Insight into RIBOLIFE-B (06938) advancement road: hardcore technical barriers + diversified pipeline, promising commercial prospects.

The growth path of the small nucleic acid industry giant Alnylam, which has been "tempering the sword for ten years", is expected to be staged on the Hong Kong stock market. On January 9th, the leading explorer of small nucleic acid drugs in China, RIBOLIFE-B (06938), was officially listed on the HKEX main board. The global offering this time saw RiboLife issuing a total of 31.6104 million shares at a price of HK$57.97 per share, raising a total of over HK$1.8 billion. The public offering portion of this offering was oversubscribed more than 100 times, while the international offering portion was oversubscribed 16.7 times, reflecting the high recognition of global investors for the value of the small nucleic acid track and the company's strength. RiboLife is considered the "Chinese version of Alnylam" in the field of small nucleic acids, as it is a leader in the field of small nucleic acids in China. Since the submission of the prospectus, it has attracted much attention from the market. Not only are secondary market investors eagerly awaiting it, but RiboLife's listing this time has also attracted substantial recognition from many well-known institutions. According to GMTEight, Ribo's offering has attracted ArcAvenue, BrightStone, Huaxia Fund, Da Cheng International and Da Cheng Fund, Taikang Life, and other well-known institutions as cornerstone investors in the subscription process, with market attention continuing to rise. Against the backdrop of top-tier institutional support, how RiboLife can transform its technological advantages and pipeline potential into real commercial value, thus achieving a comprehensive leap in value, has become the focus of market attention. Entering the high-potential core scene, building the strongest "technological barriers" In the race track of innovative pharmaceutical companies, targeting programmability, long-acting effects, and the unique ability to target "undruggable" targets, small nucleic acid drugs are currently seen as the "third wave" after small molecules and antibody drugs. According to a report by Frost & Sullivan, the global small nucleic acid drug market has shown strong and sustained growth potential, increasing from $2.7 billion in 2019 to $5.7 billion in 2024, with a compound annual growth rate of 16.2%. With the continued advancement of technology, approvals for market entry, and increasing clinical validation, it is expected to reach $20.6 billion in 2029 and $54.9 billion in 2034, with a compound annual growth rate of 29.4%. Among them, siRNA drugs are expected to occupy a larger market share in the next decade than other small nucleic acid drugs. At the same time, entering this race track is not easy. Due to the high technological barriers in the small nucleic acid drug industry, especially in the delivery technology, how to deliver medicines accurately, efficiently, and safely to target organs (such as the liver) has always been a key challenge in the industry. However, in the face of these high industry barriers, RiboLife, with its continuous research and development investment, has not only successfully built its own technological advantages but also further relied on its full industry chain technology platform and independently controllable delivery system, building a deep moat. The company has taken the lead in many frontier technology directions, seizing the strategic high ground of industry development. It is understood that RiboLife is one of the few companies globally with independently developed and clinically validated GalNAc delivery technology. This technology, based on specific delivery of siRNA drugs, enhances efficacy and improves safety, overturning the treatment concept of innovative drugs. The company's liver-targeted RiboGalSTAR delivery technology is the cornerstone of many pipeline assets, solving a key challenge of siRNA therapyefficient and specific delivery. This undoubtedly overcomes the industry's most core "bottleneck" problem, building a strong technological barrier for the company. After nearly twenty years of focused research and development, RiboLife has built an integrated and independently developed technology platform tailored for small nucleic acid therapy. These platforms cover the entire drug development cycle from drug design, delivery, modification to CMC and production, laying a solid foundation for the development of potential first-in-class and best-in-class small nucleic acid drugs in the same class. The company's RiboGalSTAR platform is the first and only RNAi technology platform developed in China and licensed to a global multinational company. In addition to RiboGalSTAR, RiboLife is also extending its technology to other critical organs and tissues, such as solid tumors, kidneys, the central nervous system, adipose cells, and muscle tissue, to expand the disease areas for product development. Behind these technological achievements is the company's solid research and development investment as a backing. According to the data disclosed in the prospectus, the company's research and development expenses were 315 million yuan, 280 million yuan, and 135 million yuan in the first half of 2023, 2024, and 