Oversubscribed by more than 3,000 times! Weilizhibo will officially list on the Hong Kong Stock Exchange tomorrow. Amid the wave of innovative drugs, 70% of this year's new pharmaceutical listings have risen on their first day.

This year, innovative drug companies in Hong Kong have performed well, with a strong atmosphere for initial public offerings (IPOs) in the first half of the year. The biotechnology company$LEADS BIOLABS-B (09887.HK)$is set to officially list on the Hong Kong Stock Exchange. The company announced the allotment results yesterday, andwill conduct grey market trading today from 16:15 to 18:30.，It will officially start trading tomorrow.

The subscription for Virogin Biotech was highly popular, with the number of frozen funds and subscription multiples ranking 5th among new listings this year.

$LEADS BIOLABS-B (09887.HK)$The subscription was highly popular, with a margin over-subscription exceeding 3,029 times, placing itin the 5th position on the list of subscription multiples for new listings this year,just behind$BLOKS (00325.HK)$ 、$MIXUE GROUP (02097.HK)$、 $AUNTEA JENNY (02589.HK)$and$TRANSTHERA-B (02617.HK)$。

The company has frozen nearly HKD 340 billion, rankingfifth in the list of new share offerings with the highest frozen funds this year,just behind$MIXUE GROUP (02097.HK)$ 、 $BLOKS (00325.HK)$$HAITIAN FLAV (03288.HK)$and $SANHUA (02050.HK)$。Futu's subscription clients have exceeded 76,000, with the subscription amount surpassing HKD 200 billion. The number of subscribers and the subscription amount once again rank first in Hong Kong.

As the most highly anticipated new listing on the Hong Kong stock market in July, investors are closely watching the company's R&D pipeline. Morgan Stanley emphasized in the prospectus that Leading Biosciences' bispecific antibodies and TCE pipeline are globally leading in clinical progress. If the single-arm registration trial of LBL-024 in EP-NEC is successful, it is expected to be approved in 2026, becoming the first drug on the market for this indication.

The healthcare sector continues to attract attention, with significant gains on the first day of trading.

In the first half of this year, a total of 11 pharmaceutical companies listed in Hong Kong, surpassing the total number of pharmaceutical companies that listed on the Hong Kong Stock Exchange in 2024. Among these, eight companies saw their share prices rise on the first day, accounting for about 70% of the total.$DUALITYBIO-B (09606.HK)$Topping the list for first-day gains, one company's shares rose by nearly 117%, yielding over HKD 11,000 per lot. As of the time of writing,$DUALITYBIO-B (09606.HK)$the company's shares have risen by nearly 233% since listing.

$TRANSTHERA-B (02617.HK)$Another company saw its shares rise by nearly 79% on the first day, generating a profit of HKD 5,175 per lot, excluding fees,$BAYZED HEALTH (02609.HK)$、 $HENGRUI PHARMA (01276.HK)$with both companies performing impressively on their first day of trading.

In the second half of 2025, the momentum for pharmaceutical companies to go public in Hong Kong continues, with over 40 biopharmaceutical companies in the pipeline awaiting listing. The healthcare industry is continuously receiving bullish signals, and in May 2025, the 'Tech Enterprise Express' was launched, providing a confidential listing application channel and specialized consulting services for specific technology and biotechnology companies, modeled after the Nasdaq.

On June 30 of the same year, the National Medical Security Administration and other departments issued the 'Several Measures to Support the High-Quality Development of Innovative Drugs,' introducing 16 measures across five areas including research and development, market access, use, and payment, to support the entire chain of the innovative drug industry.

According to research by China Post Securities, innovative drugs continue to show a positive trend under the catalysis of large-scale overseas business development expectations and supportive policy documents for innovative drug development. With the ongoing advancement of policies such as the next 25 years of medical insurance negotiations and the optimization of centralized procurement, driven by both policy and capital, the sector is expected to maintain strong performance.

Sinolink Securities believes that innovative drugs remain the main investment theme. Amid the global MNCs facing patent cliffs and actively seeking BD cooperation for potential blockbuster innovative drugs, there is a focus on dual/multi-antibody drugs with pan-cancer potential and innovative drug pipelines addressing unmet clinical needs for chronic diseases. Additionally, there is an opportunity to pay attention to the potential for better-than-expected half-year performance in the innovative drug industry chain.

In their second-quarter report, fund managers Chu Kefan and Shan Lin of Yongying Pharmaceutical Innovation Select Fund stated that the upgrade of China's innovative drugs is not an 'optional' but a 'mandatory' task. Domestic innovative drugs are currently on the verge of releasing industrial dividends, and those that can ultimately weather the cycle will be the ones with genuine hard technological capabilities and the ability to continuously create clinical value.

"We will always focus on industry patterns and the fundamentals of companies, striving to seize the strategic opportunities of a new round of global innovation cycles. At the same time, although the innovative drug sector has a long-term logic, it has already seen some gains, and future adjustments and volatility are inevitable."

Basic Information

$LEADS BIOLABS-B (09887.HK)$It is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other serious conditions. Specifically, the company is a key player in tumor immunotherapy, dedicated to advancing breakthrough cancer treatments and improving patient outcomes.

The current product portfolio includes 14 candidate drugs, with 6 in clinical stages, including 1 core product and 3 major products. The core product, LBL-024, is being evaluated for its potential efficacy in treating advanced extrapulmonary neuroendocrine cancer, small cell lung cancer, biliary tract cancer, non-small cell lung cancer, and other solid tumors.

Viral Biotech, with Morgan Stanley and CITIC SEC as joint sponsors, has introduced nine cornerstone investors, including Huang River Investment under Tencent and Goyal Asset, collectively subscribing to HKD 540 million, accounting for up to 53.47% of the total.

The company plans to issue 32,054,400 H shares, with 90% allocated for international placement and 10% for Hong Kong public offering, along with a 15% over-allotment option.The offer price per share is between HKD 31.6 and HKD 35,with a board lot size of 100 shares, and an entry fee of HKD 3,535.30.

In terms of the use of proceeds,based on the mid-price of HKD 33.3, the expected net proceeds are approximately HKD 968 million,$LEADS BIOLABS-B (09887.HK)$of which about 65% will be used for the ongoing and planned clinical development and regulatory affairs of the group's clinical-stage candidate drugs; about 15% will be used to advance the group's preclinical assets, expand its existing pipeline, and optimize its technology platform; about 10% will primarily be used to enhance the group's production capacity, followed by commercialization after the approval and sales of the candidate drugs; and about 10% will be used for working capital and general corporate purposes.

Regarding financials,In 2023, 2024, and the first quarter of 2025, Vizbiotech recorded net losses of RMB 3.62 billion, RMB 3.01 billion, and RMB 0.75 billion, respectively. The company's operating losses were primarily due to research and development expenses, administrative expenses, and changes in the fair value of share repurchase obligations. The corresponding R&D expenditures for these periods were RMB 2.31 billion, RMB 1.86 billion, and RMB 0.58 billion, respectively.

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