New Stock News | Wong Sun Wong Shui-B (02630) IPO oversubscribed by 279.7 billion Hong Kong dollars, oversubscribed by 4974 times.

Biopharmaceutical company Wangshan Wangshui-B (02630) launched its initial public offering from October 28, 2025 to November 3, 2025, and the latest subscription has ended. As of noon on November 3, Wangshan Wangshui has received at least HK$27.97 billion in margin financing from brokers, based on the public offering amount of HK$59.83 million, oversubscribed by 4974 times. Wangshan Wangshui follows the rules for Chapter 18A biotech companies to list in Hong Kong, planning to issue 17.5978 million shares, with 10% of them for public offering. The offering price per share is between HK$32 and HK$34, aiming to raise nearly HK$600 million, with 200 shares per board lot and an entry fee of HK$6,868.6. The company expects to start trading on November 6, with CITIC SEC as its sole sponsor. Wangshan Wangshui does not have a clawback mechanism, and the sponsor, who also acts as the overall coordinator, can reallocate up to 15%. According to the prospectus, Wangshan Wangshui was established in 2013 as a biopharmaceutical company focused on discovering, acquiring, developing, and commercializing small molecule drugs in its strategic therapeutic areas (i.e., neurology psychiatry and reproductive health). The company has developed a diversified pipeline of nine innovative assets, with two in the commercialization stage, four in the clinical stage, and three in the preclinical stage. LV232, TPN171, and VV116 target the neurology psychiatry, reproductive health, and antiviral drug markets respectively, and are ready to meet significant clinical needs. It is worth noting that Wangshan Wangshui has not yet become profitable, recording a net loss of RMB 218 million in 2024 and a net profit of RMB 6.427 million in 2023, attributing the fluctuation mainly to a decrease in revenue. According to the prospectus, Wangshan Wangshui plans to use 38% of the net proceeds from the global offering for the research and development of core products, 27% for the research and development of other candidates, 15% to strengthen sales and marketing capabilities, 10% for the construction of a factory in Qingdao, and 10% for other general corporate purposes.