Zhonghui Biology-B (02627) will be listed from July 31 to August 5, and plans to globally issue 33.4426 million H shares.

China Hui Biological-B (02627) launched its IPO from July 31, 2025 to August 5, 2025. The company plans to globally sell 33.426 million H shares, with 10% sold in Hong Kong and 90% internationally. The offer price per share ranges from HK$12.9 to HK$15.5. Each lot consists of 200 shares, and the H shares are expected to start trading on the Hong Kong Stock Exchange on August 8, 2025, at 9:00 am. The group is a China-based vaccine company dedicated to the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technology methods. The group closely monitors global disease trends and vaccine development trends to determine its product pipeline, focusing on high-quality vaccines to replace traditional and imported vaccines in China and expand its competitive edge internationally. As of the last feasible date, the group's product pipeline includes two core products, a quadrivalent influenza virus subunit vaccine and an investigational lyophilized human rabies vaccine, as well as 11 other investigational vaccines. The company, joint sponsors, and overall coordinators have entered into cornerstone investment agreements with Jiaxing Xinyang and Huatai Capital Investment (related to Huatai's Total Return Swap and Huatai Customer Total Return Swap), with cornerstone investors agreeing to subscribe to a certain amount of shares at the offer price (rounded down to the nearest full trading unit of 200 H shares per lot), with a total subscription amount of USD 13 million (excluding brokerage commissions, SFC transaction levy, HKEX trading fee) (cornerstone allocation). Assuming an offer price of HK$14.20 per share (the midpoint of the indicative offer price range in this prospectus) and the exercise of the overallotment option, the total number of shares subscribed by cornerstone investors will be 7.1136 million H shares, representing approximately (i) 21.3% of the global offer issue shares (assuming the overallotment option is not exercised); (ii) 1.8% of the total issued share capital after the global offer is completed (assuming the overallotment option is not exercised); and (iii) 1.8% of the total issued share capital after the global offer is completed (assuming the overallotment option is fully exercised). Assuming an offer price of HK$14.20 per share and the non-exercise of the overallotment option, after deducting the underwriting expenses and expenses incurred by the group in the global offering, the group estimates that it will receive net proceeds of approximately HK$421 million. The group plans to use the net proceeds from the global offering as follows: approximately 63.6% will be allocated to the development and domestic and foreign registration of the group's core products, with approximately 32.4% for the continued research and overseas market registration of the group's quadrivalent influenza virus subunit vaccine, and approximately 31.2% for the Phase III clinical trial and registration of the group's investigational lyophilized human rabies vaccine. Approximately 18.1% will be used for the development and registration of other investigational vaccines. Approximately 8.4% will be allocated to enhancing the group's production and commercialization capabilities. Approximately 4.9% will be allocated to the development, upgrading, and operation of the group's technology platforms, including the genetic engineering and protein expression and purification platform, mRNA vaccine research platform, adjuvant development and production platform, large-scale amplification platform, polysaccharide binding technology platform, and microbiology and immunology research platform. Approximately 5.0% will be allocated to working capital and other general corporate purposes.