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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	Leads Biolabs-B 09887.HK	Biotechnology - Pharmaceuticals	31.6-35	100	3,535	2025/07/22	2025/07/24	2025/07/25
	Sunshine Pharma 06887.HK	Pharmaceuticals	N/A	100	N/A	N/A	Not applicable	2025/08/07

Summary

Founded in 2012, we are a clinical-stage biotechnology company focused on the discovery, development, and commercialization of new therapies in oncology, autoimmune, and other severe diseases. We have internally developed our Core Product, LBL-024, a registrational-stage PD-L1 and 4-1BB dual-targeting bispecific antibody. We are currently evaluating the therapeutic potential of LBL-024 in advanced extra-pulmonary neuroendocrine carcinoma (EP-NEC) both as monotherapy for patients who have received at least three prior lines of therapy (3L) and part of combination therapy as first-line treatment (1L), small cell lung cancer (SCLC) as 1L treatment, biliary tract cancer (BTC) as 1L/1L+ treatment, non-small cell lung cancer (NSCLC) as 1L/1L+ treatment, as well as other solid tumors in patients who have received at least two prior lines of therapy (2L). In addition to our Core Product, we have also internally discovered: (i) five other clinical-stage candidates (LBL-034, LBL-033, LBL-007, LBL-019, and LBL-015), and (ii) eight additional pre-clinical stage candidates (LBL-043, LBL-049, LBL-054-TCE, LBL-054-ADC, LBL-061, LBL-058, LBL-051, and LBL-047). THERE IS NO ASSURANCE T H AT WE WILL U LT I M AT E LY BE ABLE TO DEVELOP AND MARKET OUR CORE PRODUCT OR ANY OF OUR PIPELINE PRODUCTS SUCCESSFULLY. We have built a diversified portfolio with four core and key products, each positioned as a clinically advanced candidate on a global scale, either in its class or among those addressing the same target(s). Our Core Product LBL-024 has entered into a single-arm registrational trial for advanced EP-NEC in July 2024 and stands as the globally first 4-1BB-targeted drug candidate to have reached registrational stage. As of the Latest Practicable, there are no approved drugs specifically for the treatment of advanced EP-NEC other than chemotherapy globally, LBL-024 aims to address this significant treatment gaps as a 4-1BB-targeted drug candidate at the registrational trial stage. With respect to each of our key products, (i) LBL-034 is the second most clinically advanced GPRC5D-targeted CD3 T-cell engager globally, (ii) LBL-033 is among the only two MUC16/CD3 bispecific antibodies globally to have entered clinical stage, and (iii) LBL-007 is among the top three clinical-stage LAG3-targeted monoclonal antibodies globally in terms of clinical development stage. Leveraging our proprietary technology platforms and drug development capabilities, we have curated a rationally designed and differentiated pipeline, including our Core Product, LBL-024 (PD-L1/4-1BB bispecific antibody) and (i) three monoclonal antibodies (LBL-007, LBL-019, and LBL-049), four bispecific antibodies (LBL-034, LBL-033, LBL-043, and LBL-054-TCE), three antibody-drug conjugates (ADCs) (LBL-054-ADC, LBL-LBL-061, and LBL-058), and a bispecific fusion protein for oncology (LBL-015), as well as (ii) a bispecific fusion protein and a trispecific antibody for autoimmune diseases (LBL-047 and LBL-051), as of the Latest Practicable Date. Out of these 14 drug candidates, six have successfully progressed into the clinical stage, undergoing evaluation in an aggregate of ten clinical programs solely by us. To date, we have achieved proof-of-concept from Phase II clinical trials for two drug candidates in three indications and advanced one of these candidates into the registrational trial stage. As a testament to our drug R&D capabilities, we entered into a license and collaboration agreement with BeiGene regarding our LBL-007 in December 2021, which was terminated on the date of May 18, 2025. For details, see “— Collaboration Agreement — License and Collaboration Agreement with BeiGene.” We have also reached collaboration arrangement with a U.S. company (“NewCo”) newly formed by Aditum Bio, a biotech venture firm, dedicated to the global development and commercialization of certain of our trispecific T cell engager, with a total deal value of up to US$614 million plus potential mid-single-digit royalties and an equity stake in this NewCo. Source: Leads Biolabs-B (09887) Prospectus (IPO Date : 2025/07/17)
Listing Market	MAIN
Industry	Biotechnology - Pharmaceuticals
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Kang Xiaoqiang & Associates (16.28%) Chen Renhai & Associates (7.89%) Lin Lijun (7.20%) Nanjing Municipal People’s Government (6.76%) Yuan Quanhong & Associates (6.67%)
Directors	Kang Xiaoqiang (Co-Founder and Chairman and General Manager and Chief Executive Officer and Executive Director) Lai Shoupeng (Co-Founder and Executive Vice President and Chief Strategy Officer and Executive Director) Zuo Honggang (Chief Financial Officer and Executive Director and Secretary to the Board) Chen Renhai (Non-Executive Director) Ni Jia (Non-Executive Director) Zhang Yincheng (Non-Executive Director) Du Jiliu (Independent Non-Executive Director) Du Yilong (Independent Non-Executive Director) Zhang Hongbing (Independent Non-Executive Director)
Company Secretary	Jian Xuegen Zuo Honggang
Principal Bankers	China Merchants Bank
Solicitors	JunHe LLP Cooley HK
Auditors	Ernst & Young
Registered Office	40/F, Dah Sing Financial Centre 248 Queen’s Road East Wan Chai Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.leadsbiolabs.com
Email Address
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