Wangshan Wangshui-B (02630) has announced a global offering of 17.6 million H shares, with the subscription period running from October 28 to November 3, 2025. The offering comprises 10% for Hong Kong public subscription and 90% for international placement (subject to reallocation), along with a 15% over-allotment option.

The shares are priced between HKD 32 and HKD 34 per share, with each board lot consisting of 200 H shares. Trading is expected to commence on the Hong Kong Stock Exchange at 9:00 AM on November 6, 2025 (Thursday).

Assuming no exercise of the over-allotment option and an issue price of HKD 33.0 per share, the net proceeds from the global offering are estimated at approximately HKD 521 million. The funds will be allocated as follows: 38.0% for R&D of core products, 27.0% for other candidate drugs, 10.0% for the construction of a Qingdao facility, 15.0% for sales and marketing enhancement, and 10.0% for working capital and general corporate purposes.

Founded in 2013, the company is a biopharmaceutical firm focused on discovering, acquiring, developing, and commercializing small-molecule drugs in key therapeutic areas, particularly neuropsychiatry and reproductive health. Its pipeline includes two core products—LV232, a dual-target serotonin transporter/5-HT3 receptor modulator for major depressive disorder, and TPN171, a PDE5 inhibitor for erectile dysfunction (ED). Additionally, the company has four clinical-stage candidates and three preclinical-stage candidates.

Beyond its innovative pipeline, Wangshan Wangshui is advancing a generic drug portfolio to generate stable revenue and cash flow, enhancing overall business resilience.

Financially, the company reported revenues of approximately RMB 200 million in 2023 and RMB 11.8 million in 2024, with attributable profits shifting from RMB 12.1 million to a loss of RMB 211 million. For the first four months of 2025, revenue stood at RMB 13.0 million, with an attributable loss of RMB 112 million.