IPO Timeline
Broker Deadline
2026-06-24
Morning deadline
HKEX Deadline
2026-06-24
Noon deadline
Broker Results (T-2)
2026-06-25
Some brokers release in afternoon
Grey Market (T-1)
2026-06-26
Afternoon
HKEX Allotment (T-1)
2026-06-26
Evening
Registrar Allotment (T-1)
2026-06-26
Evening
Listing Day (T)
2026-06-29
First day of trading
Company Overview
| Stock Name | 禮邦醫藥－Ｂ |
|---|---|
| Stock Code | 09637 |
| Company Full Name | 禮邦醫藥－Ｂ |
| Industry | Healthcare |
| Principal Activities | 我們是一家生物製藥公司，專注於腎病療法。產品組合包括核心產品AP301（治療高磷血症的磷結合劑）及其他六款候選產品，涵蓋CKD併發症治療及疾病修正。我們亦保留商業化產品美信羅®於中國內地的獨家商業化權利。 |
| Listing Date | 2026-06-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省揚州市邗江區高新區金莊路7號7幢 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | 中國 |
| Listing Method | 全球發售 |
| Listing Board | Main Board |
| Website | alebund.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$ 22.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,260 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-18 to 2026-06-24 |
| Global Offering Shares | 56,755,400 shares |
| HK Public Offer Shares (Initial) | 5,675,600 shares (10.0%) |
| Public Offer Lots (Initial) | 56,756lots (28,378lots, 28,378lots) |
| International Placing Shares (Initial) | 51,079,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 339,852,231 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 57.4% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,282,672,040 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,260 |
| 2 lots | 200 | HK$ 4,520 |
| 3 lots | 300 | HK$ 6,780 |
| 4 lots | 400 | HK$ 9,040 |
| 5 lots | 500 | HK$ 11,300 |
| 6 lots | 600 | HK$ 13,560 |
| 7 lots | 700 | HK$ 15,820 |
| 8 lots | 800 | HK$ 18,080 |
| 9 lots | 900 | HK$ 20,340 |
| 10 lots | 1,000 | HK$ 22,600 |
| 15 lots | 1,500 | HK$ 33,900 |
| 20 lots | 2,000 | HK$ 45,200 |
| 25 lots | 2,500 | HK$ 56,500 |
| 30 lots | 3,000 | HK$ 67,800 |
| 35 lots | 3,500 | HK$ 79,100 |
| 40 lots | 4,000 | HK$ 90,400 |
| 45 lots | 4,500 | HK$ 101,700 |
| 50 lots | 5,000 | HK$ 113,000 |
| 60 lots | 6,000 | HK$ 135,600 |
| 70 lots | 7,000 | HK$ 158,200 |
| 80 lots | 8,000 | HK$ 180,800 |
| 90 lots | 9,000 | HK$ 203,400 |
| 100 lots | 10,000 | HK$ 226,000 |
| 200 lots | 20,000 | HK$ 452,000 |
| 300 lots | 30,000 | HK$ 678,000 |
| 400 lots | 40,000 | HK$ 904,000 |
| 500 lots | 50,000 | HK$ 1,130,000 |
| 600 lots | 60,000 | HK$ 1,356,000 |
| 700 lots | 70,000 | HK$ 1,582,000 |
| 800 lots | 80,000 | HK$ 1,808,000 |
| 900 lots | 90,000 | HK$ 2,034,000 |
| 1,000 lots | 100,000 | HK$ 2,260,000 |
| 2,000 lots | 200,000 | HK$ 4,520,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 3,000 lots | 300,000 | HK$ 6,780,000 |
| 4,000 lots | 400,000 | HK$ 9,040,000 |
| 5,000 lots | 500,000 | HK$ 11,300,000 |
| 10,000 lots | 1,000,000 | HK$ 22,600,000 |
| 15,000 lots | 1,500,000 | HK$ 33,900,000 |
| 20,000 lots | 2,000,000 | HK$ 45,200,000 |
| 28,378 lots | 2,837,800 | HK$ 64,134,280 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,680,660,421 |
|---|---|
| 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751.8百萬元 |
| Period-End Cash Balance | 人民幣385.7百萬元 |
| Listing Expenses | ~HK$ 101,900,000 |
| Listing Expenses / Funds Raised | ~7.94% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 約71.0%用於候選產品的臨床開發及監管事務（其中約34.0%用於核心產品AP301，約37.0%用於其他候選產品）；約12.0%用於升級生產能力及商業化；約10.0%用作營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (5)
