New Stock News | Tianchen Biotechnology-B (01779) has completed its initial public offering with a subscription amount of HK$462.4 billion, oversubscribed by 3390 times.

Tianchen Biotech - B (01779) will be open for subscription from May 28th to June 2nd. Tianchen Biotech plans to issue 14.193 million H shares, with 10% for public offering in Hong Kong at a price of HK$96.06 per share, raising HK$1.36 billion. Each lot consists of 50 shares, with an entrance fee of HK$4851.4 per lot. Tianchen Biotech is expected to be listed for trading on June 5th, with Sinolink as the exclusive sponsor. As of noon on June 2nd, the public portion has received applications for HK$462.44 billion in subscription, which is 3390.8 times oversubscribed based on the public fundraising of HK$136 million. The prospectus shows that Tianchen Biotech is a clinical-stage biopharmaceutical company founded in 2020, located in Shanghai and Changshu, Suzhou, China, focusing on the independent discovery and development of biologics for allergic and autoimmune diseases. The company has (i) a core product, LP-003, an anti-IgE antibody that blocks free IgE in the blood and tissues to suppress IgE-mediated allergic reactions, intended for the treatment of allergic diseases such as seasonal allergic rhinitis, chronic spontaneous urticaria, allergic asthma, and other allergic diseases; and (ii) a main product, LP-005, a dual-function antibody fusion protein targeting C5 and C3b complement, used for the treatment of related kidney and hematologic indications. Financially, the company's revenue is expected to be approximately RMB 3.07 million and RMB 5.586 million in 2024 and 2025 respectively, while the net loss and comprehensive loss for the years are estimated to be approximately RMB 137 million and RMB 176 million respectively.