Biotech company HANXBIO-B (03378) concluded its IPO subscription period from December 15 to December 18. Market data shows that the company secured HKD 147.29 billion in margin financing from brokers, oversubscribing its public offering of HKD 58.63 million by 2511 times.
HANXBIO-B plans to issue 18.321 million H-shares, with 10% allocated to the Hong Kong public offering. The price range is set at HKD 28 to HKD 32 per share, with a board lot of 100 shares and an entry cost of HKD 3,232.3 per lot. The total fundraising could reach up to HKD 590 million. The company is expected to list on December 23, with ICBC International serving as the sole sponsor.
Seven cornerstone investors participated in the IPO, including Fude Resources, Sage Partners Master Fund, Guotai Junan Securities Investment (Hong Kong) Limited (related to Kunyang OTC swaps), TFI Investment Fund SPC (acting for its independent portfolio TFI Lakeside SP), Main Source Capital Limited, YStem Capital, and Chunlei Capital Limited. Their combined investment of HKD 93.37 million secured 2.9178 million shares, representing 15.93% of the global offering.
According to the prospectus, HANXBIO-B is a biotech firm specializing in structural biology, translational medicine, and clinical development. Since 2016, the company has developed a pipeline comprising one core product and nine other candidates: (i) three oncology-focused clinical-stage candidates, including core product HX009 and key products HX301 and HX044; and (ii) seven preclinical-stage candidates, including antibody-drug conjugates, bispecific antibodies, and monoclonal antibodies targeting autoimmune and oncology markets. Prior to the track record period, the company also developed HX008, which was transferred to an oncology-focused biopharmaceutical firm.
HANXBIO-B’s core product, HX009, is a bispecific antibody fusion protein targeting both CD47 and PD-1. Frost & Sullivan reports that, as of the latest practicable date, HX009’s clinical trial progress leads globally among similar CD47-targeting bispecific antibody/bifunctional fusion protein products.
Financially, HANXBIO-B reported operating losses during the track record period. For the fiscal years 2023, 2024, and the eight months ended August 31, 2025, the company recorded losses of RMB 85.16 million, RMB 117 million, and RMB 87.438 million, respectively. These losses primarily stemmed from R&D costs and administrative expenses.
Proceeds from the IPO will be allocated as follows: approximately 35% for R&D of core product HX009; 33% for key products HX301 and HX044; 17% for other pipeline candidates; 5% for commercialization and business development; and 10% for working capital and general corporate purposes.
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