Company Name: InSilico Medicine Cayman TopCo

Date of Prospectus: December 18, 2025

InSilico Medicine Cayman TopCo’s Hong Kong IPO: Deep Dive into Offer Structure, Growth Prospects, and Investor Implications

IPO Snapshot: Key Offer Details and Investor Essentials

InSilico Medicine Cayman TopCo (HKEX symbol: 3696) is launching its initial public offering on the Stock Exchange of Hong Kong, unveiling a high-profile offering with precise allocation and pricing details. This IPO is structured to appeal to both institutional and retail investors, with a clear breakdown between public and international tranches.

• IPO Symbol: 3696
• Offer Price: HK\$24.05 per Offer Share
• Total Offer Size: 94,690,500 Offer Shares (subject to Over-allotment Option)
• Hong Kong Offer Shares: 9,469,500 (subject to reallocation)
• International Offer Shares: 85,221,000 (subject to reallocation and Over-allotment Option)
• Nominal Value per Share: US\$0.0000005
• Trading Lot Size: 500 Shares
• Stock Code: 3696

Dealings in the Shares are expected to commence at 9:00 a.m. on December 30, 2025. The application window for the Hong Kong Public Offering is from 9:00 a.m. on December 18, 2025, to 11:30 a.m. on December 23, 2025, Hong Kong time [[2]], [[4]], [[5]], [[7]].

Placement Breakdown: Public vs. International Tranche

The initial allocation is 10% for the Hong Kong Public Offering and 90% for the International Offering. The allocation may be rebalanced at the sole discretion of the sponsors and coordinators, with the public tranche potentially increased up to 15% of the total offer in case of oversubscription [[5]].

• Maximum Public Reallocation: Up to 14,203,500 Shares (15% of Global Offering before greenshoe)

The Over-allotment Option allows for up to 14,203,500 additional Shares to be issued, representing not more than 15% of the Offer Shares initially available under the Global Offering.

Investor Participation and Book Quality

Joint Sponsors and Coordinators include Morgan Stanley, CICC, GF Securities, and BNP Paribas, enhancing institutional credibility and bookbuilding strength.

• Joint Sponsors: Morgan Stanley, CICC, GF Securities
• Overall Coordinators/Bookrunners: Morgan Stanley, CICC, GF Securities, BNP Paribas
• Additional Bookrunner/Lead Manager: SINOLINK(HK), BOCI

Stabilization action may be taken by Morgan Stanley Asia Limited as Stabilizing Manager, with the greenshoe option available for 30 days post-listing to support price stability. This mechanism, combined with the presence of high-profile banks, suggests robust support for first-day performance, strictly inferred from the disclosed structure and roles [[3]], [[5]], [[6]].

Company Overview: Business Model and Sector Positioning

InSilico Medicine Cayman TopCo is incorporated in the Cayman Islands with limited liability. The company operates in the biotechnology sector, focusing on artificial intelligence-driven drug discovery and development. Its key revenue streams, products, services, monetization strategy, customer segments, and geographies are positioned within the biopharma and healthcare innovation landscape.

The company’s shares are not listed on any other exchange and will be traded in board lots of 500 shares on HKEX under symbol 3696.

Management Team:

• Chairman, Executive Director, CEO: Mr. Aleksandrs Zavoronkovs, Ph.D.
• Executive Director: Mr. Feng Ren, Ph.D.
• Non-Executive Directors: Mr. Chuen Yan Leung, Ph.D.; Mr. Kan Chen, Ph.D.; Mr. Long Shi
• Independent Non-Executive Directors: Ms. Denitsa Milanova, Ph.D.; Mr. Jingsong Wang, Ph.D.; Mr. Roman Kyrychynskyi

Shares to be issued under Pre-IPO and Post-IPO Equity Incentive Plans.

Financial Health and Key Metrics

Investors should review the full prospectus for detailed financial statements, including multi-period revenue, gross profit/margin, EBIT/EBITDA, net profit/margin, cash flow, debt levels, interest coverage, capex, and working capital details. All Offer Shares will be registered with the Hong Kong Share Registrar to enable trading on the Stock Exchange [[5]].

Sector Trends, Timing, and Market Environment

The biotechnology sector remains a hotbed for innovation, especially with AI-driven drug discovery. The timing of the IPO aligns with sustained investor interest and robust demand for healthcare innovation.

• Offer Opens: December 18, 2025, 9:00 a.m. Hong Kong time
• Offer Closes: December 23, 2025, 11:30 a.m. Hong Kong time
• Allocation Announced: December 29, 2025
• Listing Date: December 30, 2025, 9:00 a.m.

Macro environment and sector demand indicators point to strong appetite for biotech listings in Hong Kong during this period. The absence of competing IPOs in the document suggests focused investor attention [[7]], [[8]].

Prospectus Deep Dive: Risks, Growth Strategy, and Shareholding Structure

Key Risk Factors

Risks highlighted include market volatility post-stabilization period, regulatory compliance, and potential termination of underwriting agreements prior to listing. Specific quantified exposures to legal, regulatory, customer/supplier concentration, FX, or commodity risk are not detailed in the provided sections [[1]], [[4]].

Growth Strategy

The company plans to use proceeds for ongoing R&D, equity incentive plans, and expansion, indicating a growth-driven story. Shares will be issued for Pre-IPO and Post-IPO Equity Incentive Plans, supporting future talent acquisition and retention [[5]].

Ownership & Lock-ups

Pre- and post-IPO shareholding structures are aligned with standard Hong Kong listing practice, with all Offer Shares registered locally to facilitate trading. Maximum application for the Hong Kong Offer Shares is capped at 4,734,500, which is about 50% of the public offer [[4]].

Valuation and Peer Comparison

Research and Analyst Opinions

IPO Allotment Result and Listing Outlook

Allocation results will be announced on December 29, 2025, via the company’s website (insilico.com) and the Stock Exchange’s website (hkexnews.hk). Investors can check allotment by ID, automated telephone enquiry, or via designated e-IPO platforms.

Despatch of share certificates or CCASS deposits for successful applications is scheduled on or before December 29, 2025. Refunds for unsuccessful applications will be processed by December 30, 2025.

Based on the comprehensive involvement of leading sponsors, robust offer structure, and sector positioning, the IPO appears likely to attract strong subscription and deliver a resilient first-day trading performance, with stabilization mechanisms in place to mitigate volatility. A first-day price performance at or above the offer price is plausible, strictly inferred from the disclosed book structure and stabilization options [[3]], [[6]], [[8]].

Prospectus Access

The prospectus is available at: www.hkexnews.hk and insilico.com

How to Apply for InSilico Medicine Cayman TopCo Shares

Application Channels:

• HK eIPO White Form service: www.hkeipo.hk (for physical share certificates in applicant’s own name)
• HKSCC EIPO Channel: Through your broker or custodian (HKSCC Participant), with shares allotted to HKSCC Nominees and credited to your designated CCASS stock account

Application Window: December 18, 2025, 9:00 a.m. to December 23, 2025, 11:30 a.m. Hong Kong time

Application Requirements: Minimum application is 500 shares, with payment in full at application. Payment includes offer price plus brokerage, SFC transaction levy, AFRC transaction levy, and Stock Exchange trading fee. Only electronic applications are accepted; no physical channels are available.

Application instructions, payment deadlines, and other details are available at www.hkeipo.hk and through your broker or custodian.