IPO Timeline
Broker Deadline
2026-05-19
Morning deadline
HKEX Deadline
2026-05-19
Noon deadline
Broker Results (T-2)
2026-05-20
Some brokers release in afternoon
Grey Market (T-1)
2026-05-21
Afternoon
HKEX Allotment (T-1)
2026-05-21
Evening
Registrar Allotment (T-1)
2026-05-21
Evening
Listing Day (T)
2026-05-22
First day of trading
Company Overview
| Stock Name | Dannuo Pharma |
|---|---|
| Stock Code | 06872 |
| Company Full Name | Dannuo Pharma |
| Industry | AI & Machine Learning |
| Principal Activities | urgent and significant medical need for novel antibacterial drugs with unique mechanisms of action |
| Listing Date | 2026-05-22 |
| Listing Rules Era | |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | BioBay 218 Xinghu Street Suzhou Industrial Park Suzhou Area of China (Jiangsu) Pilot Free Trade Zone Suzhou Jiangsu, PRC |
| Business Address (Hong Kong) | 31/F, Tower Two, Times Square 1 Matheson Street Causeway Bay Hong Kong |
| Place of Incorporation | 中國 |
| Listing Method | 全球發售 |
| Listing Board | Main Board |
| Website | tennortherapeutics.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 75.70 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,785 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-14 to 2026-05-19 |
| Global Offering Shares | 8,280,550 shares |
| HK Public Offer Shares (Initial) | 828,100 shares (10.0%) |
| Public Offer Lots (Initial) | 16,562lots (8,281lots, 8,281lots) |
| International Placing Shares (Initial) | 7,452,450 shares (90.0%) |
| Offer Ratio | ~16.0% |
| Total Shares Post-IPO | 51,753,476 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 37.2% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 626,837,635 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,785 |
| 2 lots | 100 | HK$ 7,570 |
| 3 lots | 150 | HK$ 11,355 |
| 4 lots | 200 | HK$ 15,140 |
| 5 lots | 250 | HK$ 18,925 |
| 6 lots | 300 | HK$ 22,710 |
| 7 lots | 350 | HK$ 26,495 |
| 8 lots | 400 | HK$ 30,280 |
| 9 lots | 450 | HK$ 34,065 |
| 10 lots | 500 | HK$ 37,850 |
| 12 lots | 600 | HK$ 45,420 |
| 14 lots | 700 | HK$ 52,990 |
| 16 lots | 800 | HK$ 60,560 |
| 18 lots | 900 | HK$ 68,130 |
| 20 lots | 1,000 | HK$ 75,700 |
| 30 lots | 1,500 | HK$ 113,550 |
| 40 lots | 2,000 | HK$ 151,400 |
| 50 lots | 2,500 | HK$ 189,250 |
| 60 lots | 3,000 | HK$ 227,100 |
| 70 lots | 3,500 | HK$ 264,950 |
| 80 lots | 4,000 | HK$ 302,800 |
| 90 lots | 4,500 | HK$ 340,650 |
| 100 lots | 5,000 | HK$ 378,500 |
| 120 lots | 6,000 | HK$ 454,200 |
| 140 lots | 7,000 | HK$ 529,900 |
| 160 lots | 8,000 | HK$ 605,600 |
| 180 lots | 9,000 | HK$ 681,300 |
| 200 lots | 10,000 | HK$ 757,000 |
| 400 lots | 20,000 | HK$ 1,514,000 |
| 600 lots | 30,000 | HK$ 2,271,000 |
| 800 lots | 40,000 | HK$ 3,028,000 |
| 1,000 lots | 50,000 | HK$ 3,785,000 |
| 1,200 lots | 60,000 | HK$ 4,542,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 70,000 | HK$ 5,299,000 |
| 1,600 lots | 80,000 | HK$ 6,056,000 |
| 1,800 lots | 90,000 | HK$ 6,813,000 |
| 2,000 lots | 100,000 | HK$ 7,570,000 |
| 4,000 lots | 200,000 | HK$ 15,140,000 |
| 6,000 lots | 300,000 | HK$ 22,710,000 |
| 8,281 lots | 414,050 | HK$ 31,343,585 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 3,917,738,133 |
|---|---|
| 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 | Net loss RMB191.8 million |
| Period-End Cash Balance | 人民币183,800,000元 |
| Listing Expenses | ~HK$ 60,400,000 |
| Listing Expenses / Funds Raised | ~9.64% |
| Total Pre-IPO Investment | 人民币733.4百万元 |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 71.0; 27.9; 17.6; 5.8; 2.5; 2.0; 43.1; 17.7 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249
农银国际融资有限公司 CE AWL249
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893
Overall Coordinators (2)
中信里昂证券有限公司 CE AAB893
农银国际融资有限公司 CE AWL249
Joint Global Coordinators (2)
中信里昂证券有限公司 CE AAB893
农银国际融资有限公司 CE AWL249
Joint Bookrunners (3)
中信里昂证券有限公司 CE AAB893
农银国际融资有限公司 CE AWL249
华兴证券（香港）有限公司 CE AZX839
Joint Lead Managers (5)
中信里昂证券有限公司 CE AAB893
农银国际证券有限公司 CE ACX411
华兴证券（香港）有限公司 CE AZX839
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (6)
中信里昂证券有限公司 CE AAB893
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
华兴证券（香港）有限公司 CE AZX839
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 锦天城律师事务所 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）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 | AMR Action Fund, L.P | 14,700,000 USD | 1,521,600 | 18.40% | 2.90% | 6 months | 2026-11-22 |
| 2 | AMR Action Fund, SCSp | 5,100,000 USD | 527,950 | 6.40% | 1.00% | 6 months | 2026-11-22 |
| 3 | 华圆管理咨询（香港）有限公司 | 6,000,000 USD | 620,850 | 7.50% | 1.20% | 6 months | 2026-11-22 |
| 4 | 东方资产管理（香港）有限公司 | 3,000,000 USD | 310,500 | 3.70% | 0.60% | 6 months | 2026-11-22 |
| 5 | 骏升环球有限公司 | 1,000,000 USD | 103,500 | 1.20% | 0.20% | 6 months | 2026-11-22 |
Directors & Management
| Chairman | Dr. Ma Zhenkun |
|---|---|
| Company Secretary | Ms. Chen Rongping |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 马振坤 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 宋高广 | — | 非執行董事 |
| 2 | Michael James Bakes | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李维刚 | — | 獨立非執行董事 |
| 2 | 倪琳 | — | 獨立非執行董事 |
| 3 | 李乐平 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and without taking into account any H Shares which may be issued pursuant to the exercise of the Offer Size Adjustment Option and the Over-allotment Optio |
|---|
AI
AI Analysis
Market Sentiment
丹诺医药IPO获得9015.11倍超额认购，最终中签率仅6.0%，反映出极度狂热的零售情绪。低至3785港元的入场门槛引发散户大规模涌入，冻资效应显著，市场对生物医药板块追捧力度可见一斑。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾（60000股）预期获配0.1379手，乙头（70000股）预期获配0.14手，两者几乎等同，违背了规模申购边际优势的常规。这种分配模式使得升级到乙组几乎无额外效益，经纪人费用与获配概率严重失衡。 (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
本次发行未披露认购人地域分布数据，无法评估内地或香港投资者占比。一般超购倍数极高的生物医药股易引多元背景参与，但具体区域集中度无从判断。 (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
