IPO Timeline
Broker Deadline
2026-01-06
Morning deadline
HKEX Deadline
2026-01-06
Noon deadline
Broker Results (T-2)
2026-01-07
Some brokers release in afternoon
Grey Market (T-1)
2026-01-08
Afternoon
HKEX Allotment (T-1)
2026-01-08
Evening
Registrar Allotment (T-1)
2026-01-08
Evening
Listing Day (T)
2026-01-09
First day of trading
Company Overview
| Stock Name | 瑞博生物－Ｂ |
|---|---|
| Stock Code | 06938 |
| Company Full Name | 瑞博生物－Ｂ |
| Industry | Biotech & Pharma |
| Principal Activities | biopharmaceutical company engaged in oligonucleotide research and development, with a focus on siRNA therapeutics |
| Listing Date | 2026-01-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Yushan Town Kunshan City Jiangsu Province PRC |
| Business Address (Hong Kong) | 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 | ribolia.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 57.97 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 11,594 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-31 to 2026-01-06 |
| Global Offering Shares | 31,610,400 shares |
| HK Public Offer Shares (Initial) | 2,748,800 shares (8.7%) |
| Public Offer Lots (Initial) | 13,744lots (6,872lots, 6,872lots) |
| International Placing Shares (Initial) | 24,738,600 shares (91.3%) |
| Offer Ratio | ~8.7% |
| Total Shares Post-IPO | 161,690,510 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 46.5% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,832,454,888 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 11,594 |
| 2 lots | 400 | HK$ 23,188 |
| 3 lots | 600 | HK$ 34,782 |
| 4 lots | 800 | HK$ 46,376 |
| 5 lots | 1,000 | HK$ 57,970 |
| 6 lots | 1,200 | HK$ 69,564 |
| 7 lots | 1,400 | HK$ 81,158 |
| 8 lots | 1,600 | HK$ 92,752 |
| 9 lots | 1,800 | HK$ 104,346 |
| 10 lots | 2,000 | HK$ 115,940 |
| 15 lots | 3,000 | HK$ 173,910 |
| 20 lots | 4,000 | HK$ 231,880 |
| 25 lots | 5,000 | HK$ 289,850 |
| 30 lots | 6,000 | HK$ 347,820 |
| 35 lots | 7,000 | HK$ 405,790 |
| 40 lots | 8,000 | HK$ 463,760 |
| 45 lots | 9,000 | HK$ 521,730 |
| 50 lots | 10,000 | HK$ 579,700 |
| 100 lots | 20,000 | HK$ 1,159,400 |
| 150 lots | 30,000 | HK$ 1,739,100 |
| 200 lots | 40,000 | HK$ 2,318,800 |
| 250 lots | 50,000 | HK$ 2,898,500 |
| 300 lots | 60,000 | HK$ 3,478,200 |
| 350 lots | 70,000 | HK$ 4,057,900 |
| 400 lots | 80,000 | HK$ 4,637,600 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 450 lots | 90,000 | HK$ 5,217,300 |
| 500 lots | 100,000 | HK$ 5,797,000 |
| 750 lots | 150,000 | HK$ 8,695,500 |
| 1,000 lots | 200,000 | HK$ 11,594,000 |
| 1,250 lots | 250,000 | HK$ 14,492,500 |
| 1,500 lots | 300,000 | HK$ 17,391,000 |
| 1,750 lots | 350,000 | HK$ 20,289,500 |
| 2,000 lots | 400,000 | HK$ 23,188,000 |
| 2,500 lots | 500,000 | HK$ 28,985,000 |
| 3,000 lots | 600,000 | HK$ 34,782,000 |
| 3,500 lots | 700,000 | HK$ 40,579,000 |
| 4,000 lots | 800,000 | HK$ 46,376,000 |
| 4,500 lots | 900,000 | HK$ 52,173,000 |
| 5,000 lots | 1,000,000 | HK$ 57,970,000 |
| 6,872 lots | 1,374,400 | HK$ 79,673,968 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 9,373,198,864 |
|---|---|
| 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 RMB437.3 million |
| Period-End Cash Balance | 人民币213,200,000元 |
| 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$ 82.1 |
|---|---|
| First Day Open | HK$ 75.0 |
| First Day Change | 41.62% |
| First Day Volume | 14151800.0 |
| First Day Turnover | 1056890000.0 |
Use of Proceeds
| Use of Proceeds | 1、約37.4%（或551.0百萬港元）將用于核心產品RBD4059的研發； 2、約19.6%（或288.7百萬港元）將用于RBD5044的研發； 3、約15.9%（或234.6百萬港元）將用于RBD1016的研發； 4、約10.1%（或148.7百萬港元）將為研發處于臨床前申報試驗階段的管線資產提供資金； 5、約8.9%（或131.0百萬港元）將分配用于推進尚未進入臨床前申報試驗階段的臨床前資產的開發及加強技術平臺； 6、約8.1%（或119.5百萬港元）將用于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
花旗环球金融亚洲有限公司 CE AAA137
Sponsor cum Overall Coordinator (2)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
Overall Coordinators (6)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
麦格理资本股份有限公司 CE AAC534
农银国际融资有限公司 CE AWL249
Joint Global Coordinators (7)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
