Hong Kong IPO Morning Report: Huajian Future and Star Source Material Begin Subscription
2026-06-12 11:40:06 Source: Cailian Press
According to data from Livermore Securities, today's Hong Kong IPO news includes:
Subscription starting today:
1. Huajian Future-B (06132.HK)
Subscription period from June 12 to June 17, 2026. The company plans to globally offer 13.6 million H shares, of which Hong Kong public offer accounts for 10%, international placement accounts for 90%, and there is an over-allotment option of 15%. The offer price will be HK$81.80 per share, with a board lot of 100 shares. It is expected that the H shares will commence trading on the Stock Exchange at 9:00 a.m. (Hong Kong time) on Tuesday, June 23, 2026.
Greenshoe mechanism in place, with an amount of approximately HK$167 million.
Company Profile
Huajian Future (Chengdu) Technology Co., Ltd. - B is a clinical-stage biotechnology company founded in 2017 by a team of industry experts dedicated to researching treatments for autoimmune, metabolic, and oncology diseases. By identifying clinical needs and working backwards from expected outcomes through reverse engineering, the company strives to provide improved therapeutic solutions.
The company has developed a strategically designed differentiated product pipeline, including three core products:
- HJ787, a selective TYK2 inhibitor for treating various dermatological conditions in the autoimmune category, including atopic dermatitis (AD) and acne vulgaris (AV);
- HJ178, an oral drug targeting GLP-1 and GIP for treating metabolic conditions such as type 2 diabetes and potentially overweight or obesity;
- HJ891, an oral KRAS G12C inhibitor for treating KRAS G12C mutated non-small cell lung cancer (NSCLC) that has progressed after first-line standard therapy (as monotherapy) and KRAS G12C mutated non-squamous NSCLC (as first-line combination therapy).
Sponsor Analysis
CITIC Securities (Hong Kong) Co., Ltd.
- On May 27, 2026, Cloud Valley Technology, opening gain +22.44%, closing gain +91.73%
- On May 22, 2026, Dannuo Pharmaceutical-B, opening gain +98.15%, closing gain +178.73%
Comparison of Recent IPOs in Similar Industries
- On May 13, 2026, Yingpai Pharmaceutical-B, listed on Main Board, latest market cap RMB 10.451 billion, opening gain +76.62%, closing gain +108.26%
- On September 19, 2025, Jingfang Pharmaceutical-B, listed on Main Board, latest market cap RMB 11.237 billion, opening gain +115.79%, closing gain +106.47%
Cornerstone Investors
Ruiyuan Fund, Kaibo, LBC HK, Sage Partners, Panjing Fund, and Taikang Life have agreed to subscribe for an aggregate of approximately US$65 million (or approximately HK$509.4 million) worth of offer shares at the offer price. Assuming the offer price is HK$81.80 per share (the indicative offer price as stated in the prospectus), the total number of offer shares to be subscribed by cornerstone investors will be 6,227,800 offer shares, representing 45.7% (assuming the over-allotment option is not exercised).
Financial Condition
During the track record period, the company's revenue came from licensing and cooperation agreements with Junshi Biosciences and/or Yunze Chuangyao. In 2024 and 2025, the company's revenue was RMB 1.8 million and RMB 12.98 million, respectively.
In 2024 and 2025, the company incurred losses of RMB 202.32 million and RMB 135.08 million, respectively. The company incurred losses during the track record period mainly due to substantial R&D expenses and losses from changes in the fair value of financial instruments with preferential rights.
2. Star Source Material (06067.HK)
Subscription period from June 12 to June 17, 2026. The company plans to globally offer 149.5 million H shares, of which Hong Kong public offer accounts for approximately 10% and international placement accounts for approximately 90%. The maximum offer price per share is HK$8.98, with a board lot of 500 shares. It is expected that the H shares will commence trading on the Stock Exchange at 9:00 a.m. on Tuesday, June 23, 2026.
Greenshoe mechanism: None
Company Profile
Shenzhen Star Source Material Technology Co., Ltd. is a lithium-ion battery separator manufacturer. Founded in 2003, the company has accumulated over 20 years of industry experience in the R&D, production, and sales of lithium-ion battery separators.
According to data from Frost & Sullivan, the company is the first enterprise in China to master the dry uniaxial stretching technology for lithium-ion battery separators. In 2025, by shipment volume, the company's dry separator market share ranked first globally.
The company is also the first lithium-ion battery separator manufacturer to achieve mass production export, meaning it can continuously and stably supply a large quantity of lithium-ion battery separator products that consistently meet the production needs of major overseas lithium-ion battery separator customers. Additionally, it is the first and one of the few enterprises in mainland China that possesses all three lithium-ion battery separator production technologies (dry, wet, and coated separators).
Star Source Material A/H Share Comparison (Updated to June 12, 2026, 08:00)
- A-share: Latest price RMB 17.44/share, equivalent to HK$20.19/share based on the real-time exchange rate of the Bank of China Hong Kong; total market cap RMB 23.469 billion.
- H-share: Maximum price HK$8.98/share; maximum total market cap HK$26.653 billion.
Price comparison: A-share is XX HK$ higher than H-share, representing an A/H premium rate of +124.79% and an H/A discount rate of -55.51%.
Sponsor Analysis
China Securities (International) Finance Holding Company Limited
- On May 27, 2026, Huaxida, opening gain +100.61%, closing gain +86.59%
- On April 21, 2026, Shenghong Technology, opening gain +57.23%, closing gain +50.09%
Comparison of Recent IPOs in Similar Industries
- On December 18, 2023, REPT BATTERO, listed on Main Board, latest market cap HK$30.753 billion, opening gain +1.64%, closing gain +2.62%
- On October 6, 2022, CALB, listed on Main Board, latest market cap HK$44.059 billion, opening gain +0.00%, closing gain +0.00%
Cornerstone Investors
Fullgoal, GF Fund, Taikang Life, Harvest International Premium Value (Secondary Market) Fund SPC (acting on behalf of Harvest Synergy SP), Damsara (Hong Kong), Gaoteng Enterprise Management, CICC Financial Trading Limited (regarding OTC swaps), Sunwoda Treasury, Jinko Energy Investment, Mondeomax, Bona Star, Shen Sanhe, SHEEN NATION, and Chen Feng have agreed to subscribe for an aggregate of approximately US$77.52 million (or approximately HK$607.58 million) worth of offer shares at the offer price. Assuming the offer price is HK$8.98 per share (the indicative maximum offer price as stated in the prospectus), the total number of offer shares to be subscribed by cornerstone investors will be 67,495,500 offer shares, representing 45.14%.
Financial Condition
During the track record period, the company generated revenue from the sale of lithium-ion battery separators (including dry separators, wet separators, and coated separators). In 2023, 2024, and 2025, the company's revenue was RMB 2.982 billion, RMB 3.506 billion, and RMB 4.077 billion, respectively.
In 2023, 2024, and 2025, the company's net profit for the year was RMB 594 million, RMB 371 million, and RMB 143 million, respectively.
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