IPO Pricing | JiTai Technology-P goes public today with over 6,900 times subscription, priced at HKD 10.5 per share, earning HKD 9,450 per lot in the gray market

Futu News May 13 report $METIS TECHBIO-P (07666.HK)$ Announced the allocation results: priced at HKD 10.5 per share, issuing a total of 201 million shares, 500 shares per lot, officially listed today

In the last trading session, Jetstone Technology closed up 180% on the grey market at HKD 29.4 per share. Each lot contains 500 shares, and without considering handling fees, a single lot yields a profit of HKD 9,450.

During the public offering phase, Jetstone Technology received subscriptions amounting to 6,910.96 times the available shares. The final number of shares offered publicly was 40.246 million, representing approximately 20% of the total shares issued. A total of approximately 383,300 valid applications were received, with around 65,740 accepted applications. The percentage allocation for one-lot applicants was approximately 0.14% of the total requested shares.

Additionally, during the international placement phase, Jetstone Technology garnered 33.86 times subscription coverage. The final number of shares allocated internationally was 161 million, accounting for 80% of the total shares issued. Futu Information has compiled relevant data as shown in the table below.

Company Overview

Jetstone Technology is a leader in AI-driven nanomaterials innovation, focusing on payload delivery and application within various life forms, leveraging AI nano-innovation to unlock a healthier future. NanoForge serves as the foundation of the group's proprietary, synergistically integrated AI-driven nanotechnology innovation system, encompassing an extensive self-generated lipid library, foundational AI models, METiS AI agents, quantum chemistry and molecular dynamics simulations, and AI-powered high-throughput screening platforms. Building on this framework, Jetstone Technology has developed three specialized solutions (the AiTEM, AiLNP, and AiRNA platforms) that simulate, predict, and interpret interactions at the nanoscale, enabling rational design, optimization, and validation of advanced nanomaterials and their associated payloads.

Financial Summary

Jetstone Technology reported gross profits of RMB 5.585 million, RMB 823,000, and RMB 103 million for the years 2023, 2024, and 2025 respectively, with corresponding gross margins of 59.8%, 55.5%, and 98.2%. Throughout the performance record period, Jetstone Technology’s overall gross margin remained stable, with fluctuations primarily attributed to changes in the nature of research and development services within its product mix, which features diverse profitability profiles. The overall gross margin for Jetstone Technology improved in 2025, driven by revenue recognition of RMB 100 million from MTS-004 during the period. Looking ahead, Jetstone Technology plans to develop new forms of high-value services and products to enhance overall profitability.

Use of Proceeds

Regarding the use of proceeds, Jetstone Technology's global offering generated net proceeds of approximately HKD 1.993 billion (based on an offer price of HKD 10.5). According to the prospectus, Jetstone Technology intends to allocate the net proceeds from the global offering over the next 3 to 5 years as follows:

(1) Approximately 50.0% will be used to support the group’s AI infrastructure and core technology research, development, and advancement of AI-driven nanomaterial platforms; (2) Around 20.0% will fund ongoing and planned clinical trials within the group’s AI-developed product pipeline, advancing drug candidates across multiple therapeutic areas and modalities. These investments will facilitate regulatory filings, indication expansion, and early clinical validation, accelerating the transformation of the group’s platform innovations into treatment solutions; (3) Roughly 10.0% will be directed towards developing the group’s animal health and anti-aging solutions, extending AI-enabled solutions into these high-growth fields; (4) About 10.0% will be allocated to support the group’s growth strategy in building an AI-driven nanomaterial ecosystem globally; (5) Approximately 10.0% will serve as working capital and for other general corporate purposes.

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Editor/Joe

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