InSilico Medicine Cayman TopCo (3696.HK) has launched its Hong Kong IPO, with the subscription period running from December 18 to December 23. The company plans to issue approximately 94,690,500 shares globally, with an over-allotment option. The offer price is set at HK$24.05 per share, with 500 shares per board lot, and the entry fee is approximately HK$12,146.27. The shares are expected to be listed on the Hong Kong Stock Exchange on December 30, with joint sponsors Morgan Stanley, CICC, and GF Securities.

InSilico Medicine: AI-Driven End-to-End Drug Discovery Platform

Issuance Ratio: 10% for Hong Kong public offering (9,469,500 shares), 90% for international placing (85,221,000 shares).

Offer Price: HK$24.05 per share; 500 shares per lot; entry fee approximately HK$12,146.27.

Offering Period: December 18–23 (Expected pricing date: December 24).

Listing Date: December 30.

IPO Sponsors: Morgan Stanley, CICC, GF Securities.

Company Overview

InSilico Medicine is an AI-driven drug discovery and development company founded in 2014 with a global presence. The company’s proprietary generative AI platform, Pharma.AI, covers the entire process from target identification to clinical outcome prediction. As of the latest practicable date, the company has generated over 20 assets in clinical or IND stages through this platform, with three licensed to international pharmaceutical companies, with a total contract value of up to US$2.1 billion. The company has also extended its AI technology into non-pharma fields such as advanced materials, agriculture, and nutrition products.

Financial Information

According to the prospectus, InSilico Medicine’s revenue for 2022–2024 was approximately US$30.15 million, US$51.18 million, and US$85.83 million, respectively, with net losses of approximately US$221.83 million, US$211.64 million, and US$17.10 million for the same periods. For the first half of 2025, the company reported revenue of approximately US$27.46 million and a net loss of approximately US$19.22 million. Based on the offer price of HK$24.05 per share, assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$2.03 billion. The funds will be used for clinical research and development of key clinical stage pipeline candidates (about 48%), development of new generative AI models (about 15%), expanding automated laboratories (about 12%), early drug discovery and development (about 20%), and working capital (about 5%).

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

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

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* 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 InSilico 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 InSilico , tap "Public Offer," enter your subscription quantity, and submit your order.

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