IPO Timeline
Broker Deadline
2025-01-03
Morning deadline
HKEX Deadline
2025-01-03
Noon deadline
Broker Results (T-2)
2025-01-06
Some brokers release in afternoon
Grey Market (T-1)
2025-01-07
Afternoon
HKEX Allotment (T-1)
2025-01-07
Evening
Registrar Allotment (T-1)
2025-01-07
Evening
Listing Day (T)
2025-01-08
First day of trading
Company Overview
| Stock Name | 脑动极光－Ｂ |
|---|---|
| Stock Code | 06681 |
| Company Full Name | 脑动极光－Ｂ |
| Industry | 醫療保健 |
| Principal Activities | 公司是中國認知障礙數字療法（「數字療法」）市場的資深參與者，是中國首家將腦科學與先進的人工智能（「AI」）技術相結合，開發出針對認知障礙的醫療級數字療法產品的公司。 |
| Listing Date | 2025-01-08 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國浙江省紹興市越城區平江路2號紹興水木灣區科學園3號樓13層1301 |
| 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.66nao.cn/ |
| 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 | 18A生物科技 |
|---|---|
| Offer Price | HK$ 3.22 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2024-12-30 to 2025-01-03 |
| 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) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 64.3% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 58,320,640 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 3,220 |
| 2 lots | 2,000 | HK$ 6,440 |
| 3 lots | 3,000 | HK$ 9,660 |
| 4 lots | 4,000 | HK$ 12,880 |
| 5 lots | 5,000 | HK$ 16,100 |
| 6 lots | 6,000 | HK$ 19,320 |
| 7 lots | 7,000 | HK$ 22,540 |
| 8 lots | 8,000 | HK$ 25,760 |
| 9 lots | 9,000 | HK$ 28,980 |
| 10 lots | 10,000 | HK$ 32,200 |
| 15 lots | 15,000 | HK$ 48,300 |
| 20 lots | 20,000 | HK$ 64,400 |
| 25 lots | 25,000 | HK$ 80,500 |
| 30 lots | 30,000 | HK$ 96,600 |
| 35 lots | 35,000 | HK$ 112,700 |
| 40 lots | 40,000 | HK$ 128,800 |
| 45 lots | 45,000 | HK$ 144,900 |
| 50 lots | 50,000 | HK$ 161,000 |
| 60 lots | 60,000 | HK$ 193,200 |
| 70 lots | 70,000 | HK$ 225,400 |
| 80 lots | 80,000 | HK$ 257,600 |
| 90 lots | 90,000 | HK$ 289,800 |
| 100 lots | 100,000 | HK$ 322,000 |
| 200 lots | 200,000 | HK$ 644,000 |
| 300 lots | 300,000 | HK$ 966,000 |
| 400 lots | 400,000 | HK$ 1,288,000 |
| 500 lots | 500,000 | HK$ 1,610,000 |
| 600 lots | 600,000 | HK$ 1,932,000 |
| 700 lots | 700,000 | HK$ 2,254,000 |
| 800 lots | 800,000 | HK$ 2,576,000 |
| 1,000 lots | 1,000,000 | HK$ 3,220,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 2,000,000 | HK$ 6,440,000 |
| 3,000 lots | 3,000,000 | HK$ 9,660,000 |
| 8,000 lots | 8,000,000 | HK$ 25,760,000 |
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$ 3.33 |
|---|---|
| First Day Open | HK$ 3.22 |
| First Day Change | -0.93% |
| First Day Volume | 18896100.0 |
| First Day Turnover | 61637900.0 |
Use of Proceeds
| Use of Proceeds | 1、所得款項凈額的約40.0%，預計將用于開展進一步研發活動、推進更多適應癥的臨床試驗及推動核心產品系統的銷售及分銷活動； 2、所得款項凈額的約16.5%，預計將用于幫助國內更多醫院建立新認知中心； 3、所得款項凈額的約15.0%，預計將用于加強公司的AI及相關技術能力； 4、所得款項凈額的約5.0%，預計將用于加快公司現有產品管線內外其他候選產品的研發及商業化進度； 5、所得款項凈額的約15.0%，預計將用于與學術機構及醫院合作的腦科學及數字療法研究中心； 6、所得款項凈額的約8.5%，預計將用作公司的營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894
Overall Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
Joint Global Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
Joint Bookrunners (13)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
老虎证券（香港）环球有限公司 CE BMU940
广发证券（香港）经纪有限公司
建银国际金融有限公司 CE AJO225
中银国际亚洲有限公司 CE AET863
中国光大证券（香港）有限公司 CE AAW536
农银国际融资有限公司 CE AWL249
民银证券有限公司 CE APU820
兴证国际融资有限公司 CE BAK956
海通国际证券有限公司 CE AAF806
Joint Lead Managers (13)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
老虎证券（香港）环球有限公司 CE BMU940
广发证券（香港）经纪有限公司
建银国际金融有限公司 CE AJO225
中银国际亚洲有限公司 CE AET863
中国光大证券（香港）有限公司 CE AAW536
农银国际证券有限公司 CE ACX411
民银证券有限公司 CE APU820
兴证国际融资有限公司 CE BAK956
海通国际证券有限公司 CE AAF806
Capital Market Intermediaries (14)
中国国际金融香港证券有限公司 CE AEN894
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
复星国际证券有限公司 CE AAF432
老虎证券（香港）环球有限公司 CE BMU940
广发证券（香港）经纪有限公司
建银国际金融有限公司 CE AJO225
中银国际亚洲有限公司 CE AET863
中国光大证券（香港）有限公司 CE AAW536
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
民银证券有限公司 CE APU820
兴证国际融资有限公司 CE BAK956
海通国际证券有限公司 CE AAF806
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
达维律师事务所 通商律师事务所 汇嘉律师事务所（香港） |
| Legal Advisor to Sponsors/Underwriters |
科律香港律师事务所 中伦律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 浦银国际融资有限公司 CE BFZ375 |
| 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 | 黄光伟 | 31,101,980 HKD | — | 5.33% | — | 6 months | 2025-07-08 |
| 2 | 苏州策源扶海企业管理合伙企业(有限合伙) | 227,090,500 HKD | — | 38.94% | — | 6 months | 2025-07-08 |
| 3 | 天士力(国际)医疗健康投资发展有限公司 | 77,756,560 HKD | — | 13.33% | — | 6 months | 2025-07-08 |
| 4 | 天士力(香港)医药投资有限公司 | 38,878,280 HKD | — | 6.67% | — | 6 months | 2025-07-08 |
Directors & Management
| Chairman | 譚錚 |
|---|---|
| Company Secretary | 王俊杰,岑影文 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | ZTan Limited(21.75%),Crusky Limited(9.76%),NLVF(9.14%),Wispirits Limited(8.61%),Healthblooming Limited(7.83%) |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw a modest oversubscription of 11.39 times, paired with a high hit rate of 68.57%, reflecting tepid investor enthusiasm. The reallocation from the international tranche to the Hong Kong public offering further underscores weaker-than-expected demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The top of the A-tier (甲尾) and the bottom of the B-tier (乙头) both anticipated a single lot, despite application amounts of HK$1,000,000 and HK$2,000,000 respectively. This indicates that the B-head allocation was disproportionately costly, reducing efficiency for larger subscribers. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated the applicant pool at 87.6%, signaling strong cross-border demand for this biotech listing. The demographic profile skews male (62.3%) with an average age of 43, typical of experienced investors in this segment. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Subscription Tiers
IPO Timeline