2025, respectively, with a total investment of 730 million yuan over two and a half years, showing the company's emphasis on research and development. From overcoming industry "bottleneck" problems through independently controllable delivery technology to building a full industry chain technology platform, Ribo has achieved a breakthrough from "point to plane", forming the most robust technological moat, signifying that the company has a sustainable "innovation engine" that can help the company continuously develop new candidate drugs with significant long-term growth potential. With a pipeline that combines breadth and depth, a vast growth space opens up Of course, in addition to the solid technological barriers, a focused and balanced pipeline layout is also a key factor for RiboLife to transition to value. Unlike most traditional pharmaceutical and biopharmaceutical companies that focus on chemical and biological drugs, RiboLife has a strong focus on the cutting-edge field of small nucleic acid drug manufacturing. At the same time, the company focuses on diversifying its pipeline layout, covering areas such as rare diseases, cardiovascular metabolism, ophthalmology, and neurological diseases, with a rich and balanced pipeline layout. Specifically, RiboLife has now created one of the largest siRNA drug pipelines globally, with seven self-developed drug assets in clinical trials, covering seven indications for cardiovascular, metabolic, renal, and hepatic diseases, with four of them in Phase 2 clinical trials. In addition to the clinical product pipeline, the company has over 20 preclinical projects advancing to clinical development stage. Among them, the core product RBD4059 is the world's first and fastest advancing siRNA drug for the treatment of thrombotic diseases. The drug is currently in the stage of rapid clinical progress, which is a key aspect for RiboLife to achieve autonomous commercialization and maximize value in the future. Thrombotic diseases have become one of the leading causes of death globally, claiming over 10 million lives each year. By selectively inhibiting FXI, RBD4059 can reduce the risk of thrombus formation without significantly increasing the risk of bleeding, while producing long-lasting effects with low-frequency dosing, increasing patient compliance. Therefore, RBD4059 is also seen as a promising treatment option. This also means that once RiboLife's RBD4059 product enters the commercialization stage, the company's growth potential is promising. At the same time, the company also has two drugs that are the second globally to enter clinical development, with huge market prospects. One is RBD5044 (siRNA targeting APOC3) for the treatment of hypertriglyceridemia, and the other is RBD70222 (siRNA targeting PCSK9) for the treatment of hypercholesterolemia. From a strategic perspective, although these two candidate drugs target different aspects of blood lipid abnormalities, the combination of both has the potential to simultaneously lower high triglyceride and cholesterol levels, achieving better blood lipid management. Blood lipid abnormalities are characterized by abnormal levels of any or all lipids (such as triglycerides, cholesterol, phospholipids) or lipoproteins in the blood. Globally, the prevalence of adult blood lipid abnormalities is estimated to be around 40%, affecting about 3 billion people every year. With the formal commercialization of these two drugs by RiboLife, the opened growth space is also very imaginative. It is worth mentioning that with the core pipeline entering the market, RiboLife's commercialization capabilities have entered the fast lane. According to data from the prospectus, after achieving revenue of 143 million yuan in 2024, RiboLife's growth potential was further released, with revenue reaching 103 million yuan in the first half of 2025, a year-over-year increase of 56.57%, while losses also narrowed by 30.9% to 98 million yuan. This significant reduction in losses is a testament to the company's commercialization progress. It is foreseeable that as RiboLife's main product pipeline enters the commercialization stage one by one, the company's growth potential will be further realized, leading Ribo onto the fast track towards profitability. Conclusion Alnylam, the global leader in RNAi therapy, has verified the enormous market potential of small nucleic acid drugs from the construction of its technology platform to the successful commercialization of multiple drugs. This provides ample basis for believing that RiboLife, as the leading player in the field of small nucleic acids in China, has equally broad commercial prospects. From independently breaking through delivery technology to developing a full industry chain technology platform and the core product RBD4059 in clinical stage, RiboLife has gradually completed key steps from technological accumulation to pipeline layout. Currently, RiboLife is at a crucial stage before its products are approved for the market. This Hong Kong stock listing is a crucial step for RiboLife to become a global leading small nucleic acid drug company. With the support of the capital market, the huge potential of RiboLife's technological platform and pipeline is expected to accelerate, leading to a new chapter of performance and value resonance.