Hong Kong stock market welcomes benchmark for innovative drugs
On July 25, 2025, China's biotechnology development history ushered in a landmark moment -Leads Biolabs (09887. HK) officially landed on the main board of the Hong Kong Stock Exchange! The issuance price is set at the upper limit of the IPO range of HKD 35 per share, and the total global fundraising amount is expected to reach USD 189 million (including Green Shoes).
Investors' enthusiasm for subscribing to Leads Biolabs sets a rare record in the history of Hong Kong stock IPO
International Placement： Received 40.8 times the value subscription, with 90% from Tencent OrbiMed、 Nine cornerstone investors, including Gao Yi and E Fund, have locked in early, with a total subscription amount of HKD 542 million, accounting for over 50%.
Public offering： The 10% first day margin reached 295 times, with a subscription multiple of nearly 3500 times. The financing subscription amount reached HKD 339.8 billion, breaking the record for July Hong Kong IPO subscription and becoming one of the most sought after new stocks in the market this year.
Dark market performance： On July 24th, the closing price rose 100.14% to HKD 70.05 per share, with a floating profit of HKD 3505 per lot.
Ennovation Ventures Capital: The earliest bet, all the way to become the largest investment shareholder
In 2015, Dr. Chen Renhai from Ennovation Ventures Capital invested in Leads Biolabs as an angel investor, and has since continued to increase its holdings, becoming the largest external institutional shareholder to this day. With the company completing six rounds of financing and its valuation rising from less than RMB 50 million in angel round to HKD 6.6 billion before IPO, En Ran accompanied Leads Biolabs on its ten-year journey from the laboratory to the Hong Kong Stock Exchange. This well demonstrates the value concept of En Ran Venture Capital's commitment to becoming an investor, co-founder, and partner of innovative biopharmaceutical companies.
Leads Biolabs has been sharpening his sword for ten years, achieving a leader in tumor immunotherapy
The core product LBL-024 of Leads Biolabs is the world's leading PD-L1/4-1BB dual antibody, which is expected to fill the gap in the treatment of extrapulmonary neuroendocrine carcinoma; The company holds 14 pipelines, of which 6 have entered clinical trials. Among them, LBL-051 recently reached a $614 million NewCo cooperation with Aditum Bio. Against the backdrop of a year-on-year increase of over 60% in the Hang Seng Innovation Drug Index, the listing of Leads Biolabs has added another heavyweight to the Hong Kong stock market's 18A sector.
In the field of tumor immunotherapy, China's innovative forces are rising. The successful listing of Leads Biolabs not only marks another milestone for Ennovation Ventures Capital in the field of biopharmaceutical investment, but also demonstrates the historic leap of China's original drug research and development from following innovation to global leadership. With globally competitive products such as LBL-024 entering the market, Chinese innovative drugs will truly achieve value creation throughout the entire chain from laboratories to patients
About Leads Biolabs
Founded in 2012, Leads Biolabs is a biotechnology company in the clinical stage, dedicated to the discovery, development, and commercialization of innovative therapies to meet the unmet medical needs of cancer, autoimmune diseases, and other major diseases in China and globally. It is a leader in the next generation of tumor immunotherapy, with a differentiated clinical pipeline covering 14 innovative candidate drugs, of which 6 have successfully entered the clinical stage, and 4 main products are among the leading candidate drugs in global clinical progress. The company adopts a science driven research and development approach and has successfully established comprehensive research and development capabilities covering antibody discovery and engineering, in vivo and in vitro efficacy evaluation, and drug efficacy evaluation. The company has also developed products including LeadsBody ™ Platform (CD3 T-Cell Engager platform) X-body ™ The proprietary technology platform, including the 4-1BB Engager platform. The company's technology platform is the cornerstone of continuous innovation and has been validated through clinical results of bispecific antibody combinations. The company has successfully established independent capabilities for seamless integration in early research and development, translational medicine, clinical development, CMC, and business expansion. The innovative nature and competitive advantages of the company's candidate drugs, combined with its global perspective, proactive strategy, and efficient clinical validation, make it a popular partner for top industry participants and venture capital.
About Ennovation Ventures Capital
Ennovation Ventures Capital was founded in 2015, strategically investing in revolutionary new technologies and products in the global biopharmaceutical and healthcare industry chain, committed to becoming a professional investment institution in the biopharmaceutical and healthcare fields. The company's management team and investors have rich investment experience and industry background resources in the fields of biomedicine and healthcare, while focusing on the commercial value brought by the combination of "life", "health" and "innovation". Enran Venture Capital focuses on life sciences, healthcare, and innovation; Committed to becoming an investor, partner, and co-founder of the enterprise.
