Nanjing Leads Biolabs Co., Ltd. (09887.HK) will open its book-building from 17 July 2025 to 22 July 2025, offering a total of 32,054,400 H shares globally (with a 15% over-allotment option). The offer price is HK$35 per share; at the upper limit, the minimum subscription for one lot (100 shares) requires about HK$3,535. The stock is expected to list on the Main Board of the Hong Kong Stock Exchange on 25 July 2025.

Leads Biolabs: A Clinical-Stage Biotech Focused on Bispecifics and Immunotherapies

Offer split: Hong Kong public offering of 3,205,500 shares (approx. 10%) and international placement of 28,848,900 shares (approx. 90%, subject to re-allocation and the over-allotment option).

Offer price: HK$35 per share; one-lot entry fee around HK$3,535.

Offer period: 17 July 2025 to 22 July 2025

Listing date: Expected 25 July 2025

IPO sponsors: Morgan Stanley and CITIC Securities are joint sponsors.

Company Profile

Founded in 2012 and headquartered in Nanjing, Leads Biolabs is a clinical-stage biotech company dedicated to developing novel antibody therapeutics for oncology and autoimmune diseases. The company owns 14 pipeline assets, six of which are already in clinical development. Its lead candidate, LBL-024 (a PD-L1/4-1BB bispecific antibody), is in pivotal Phase II trials. Other key assets include LBL-007 (anti-LAG-3 monoclonal antibody) and LBL-034 (GPRC5D/CD3 bispecific antibody), the latter of which has received U.S. FDA Orphan Drug Designation. Leveraging its proprietary LeadsBody™ platform, Leads Biolabs develops bispecific and multispecific antibodies and has secured cornerstone partnerships with Tencent, OrbiMed, and eight other investors.

Financial Information

According to the prospectus, the company has not yet generated commercial product revenue; in 2023 it recognized approximately RMB 8.865 million from a bridging study service for BeiGene. There was no core business revenue in 2024 or Q1 2025. Owing to ongoing R&D investment, net losses were about RMB 362 million in 2023, RMB 301 million in 2024, and RMB 75.367 million in Q1 2025; adjusted net losses were RMB 227 million, RMB 203 million, and RMB 66.522 million, respectively, showing a narrowing trend.

As of 31 March 2025, the company held approximately RMB 1.24 billion in cash and equivalents—sufficient to fund operations and clinical trials for the next 12 months. Proceeds from the IPO will further bolster R&D and operations, advance global multi-center trials of its lead product, expand manufacturing capacity, and strengthen worldwide IP protection.

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This promotion is effective from 20 May 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.

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