Zhonghui Bio-B (02627.HK) will open its public subscription from 31 July to 5 August 2025, offering 33.4426 million H-shares globally at HK $15.5 per share. Calculated at the upper limit, the company aims to raise up to approximately HK $518 million. Each board lot comprises 200 shares, requiring an entry cost of about HK $3,131.26. The shares are expected to debut on the Main Board of the Hong Kong Stock Exchange on 8 August 2025.

Zhonghui Bio: Mainland Innovative Vaccine Developer

Offering Structure: Global offering of 3,344.26 million shares, comprising 334.44 million shares (10 %) for the Hong Kong public offer and 3,009.82 million shares (90 %) for the international placement, with a 15 % over-allotment option.

Issue Price: HK $15.5 per share; board-lot entry cost approximately HK $3,131 (calculated at the maximum price and standard fees).

Offer Period: 31 July 2025 to 5 August 2025

Listing Date: Expected 8 August 2025

IPO Sponsors: CITIC Securities (Hong Kong) and CMB International as joint sponsors

Company Profile

Founded in 2015 and headquartered in Taizhou, Jiangsu Province, Zhonghui Bio concentrates on the R&D, manufacturing and commercialisation of innovative and next-generation vaccines. Its flagship product, “Hui Er Kang Xin,” the first quadrivalent influenza virus subunit vaccine approved in China, received regulatory clearance in May 2023 and began commercial sales in September 2023. The company’s pipeline spans 13 candidates, including a freeze-dried human rabies vaccine, a shingles (herpes zoster) vaccine and a 13-valent pneumococcal conjugate vaccine, targeting respiratory diseases, rabies and age-related conditions, among others.

Financial Snapshot

For the fiscal years 2023, 2024 and the first three months of 2025, the company recorded revenue of RMB 52.168 million, RMB 259.6 million and RMB 0.413 million, respectively; gross profit of –RMB 20.343 million, RMB 151.5 million and –RMB 3.625 million; and net losses of RMB 420 million, RMB 260 million and RMB 87.317 million. Thanks to the commercial rollout of its quadrivalent influenza vaccine, revenue in 2024 grew nearly four-fold year-on-year, while net loss narrowed by roughly 39 %. As of 31 March 2025, cash and cash equivalents stood at RMB 115 million, with an operating cash outflow of RMB 22 million. R&D expenses in 2024 totalled RMB 206 million, representing nearly half of total operating costs.

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

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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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