Mabwell (Shanghai) Bioscience Co., Ltd. (Stock Code: 2493) Announces Final Offer Price and Allotment Results for H Share Listing

Date of Announcement: April 27, 2026
Dealings Commencement: April 28, 2026
Stock Short Name: MABWELL-B

Key Points for Investors

• Final Offer Price: HK\$27.64 per H Share (within the original price range of HK\$27.64 – HK\$30.71)
• Total Offer Shares: 47,130,200 H Shares
• Gross Proceeds: HK\$1,302.7 million
• Net Proceeds (after estimated listing expenses): HK\$1,189.0 million
• Shares Issued Upon Listing: 446,730,200 shares
• Stock Exchange Listing: Shares will trade in lots of 200 H Shares, stock code 2493

Allotment Results and Shareholder Distribution

Hong Kong Public Offering

• Valid Applications: 126,378
• Successful Applications: 14,808
• Subscription Level: 481.71 times (very high oversubscription)
• Offer Shares Allocated: 4,713,200 H Shares (10% of global offering)

International Offering

• Number of Placees: 82
• Subscription Level: 3.46 times
• Offer Shares Allocated: 42,417,000 H Shares (90% of global offering)

Cornerstone Investors

• Junshi Hong Kong Limited: 5,668,200 H Shares (12.03% of issued H Shares after offering)
• Sanjin International Co., Ltd.: 4,251,200 H Shares (9.02%)
• Guohui (HK) Holdings Co., Limited: 1,983,800 H Shares (4.21%)
• CHIL (close associate of controlling shareholder): 1,983,800 H Shares (4.21%)
• WuXi Biologics HealthCare Venture: 850,200 H Shares (1.80%)
• Splendid Zhonghe (Tianjin) Investment Management Co., Ltd.: 283,400 H Shares (0.60%)
• Total Cornerstone Allocation: 15,020,600 H Shares (31.87% of global offering)

Lock-Up Undertakings

• All cornerstone investors are subject to a 6-month lock-up, ending October 27, 2026.
• Controlling shareholders (Langrun Equity, Zhongjun Jianlong, Zhenzhu Investment, Langrun Investment Consultancy) together control approx. 42.38% of total issued share capital, subject to lock-up until April 27, 2027.

Shareholder & Placee Concentration

• High concentration risk: Top 1 H Shareholder holds 12.03% of issued H Shares; Top 5 hold 36.74%; Top 10 hold 55.21%; Top 25 hold 78.90%.
• Placee concentration: Top 10 placees receive more than 61% of international offering shares.
• Warning: Shareholding is highly concentrated. Even small trades may cause substantial price movements. Investors are advised to exercise caution.

Public Float and Free Float Requirements

• Immediately after listing, public will hold 45,146,400 H Shares (10.11% of total issued share capital), meeting minimum requirements.
• Market capitalization of H Shares held by the public and not subject to lock-up: HK\$887.51 million, well above the HK\$600 million threshold.
• No new substantial shareholders after the offering; largest public shareholders do not exceed 50% of H shares in public hands.
• At least 300 shareholders at time of listing.

Compliance, Waivers, and Connected Clients

• The Company obtained waivers allowing allocations to certain minority shareholders and connected clients (including cornerstone investment by CHIL, a core connected person, and allocations to connected clients of distributors such as CSI, CITIC Asset Management, CITIC AM HK, GTJAI, ABCI AM, and E Fund Management).
• Connected clients’ allocations are subject to strict compliance and disclosure requirements, including details of ultimate beneficial owners and affirmation of independence from the Company and its substantial shareholders.
• Waivers and consents were granted by the Stock Exchange for these allocations, ensuring compliance with listing rules.

Basis of Allocation for Hong Kong Public Offering

• Extremely low allocation rates due to high subscription—most applicants received only 200 H Shares.
• Pool A: 10,986 successful applicants; Pool B: 3,822 successful applicants.

Potential Price-Sensitive and Shareholder-Relevant Information

• High shareholding concentration: Raises risk of volatility. Even small trades may have outsized impact on share price.
• Lock-up arrangements: Shares held by cornerstone investors and controlling shareholders are restricted from disposal for six months (cornerstone) and up to one year (controlling), limiting immediate supply in market and possibly impacting liquidity and price stability.
• Strong demand: Oversubscription (481.71x in Hong Kong) signals strong investor interest but also limited immediate free float. This can contribute to short-term price volatility post-listing.
• Connected client allocations and waivers: Extensive disclosures and waivers granted for allocations to connected clients and minority shareholders. While compliant, these may be scrutinized by investors for governance and independence concerns.
• Cornerstone investor participation by core connected person (CHIL): May raise concerns about independence and influence, although waivers and equal treatment are confirmed.
• No new substantial shareholders: Post-listing structure avoids concentration of power among new entrants, but existing controlling group retains significant influence.

Trading and Listing Details

• H Share certificates become valid at 8:00 a.m. on April 28, 2026, assuming the Global Offering is unconditional.
• Trading on Stock Exchange begins at 9:00 a.m. on April 28, 2026; board lots of 200 H Shares; stock code 2493.

Important Disclaimers

Disclaimer: The above article is based on publicly disclosed information from the final offer price and allotment results announcement by Mabwell (Shanghai) Bioscience Co., Ltd. It is intended for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. Investors should be aware of the risks associated with high shareholding concentration, lock-up arrangements, and allocations to connected clients, which may affect share price volatility and market liquidity. Please consult the official prospectus and your financial advisor before making any investment decision.

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