Metis TechBio: A Leader in AI-Driven Nanomaterials Innovation

Offering Structure:Hong Kong public offering: approximately 5% (10,061,500 shares); international placing: approximately 95% (191,167,500 shares).

Offer Price:HK$10.50 per share; board lot size of 500 shares; minimum subscription cost approximately HK$5,302.95.

Offering Period:May 5 – May 8 (expected pricing date: May 8).

Listing Date:May 13.

Sponsors:Jefferies, Deutsche Securities, CITIC Securities.

Company Overview

Metis TechBio is a leading innovator in AI-driven nanomaterials, dedicated to the delivery and application of effective payloads within biological systems. The company has developed its proprietary AI-powered nanomaterials innovation platform, NanoForge. It has established three specialized solution platforms—AiTEM, AiLNP and AiRNA—to simulate, predict and interpret nanoscale interactions.

The company has built the industry’s first, largest and most diverse lipid library, comprising over 10 million structurally diverse lipids. As of the latest practicable date, the company has more than 10 pipeline products, covering multiple therapeutic areas including oncology, immunology, central nervous system and metabolic diseases.

Financial Information

According to the prospectus, Metis TechBio recorded revenues of approximately RMB 9.338 million, RMB 1.482 million and RMB 105 million in 2023, 2024 and 2025, respectively. Net losses for the same periods were approximately RMB 582 million, RMB 499 million and RMB 392 million.

Adjusted net losses (non-IFRS measures) were approximately RMB 347 million, RMB 240 million and RMB 180 million, respectively.

Based on the offer price of HK$10.50 per share and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$1.977 billion. The proceeds are intended to be used as follows: approximately 50% for AI infrastructure and core technology R&D; approximately 20% for clinical trials of AI-enabled pipeline products; approximately 10% for the development of animal health and anti-aging solutions; approximately 10% for building a global AI-driven nanomaterials ecosystem; and approximately 10% for working capital and general corporate purposes.

Impact Therapeutics: A Leader in Synthetic Lethality-Based Cancer Therapies

Offering Structure:Hong Kong public offering: approximately 10% (4,197,800 shares); international placing: approximately 90% (37,779,200 shares), with a 15% over-allotment option.

Offer Price:

HK$19.75 – HK$21.75 per share; board lot size of 200 shares; minimum subscription cost approximately HK$4,393.88.

Offering Period: May 5 – May 8 (expected pricing date: May 11).

Listing Date: May 13.

Sponsors: Goldman Sachs (Asia), China International Capital Corporation Hong Kong Securities.

Company Overview

Founded in 2009, Impact Therapeutics is a biotechnology company at the commercialization stage, committed to advancing precision oncology therapies based on synthetic lethality mechanisms globally. The company has built one of the most comprehensive synthetic lethality pipelines in China and worldwide.

As of the latest practicable date, its core product, senaparib, has been approved for first-line maintenance treatment of ovarian cancer for all patient populations. The company is among the only three globally that possess both a commercial-stage PARP1/2 inhibitor and a clinical-stage next-generation PARP1-selective inhibitor.

Financial Information

According to the prospectus, Impact Therapeutics recorded revenues of approximately RMB 33.547 million and RMB 38.251 million in 2024 and 2025, respectively. Net losses for the same periods were approximately RMB 255 million and RMB 296 million.

Gross profit was approximately RMB 31.992 million and RMB 36.680 million, with gross margins of 95.4% and 95.9%, respectively.

Based on the mid-point offer price of HK$20.75 per share and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$781 million. The proceeds are intended to be used as follows: approximately 51% for the clinical development, regulatory approval and commercialization of its core product, senaparib; approximately 31% for the clinical development of key pipeline candidates IMP1734 and IMP9064; approximately 8% for R&D of other pipeline assets; approximately 8% for platform development; and approximately 2% for working capital and general corporate purposes.

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

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

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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 Metis TechBio/Impact Therapeutics 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 Metis TechBio/Impact Therapeutics, tap "Public Offer," enter your subscription quantity, and submit your order.

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