IPO News | 'Innovative Pharmaceutical Company' HANX Aiotai-B Launches Bookbuilding, Targeting December 23 Listing with Minimum Subscription Amount of HKD 3,232.27

Futu News, December 15 - $HANXBIO-B (03378.HK)$ The company announced that it will conduct its bookbuilding from December 15 to December 18 and plans to offer approximately 18.321 million shares globally, with an expected listing date of December 23.

Company Profile

HANX Aiotai is a biotechnology company with proprietary expertise and experience in structural biology, translational medicine, and clinical development. Since 2016, the company has developed a product pipeline, including one core product and nine other pipeline candidates, namely (i) three clinical-stage drug candidates targeting oncology, including the company's core product HX009 and key products HX301 and HX044; and (ii) seven preclinical-stage candidates, including antibody-drug conjugates, bispecific antibodies, and monoclonal antibodies for autoimmune and oncology markets.

The company’s core product, HX009, is a self-developed anti-PD-1 (an immune checkpoint receptor)/SIRPα bifunctional antibody fusion protein. During the performance record period and up to the latest practicable date, the company has completed Phase I clinical trials for HX009 in Australia and China. The company is currently conducting three HX009 clinical projects in China: (i) the HX009-I-01 China study (Phase Ib) for treating advanced melanoma; (ii) the HX009-II-02 China study (Phase I/II) for treating recurrent/refractory Epstein Barr virus-positive non-Hodgkin lymphoma; and (iii) the HX009-II-05 China study (Phase IIa) for treating advanced biliary tract cancer.

Financial Overview

In terms of financial performance, Huxi Aitai generated no revenue. The majority of its funds were utilized for research and development costs, other expenses, administrative expenses, and interest expenses to expand business operations. In the fiscal years 2023, 2024, and the first eight months of 2025, R&D expenditures during the corresponding periods amounted to RMB 46.663 million, RMB 74.721 million, and RMB 56.178 million, respectively, representing 73.0%, 61.8%, and 67.2% of total operating expenses in the respective periods.

Cornerstone investors

Cornerstone investors have agreed to subscribe for, or cause their designated entities to subscribe for, a relevant number of offer shares at the issue price, subject to certain conditions. At an issue price of HKD 32.00 per H share (the maximum issue price as stated in this prospectus), the total number of offer shares subscribed by cornerstone investors will be 2,917,800 shares. The cornerstone investors include:

Fude Resources, Sage Partners, Guotai Junan (related to Kunyang OTC swap), TFI Investment Fund SPC (acting for and on behalf of its independent portfolio TFI Lakeside SP), Main Source Capital Limited, YStem Capital, and Chunlei Capital Limited.

Use of Proceeds

Regarding the use of proceeds, Huxi Aitai expects net proceeds from the global offering to amount to approximately HKD 496 million (assuming the over-allotment option is not exercised and based on the mid-point issue price of HKD 30). According to the prospectus, Huxi Aitai intends to allocate the proceeds from the global offering for the following purposes:

Approximately 35% will be used for the development of the company's core product (namely HX009); approximately 33% will be allocated to the development of its key products (namely HX301 and HX044); approximately 17% will be dedicated to the development of other significant products; approximately 5% will fund commercialization and/or business development activities; and approximately 10% will be utilized for working capital and other general corporate purposes.