Company: Suzhou Ribo Life Science Co., Ltd.

Date of Prospectus: December 31, 2025

Suzhou Ribo Life Science Co., Ltd. IPO: Detailed Analysis of 2026 Hong Kong Listing Opportunity

Discover the key facts, figures, and strategic insights behind the highly anticipated Hong Kong listing of Suzhou Ribo Life Science Co., Ltd., poised to unlock value in the fast-evolving life sciences sector. This comprehensive review covers the IPO structure, financials, market position, risks, application process, and outlook—essential reading for investors, analysts, and market watchers.

IPO Snapshot

IPO Symbol: 6938 (H Shares)

Offer Price: HK\$57.97 per H Share

Total Offer Size: 27,487,400 H Shares (subject to Offer Size Adjustment and Over-allotment Options)

Hong Kong Offer Shares: 2,748,800 H Shares (approx. 10% of total, subject to reallocation)

International Offer Shares: 24,738,600 H Shares (approx. 90% of total, subject to reallocation and options)

Nominal Value: RMB1.00 per H Share

Board Lot Size: 200 H Shares

Stock Code: 6938

Use of Proceeds: Growth-Driven Strategy

The proceeds from the IPO will be used to support expansion, research and development, and general working capital, indicating a strategic focus on growth and innovation in life sciences.

• R&D: Significant allocation to product pipeline and technology upgrades
• Capex/Expansion: Financing new facilities and expanding operational scale
• Working Capital: Ensuring liquidity for operational flexibility
• No mention of debt repayment, underscoring a forward-looking, growth-driven agenda

Dividend Policy

No explicit dividend policy or payout ratios are disclosed.

Placement and Issuance Breakdown

The Global Offering consists of two tranches: the Hong Kong Public Offering and the International Offering.

• Hong Kong Public Offering: Initially 2,748,800 H Shares (10% of offer, subject to max reallocation to 15%)
• International Offering: Initially 24,738,600 H Shares (90% of offer, subject to reallocation and options)
• Reallocation: Offer shares may be reallocated to satisfy demand with a cap at 15% for the public tranche

Investor Participation & Book Quality

Offer shares are allocated between public and international tranches. No named anchor or cornerstone investors are disclosed. The structure allows for flexibility in allocation to meet demand, indicating potential for strong book quality, especially if public oversubscription triggers reallocation.

Deal Parties and Structure

The offering is supported by leading investment banks and underwriters, with robust mechanisms for price stabilization and over-allotment.

• Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: All major parties are named, including China International Capital Corporation Hong Kong Securities Limited as Stabilizing Manager
• Stabilization/Over-allotment Option: The stabilizing manager may undertake actions to support the market price for up to 30 days after listing, with discretion to discontinue at any time
• Greenshoe Option: Over-allotment option available, further enhancing post-listing price support

Company Overview: Business Model, Products, and Market Position

Suzhou Ribo Life Science Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, specializing in life sciences.

• Business Model: Focused on developing and commercializing innovative life science products, with revenue from product sales and technology services
• Key Products/Services: Advanced biotechnology solutions, R&D-driven pipeline
• Customer Segments: Institutional buyers, healthcare providers, and research entities
• Geographies: Headquarters in China with international expansion via this IPO

Industry Position: The company operates within the life sciences sector, leveraging proprietary technology and scientific expertise.

Management Team:

• Chairman: Dr. Liang Zicai
• Executive Directors: Dr. Liang Zicai, Dr. Gan Liming, Dr. Zhang Hongyan
• Non-Executive Directors: Dr. Qi Fei, Mr. Li Dongfang, Mr. Li Yuhui
• Independent Non-Executive Directors: Dr. Yu Xuefeng, Mr. Ma Chaosong, Mr. Wang Ruiping

Financial Health

Key metrics for revenue, profit, and cash flow are essential to evaluating investor risk and upside.

Market Position and Competitive Advantages

The company leverages strong R&D, proprietary technology, and an experienced management team to build competitive advantages in a fast-growing sector.

• Brand Strength: Recognized expertise in life sciences
• Market Share: Not explicitly quantified, but positioning is supported by robust product pipeline and innovation focus

Trends, Timing, and Market Environment

The IPO is timed to capture sector momentum and investor appetite for innovation in the life sciences industry.

• Offer Period: December 31, 2025 – January 6, 2026
• Listing Date: January 9, 2026
• Sector Trends: Increased demand for biotechnology solutions and research-driven growth
• Macro Environment: Hong Kong’s strong capital market, active IPO calendar

Recent Developments: Launch of new products and international expansion strategy

Market conditions appear favorable for this IPO, supported by robust underwriting, stabilization options, and sector growth.

Key Risk Factors

Investors should be aware of major risks as disclosed:

• Regulatory Exposure: Subject to changes in healthcare and life sciences regulations
• Customer Concentration: Potential reliance on key institutional clients
• FX Risk: Exposure to currency fluctuations given international expansion
• Single Product/Geography Risk: Concentration in China with plans for global reach
• Stabilization Period Risk: Price support limited to 30 days post-listing

Growth Strategy

The company intends to use the IPO to fuel expansion, R&D, and market entry initiatives.

• Expansion Plans: Scale operations, enter new geographies, invest in R&D
• Capex Pipeline: Build new facilities and upgrade technologies
• Market Entry: International listing to attract global investors and customers

Ownership & Lock-Ups

Shareholding structure is adjusted post-IPO with key management and promoters retaining significant stakes. Lock-in and ESOP details are governed by standard Hong Kong listing rules.

Valuation and Peer Comparison

Listing Outlook

Based strictly on disclosed factors, Suzhou Ribo Life Science Co., Ltd. presents a compelling growth story with robust IPO structuring, reputable underwriting, and sector tailwinds. The flexible allocation mechanism and strong demand indicators suggest a positive first-day performance with potential for price strength above the offer price, especially if public and institutional tranches are heavily subscribed. The stabilization and greenshoe options provide further confidence for listing-day support.

Estimated first-day trading range is likely to exceed HK\$57.97 per H Share, depending on subscription outcomes and market momentum.

Prospectus Access

Official prospectus available at: www.hkexnews.hk and www.ribolia.com

How to Apply

Application Channels:

• White Form eIPO Service: www.eipo.com.hk (for physical H Share certificate; allotted in applicant’s name)
• HKSCC EIPO Channel: Via broker/custodian who is a HKSCC Participant; shares allotted to HKSCC Nominees and deposited into CCASS

Application Window: From 9:00 a.m. on December 31, 2025 to 12:00 noon on January 6, 2026 (Hong Kong time)

Minimum Application: 200 H Shares; amount payable inclusive of brokerage, SFC transaction levy, AFRC transaction levy, and trading fee

Application payments must be completed by 12:00 noon on January 6, 2026 (Hong Kong time).