1,410,000 USD | 366,600 | 2.00% | 0.27% | 6 months | 2026-06-23 |
| 4 | TFI Investment Fund SPC | 1,280,000 USD | 333,300 | 1.82% | 0.24% | 6 months | 2026-06-23 |
| 5 | Main Source Capital | 1,280,000 USD | 333,300 | 1.82% | 0.24% | 6 months | 2026-06-23 |
| 6 | YStem Capital | 1,000,000 USD | 259,400 | 1.42% | 0.19% | 6 months | 2026-06-23 |
| 7 | 春雷资本有限公司 | 510,000 USD | 133,300 | 0.73% | 0.10% | 6 months | 2026-06-23 |
Directors & Management
| Chairman | 张发明 |
|---|---|
| Company Secretary | Mr. Li Kin Wai |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张发明 | — | 執行董事 |
| 2 | 李其翔 | — | 執行董事 |
| 3 | 刘敏 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李健 | — | 非執行董事 |
| 2 | 肖婕妤 | — | 非執行董事 |
獨立非執行董事 (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 毕红钢 | — | 獨立非執行董事 |
| 2 | 陈奇峰 | — | 獨立非執行董事 |
| 3 | 王世雄 | — | 獨立非執行董事 |
| 4 | 张琼光 | — | 獨立非執行董事 |
| 5 | 柯航 | — | 獨立非執行董事 |
| 6 | 孙鹏 | — | 獨立非執行董事 |
| 7 | 陈晨 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS abstain from voting on such matters and not be counted in the quorum, unless the attendance or participation of such Director at such meeting of the Board is permitted under the Listing Rules; (c) we are committed that our Board should include a bal |
|---|
AI
AI Analysis
Market Sentiment
The massive 3,074x oversubscription signals extremely strong market enthusiasm for this 18A biotech IPO. The overall hit rate of 12.66% is modest but underscores the intense competition for allocations. With no clawback mechanism in place, the final pricing remained stable despite the overwhelming demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The 甲尾 tier, applying 100,000 lots, expects 0.417 lots, while the 乙头 tier, applying 200,000 lots, expects 0.6001 lots, giving 甲尾 a higher per-lot allocation efficiency. This unusual pattern makes the larger 乙头 investment relatively less cost-effective in terms of marginal allocation, though absolute allocation remains higher. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese participants accounted for 59.7% of accepted applicants, indicating robust cross-border interest in this Hong Kong IPO. The investor base skews male at 61.6% with an average age of 43.7, suggesting a mature, predominantly male retail constituency. (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
