Suzhou Ribo Life Science Co., Ltd.

Date of prospectus: December 31, 2025

Suzhou Ribo Life Science IPO: In-Depth Analysis, Investor Insights & Listing Outlook

IPO Snapshot: Key Offer Terms and Structure

IPO Symbol: 6938
Offer Price: HK\$57.97 per H Share
Total Offer Size: HK\$1,473.6 million (estimated net proceeds)
Number of Shares Offered: 27,487,400 H Shares initially (2,748,800 H Shares for Hong Kong Public Offering; 24,738,600 for International Offering)
Post-IPO Outstanding Shares: 161,690,510 H Shares (after adjustments for Pre-IPO investments from series E3 financing)
Minimum Application Size: 200 H Shares
Listing Date: January 9, 2026

Use of Proceeds:

• Research & Development (R&D): ~HK\$551.0 million (37.4%)
• Clinical Trials, Commercialization, Regulatory Approvals: ~HK\$368.4 million (25.0%)
• Technical Platform Upgrade, Manufacturing: ~HK\$221.0 million (15.0%)
• Expansion & Talent Recruitment: ~HK\$221.0 million (15.0%)
• Working Capital & General Purposes: ~HK\$112.2 million (7.6%)

This allocation strongly signals a growth-driven story focused on R&D and expansion, rather than deleveraging [[32]].

Placement, Issuance, and Allocation Breakdown

Public Offering: 2,748,800 H Shares (Hong Kong Public Offering, ~10% of total offer)
International Offering: 24,738,600 H Shares (to QIBs and offshore investors)
Cornerstone Investors: Notable names include Arc Avenue Asset Management Pte. Ltd., Bright Stone, China AMC, and Da Cheng, with individual allocations detailed below.
Employee Allocation: 2,113,987 options under the Pre-IPO Share Option Scheme (1.31% of post-IPO shares, assuming full vesting and exercise), with a detailed vesting schedule and performance criteria [[31]], [[242]], [[711]].

Lock-ups: All existing shareholders subject to 12-month lock-up; Cornerstone Investors, 6 months; Employee options, 12 months post-exercise. Offer Shares to other investors are unrestricted [[264]].

Investor Participation and Book Quality

Pre-IPO Investors: Major pre-IPO investors include Future Industry Investment Fund (FIIF), Wise Vigour Limited, Panlin, Ionis Pharmaceuticals, and Shenzhen Yilong Venture Capital, together holding significant stakes post-IPO (FIIF: 7.07%, Wise Vigour: 5.39%, Panlin: 5.55%, Ionis: 4.72%, Shenzhen Yilong: 3.89%) [[30]], [[271]].
Pre-listing sales/disposals: No pre-listing disposals or reinstatement clauses for special rights of pre-IPO investors [[244]].

Book Quality and First-Day Performance: The presence of strong institutional and cornerstone investors, combined with a limited employee ESOP and public float exceeding regulatory requirements, suggests a solid shareholder base and potentially robust first-day trading, supported by the depth of anchor investment and broad institutional participation [[263]], [[264]].

Deal Parties and IPO Structure

Investment Banks / Sponsors / Bookrunners:

• China International Capital Corporation Hong Kong Securities Limited
• Citigroup Global Markets Asia Limited
• ICBC International Securities Limited
• BOCI Asia Limited
• Macquarie Capital Limited
• ABCI Securities Company Limited
• SDIC Securities (Hong Kong) Limited
• Futu Securities International (Hong Kong) Limited

All are named as Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, or Joint Lead Managers [[490]].

Stabilization/Over-allotment (Greenshoe): Up to 4,741,400 additional H Shares may be issued via the Over-allotment Option, representing 15% of initial offer [[502]].
The strong syndicate presence and full underwriting by major institutions further support listing-day stability and potential aftermarket support [[490]], [[497]], [[498]].

Company Overview: Business Model, Products, and Markets

Business Model: Suzhou Ribo Life Science Co., Ltd. is a biotechnology company focused on oligonucleotide research and development, with a primary emphasis on siRNA therapeutics. Revenue streams are projected to arise from drug commercialization, platform licensing, and related R&D services, though as of the prospectus date, the company is pre-commercialization and continues to invest heavily in R&D [[11]].

Key Products:

• Core Product: RBD4059 (designated to satisfy listing eligibility under Chapter 18A)
• Pipeline: Multiple siRNA drug candidates in development

Customer Segments: Primarily healthcare institutions, pharmaceutical partners, and future end-users via product commercialization. Geographic focus includes China and Greater China, with potential for global expansion [[39]].

Industry/Sector Size: Healthcare and biotechnology, specifically oligonucleotide and RNAi therapeutics. Industry overview and market sizing provided in the Frost & Sullivan Report commissioned for the IPO [[39]].

Competitive Position: The company recognizes high competition from global biotechnology firms with potentially greater resources and pipeline depth, but leverages proprietary platform strengths and strategic investor backing [[21]].

