Biopharmaceutical company LONGBIO-B (01779) conducted its public share offering from May 28 to June 2, 2026.
According to market information, as of June 1, the company had received HK$59.4 billion in margin financing from brokerage firms.
Based on a public fundraising target of HK$136 million, this represents an oversubscription of 436 times.
LONGBIO-B plans a global offering of 14,193,200 H shares, subject to the over-allotment option.
The Hong Kong public offering portion accounts for 10%, with the international offering making up the remaining 90%.
The offer price is set at HK$96.06 per share, with a board lot of 50 shares, resulting in an entry cost of HK$4,851.4 per lot.
The total funds raised are expected to be HK$1.36 billion.
The company is scheduled to list and commence trading on June 5, with Guojin Securities acting as the sole sponsor.
The offering includes cornerstone investors such as OrbiMed Funds, TruMed Funds, Huatai Capital Investment Limited and its ultimate clients, Ruiyuan Fund, Wells Fargo Fund and Wells Fargo Hong Kong, Value Partners, GBAHIL, FR M, Yuanfeng Vision Growth Fund, and China Galaxy International Investment.
These cornerstone investors have committed to subscribe for a total of US$87 million worth of shares.
According to the prospectus, LONGBIO-B was founded in 2020 and is a clinical-stage biopharmaceutical company primarily focused on the independent discovery and development of biologic drugs for allergic and autoimmune diseases.
The company's core product is LP-003, an anti-IgE antibody designed to block free IgE in blood and tissues, thereby inhibiting IgE-mediated allergic reactions.
It is intended for treating allergic conditions, including seasonal allergic rhinitis, chronic spontaneous urticaria, allergic asthma, and other allergic diseases.
The company's primary product is LP-005, a bispecific antibody fusion protein targeting complement components C5 and C3b.
As the first product from its bispecific antibody development platform, this multi-target complement inhibitor acts on several key nodes in the complement cascade, potentially offering a more comprehensive blockade of complex disease pathology compared to single-target inhibitors.
The company has received IND approvals in China for LP-005 targeting several indications, including PNH, complement-mediated kidney diseases, and other complement-related conditions.
Beyond its core and primary products, the company is developing other candidates: LP-00A, a bispecific autoantibody for allergic diseases; LP-00C, a bispecific B-cell inhibitor for B-cell-mediated autoimmune diseases; and LP-00D, a bispecific antibody or fusion protein complement inhibitor optimized for specific tissues or organs and indications.
Financially, as a pre-revenue biotech firm, LONGBIO-B has not recorded any revenue or cost of sales during its track record period.
The company reported net losses and total comprehensive losses of approximately RMB 137 million for the 2024 fiscal year and RMB 176 million for the 2025 fiscal year.
The company plans to allocate the net proceeds over the next 3 to 5 years as follows: approximately 75% will be used for the research, development, and commercialization of its core and primary products; about 15% will fund further development of other preclinical pipeline products and R&D platforms; and roughly 10% will serve as working capital and for general corporate purposes.
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