IPO Pricing | Biotech company Hua Jian Future-B listed today, receiving over 2,000 times subscription, priced at HK$81.8 per share, with a 2% allotment rate for one lot.

Futu News, June 23:$HJ SCIENCE-B (06132.HK)$announced the allotment results, pricing shares at HK$81.8 each, issuing a total of 13.6 million shares, with board lots of 100 shares each; officially listed today.

During the public offering phase, Hua Jian Future-B received 2,007.6 times subscription. The final number of shares allocated to the public offering was 1.36 million shares, accounting for approximately 10% of the total offering. Approximately 173,300 valid applications were received in total, with around 13,418 applications processed. The approximate percentage of applicants who applied for one lot and were allotted shares was 2% of the total number of shares applied for.

In addition, during the international placement phase, Hua Jian Future-B received 7 times subscription, with the final number of international placement shares set at 12.24 million shares, representing 90% of the total offering. Futu News has compiled the relevant data in the table below:

Company Overview

Hua Jian Future was founded by a team of industry experts dedicated to developing therapies for autoimmune, metabolic, and oncology diseases. By identifying clinical needs and working backward from desired outcomes, the company aims to deliver improved therapeutic solutions. It has established a small-molecule drug development platform that integrates computational modeling with experimental drug design and screening, targeted and rapid drug-likeness assessment, and efficient CMC development and clinical research. Using this integrated approach, the company has advanced multiple differentiated drug candidates across various therapeutic areas.

The company has built a comprehensive R&D system covering drug design, in vitro and in vivo activity evaluation, drug metabolism, synthesis, quality research, formulation development, and scale-up. This end-to-end capability enables the company to effectively manage the entire drug development process—from molecule selection to clinical trials—giving it a unique competitive edge and enhanced efficiency in drug discovery and development.

Financial Summary

Hua Jian Future reported losses of RMB 202.3 million and RMB 135.1 million in 2024 and 2025, respectively. Revenue for 2024 and 2025 amounted to RMB 1.8 million and RMB 13.0 million, respectively, all derived from out-licensing and collaboration agreements. R&D expenses were RMB 75.0 million and RMB 110.2 million in 2024 and 2025, respectively.

Use of Proceeds

Regarding the use of proceeds, Huajian Future expects the net proceeds from the global offering to be approximately HK$1.019 billion (assuming the over-allotment option is not exercised and calculated based on the offer price of HK$81.80 per share). According to the prospectus, Huajian Future intends to allocate the proceeds from the global offering as follows:

Approximately 80.6% will be used to fund ongoing and planned clinical research and development activities for the company’s pipeline products; approximately 9.4% will be allocated to enhance the company’s R&D platform to strengthen its innovative pipeline in immunology, metabolism, and oncology, as well as to discover and develop new preclinical drug candidates to broaden its current therapeutic offerings; approximately 5% will be used to gradually build the company’s commercialization team and expand it as its drug candidates approach commercialization, ensuring effective market expansion and support upon product launch; and approximately 5% will be used for general corporate purposes and working capital.

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Editor/Vincent

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