LongBio Pharma (Suzhou) Co., Ltd. Announces Allotment Results and Key Details of HKEX Listing
Date: June 4, 2026
Summary of Key Points
- IPO and Listing: LongBio Pharma (Suzhou) Co., Ltd. (“LongBio Pharma” or “the Company”) has announced the results of its global offering and will commence trading on the Hong Kong Stock Exchange on June 5, 2026, under stock code 01779.
- Offer Details: A total of 14,193,150 H Shares were offered (subject to over-allotment), comprising 1,419,350 Hong Kong Offer Shares (10%) and 12,773,800 International Offer Shares (90%). The offer price was set at HK\$96.06 per H Share.
- Subscription and Allocation: The Hong Kong Public Offering was significantly oversubscribed by 4,762.58 times, with 266,377 valid applications but only 28,057 successful ones. The International Offering saw a subscription level of 10.94 times with only 80 placees.
- Over-allotment: There was an over-allocation of 2,128,950 H Shares, which may be covered by the over-allotment option or secondary market purchases.
- Proceeds: The gross proceeds raised were approximately HK\$1,363.4 million, with estimated listing expenses of HK\$108.5 million, resulting in net proceeds of HK\$1,254.9 million.
- Shareholder Concentration: There is a high concentration of shareholding among a small number of investors, with the top 10 H Shareholders holding over 76% of issued H Shares upon listing. Investors are warned that this could lead to significant price volatility even with small trading volumes.
- Cornerstone Investors: Around 50% of the International Offer Shares were allocated to cornerstone investors, including OrbiMed Genesis Master Fund, The Biotech Growth Trust PLC, TruMed Health Innovation Fund LP, Shanghai Gaoyi Asset Management, Wisdomshire Asset Management, Foresight Global Superior Choice funds, Fullgoal Fund, Value Partners, and others.
- Lock-up Arrangements: All cornerstone investors are subject to a six-month lock-up (until December 4, 2026), and all existing shareholders (including Pre-IPO investors) are subject to a 12-month lock-up under PRC law (until June 4, 2027).
- Public Float and Free Float: Upon listing, 33,698,881 H Shares (about 45.42% of the Company’s issued share capital) will be counted towards the public float, meeting the minimum HKEX requirements. The shares held by existing shareholders and cornerstone investors are not counted in the free float at listing, but free float value exceeds HK\$600 million.
- Stabilization: Sinolink Securities (Hong Kong) Company Limited may undertake price stabilization measures for up to 30 days post-listing but is not obliged to do so.
- Termination Clause: The Hong Kong Underwriting Agreement may be terminated by the Sole Sponsor-Overall Coordinator at any time before 8:00 a.m. on the Listing Date if certain events occur.
Details for Shareholders and Investors
- High Shareholder Concentration Risk: The announcement specifically warns about the high concentration of shares in a small number of investors, which can lead to substantial price swings if these shareholders decide to trade.
- Lock-up Expiry Dates: The expiry of lock-ups for cornerstone and Pre-IPO investors could trigger increased share supply and volatility after December 4, 2026 (cornerstone) and June 4, 2027 (existing shareholders).
- Connected Clients and Waivers: Shares were allocated to certain close associates and connected clients with HKEX consent, including Value Partners Hong Kong Limited, GF International Investment Management, E Fund, and others, under strict conditions to ensure compliance and no preferential treatment.
- Potential Share Price Impact: The heavy oversubscription and high concentration of shareholdings, combined with large cornerstone holdings subject to lock-up, make the stock susceptible to significant price movements both upwards and downwards, especially after lock-ups expire.
- Stabilization Period: Price stabilization activities, if any, are limited to 30 days after the last day for lodging applications. After that, the price may face downward pressure if demand is weak.
- Public Float Compliance: The Company will have more than the minimum required H Shares in public hands, with at least 300 shareholders upon listing, and no placee holding more than 10% of the enlarged share capital.
- Trading Information: Shares will begin trading at 9:00 a.m., June 5, 2026, in board lots of 50 H Shares each, under the stock code 01779. The share certificates become valid at 8:00 a.m. on the same day, assuming listing conditions are met.
Important Notices for Investors
- Potential investors should be aware that the Sole Sponsor-Overall Coordinator can terminate the underwriting agreement in the event of specified adverse circumstances up to the morning of listing.
- The securities are not registered in the United States and cannot be offered or sold there except under exemption from registration.
- This announcement is not a prospectus and investors should consult the full Prospectus dated May 28, 2026, for detailed risk factors and company information before making any investment decisions.