富瑞金融集团香港有限公司 CE ATS546
Merrill Lynch (Asia Pacific) Limited CE AAC198
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
Sponsor cum Overall Coordinator (1)
富瑞金融集团香港有限公司 CE ATS546
Overall Coordinators (3)
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
中银国际亚洲有限公司 CE AET863
Joint Global Coordinators (3)
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
中银国际亚洲有限公司 CE AET863
Joint Bookrunners (3)
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
中银国际亚洲有限公司 CE AET863
Joint Lead Managers (3)
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
中银国际亚洲有限公司 CE AET863
Capital Market Intermediaries (3)
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
中银国际亚洲有限公司 CE AET863
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 中伦律师事务所 君合律师事务所 Junhe Law Office, P.C. |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks |
中国银行（香港）有限公司 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 | （美元）按发售价22.60港元计算GIC | 22,000,000 USD | 7,627,200 | 13.44% | 2.24% | 6 months | 2026-12-29 |
| 2 | Loomis Sayles LSLP | 9,420,410 USD | 3,266,000 | 5.75% | 0.96% | 6 months | 2026-12-29 |
| 3 | LSTC | 3,079,372 USD | 1,067,600 | 1.88% | 0.31% | 6 months | 2026-12-29 |
| 4 | 小计： | 12,500,000 USD | 4,333,600 | 7.64% | 1.28% | 6 months | 2026-12-29 |
| 5 | RTW基金RTW Master Fund | 4,163,037 USD | 1,443,300 | 2.54% | 0.42% | 6 months | 2026-12-29 |
| 6 | RTW Innovation Fund | 3,456,650 USD | 1,198,400 | 2.11% | 0.35% | 6 months | 2026-12-29 |
| 7 | RTW Biotech | 380,163 USD | 131,800 | 0.23% | 0.04% | 6 months | 2026-12-29 |
| 8 | Symbiosis | 7,500,000 USD | 2,600,200 | 4.58% | 0.77% | 6 months | 2026-12-29 |
| 9 | 腾讯Huang River | 4,000,000 USD | 1,386,700 | 2.44% | 0.41% | 6 months | 2026-12-29 |
| 10 | Perfect Ten | 1,000,000 USD | 346,700 | 0.61% | 0.10% | 6 months | 2026-12-29 |
| 11 | Cormorant | 5,000,000 USD | 1,733,400 | 3.05% | 0.51% | 6 months | 2026-12-29 |
| 12 | DAMSIMF | 5,000,000 USD | 1,733,400 | 3.05% | 0.51% | 6 months | 2026-12-29 |
| 13 | 广发基金广发基金管理 | 2,500,000 USD | 866,700 | 1.53% | 0.26% | 6 months | 2026-12-29 |
| 14 | 广发基金香港 | 2,500,000 USD | 866,700 | 1.53% | 0.26% | 6 months | 2026-12-29 |
| 15 | 汇添富香港 | 4,000,000 USD | 1,386,700 | 2.44% | 0.41% | 6 months | 2026-12-29 |
| 16 | （美元）易方达基金易方达基金管理 | 3,200,000 USD | 277,300 | 0.49% | 0.08% | 6 months | 2026-12-29 |
| 17 | 易方达香港 | 800,000 USD | 1,109,400 | 1.95% | 0.33% | 6 months | 2026-12-29 |
| 18 | LVC Golden Valley Master | 1,166,733 USD | 404,500 | 0.71% | 0.12% | 6 months | 2026-12-29 |
| 19 | Golden Valley Global | 1,166,444 USD | 404,400 | 0.71% | 0.12% | 6 months | 2026-12-29 |
| 20 | Loyal Valley Fund III | 1,166,733 USD | 404,500 | 0.71% | 0.12% | 6 months | 2026-12-29 |
Directors & Management
| Chairman | Gavin Guoyao Xia |
|---|---|
| Company Secretary | 陳南佑、謝愉陽 |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | Gavin Guoyao Xia | — | 執行董事 |
| 2 | Jin Tian | — | 執行董事 |
| 3 | 汪昀 | — | 執行董事 |
| 4 | 张华丁 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 鲁安 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 徐润红 | — | 獨立非執行董事 |
| 2 | Zhui Chen | — | 獨立非執行董事 |
| 3 | 梁智维 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 主要股東包括由Gavin Xia博士及Jin Tian醫生等組成的一致行動人集團，合共持有約20.41%權益；騰訊控股有限公司持有約10.28%權益；其他主要股東包括LAV Delta Limited、揚州國金投資等。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
