Hanx Biopharmaceuticals (Wuhan) Co., Ltd. (3378.HK), an immuno-oncology biotechnology company, has launched its Hong Kong initial public offering (IPO). The subscription period runs from December 15 to December 18, 2025. The company plans to offer approximately 18,321,000 H shares globally, with a 15% over-allotment option. The offer price ranges from HK$28.00 to HK$32.00 per share, with a board lot size of 100 shares and an estimated entry cost of approximately HK$3,232.32. Trading is expected to commence on the Main Board of the Hong Kong Stock Exchange on December 23. ICBC International Capital Limited is the sole sponsor of the offering.

Hanx Biopharmaceuticals: A Biotech Company Focused on Immuno-Oncology Therapies

Offering Structure: Hong Kong public offering accounts for approximately 10% (1,832,100 shares), while international placing accounts for approximately 90% (16,488,900 shares).

Offer Price: HK$28.00–32.00 per share; 100 shares per board lot; estimated entry cost of approximately HK$3,232.32.

Offer Period: December 15–18 (pricing expected on December 19).

Listing Date: December 23.

Sponsor: ICBC International Capital Limited.

Company Overview

Hanx Biopharmaceuticals is a biotechnology company focused on immuno-oncology therapies, supported by its proprietary VersatiBody platform and a diversified R&D pipeline. Its core product, HX009, is a dual-functional anti-PD-1/SIRPα antibody fusion protein with one of the most advanced global clinical development progress in its category. The company is committed to developing next-generation immunotherapies to address unmet medical needs in oncology and autoimmune diseases.

Financial Information

According to the prospectus, Hanx Biopharmaceuticals recorded no revenue in 2023 and 2024 as it remains a research-stage company. Total comprehensive losses for the same periods were approximately RMB 85 million and RMB 117 million, respectively. For the first eight months of 2025, the company recorded a loss of approximately RMB 87 million. Based on the mid-point offer price of HK$30.00 per share, and assuming neither the reallocation nor the over-allotment option is exercised, the company expects to raise net proceeds of approximately HK$496 million. The proceeds are intended to be used for R&D of the core product HX009 (around 35%), R&D of key products HX301 and HX044 (around 33%), R&D of other major pipeline products (around 17%), commercialization and business development (around 5%), and working capital (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Hanx Biopharmaceuticals via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Hanx Biopharmaceuticals, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)