TENNOR THERAP-B nets HK$598.30 million from Hong Kong IPO; public tranche oversubscribed 9,015 times

Bulletin Express05-21 20:23

TENNOR THERAP-B (TenNor Therapeutics (Suzhou) Limited) has finalised its Hong Kong listing terms, securing HK$598.30 million in net proceeds after pricing 8.86 million H shares at HK$75.70 each.

The transaction comprised 828,100 shares for the Hong Kong Public Offering and 8.03 million shares for the International Offering. Demand was robust across both tranches: the retail portion was 9,015.11 times subscribed, while the international book recorded 9.24 times coverage. No shares were over-allocated and the over-allotment option will not be exercised.

An Offer Size Adjustment Option was partially exercised, adding 575,450 shares—equivalent to 6.95% of the initial offer size—to the international tranche. Post-issue share capital will stand at 52.33 million shares.

Five cornerstone investors, led by AMR Action Fund and Hua Yuan International, absorbed 3.08 million shares (34.81% of the offer; 5.89% of post-listing share capital) under six-month lock-up agreements ending 21 November 2026. Overall public float at listing will be 73.06%, comfortably above the 25% regulatory minimum.

Shareholder concentration remains high: the top 10 placees will control 23.70% of issued shares on listing, and the top 25 placees 26.34%. The stock will debut on the Hong Kong Stock Exchange on 22 May 2026 under board lot size of 50 shares.

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