Company Name: Suzhou Ribo Life Science Co., Ltd.

Date of Prospectus: December 31, 2025

IPO Analysis: Suzhou Ribo Life Science Co., Ltd. Targets Growth with Hong Kong Listing – Offer Details, Financials, and Investor Outlook

Suzhou Ribo Life Science Co., Ltd. is launching its highly anticipated IPO on the Hong Kong Stock Exchange, aiming to solidify its position in the life sciences sector. With an ambitious offer size, robust investor participation, and lock-up structures designed to support market stability, Ribo Life Science presents a compelling opportunity for growth-focused investors. This comprehensive analysis covers all material aspects of the offering, including pricing, investor allocation, financial health, risks, and listing outlook, based strictly on official disclosures.

IPO Snapshot

IPO symbol: 6938 (RIBOLIFE-B)

Offer Price: HK\$57.97 per H Share

Total Offer Size: 31,610,400 H Shares (including full exercise of the Offer Size Adjustment Option and subject to the Over-allotment Option)

Post-IPO Outstanding Shares: 165,813,510 Shares (before any exercise of the Over-allotment Option)

Nominal Value: RMB1.00 per H Share

Stock Short Name: RIBOLIFE-B

Listing Date: January 9, 2026

Board Lot: 200 H Shares

Application Website: www.eipo.com.hk/eIPOAllotment

Offer Structure and Placement Breakdown

Global Offering: 31,610,400 H Shares

• Hong Kong Public Offering: 2,748,800 H Shares (8.7% of total)
• International Offering: 28,861,600 H Shares (91.3% of total, including full exercise of Offer Size Adjustment Option)

Gross Proceeds: HK\$1,832.45 million

Estimated Listing Expenses: HK\$130.65 million

Net Proceeds: HK\$1,701.80 million

Use of Proceeds: Refer to the prospectus for allocation details (growth-oriented; figures specify intended use for expansion and R&D) [[4]].

Investor Participation and Book Quality

Cornerstone Investors: 13,420,400 H Shares (42.5% of International Offering, 8.1% of post-IPO share capital)

• Arc Avenue Asset Management Pte. Ltd.
• Bright Stone Holdings Limited
• China Asset Management Co., Ltd.
• Da Cheng International Asset Management Co., Ltd. & Dacheng Fund Management Co., Ltd.
• Erik Selin Fastigheter Aktiebolag (waiver granted for participation as core connected person)
• Himension Fund
• IvyRock Asset Management (HK) Limited
• Mingxin Growth Ventures LS2 Limited
• Springs Capital (Hong Kong) Limited
• Taikang Life Insurance Co., Ltd.
• Tenbagger Capital (Nengxin, Shanghai Ziran) & Huatai Capital Investment Limited

Institutional Allocation: 177 international placees, strong representation across asset managers and funds [[6]].

Retail Oversubscription: Public offering subscribed 101.06 times (high demand); international offering 16.7 times (robust institutional interest) [[4]][[5]].

Book Quality Assessment: Allocation concentration indicates strong institutional support, with the top 10 placees receiving over 50% of international offering shares. This suggests high conviction among anchor investors and a likely stable aftermarket performance [[16]].

Deal Parties and Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: China International Capital Corporation Hong Kong Securities Limited (Stabilizing Manager), Guotai Junan Securities (Hong Kong) Limited, ABCI Capital Limited, ICBC International Securities Limited, Haitong International Securities Company Limited, among others [[2]].

Stabilization/Over-allotment Option: 4,741,400 H Shares over-allocated; may be covered by greenshoe or secondary market purchases at or below offer price. Stabilization period ends February 5, 2026 (30 days after closing of application window) [[4]].

Market Support: The combination of strong lead banks and a robust stabilization mechanism suggests additional aftermarket support within the first month of trading [[3]].

Company Overview

Suzhou Ribo Life Science Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, focused on small nucleic acid biotechnology.

Business Model: Ribo Life Science operates in the life sciences sector, specializing in R&D, manufacturing, and commercialization of innovative therapies and products. Revenue streams are generated from proprietary products and collaborations, targeting institutional and retail customers in China and internationally.

Key Products/Services: Small nucleic acid-based therapies; further product specifics are described in the prospectus.

Monetization: Licensing, sales, and strategic partnerships.

Customer Segments: Institutional clients, healthcare providers, and specialty distributors.

Geographic Reach: China and select international markets.

Industry Sector: Biotechnology/Life Sciences.

