Huayu Bio-B (02396) plans to sell 17.648,800 H shares globally from December 12 to December 17. It is expected to be listed on December 22

According to the Zhitong Finance App, Huayu Bio-B (02396) will raise shares from December 12, 2025 to December 17, 2025. The company plans to sell 17.648,800 H shares globally, of which the Hong Kong public sale accounts for about 10%, the national sale accounts for about 90%, and 15% over-allotment rights. The offering price is HK$38.2-51 per share. Each lot is 200 H shares. H shares are expected to be traded on the Hong Kong Stock Exchange at 9:00 a.m. (Hong Kong time) on December 22, 2025.

Established in 2012, the Group is a biopharmaceutical company headquartered in China. It is committed to developing therapeutics, focusing on developing protein drugs for indications with medical needs and market opportunities. The Group's main focus is to discover, develop and commercialize wound healing therapies, currently PDGF drugs. As of the last practical date, the Group's pipeline contains ten candidate products, seven of which are PDGF drug candidates, including two core products, Pro-101-1 for treating burns and Pro-101-2 for treating sugar feet, which are rhPDGF-bB drugs.

Assuming that the over-allotment rights are not exercised, the Group estimates that the net proceeds from the global offering will be approximately HK$709 million after deducting the underwriting commissions and other estimated sale expenses paid and payable by the Group for the global offering, and assuming that the offer price is HK$44.60 per share (i.e. the median of the indicative offer price range of HK$38.20 to HK$51.00). The Group intends to use the proceeds from the global sale according to the purposes and amounts set out below, subject to change depending on the Group's evolving business needs and changing market conditions: 1. Approximately 61.8% of the net proceeds will be used to fund the continued clinical development and commercialization of the Group's core products Pro 101-1 and Pro-101-2, which is the main reason for the listing. 2. Approximately 18.8% of the net proceeds will be used to enhance the Group's R&D capabilities through the purchase of professional equipment and instruments related to R&D and quality control activities. 3. Approximately 6.3% of the net proceeds will be used to pay third party service fees, R&D personnel costs and raw material costs for ongoing pre-clinical research and development of PDGF products other than the Group's core products to treat other indications (such as fresh wounds, pressure sores, and radioactive ulcers). 4. Approximately 3.1% of the net proceeds will be used to pay third party service fees, R&D personnel costs and raw material costs for Mes-201, Oli-101 and Oli-201 pre-clinical R&D activities. 5. Approximately 10.0% of the net proceeds was used for working capital and general corporate purposes.

During the track record period, all of the Group's revenue came from providing R&D services to a single customer and selling PDGF-BB reagents to another list of customers. The Group did not generate any revenue from product sales during the track record period and is not expected to generate any revenue from product sales until one or more of the Group's candidate products are commercialized. The Group had no profit and a net loss during the track record period. The Group's net losses for 2023, 2024, and the nine months ended 2024 and September 30, 2025 were respectively RMB 105 million, RMB 212 million, RMB 164 million and RMB 135 million. The majority of the Group's net losses were due to R&D expenses and administrative expenses.