New Stock News | Jintai Technology-P (07666) oversubscribed more than 6900 times in public issuance, becoming the "Frozen Capital King" of Hong Kong stock IPOs within one year.

The IPO of Jitai Technology-P (07666), also known as the "first stock of AI drug delivery", has ended. The company recorded over 6900 times oversubscription in its Hong Kong public offering, locking in subscription funds of more than 73 billion Hong Kong dollars, making it the largest healthcare IPO in Hong Kong so far in 2026 in terms of public offering subscription amount, and also the new "frozen capital king" in the Hong Kong IPO market this year. In terms of international placements, they received orders from over 208 institutional investors, with a subscription amount 33.86 times the allocated quota, also the highest multiple in international placements for healthcare IPOs in Hong Kong so far in 2026. Jitai Technology's IPO is co-sponsored by Fosun Financial Group, Deutsche Bank Asia and CITIC SEC (Hong Kong), issuing 201 million H shares globally, raising over 2.1 billion Hong Kong dollars, also setting a new record for fundraising in healthcare IPOs in Hong Kong so far in 2026. According to the IPO arrangement, the offer price is 10.50 Hong Kong dollars per share, with a lot size of 500 shares and an entry fee of approximately 5250 Hong Kong dollars. The shares are expected to be listed for trading on the Main Board of the Hong Kong Stock Exchange on May 13. Public information shows that Jitai Technology has introduced 18 cornerstone investors for this IPO, with a total subscription amount of around 148 million US dollars, including BlackRock, UBS, Future Fund, HHLRA (a subsidiary of Hillhouse Capital), Deerfield, RTW, Lake Bleu, Walden International, IDG-related funds, China Venture Capital Innovation Fund, and many Chinese public funds. The strong demand from public offering, international placements, and cornerstone investors reflects the long-term capital's recognition of AI drug delivery and the company's technology platform. According to the prospectus, Jitai Technology is an artificial intelligence nanomaterial innovation company dedicated to the delivery and application of payloads in different organisms. The company's core platform NanoForge integrates a large-scale lipid library, artificial intelligence basic models, METiS intelligent bodies, quantum chemistry and molecular dynamics simulations, and AI-driven high-throughput screening platforms, and has developed three major solutions - AiTEM, AiLNP, and AiRNA for the design, optimization, and validation of advanced nanomaterials and related payloads. In terms of pipeline, Jitai Technology has laid out more than 10 products covering central nervous system, tumor, immune, and metabolic areas. Among them, MTS-004 is a fast progressing candidate product for the company. Public information shows that the product is used for the treatment of pseudo-bulbar affect and has completed Phase III clinical research on major endpoints; the company is also advancing commercialization verification through product licensing and platform cooperation. Financially, public information shows that Jitai Technology achieved revenue of around 105 million yuan in 2025, a significant increase from 2024; the gross profit margin has increased to about 98.2%. As of the end of 2025, the company held a total of approximately 1.13 billion yuan in cash and cash equivalents, time deposits, and financial assets measured at fair value, providing a financial foundation for future research and development, platform upgrades, and global cooperation. In terms of the use of funds raised, Jitai Technology plans to mainly use the net proceeds for the core technology research and development and advancement of artificial intelligence infrastructure and AI-driven nanomaterial platforms, clinical trials of AI-developed product pipelines, animal health and anti-aging solution development, construction of a global AI-driven nanomaterial ecosystem, as well as operating funds and general corporate purposes. Industry insiders believe that as AI pharmaceuticals gradually move from concept verification to technology implementation and commercial realization, drug delivery is becoming a key link in achieving precise drugs for nucleic acid drugs, mRNA, gene therapy, and various new therapies. Jitai Technology focuses on AI nano-delivery as an entry point and sets multiple records in terms of fundraising scale, public offering subscription amount, and international subscription multiple in the healthcare IPO market in Hong Kong so far in 2026, becoming the "frozen capital king" of healthcare IPOs in Hong Kong this year, reflecting market attention to its platform scarcity, technological barriers, and long-term growth space.