Metis TechBio Co., Ltd. (METIS TECHBIO-P) has finalised its Hong Kong initial public offering, pricing 201.23 million H shares at HK$10.50 each to raise gross proceeds of HK$2.11 billion and estimated net proceeds of HK$1.99 billion. Trading is scheduled to begin on 13 May 2026 under stock code 7666, with shares changing hands in board lots of 500.

The Hong Kong public tranche drew 383,309 valid applications and was oversubscribed 6,910.96 times. Triggered claw-back mechanics shifted 30.18 million shares from the international placing, lifting the retail allocation from 10.06 million to 40.25 million shares, or 20% of the deal. The international offering, subscribed 33.86 times, now accounts for 160.98 million shares (80% of the base deal). A greenshoe of up to 30.18 million shares has been granted; any exercise will be separately announced.

Cornerstone investors committed for 110.42 million shares—54.87% of the international tranche—including BlackRock (37.30 million shares), UBS Asset Management Singapore (11.19 million) and China Venture Capital Innovation Investment Fund (7.46 million). In total, 208 placees participated in the international book.

Regulatory filings highlight a concentrated allocation: the top 10 placees received 44.31% of total offer shares, while the top 25 accounted for 68.03%. Post-listing, the top 25 shareholders will hold 88.58% of the enlarged share capital, prompting the exchange to warn that the share price could be volatile on limited trading liquidity.

Public float requirements are met, with 828.10 million H shares—approximately 71.85% of total issued capital—deemed in public hands. No individual placee will control 10% or more of the enlarged share base, and at least 300 shareholders will hold the stock at debut. Key founders and early investors, representing 25.32% of post-listing capital, are subject to 24-month lock-ups, while pathfinder strategic investors are locked up for 12 months; cornerstone investors face a six-month restriction expiring on 12 November 2026.

Hong Kong Exchanges and Clearing, the Stock Exchange of Hong Kong and HKSCC emphasise they take no responsibility for the contents of the announcement and caution investors about potential price swings due to the concentrated shareholding structure.