麦格理资本股份有限公司 CE AAC534
农银国际融资有限公司 CE AWL249
国投证券（香港）有限公司 CE ADS612
Joint Bookrunners (9)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
麦格理资本股份有限公司 CE AAC534
农银国际融资有限公司 CE AWL249
国投证券（香港）有限公司 CE ADS612
富途证券国际（香港）有限公司 CE AZT137
Joint Lead Managers (9)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
麦格理资本股份有限公司 CE AAC534
农银国际证券有限公司 CE ACX411
国投证券（香港）有限公司 CE ADS612
富途证券国际（香港）有限公司 CE AZT137
Capital Market Intermediaries (10)
中国国际金融香港证券有限公司 CE AEN894
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
麦格理资本股份有限公司 CE AAC534
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
国投证券（香港）有限公司 CE ADS612
富途证券国际（香港）有限公司 CE AZT137
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 中伦律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
美国美迈斯律师事务所 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 |
| Compliance Advisor | 东吴证券国际融资有限公司 CE BBG379 |
| Receiving Banks | 中国银行（香港）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 | Bright Stone | 4,000,000 USD | 536,800 | 2.00% | 0.30% | 6 months | 2026-07-09 |
| 2 | 华夏基金 | 15,000,000 USD | 2,013,200 | 7.30% | 1.20% | 6 months | 2026-07-09 |
| 3 | 大成国际及大成基金(3) | 15,000,000 USD | 2,013,200 | 7.30% | 1.20% | 6 months | 2026-07-09 |
| 4 | Erik Selin Fastigheter AB | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 5 | Himension Fund | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 6 | IvyRock | 4,000,000 USD | 536,800 | 2.00% | 0.30% | 6 months | 2026-07-09 |
| 7 | Mingxin Growth Ventures | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 8 | Springs Capital(Hong Kong) | 10,000,000 USD | 1,342,000 | 4.90% | 0.80% | 6 months | 2026-07-09 |
| 9 | 泰康人寿 | 12,000,000 USD | 1,610,400 | 5.90% | 1.00% | 6 months | 2026-07-09 |
| 10 | 拾贝能信、自然拾贝及Huatai Capital Investment Limited | 5,000,000 USD | 671,000 | 2.40% | 0.40% | 6 months | 2026-07-09 |
Directors & Management
| Chairman | 梁子才 |
|---|---|
| Company Secretary | 張甦 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 梁子才 | — | 執行董事 |
| 2 | 甘黎明 | — | 執行董事 |
| 3 | 张鸿雁 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 戚飞 | — | 非執行董事 |
| 2 | 李东方 | — | 非執行董事 |
| 3 | 李宇辉 | — | 非執行董事 |
| 4 | (1) 梁子才 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 宇学峰 | — | 獨立非執行董事 |
| 2 | 马朝松 | — | 獨立非執行董事 |
| 3 | 王瑞平 | — | 獨立非執行董事 |
| 4 | 王番 | — | 獨立非執行董事 |
| 5 | 王立杰 | — | 獨立非執行董事 |
| 6 | 张宁 | — | 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 conversion of our Unlisted Shares into H Shares (assuming that the Over- allotment Option is not exercised and no Shares are issued under the Pre-IPO |
|---|
AI
AI Analysis
Market Sentiment
The IPO of 瑞博生物－Ｂ saw overwhelming retail demand with an oversubscription ratio of 101.06 times, resulting in a low hit rate of just 12.55%. This level of enthusiasm is typical for high-profile biotech listings under Chapter 18A, reflecting strong market appetite despite no clawback mechanism. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The allocation at the top of the retail tier (甲尾) yielded an expected 0.2614 lots for an application of 80,000 lots, slightly higher than the 0.2275 lots expected for the bottom of the HKSFC tier (乙头) with 90,000 lots applied. This is unusual as B-head applicants typically receive a proportionally higher allocation, but here the marginal benefit of moving to the B tier is negligible, making the A-tail unexpectedly efficient relative to broker costs. (This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Not financial advice.)
Demographics
No detailed demographic breakdown was available in the filing, with reported mainland and Hong Kong participant percentages at zero, likely indicating that the data was not disclosed or not applicable. In practice, biotech IPOs often draw significant interest from mainland Chinese investors despite Hong Kong-centric subscription channels. (This is AI-generated commentary based on historical data. Data may contain errors or omissions from source documents. Verify against official HKEX filings. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