Conclusion
For investors, the key price-sensitive factors include:
- High shareholding concentration and lock-up schedules;
- Potential for significant price volatility post-listing and after lock-up expiry;
- Heavy cornerstone and institutional investor participation;
- Large scale of oversubscription suggesting strong initial demand but also possible volatility as shares become freely tradable;
- Stabilization period is temporary and does not guarantee price maintenance after expiry.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Investors should read the official Prospectus and consult with professional advisers before making any investment decisions. Share prices can be volatile and past performance is not indicative of future results.
朗佰生物（蘇州）有限公司 — 香港上市配售結果詳情及投資者需知
日期：2026年6月4日
重點摘要
- 首次公開招股（IPO）及上市：朗佰生物（蘇州）有限公司（下稱「朗佰生物」或「公司」）公布全球發售結果，將於2026年6月5日於香港聯交所掛牌上市，股份代號為 01779。
- 發售詳情：合共發售14,193,150股H股（可行使超額配股權），其中香港公開發售佔1,419,350股（10%），國際配售佔12,773,800股（90%），發售價定為每股HK\$96.06。
- 認購及配售：香港公開發售超額認購達4,762.58倍，收到266,377份有效申請，僅28,057人獲配。國際配售認購倍數為10.94倍，僅80名配售對象。
- 超額配股：有2,128,950股H股被超額配售，可透過行使超額配股權或於二級市場購買等方式覆蓋。
- 集資：總集資額約為港幣13.634億元，扣除上市費用HK\$1.085億元，淨集資額約港幣12.549億元。
- 持股集中：大部分股份集中於少數股東手中，上市時首10大H股股東合共持有超過76%股份，投資者需注意，少量交易已可造成股價大幅波動。
- 基石投資者：國際配售近一半股份分配予基石投資者，如OrbiMed Genesis、The Biotech Growth Trust PLC、TruMed基金、上海高毅資產、Wisdomshire、Foresight、富國基金、惠理等。
- 禁售安排：所有基石投資者須禁售6個月（至2026年12月4日），所有現有股東（包括Pre-IPO投資者）根據內地法規需禁售12個月（至2027年6月4日）。
- 公眾持股及流通量：上市時將有33,698,881股H股（約佔公司總股本45.42%）計入公眾持股，符合聯交所最低要求。現有股東及基石投資者股份不計入自由流通，但自由流通市值超過港幣6億元。
- 穩定價格安排：新領證券（香港）可於上市後30天內進行價格穩定措施，但並無義務必定執行。
- 終止權利：如發生特定事件，獨家保薦人可於上市日早上8時前終止承銷協議。
股東及投資者需注意事項
- 持股集中風險：公告明確警告，股份高度集中於少數股東，若有大戶買賣，股價或會大幅波動。
- 禁售期屆滿安排：基石及Pre-IPO投資者禁售期屆滿後（分別為2026年12月4日及2027年6月4日），股份或會釋放，增加供應並帶來波動。
- 關連人士及豁免：部分股份分配予特定關連人士及客戶，已獲聯交所同意，並需嚴格遵守相關條件，確保公平無優待。
- 潛在股價影響：超額認購及高持股集中，基石投資者禁售期，令股份上市初期及禁售期完結後，價格波動風險顯著。
- 穩定期有限：價格穩定僅限上市後30日，屆滿後若需求不足，股價或受壓。
- 公眾持股要求：上市時公眾持有H股數量及股東人數均符合聯交所規定，無單一配售對象獲10%以上股權。
- 交易安排：股份將於2026年6月5日早上9時開市，每手50股，股份代號01779，股份證書同日早上8時生效。
投資者重要提示
- 獨家保薦人可於上市日前終止承銷協議，如遇重大不利情況。
- 本公告所涉證券未在美國註冊，不能於美國公開發售。
- 本公告僅供參考，投資者應細閱2026年5月28日發佈之正式招股章程，並諮詢專業顧問。
總結
對投資者最敏感及可能影響股價的因素包括：
- 股份集中及禁售期安排；
- 上市初期及禁售期屆滿後潛在大波動；
- 基石及機構投資者重倉參與；
- 超額認購反映初步需求強勁，但禁售期後供應或增波動；
- 穩定價格期有限，無保證期滿後價格可維持。
免責聲明： 本文僅供參考，並不構成任何投資建議或邀請。投資者應細閱正式招股章程，並諮詢專業顧問。股票價格可大幅波動，過往表現不代表未來走勢。
