IPO Timeline
Broker Deadline
2025-04-10
Morning deadline
HKEX Deadline
2025-04-10
Noon deadline
Broker Results (T-2)
2025-04-11
Some brokers release in afternoon
Grey Market (T-1)
2025-04-14
Afternoon
HKEX Allotment (T-1)
2025-04-14
Evening
Registrar Allotment (T-1)
2025-04-14
Evening
Listing Day (T)
2025-04-15
First day of trading
Company Overview
| Stock Name | 映恩生物－Ｂ |
|---|---|
| Stock Code | 09606 |
| Company Full Name | 映恩生物－Ｂ |
| Industry | 醫療保健 |
| Principal Activities | 公司是全球抗體偶聯藥物（「ADC」）領域的主要參與者，致力于為癌癥和自身免疫性疾病等患者研發ADC創新藥物。 |
| Listing Date | 2025-04-15 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省蘇州市蘇州工業園區金谷路99號生物醫藥產業園三期B區項目3號樓301單元 |
| 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.dualitybiologics.com/ |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18A生物科技 |
|---|---|
| Offer Price | HK$ 94.60 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | To be extracted |
| 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 | 30.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 712,886,680 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 9,460 |
| 2 lots | 200 | HK$ 18,920 |
| 3 lots | 300 | HK$ 28,380 |
| 4 lots | 400 | HK$ 37,840 |
| 5 lots | 500 | HK$ 47,300 |
| 6 lots | 600 | HK$ 56,760 |
| 7 lots | 700 | HK$ 66,220 |
| 8 lots | 800 | HK$ 75,680 |
| 9 lots | 900 | HK$ 85,140 |
| 10 lots | 1,000 | HK$ 94,600 |
| 15 lots | 1,500 | HK$ 141,900 |
| 20 lots | 2,000 | HK$ 189,200 |
| 25 lots | 2,500 | HK$ 236,500 |
| 30 lots | 3,000 | HK$ 283,800 |
| 35 lots | 3,500 | HK$ 331,100 |
| 40 lots | 4,000 | HK$ 378,400 |
| 45 lots | 4,500 | HK$ 425,700 |
| 50 lots | 5,000 | HK$ 473,000 |
| 60 lots | 6,000 | HK$ 567,600 |
| 70 lots | 7,000 | HK$ 662,200 |
| 80 lots | 8,000 | HK$ 756,800 |
| 90 lots | 9,000 | HK$ 851,400 |
| 100 lots | 10,000 | HK$ 946,000 |
| 200 lots | 20,000 | HK$ 1,892,000 |
| 300 lots | 30,000 | HK$ 2,838,000 |
| 400 lots | 40,000 | HK$ 3,784,000 |
| 500 lots | 50,000 | HK$ 4,730,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 60,000 | HK$ 5,676,000 |
| 700 lots | 70,000 | HK$ 6,622,000 |
| 800 lots | 80,000 | HK$ 7,568,000 |
| 900 lots | 90,000 | HK$ 8,514,000 |
| 1,000 lots | 100,000 | HK$ 9,460,000 |
| 1,500 lots | 150,000 | HK$ 14,190,000 |
| 2,000 lots | 200,000 | HK$ 18,920,000 |
| 2,500 lots | 250,000 | HK$ 23,650,000 |
| 3,000 lots | 300,000 | HK$ 28,380,000 |
| 3,500 lots | 350,000 | HK$ 33,110,000 |
| 4,000 lots | 400,000 | HK$ 37,840,000 |
| 4,500 lots | 450,000 | HK$ 42,570,000 |
| 5,000 lots | 500,000 | HK$ 47,300,000 |
| 6,000 lots | 600,000 | HK$ 56,760,000 |
| 7,000 lots | 700,000 | HK$ 66,220,000 |
| 7,536 lots | 753,600 | HK$ 71,290,560 |
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$ 205.0 |
|---|---|
| First Day Open | HK$ 181.0 |
| First Day Change | 116.70% |
| First Day Volume | 10825200.0 |
| First Day Turnover | 2030240000.0 |
Use of Proceeds
| Use of Proceeds | 1、約45.0%（或616.6百萬港元）將用于研究、開發及商業化公司的核心產品（即DB1303及DB-1311）； 2、約30.0%（或411.1百萬港元）將用于研發公司的關鍵產品； 3、約15.0%（或205.5百萬港元）將用于為公司ADC技術平臺的持續開發提供資金，推進公司的其他管線資產以及探索及開發新藥物資產； 4、約10.0%（或137.0百萬港元）將用于運營資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (3)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