Management Team: Key directors and senior management are named, including Dr. LIANG (major shareholder and director), Prof. ZHANG Lihe, and others. The company’s team is experienced in biotechnology R&D and commercialization [[128]], [[395]], [[711]].

Financial Health and Key Metrics

The company provides detailed historical financials for the two years ending December 31, 2024, and the six months ended June 30, 2025, as required under Chapter 18A for biotech listings [[128]], [[129]].

Capitalization: No material debt; unutilised bank loan facilities of RMB1,203 million provide ample liquidity [[554]].
Dividend Policy: No dividends to be paid until accumulated losses are covered and statutory reserve requirements met; future payouts subject to profitability and board/shareholder approval [[31]], [[472]].

Trends, Sector Timing, and Market Environment

Sector Trends: Biotechnology and healthcare are described as growth sectors, with increasing global and regional demand for oligonucleotide drugs and RNAi therapeutics.
Timing of the IPO: Offer period opens December 31, 2025, closes January 6, 2026; listing date January 9, 2026 [[5]], [[6]].
Macro Environment: The prospectus describes positive regulatory evolution, strong investor demand, and supportive capital market conditions for healthcare listings [[8]], [[134]].

Prospectus Deep Dive: Risks, Growth Strategy, Ownership & Lock-Ups

Key Risk Factors

• No public market currently exists for H Shares; price volatility possible post-listing [[118]].
• Product development and regulatory risk: R&D costs remain high, and core product may not reach commercialization [[11]].
• Competition: Larger, better-funded biotech rivals may outpace Ribo Life Science in development and commercialization [[21]].
• Legal and regulatory risk: Subject to NMPA, CSRC, and other PRC regulations [[44]], [[46]].
• Lock-up restrictions: All existing shares and ESOPs restricted for minimum 12 months post-listing [[264]].

Growth Strategy

• Heavy investment in R&D and clinical trials for core and pipeline products ([[32]]: HK\$551 million allocated).
• Expansion of manufacturing and technical platform (HK\$221 million allocated).
• Talent recruitment and team building (HK\$221 million allocated).
• Potential for further M&A or partnership deals as sector consolidates and company seeks commercialization milestones [[32]].

Ownership & Lock-Ups

• Major Shareholders: Concert Parties (Dr. LIANG, Prof. ZHANG Lihe, Kunshan Ruikong et al.) hold 24.82% post-IPO [[265]].
• Pre-IPO Investors: FIIF (7.07%), Wise Vigour (5.39%), Panlin (5.55%), Ionis (4.72%), Shenzhen Yilong (3.89%) [[30]], [[271]].
• Public Float: 66.04% of shares post-IPO, well above regulatory minimums [[263]], [[264]].
• ESOPs/Share Options: 2,113,987 options (1.31% post-IPO shares), with strict performance-based vesting [[31]], [[711]], [[712]].

Valuation and Peer Comparison

No peer company symbols, sector P/E, P/B, EV/EBITDA, or direct comparables are disclosed in the prospectus. The issuer’s valuation is implicitly based on HK\$9,373.2 million market capitalization, with no direct comparable sector or peer tables provided.

Research and Analyst Opinions

No explicit analyst price targets or institutional opinions are disclosed in the prospectus. Market research is provided by Frost & Sullivan, commissioned for industry overview [[39]], [[730]].

IPO Allotment Results

Final subscription outcomes by tranche (retail/institutional) are not yet disclosed, as the offer period closes January 6, 2026.

Listing Outlook and Investor Takeaway

Based strictly on the prospectus:

• Strong institutional and cornerstone investor participation, robust public float, and full underwriting by major banks suggest confidence in first-day performance.
• Growth-focused use of proceeds and sector timing indicate high investor interest in biotech/RNAi theme.
• Risks remain around commercialization timeline, product approval, and near-term profitability.

Estimated first-day trading range: Given the offer price of HK\$57.97 and strong book quality, shares are likely to trade at or above offer price, with potential for moderate to strong aftermarket demand supported by anchor investors and syndicate stabilization mechanisms.

Overall, the IPO appears worth subscribing for long-term growth investors seeking exposure to China’s leading RNAi biotech platform, with short-term trading likely to be stable and possibly positive, subject to market conditions described in the prospectus.

How to Obtain the Prospectus

The prospectus is available at:
www.hkexnews.hk
www.ribolia.com

How to Apply for Hong Kong Offer Shares

Application Channels:

• Online via White Form eIPO service at www.eipo.com.hk
• Electronically via HKSCC EIPO channel through brokers or custodians who are HKSCC Participants, using FINI system

Application Window:

• Start: 9:00 a.m., December 31, 2025
• End: 11:30 a.m., January 6, 2026 (White Form eIPO), 12:00 noon, January 6, 2026 (payment completion & HKSCC instructions)

Eligibility: Applicants must be 18 years or older and have a Hong Kong address (for White Form eIPO). Restrictions apply for existing shareholders, directors, supervisors, close associates, and those participating in the International Offering [[516]].