IPO Timeline
Broker Deadline
2026-06-17
Morning deadline
HKEX Deadline
2026-06-17
Noon deadline
Broker Results (T-2)
2026-06-18
Some brokers release in afternoon
Grey Market (T-1)
2026-06-22
Afternoon
HKEX Allotment (T-1)
2026-06-22
Evening
Registrar Allotment (T-1)
2026-06-22
Evening
Listing Day (T)
2026-06-23
First day of trading
Company Overview
| Stock Name | 華健未來－Ｂ |
|---|---|
| Stock Code | 06132 |
| Company Full Name | 華健未來－Ｂ |
| Industry | Healthcare |
| Principal Activities | 一家臨床階段生物科技公司，專注於自身免疫、代謝及腫瘤學疾病的小分子藥物研發。擁有三項核心產品：HJ787（TYK2抑制劑，用於AD、AV等）、HJ178（GLP-1/GIP，用於2型糖尿病及肥胖）及HJ891（KRAS G12C抑制劑，用於NSCLC）。 |
| Listing Date | 2026-06-23 |
| Listing Rules Era | |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國成都市溫江區永寧鎮八一路北段18號4號樓1單元5層501號 |
| 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 | 中國 |
| Listing Method | 全球發售 |
| Listing Board | Main Board |
| Website | hj3h.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 81.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,180 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-12 to 2026-06-17 |
| Global Offering Shares | 13,600,000 shares |
| HK Public Offer Shares (Initial) | 1,360,000 shares (10.0%) |
| Public Offer Lots (Initial) | 13,600lots (6,800lots, 6,800lots) |
| International Placing Shares (Initial) | 12,240,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 73,599,605 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 45.7% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,112,480,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 8,180 |
| 2 lots | 200 | HK$ 16,360 |
| 3 lots | 300 | HK$ 24,540 |
| 4 lots | 400 | HK$ 32,720 |
| 5 lots | 500 | HK$ 40,900 |
| 6 lots | 600 | HK$ 49,080 |
| 7 lots | 700 | HK$ 57,260 |
| 8 lots | 800 | HK$ 65,440 |
| 9 lots | 900 | HK$ 73,620 |
| 10 lots | 1,000 | HK$ 81,800 |
| 15 lots | 1,500 | HK$ 122,700 |
| 20 lots | 2,000 | HK$ 163,600 |
| 25 lots | 2,500 | HK$ 204,500 |
| 30 lots | 3,000 | HK$ 245,400 |
| 35 lots | 3,500 | HK$ 286,300 |
| 40 lots | 4,000 | HK$ 327,200 |
| 45 lots | 4,500 | HK$ 368,100 |
| 50 lots | 5,000 | HK$ 409,000 |
| 60 lots | 6,000 | HK$ 490,800 |
| 70 lots | 7,000 | HK$ 572,600 |
| 80 lots | 8,000 | HK$ 654,400 |
| 90 lots | 9,000 | HK$ 736,200 |
| 100 lots | 10,000 | HK$ 818,000 |
| 200 lots | 20,000 | HK$ 1,636,000 |
| 300 lots | 30,000 | HK$ 2,454,000 |
| 400 lots | 40,000 | HK$ 3,272,000 |
| 500 lots | 50,000 | HK$ 4,090,000 |
| 600 lots | 60,000 | HK$ 4,908,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,726,000 |
| 800 lots | 80,000 | HK$ 6,544,000 |
| 900 lots | 90,000 | HK$ 7,362,000 |
| 1,000 lots | 100,000 | HK$ 8,180,000 |
| 1,500 lots | 150,000 | HK$ 12,270,000 |
| 2,000 lots | 200,000 | HK$ 16,360,000 |
| 2,500 lots | 250,000 | HK$ 20,450,000 |
| 3,000 lots | 300,000 | HK$ 24,540,000 |
| 3,500 lots | 350,000 | HK$ 28,630,000 |
| 4,000 lots | 400,000 | HK$ 32,720,000 |
| 4,500 lots | 450,000 | HK$ 36,810,000 |
| 5,000 lots | 500,000 | HK$ 40,900,000 |
| 6,000 lots | 600,000 | HK$ 49,080,000 |
| 6,800 lots | 680,000 | HK$ 55,624,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,020,447,689 |
|---|---|
| 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 | 虧損約人民幣135.1百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 111,400,000 |
| Listing Expenses / Funds Raised | ~10.01% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 約80.6%用於核心產品及管線產品的臨床開發，約9.4%用於提升研發平台，約5.0%用於建立商業化團隊，約5.0%用於一般營運資金。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893(sole)
Overall Coordinators (1)
中信里昂证券有限公司 CE AAB893(sole)
Joint Global Coordinators (1)
中信里昂证券有限公司 CE AAB893(sole)
Joint Bookrunners (1)
中信里昂证券有限公司 CE AAB893(sole)
Joint Lead Managers (1)
中信里昂证券有限公司 CE AAB893(sole)
Capital Market Intermediaries (1)
中信里昂证券有限公司 CE AAB893(sole)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
盛德律师事务所 君合律师事务所 上海市海华永泰律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔凯迈律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 德勤• 关黄陈方会计师行 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Receiving Banks |
招商永隆银行有限公司 中国工商银行（亚洲）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 | 睿远基金 | 25,000,000 USD | 2,395,400 | 17.60% | 3.30% | 6 months | 2026-12-23 |
| 2 | 凯博 | 25,000,000 USD | 2,395,400 | 17.60% | 3.30% | 6 months | 2026-12-23 |
| 3 | LBC HK | 5,000,000 USD | 479,000 | 3.50% | 0.70% | 6 months | 2026-12-23 |
| 4 | Sage Partners | 4,000,000 USD | 383,200 | 2.80% | 0.50% | 6 months | 2026-12-23 |
| 5 | 盘京基金 | 3,000,000 USD | 287,400 | 2.10% | 0.40% | 6 months | 2026-12-23 |
| 6 | 泰康人寿 | 3,000,000 USD | 287,400 | 2.10% | 0.40% | 6 months | 2026-12-23 |
Directors & Management
| Chairman | 姬建新 |
|---|---|
| Company Secretary | 張菁潔、馬詠儀 |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 姬建新 | — | 執行董事 |
| 2 | 杨翔宇 | — | 執行董事 |
| 3 | 吴振 | — | 執行董事 |
| 4 | 张瑶 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 耿学莉 | — | 非執行董事 |
| 2 | 杜江波 | — | 非執行董事 |
| 3 | 王俊峰 | — | 非執行董事 |
| 4 | 张志勇 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 姜和 | — | 獨立非執行董事 |
| 2 | 林芳竹 | — | 獨立非執行董事 |
| 3 | 刘哲 | — | 獨立非執行董事 |
| 4 | 唐高嘉 | — | 獨立非執行董事 |
| 5 | 汪丽群 | — | 獨立非執行董事 |
| 6 | 郭琦 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 控股股東為姬建新博士、成都聞韶及蘇州積石堂，合共持有約46.87%股份；其他主要股東包括國投上海（7.50%）、君聯欣康（5.77%）、華達私募股權（5.43%）。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
