“AI for Science's First Stock” Jingtai Holdings (02228) completed an IPO of nearly HK$3 billion and reached the top of the global AI pharmaceutical financing market

The Zhitong Finance App learned that Jingtai Holdings (02228) once again fully demonstrated its strong appeal and efficient execution in the capital market using textbook-level “lightning placement”. On August 29, 2025, Jingtai Holdings issued an announcement stating that it has entered into a placement agreement with the placement agent to place up to 286 million shares through the placement agent. According to the announcement, in addition to being used for company operations, product development, and mergers and acquisitions, the funds will also explore the application of innovative financial instruments such as RWA (real world assets) and RDA (real data assets) to develop new blockchain businesses. On the same day, Jingtai Holdings announced the successful completion of the HK$2.65 billion IPO price. The entire process from book opening to pricing was completed in less than one trading day. The placement price was set at HK$9.28 per share, a premium of about 75.8% over the IPO issuance price and a 23.4% premium over the last 30 trading days of the average closing price, demonstrating the market's high recognition of its value.

According to reports, Jingtai Holdings' past placement projects have had a strong market response, and bookkeeping has often received multiple coverage. This placement continued its strong trend, and coverage was quickly achieved after opening, attracting active subscription from many institutions, including leading international sovereign funds and domestic and foreign long-term funds. In the end, order coverage was multiplied, and the distribution scale increased by more than 13% compared to the initial scale. This placement is the company's third open market financing after the January and February 2025 IPO, fully demonstrating the firm confidence of global investors in the company's development prospects.

According to investment bankers involved in this placement to Zhitong Finance, the funds participating in this placement include the world's largest sovereign fund, Norges Bank Investment Management (Norges Bank Investment Management), which reached an estimated $1.3 trillion as early as 2023.

Since its listing, Jingtai Holdings has always been committed to product iteration and commercialization expansion, and its business performance has shown a rapid growth trend. In the first half of 2025, Jingtai Holdings achieved large-scale profits for the first time. Among them, drug discovery solution business revenue increased 615.2% year on year to 435 million yuan; intelligent robot solution business revenue increased 95.9% year on year to 82 million yuan. This outstanding achievement reflects the increasingly important position of AI in pharmaceutical and materials science research and development.

Jingtai Holdings has now become a well-deserved giant in the global AI drug development field. As of August 27, its market capitalization exceeded HK$41.2 billion, making it currently the company with the highest market capitalization in the field of AI drug discovery in Asia. At the same time, Jingtai Holdings is also the company with the largest amount of financing in history in the field of AI drug development in the world, and has set a record for the highest amount of financing in the AI drug development field. The Guojin Securities Research Report pointed out that because AI pharmaceuticals themselves are a brand-new racetrack for technology to cross borders, the first breakers in the future may be AI pharmaceutical companies, pioneers of traditional imitation pioneers in the AI field, or emerging technology companies in the non-pharmaceutical field.

Moreover, the company also has strong cash reserves. As of June 30, 2025, the cash balance was 5.308 billion yuan. In addition to this new financing amount, Jingtai Holdings has about 8 billion yuan on hand, which can be described as extremely abundant. Adequate capital reserves have always been a strong guarantee of the company's continued leadership in this field. In the context of the rapid development of global artificial intelligence and an era where cash is king, Jingtai Holdings has clearly stored sufficient ammunition for the continued growth of its market competitiveness.

Furthermore, in recent years, pharmaceutical companies have actively explored tokenized issuance based on future revenue rights from innovative drug research and development. It is worth mentioning that on August 6, the RWA registration platform was officially launched in Hong Kong. It was initiated by the Hong Kong Web 3.0 Standardization Association to open up a service system for the entire process of digitization, capitalization, and financialization of RWA assets. Jingtai Technology's AI+ robotic molecular discovery platform is naturally compatible with RWA and RDA, and according to previous news from the industry, Jingtai Technology began to lay out Web3 related technology in the early years. At this point, it is the right time to officially enter this field. Jingtai Holdings plans to continue to use the funds from this placement for product and R&D iteration, commercial expansion, and potential mergers and acquisitions. At the same time, the company will also explore the use of innovative financial instruments such as RWA (real world assets) and RDA (real data assets). Through RWA, Jingtai Holdings can digitally transform real-world assets, such as R&D results and patents, etc., improve asset liquidity, broaden financing channels, inject more capital and vitality into innovative drug research and development, and take the lead in industry competition.