IPO Timeline
Broker Results (T-2)
2025-07-23
Some brokers release in afternoon
Grey Market (T-1)
2025-07-24
Afternoon
HKEX Allotment (T-1)
2025-07-24
Evening
Registrar Allotment (T-1)
2025-07-24
Evening
Listing Day (T)
2025-07-25
First day of trading
Company Overview
| Stock Name | 维立志博－Ｂ |
|---|---|
| Stock Code | 09887 |
| Company Full Name | 维立志博－Ｂ |
| Industry | Biotech & Pharma |
| Principal Activities | key player in immuno-oncology treatments dedicated to advancing breakthrough cancer therapies that transform patient outcomes |
| Listing Date | 2025-07-25 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place Floor 8, Building 03 of Business in the PRC 18E, Jialingjiang Street Nanjing PRC Principal Place of Business in 40/F, Dah Sing Financial Centre Hong Kong 248 Queen’s Ro |
| 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.leadsbiolabs.com/ |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Large IPO Exempt |
|---|---|
| Offer Price | HK$ 35.00 / 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 | 42.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 560,952,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,500 |
| 2 lots | 200 | HK$ 7,000 |
| 3 lots | 300 | HK$ 10,500 |
| 4 lots | 400 | HK$ 14,000 |
| 5 lots | 500 | HK$ 17,500 |
| 6 lots | 600 | HK$ 21,000 |
| 7 lots | 700 | HK$ 24,500 |
| 8 lots | 800 | HK$ 28,000 |
| 9 lots | 900 | HK$ 31,500 |
| 10 lots | 1,000 | HK$ 35,000 |
| 15 lots | 1,500 | HK$ 52,500 |
| 20 lots | 2,000 | HK$ 70,000 |
| 25 lots | 2,500 | HK$ 87,500 |
| 30 lots | 3,000 | HK$ 105,000 |
| 35 lots | 3,500 | HK$ 122,500 |
| 40 lots | 4,000 | HK$ 140,000 |
| 45 lots | 4,500 | HK$ 157,500 |
| 50 lots | 5,000 | HK$ 175,000 |
| 60 lots | 6,000 | HK$ 210,000 |
| 70 lots | 7,000 | HK$ 245,000 |
| 80 lots | 8,000 | HK$ 280,000 |
| 90 lots | 9,000 | HK$ 315,000 |
| 100 lots | 10,000 | HK$ 350,000 |
| 200 lots | 20,000 | HK$ 700,000 |
| 300 lots | 30,000 | HK$ 1,050,000 |
| 400 lots | 40,000 | HK$ 1,400,000 |
| 500 lots | 50,000 | HK$ 1,750,000 |
| 600 lots | 60,000 | HK$ 2,100,000 |
| 700 lots | 70,000 | HK$ 2,450,000 |
| 800 lots | 80,000 | HK$ 2,800,000 |
| 900 lots | 90,000 | HK$ 3,150,000 |
| 1,000 lots | 100,000 | HK$ 3,500,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 7,000,000 |
| 3,000 lots | 300,000 | HK$ 10,500,000 |
| 4,000 lots | 400,000 | HK$ 14,000,000 |
| 5,000 lots | 500,000 | HK$ 17,500,000 |
| 6,000 lots | 600,000 | HK$ 21,000,000 |
| 7,000 lots | 700,000 | HK$ 24,500,000 |
| 8,000 lots | 800,000 | HK$ 28,000,000 |
| 9,000 lots | 900,000 | HK$ 31,500,000 |
| 10,000 lots | 1,000,000 | HK$ 35,000,000 |
| 15,000 lots | 1,500,000 | HK$ 52,500,000 |
| 16,027 lots | 1,602,700 | HK$ 56,094,500 |
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 | Net loss RMB362.3 million |
| 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$ 67.1 |
|---|---|
| First Day Open | HK$ 72.4 |
| First Day Change | 91.71% |
| First Day Volume | 33118300.0 |
| First Day Turnover | 2349490000.0 |
Use of Proceeds
| Use of Proceeds | 1、約65.0%（或629.0百萬港元）將用于臨床階段候選藥物正在進行及計劃進行的臨床開發及監管事務； 2、約15.0%（或145.2百萬港元）將用于提升臨床前資產、擴展現有管線及優化技術平臺； 3、約10.0%（或96.8百萬港元）將主要用于提升產能，其次用于候選藥物獲批銷售后的商業化； 4、約10.0%（或96.8百萬港元）將用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
摩根士丹利亚洲有限公司 CE AAD291
中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (2)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
Overall Coordinators (3)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (3)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
招银国际融资有限公司 CE AVM940
Joint Bookrunners (5)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
富途证券国际（香港）有限公司 CE AZT137
Joint Lead Managers (5)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
富途证券国际（香港）有限公司 CE AZT137
Capital Market Intermediaries (5)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
富途证券国际（香港）有限公司 CE AZT137
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 君合律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔律师事务所 竞天公诚律师事务所 |
| 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 |
| 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 | Foresight Funds | 39,245,500 HKD | — | 3.05% | — | 6 months | 2026-01-25 |
| 2 | Huang River Investment Limited | 62,797,000 HKD | — | 4.87% | — | 6 months | 2026-01-25 |
| 3 | OrbiMed Funds | 78,494,500 HKD | — | 6.08% | — | 6 months | 2026-01-25 |
| 4 | Sage Partners Master Fund | 31,398,500 HKD | — | 2.43% | — | 6 months | 2026-01-25 |
| 5 | TruMed | 78,494,500 HKD | — | 6.08% | — | 6 months | 2026-01-25 |
| 6 | 高毅实体 | 78,494,500 HKD | — | 6.09% | — | 6 months | 2026-01-25 |
| 7 | 汉康实体 | 15,694,000 HKD | — | 1.22% | — | 6 months | 2026-01-25 |
| 8 | 易方达基金管理有限公司 | 54,946,500 HKD | — | 4.26% | — | 6 months | 2026-01-25 |
| 9 | 正心谷资本 | 102,042,500 HKD | — | 7.91% | — | 6 months | 2026-01-25 |
Directors & Management
| Chairman | 康小強 |
|---|---|
| Company Secretary | Mr. Zuo Honggang |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and the conversion of our Unlisted Shares to H Shares assuming the Offer Size Adjustment Option and the Over-allotment Option are not exercised, the follo |
|---|
AI
AI Analysis
Market Sentiment
超额认购高达3494.78倍，市场对维立志博－B的申购热情极为火爆，在生物科技板块中属现象级热度。一手中签率仅22.68%，远低于市场常态，反映散户竞争空前激烈，冻结资金规模创近期新高。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购1000手）期望中签0.71手，乙头（申购2000手）期望中签0.94手，投入翻倍但中签手数仅增加约33%，甲尾的每百万港元期望手数约为乙头的1.5倍，资金效率明显占优。此类阶梯式分配下乙头边际回报急速递减，小额甲组反而呈现更高的期望回报率。（以上为AI基于历史数据生成的评论。券商手续费结构各异，实际成本可能不同。过往模式不保证未来结果。不构成投资建议。）
Demographics
鉴于总持有人数据暂未披露，内地与香港的参与比例尚不明确，但超高倍数通常暗示跨境资金深度介入。后续若统计出炉，广东等地区的集中度或成为散户情绪的重要风向标。（以上为AI基于历史数据生成的评论。数据可能存在来源文件的错误或遗漏，请以港交所官方文件为准。过往模式不保证未来结果。不构成投资建议。）
Subscription Tiers
IPO Timeline
