Hanx Biopharmaceuticals (Wuhan) Co., Ltd.

Date of prospectus: December 15, 2025

Hanx Biopharmaceuticals Pre-Revenue Biotech IPO: In-Depth Investor Analysis, Offer Structure, and Listing Outlook

IPO Snapshot: Key Offer Details and Structure

Hanx Biopharmaceuticals (IPO Symbol: not disclosed) launches its Hong Kong Main Board listing under Chapter 18A, targeting biotech investors with a substantial offering. The company is offering 18,321,000 H Shares (assuming initial allocation without over-allotment), comprised of 1,832,100 shares for the Hong Kong Public Offering and 16,488,900 shares for the International Offering [[35]], [[526]]. The Offer Price range is HK\$28.00 to HK\$32.00 per share; final price to be set by agreement between the company and sponsors on or around December 19, 2025 [[2]], [[50]], [[536]].

Over-allotment Option (Greenshoe): Up to 2,748,100 additional H Shares may be issued, potentially increasing the public float to ~15.16% [[50]], [[526]].
Post-IPO Outstanding Shares: 136,218,830 H Shares (assuming no greenshoe exercised) [[35]].

Use of Proceeds: Growth-Driven R&D and Commercialization Focus

Estimated net proceeds: HK\$496.3 million at the mid-point offer price [[36]]. Allocation demonstrates a growth-centric strategy:

• 35% (HK\$173.7 million) for Core Product HX009 research and development
• 33% (HK\$163.8 million) for Key Products HX301 and HX044 R&D
• 17% (HK\$84.4 million) for other product development
• 5% (HK\$25.0 million) for commercialization and business development
• 10% (HK\$49.4 million) for working capital and general corporate purposes

These allocations strongly indicate an aggressive pipeline investment, with no mention of debt repayment, confirming a pure growth and expansion narrative [[36]], [[511]].

Placement and Issuance: Public, Cornerstone, and Pre-IPO Investors

Public Tranche: 1,832,100 shares for Hong Kong retail/institutional investors [[35]], [[526]].
International Tranche: 16,488,900 shares, including cornerstone investors and professional/institutional allocations [[526]].
Cornerstone Investors: Seven named cornerstone investors have committed US\$12 million in aggregate, representing between 15.93% and 18.2% of total Offer Shares, depending on the final price and greenshoe exercise [[460]], [[465]], [[466]], [[467]].
Pre-IPO Investors: Notable pre-IPO investors include Beijing Lapam (9.44% post-IPO stake, subject to PRC transfer restrictions) and others, with all Pre-IPO investment proceeds already deployed in R&D [[30]], [[264]], [[262]].

Lock-ups: All pre-IPO shareholders and cornerstone investors are subject to 6–12 month lock-ups from the listing date as per PRC Company Law and Listing Rules [[272]], [[460]], [[518]].

Investor Participation and Book Quality

Cornerstone investors: Names disclosed above; they will not have board representation, nor will any become substantial shareholders post-listing [[460]].
Pre-IPO Investor disposals: No pre-listing disposals; all pre-IPO funds have been fully deployed in R&D [[30]].
Book Quality & First-Day Performance: High cornerstone allocation (up to 18.2%), broad institutional participation, and full underwritten book by leading banks (see below) imply strong listing-day support. No oversubscription metrics or tranche subscription rates were disclosed.

Deal Parties, Underwriting, and Structure

Investment Banks/Global Coordinators/Bookrunners:

• ICBC International Securities Limited
• China Securities (International) Corporate Finance Company Limited
• China Merchants Securities (HK) Co., Limited
• Haitong International Securities Company Limited
• CCB International Capital Limited
• TFI Securities and Futures Limited
• ABCI Securities Company Limited
• SPDB International Capital Limited
• Livermore Holdings Limited
• Tiger Brokers (HK) Global Limited
• Shanxi Securities International Limited
• Beta International Securities Limited

All are named as Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers, and Capital Market Intermediaries. Sole Sponsor is ICBC International Capital Limited [[51]], [[512]], [[699]].

Underwriting: Fully underwritten Hong Kong and International tranches; greenshoe option of up to 2,748,100 shares [[50]], [[526]].
Stabilization: Standard stabilization and allocation mechanisms disclosed [[525]].
Listing-Day Support: Given the reputation and breadth of syndicate members, listing-day stability and liquidity appear well supported (inferred from prospectus structure and parties) [[525]], [[526]].

Company Overview: Business Model, Pipeline, and Market Position

Business Model: Hanx Biopharmaceuticals is a biotech company with in-house expertise in structural biology, translational medicine, and clinical development. Since 2016, the company has built a pipeline of one core product (HX009) and nine other candidates, focusing on oncology and immunology. The company is pre-revenue, with its core product in clinical development [[12]].

• Core Product: HX009 (clinical stage)
• Key Products: HX301, HX044 (also clinical stage)
• Other Pipeline: Six preclinical candidates (four oncology, two immunology)

Revenue Streams: No historical revenue; all funding committed to R&D and pipeline development [[123]].
Monetization: Future monetization dependent on successful regulatory approvals and commercialization of pipeline candidates.

Customer Segments: Not yet commercialized; future target markets include oncology and immunology therapy patients across China and potentially global markets [[12]], [[72]].

Geographies: Headquartered in Wuhan, China. Regulatory focus includes China (NMPA), United States (FDA), and other major markets [[37]].

