The stock Wongsawang Water - B (02630) plans to globally sell 17.59 million H shares and is expected to be listed on November 6th.

Wangshan Wangshui-B (02630) will be listed from October 28, 2025, to November 3, 2025, intending to globally issue 17.5978 million H shares, of which 10% will be offered for public sale in Hong Kong and 90% for international sale (which can be redistributed), with an additional 15% oversubscription option. The offering price per share is HK$32-34, and each trade unit of H shares will consist of 200 shares. It is expected that H shares will be traded on the Stock Exchange of Hong Kong on the morning of November 6, 2025 (Thursday). Assuming the oversubscription option is not exercised and the offering price is HK$33.0 per share, the net proceeds from the global offering are estimated to be approximately HK$521 million. 38.0% will be used for research and development of core products; 27.0% for research and development of other candidate products; 10.0% for the construction of the Qingdao factory; 15.0% for strengthening sales and marketing capabilities; and 10.0% for working capital and other general corporate purposes. The company was established in 2013 and is a biopharmaceutical company dedicated to the discovery, acquisition, development, and commercialization of small molecule drugs in the strategic focus areas of neurology, psychiatry, and reproductive health. The company has acquired and developed two core products, LV232 and TPN171. LV232 is a dual-target serotonin transporter/5-HT3 receptor modulator for the treatment of severe depression, while TPN171 is a type 5 phosphodiesterase (PDE5) inhibitor for the treatment of erectile dysfunction (ED). The company also has four candidate drugs in clinical stages and three in pre-clinical stages. In addition to its innovative pipeline, the company is advancing its generic drug pipeline to generate visible and recurring revenue streams and cash flow as a strategic supplement to its business, thereby enhancing overall resilience. For the years 2023-2024, the company recorded revenues of approximately HK$200 million and HK$11.832 million, with the owner's earnings transitioning from approximately HK$12.089 million to a loss of approximately HK$2.11 billion. In the first four months of 2025, the company's revenue was HK$12.958 million, with the owner's loss amounting to approximately HK$1.12 billion.