Mabwell (Shanghai) Bioscience Co., Ltd. (stock short name “MABWELL-B”) has finalised the offer price for its Hong Kong listing at HK$27.64 per H share, generating approximately HK$1.19 billion in net proceeds after estimated expenses of HK$113.60 million. Gross proceeds from the sale of 47.13 million H shares amount to HK$1.30 billion. Dealings in the shares are scheduled to commence on 28 April 2026.
The global offering comprises 4.71 million H shares for the Hong Kong public tranche and 42.42 million H shares for the international tranche, representing 10% and 90% of the total offer, respectively. Retail demand was robust, with the public tranche oversubscribed by 481.71 times, while the international tranche attracted 3.46 times covered orders across 82 placees.
Six cornerstone investors—including Junshi Hong Kong Limited, Sanjin International and Guohui (HK) Holdings—took up 15.02 million H shares, equal to 31.87% of the offer. CHIL, a vehicle controlled by the company’s Controlling Shareholder Mr. Tang, subscribed for 1.98 million H shares within the cornerstone tranche under regulatory waivers.
Post-listing share capital will expand to 446.73 million shares. Public investors will hold 45.15 million H shares, equating to 10.11% of total issued capital and satisfying both public-float and free-float requirements. Market value of the free-floating H shares is expected to be around HK$887.51 million at the offer price.
Lock-up agreements cover both controlling shareholders and cornerstone investors. The controlling shareholder group—led by limited partnership Langrun Equity—will be restricted from disposals for up to 12 months, while cornerstone investors face a six-month lock-up ending 27 October 2026.
Concentration analysis shows the top 10 placees will own 55.21% of the H shares issued in the offering, and the largest single placee will hold 1.27% of enlarged share capital. The company reported full compliance with Hong Kong Listing Rules, citing waivers granted for specific allocations to existing minority shareholders and connected parties under strict conditions.
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