Industry and Sector Profile

Sector: Biotech/Pharmaceuticals, with strategic focus on oncology and immunology. Industry statistics and market sizing extracted from Frost & Sullivan and government publications (exact numbers not disclosed in summary) [[143]].
Market Position: Early-stage biotech; competitive advantage cited in structural biology and translational expertise; no market share or ranking data disclosed.

Financial Health: Key Ratios and Multi-Period Performance

Pre-revenue status: No revenue or gross profit for the years ended December 31, 2023 and 2024, and eight months ended August 31, 2025 [[123]].
Current Ratio:

Net Losses: Significant net losses since inception, with expectation of continued losses until commercialization [[37]].
Cash Flow: Pre-IPO funds fully utilized for R&D; post-IPO working capital to be supplemented by proceeds [[30]], [[36]].
Debt Levels: No outstanding loans or guarantees from controlling shareholders; financial independence asserted [[451]].
Capex and Working Capital: Ongoing investment in pipeline and research; no material distributable reserves as of August 31, 2025 [[507]].
Dividend Policy: No dividends ever declared or paid; company intends to retain all earnings for growth; no formal payout ratio or policy [[35]], [[36]].

Management Team and Experience

Key management names disclosed include:

• Ms. Zhang Lei: Chief Medical Officer
• Ms. Xiao Jieyu: Non-executive Director, Pre-IPO Investor
• Ms. Chen Chen: Supervisor
• Ms. Sun Peng: Supervisor
• Mr. Zou Zhiyong: Pre-IPO Investor

Broader team experience in biotech R&D and clinical development. No detailed bios or experience metrics beyond these disclosures [[50]].

Sector Trends, IPO Timing, and Market Environment

Sector Trends: The biotech sector in China is characterized by rapid innovation, regulatory shifts, and capital market development. Market demand for oncology and immunology solutions is rising, as cited by industry consultant Frost & Sullivan [[143]].
Timing:

• Offer period: December 15–18, 2025
• Price Determination Date: December 19, 2025
• Listing Date: Not explicitly disclosed; inferred soon after Price Determination Date [[5]], [[536]]

Recent Developments: Multiple rounds of Pre-IPO funding, strong cornerstone participation, and regulatory filing completion with CSRC [[127]].
Macro Environment: The prospectus cites active capital market developments, volatility in global equity prices, and robust biotech IPO activity [[72]].

Conclusion: Based on disclosed facts, market conditions appear supportive for biotech IPOs, especially with strong cornerstone and institutional engagement.

Risk Factors and Quantified Exposures

• Product/Regulatory Risk: All products are pre-commercial, with lengthy and unpredictable regulatory approval processes (NMPA, FDA, etc.) [[37]].
• Financial Risk: Ongoing net losses, no revenue, and dependence on future fundraising [[37]], [[123]].
• Market Risk: Uncertainty in establishing a trading market post-listing, especially due to lock-up restrictions [[113]].
• Dilution Risk: IPO price exceeds net tangible assets per share; immediate and significant dilution for new investors [[114]], [[623]].
• Data Reliability Risk: Industry statistics and forecasts are third-party sourced and may be inaccurate [[116]].
• Other Risks: Legal, regulatory, and macroeconomic uncertainties; all detailed in “Risk Factors” [[73]], [[116]], [[122]].

Growth Strategy and Expansion Plans

R&D Pipeline: Majority of proceeds directed to advancing clinical and preclinical candidates, especially HX009, HX301, and HX044 [[36]].
Commercialization: 5% of proceeds earmarked for early commercialization and business development activities.
Market Entry: Ongoing regulatory engagement in China and internationally; CSRC, NMPA, FDA filings underway or planned [[127]], [[233]].
No disclosed M&A or capex pipeline beyond R&D allocations.

Ownership, Shareholding Structure, and Lock-ups

Pre-IPO Shareholders: Series A, B, B+ investors, including Beijing Lapam (9.44% post-IPO), Hangzhou Hongye Ruiji, Betta Pharmaceuticals, Lapam Capital, and others [[30]], [[264]].
Post-IPO Structure: Public investors (13–15% float), cornerstone (2.1–2.45% of total shares), pre-IPO investors, and promoters.
Lock-up Periods: 12 months for pre-IPO investors, 6 months for cornerstone investors [[272]].
ESOP: Employee share incentive scheme referenced; details not disclosed [[702]].

Listing Outlook: Investor Perspective and First-Day Trading Estimate

Subscription Worthiness: Based on strong cornerstone commitments, full underwriting, high institutional presence, and aggressive R&D growth allocation, the IPO appears well supported and potentially attractive for investors seeking exposure to early-stage China biotech.
Estimated First-Day Range: Inferred from prospectus data, listing-day trading is likely to remain stable near the offer price, with potential for moderate premium if institutional and retail demand materialize (inferred only from disclosed cornerstone allocation, underwriter support, and lock-up structure).
Risks: Investors should weigh immediate dilution, ongoing losses, and product/regulatory uncertainty before subscribing.

Prospectus Access

Obtain the full prospectus at: www.hkexnews.hk or www.hanxbio.com

How to Apply for Hanx Biopharmaceuticals IPO

Applications for Hong Kong Offer Shares can be made online via the HK eIPO White Form service (www.hkeipo.hk) or through the HKSCC EIPO channel by instructing your broker or custodian to submit via FINI. The application window opens at 9:00 a.m. on December 15, 2025 and closes at 12:00 noon on December 18, 2025. Minimum application is 100 shares, with amounts payable inclusive of all fees and levies [[3]], [[538]], [[544]].