Xiantong Pharmaceutical-B (09941) is conducting its IPO subscription from November 16 to November 19, planning a global offering of 6.561 million H shares.

Xiantong Pharmaceutical-B (09941) is conducting its IPO subscription from November 16 to November 19, 2026. The company plans a global offering of 6.561 million H shares, of which 10% is for Hong Kong offering and 90% for international offering. The offer price will be HK$52.0 to HK$68.0 per offer share, with a board lot of 50 shares. The shares are expected to commence trading on the Stock Exchange on November 24, 2026. The company is committed to developing and commercializing diagnostic and therapeutic radiopharmaceuticals with significant market potential. Founded in 2005, as of the latest practicable date, the company has established a staged, indication-oriented development pipeline comprising 13 assets, of which 5 were independently discovered and developed by the company and 3 were independently developed by the company. The company's pipeline includes two core products, XTR008 and XTR004, and two major products, XTR003 and XTR006. XTR008 is a registration-stage 177Lu-labeled radiopharmaceutical targeting somatostatin receptor (SSTR) for the treatment of neuroendocrine tumors (NEN). It is a generic version of Lutathera and is the first drug in its class to submit an NDA to the NMPA as a Class 3 chemical drug, and is expected to obtain marketing approval in December 2026. For the years ended December 31, 2024 and 2025, and the six months ended June 30, 2025 and 2026, the company recorded revenue of RMB44.1 million, RMB99.2 million, RMB36.9 million and RMB61.3 million, respectively. For the years ended December 31, 2024 and 2025, and the six months ended June 30, 2025 and 2026, the company recorded net losses of RMB156 million, RMB618 million, RMB328 million and RMB534 million, respectively. Assuming the over-allotment option is not exercised and the offer price is HK$60.0 per share (being the midpoint of the indicative offer price range stated in this prospectus), after deducting underwriting commissions, fees and other estimated expenses paid and payable in connection with the global offering, the company estimates that the net proceeds from the global offering will be approximately HK$329 million. If the offer price is set at HK$52.0 per share (being the lower limit of the indicative offer price range), the net proceeds from the global offering will decrease by approximately HK$50.4 million. If the offer price is set at HK$68.0 per share (being the upper limit of the indicative offer price range), the net proceeds from the global offering will increase by approximately HK$50.4 million. Assuming the offer price is set at the midpoint of the indicative offer price range and the over-allotment option is not exercised, the company intends to apply the net proceeds from the global offering as follows: 88.0% will be used for the research and development and registration filing of core products; 4.9% will be used for the research and development of the company's other candidate products; 1.1% will be used to strengthen the company's sales and marketing capabilities; 1.1% will be used to build a new production base in Tianjin; and 5.0% will be used as working capital and other general corporate purposes.