Management Team: Dr. LIANG Zicai (Chairman, Executive Director, CEO), Dr. GAN Liming, Dr. ZHANG Hongyan (Executive Directors), Dr. QI Fei, Mr. LI Dongfang, Mr. LI Yuhui (Non-executive Directors), Dr. YU Xuefeng, Mr. MA Chaosong, Mr. WANG Ruiping (Independent Non-executive Directors) [[30]].

Competitive Position: Market leadership inferred from strong cornerstone investor participation and sector focus.

Financial Health

Financial tables are not disclosed in the provided document. For specifics on revenue, profit margins, and other financial metrics, refer to the full prospectus at www.eipo.com.hk/eIPOAllotment.

Trends, Timing & Environment

Sector Trends: Growing demand for biotechnological innovations and therapies in China and globally; high investor interest in health sciences.

IPO Timing: Offer period closed prior to January 9, 2026; listing date set for January 9, 2026 [[3]].

Market Environment: Robust demand for life sciences IPOs, as indicated by the oversubscription rates. The broader macro environment is supportive for healthcare innovation, with favorable regulatory and investor sentiment [[5]].

Recent Developments: Full exercise of the Offer Size Adjustment Option to accommodate institutional demand; cornerstone investor waivers granted to facilitate anchor participation [[21]].

Conclusion: Favorable conditions for listing, given the oversubscription, investor mix, and regulatory environment.

Prospectus Deep Dive

Key Risk Factors:

• High concentration of shareholding among a small number of shareholders could result in price volatility (extreme caution advised) [[3]].
• Potential for price decline post-stabilization period (after February 5, 2026) [[3]].
• Regulatory risks inherent in biotech sector.
• No public offer in the United States; international compliance required [[1]].
• Lock-up periods restrict liquidity for major shareholders and cornerstone investors [[9]][[15]].
• Potential exposure to single product/geography risk due to sector focus.
• Related-party transactions permitted under waivers; cornerstone investor Erik Selin Fastigheter AB is a core connected person [[5]].

Growth Strategy

Expansion Plans: Net proceeds of HK\$1,701.80 million earmarked for R&D, product development, and market expansion, signaling a growth-driven story [[4]].

New Products: Pipeline includes additional nucleic acid therapies and international market entries.

Capacity Additions: Offer proceeds to fund capex and working capital.

Timelines: Lock-up periods for pre-IPO investors and major shareholders extend to January 8, 2027; cornerstone lock-ups last six months from listing [[9]][[15]].

Ownership & Lock-ups

Pre-IPO Investors: Hold 56.73% of post-IPO share capital, subject to a 12-month lock-up until January 8, 2027 [[13]].

Existing Shareholders (non-Pre-IPO): Hold 24.21% of post-IPO share capital, also under 12-month lock-up [[14]].

Cornerstone Investors: Hold 8.09% of post-IPO share capital, under six-month lock-up until July 8, 2026 [[15]].

Public Float: 110,900,415 H Shares (66.88% of issued share capital), exceeding minimum requirement; free float (excluding cornerstone lock-up) is 18,190,000 Shares [[29]][[30]].

No placee will individually be allocated more than 10% of issued share capital post-IPO [[30]].

Valuation and Peer Comparison

Peer company financial metrics (P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, dividend yield) are not disclosed. If further details are available, consult the prospectus at www.eipo.com.hk/eIPOAllotment.

IPO Allotment Result

Hong Kong Public Offering:

• 42,771 valid applications
• 5,367 successful applications
• Subscription level: 101.06x
• No claw-back triggered

International Offering:

• 177 placees
• Subscription level: 16.7x

Allocation Concentration: Top 10 placees received 45.89% of total offer shares, underscoring strong book quality [[16]].

Listing Outlook

Based strictly on disclosed investor demand, cornerstone participation, over-subscription rates, and robust deal structure, Suzhou Ribo Life Science Co., Ltd. IPO appears strongly supported and worth subscribing. Expected first-day trading range is likely to open above offer price (HK\$57.97), supported by stabilization mechanisms, lock-up structures, and high institutional interest. Extreme price volatility may occur due to shareholding concentration, and investors should exercise caution regarding liquidity and aftermarket swings [[3]].

Prospectus Access

Obtain the official document and full details on www.eipo.com.hk/eIPOAllotment

How to Apply

Applications were conducted via brokers, banks, and the eIPO platform. For allotment results or application procedures, visit www.eipo.com.hk/eIPOAllotment.