Overall Coordinators (5)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (5)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
Joint Bookrunners (9)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
Joint Lead Managers (9)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
广发证券（香港）经纪有限公司
农银国际证券有限公司 CE ACX411
Capital Market Intermediaries (10)
摩根士丹利亚洲有限公司 CE AAD291
富瑞金融集团香港有限公司 CE ATS546
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
广发证券（香港）经纪有限公司
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 上海澄明则正律师事务所 君合律师事务所 Jun He Law Offices P.C. Harney Westwood & Riegels |
| Legal Advisor to Sponsors/Underwriters |
科律香港律师事务所 北京市通商律师事务所 |
| 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 | 第一上海融资有限公司 CE AES612 |
| 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 | BioNTech SE | 38,871,140 HKD | — | 2.37% | — | 6 months | 2025-10-15 |
| 2 | Emerging Markets Healthcare Partners LLC | 19,430,840 HKD | — | 1.19% | — | 6 months | 2025-10-15 |
| 3 | Lake Bleu Innovation Healthcare Master Fund Limited | 13,991,340 HKD | — | 0.85% | — | 6 months | 2025-10-15 |
| 4 | Lake Bleu Prime Healthcare Master Fund Limited | 24,879,800 HKD | — | 1.52% | — | 6 months | 2025-10-15 |
| 5 | LAV Star Opportunities Limited | 38,871,140 HKD | — | 2.37% | — | 6 months | 2025-10-15 |
| 6 | MY Asian Opportunities Master Fund, L.P. | 38,871,140 HKD | — | 2.37% | — | 6 months | 2025-10-15 |
| 7 | TruMed | 77,751,740 HKD | — | 4.74% | — | 6 months | 2025-10-15 |
| 8 | Worldwide Healthcare Partners LLC | 11,654,720 HKD | — | 0.71% | — | 6 months | 2025-10-15 |
| 9 | 富国基金管理有限公司 | 37,158,880 HKD | — | 2.27% | — | 6 months | 2025-10-15 |
| 10 | 富国资产管理(香港)有限公司 | 40,592,860 HKD | — | 2.48% | — | 6 months | 2025-10-15 |
| 11 | 汇添富基金管理股份有限公司 | 46,647,260 HKD | — | 2.84% | — | 6 months | 2025-10-15 |
| 12 | 盘京港景投资基金 | 38,871,140 HKD | — | 2.37% | — | 6 months | 2025-10-15 |
| 13 | 苏州苏创生物医药大健康创业投资基金合伙企业(有限合伙) | 15,542,780 HKD | — | 0.95% | — | 6 months | 2025-10-15 |
| 14 | 易方达基金管理有限公司 | 57,223,540 HKD | — | 3.49% | — | 6 months | 2025-10-15 |
| 15 | 易方达资产管理香港有限公司 | 4,975,960 HKD | — | 0.30% | — | 6 months | 2025-10-15 |
Directors & Management
| Chairman | 朱忠遠 |
|---|---|
| Company Secretary | 袁佳麗,曾穎雯 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | LAV USD(20.04%),King Star Med LP(7.92%),上海楹伽企業管理合伙企業(有限合伙)(7.68%),WuXi Biologics HealthCare Venture(5.01%) |
|---|
AI
AI Analysis
Market Sentiment
The IPO's oversubscription ratio of 115.14 signals intense retail demand. The hit rate of 92.34% is exceptionally high for such oversubscription, reflecting a 50% retail clawback under Mechanism A (old) that broadened allocations. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
No tier-level application data is available to assess the efficiency of specific subscription tiers. The high overall hit rate suggests limited tier-based discrimination in allocation, but without granular data, anomalies cannot be identified. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data shows 0 total holders with 0% Mainland and 0% Hong Kong participation, indicating missing or unreported statistics. Without reliable demographic figures, no patterns can be drawn. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Subscription Tiers
IPO Timeline
