The initial public offering (IPO) for clinical-stage biotech firm HJ SCIENCE-B (06132) has concluded its subscription period, which ran from June 12 to June 17, 2026.

Market sources indicate the offering has received approximately HK$129.8 billion in margin financing from brokerages.

Against a public offering tranche size of HK$110 million, this translates to an oversubscription of about 1,166 times.

HJ SCIENCE-B plans a global offering of 13.6 million H shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering, plus a 15% over-allotment option.

The offer price is set at HK$81.80 per share, with a board lot of 100 shares requiring an entry cost of HK$8,262.5.

The company aims to raise about HK$1.11 billion and is expected to commence trading on Tuesday, June 23, with CITIC Securities acting as the sole sponsor.

Details on Cornerstone Investors

The offering has secured six cornerstone investors: Ruifu Fund, Kai Bo, LBC HK, Sage Partners, Panjing Fund, and Taikang Life Insurance, with a total investment commitment of US$65 million.

At the offer price of HK$81.80 per share, the cornerstone investors will subscribe for approximately 6.2278 million shares.

This represents about 45.7% of the total shares offered (assuming the over-allotment option is not exercised) and about 39.8% (assuming full exercise of the over-allotment option).

Company Background and Pipeline

According to its prospectus, HJ SCIENCE-B is a clinical-stage biotech company founded in 2017 by a team of industry experts dedicated to developing therapies for autoimmune, metabolic, and oncology diseases.

The company has developed a strategically differentiated pipeline featuring three core, self-developed, small-molecule, Class 1 innovative drug candidates: HJ787, HJ178, and HJ891.

It has established an integrated small-molecule drug development platform covering the entire process from drug design and efficient synthesis to screening, evaluation, pharmacological studies, comprehensive CMC research, clinical strategy, operations, and translational medicine.

This platform combines in-silico and experimental drug design/screening, targeted and rapid drug-likeness assessment, and efficient CMC development and clinical research.

Using this integrated approach, the company has advanced multiple candidates with significant differentiation across therapeutic areas.

Financial Performance and Use of Proceeds

Financially, the company currently has no approved products for commercial sale and has recorded losses during its track record period.

For the years 2024 and 2025, it reported revenues of RMB 1.8 million and RMB 12.982 million, respectively.

Total comprehensive loss for the same periods was approximately RMB 202 million and RMB 135 million.

The company intends to allocate the net proceeds from the IPO as follows: approximately 80.6% to fund ongoing and planned clinical research and development for its pipeline products; about 9.4% to enhance its R&D platform to strengthen its innovative pipeline in immunology, metabolism, and oncology; roughly 5.0% to gradually build its commercialization team; and the remaining 5.0% for general business operations and working capital.