2026年开年以来，港股IPO（首次公开募股）火热，险资也加快了在港股市场的布局。 2月6日，牧原股份（002714.SZ，02714.HK）正式在港股上市，基石投资者涵盖国际产业龙头、全球顶 级资产管理机构、知名保险公司等，其中包括平安人寿、大家人寿。 记者注意到，日前，东鹏饮料（09980.HK）亦登陆港交所，基石投资者中现泰康人寿。实际上，泰康 人寿此前已参与了壁仞科技（06082.HK）、智谱（02513.HK）、瑞博生物（06938.HK）、MINIMAX （稀宇科技，00100.HK）、兆易创新（03986.HK）、鸣鸣很忙（01768.HK）等新股申购。 公开信息显示，2026年1月至今，险资已参与10家港股IPO的基石认购，认购金额合计15.58亿港元。而 整个2025年，险资参与了12家港股IPO的基石认购，认购金额为26.20亿港元。 长期配置逻辑仍在 市场分析人士向记者表示，在当前低利率环境下，港股市场是险资进行全球化资产配置的主要途径之 一，且港股市场拥有不少低估值的优质资产。而同时在A股和H股上市的公司，有些H股价格普遍较A股 存在折价，估值更低、股息率更高，这相当于用更便宜的价格， ...

格隆汇2月5日丨瑞博生物-B(06938.HK)宣布，整体协调人(为其本身及代表国际承销商)已于2026年2月5 日(星期四)悉数行使招股章程所述的超额配股权，涉及合共4,741,400股H股(「超额配发股份」)，占于 任何超额配股权获行使前全球发售项下可供认购发售股份总数约15%(经计及发售量调整权获悉数行 使)。 超额配发股份将由公司按每股H股57.97港元(即全球发售项下每股H股的发售价，不包括1%经纪佣金、 0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发 股份将用于补足国际发售的超额分配。 来源：格隆汇APP 根据证券及期货(稳定价格)规则(香港法例第571W章)第9(2)条，公司宣布，有关全球发售的稳定价格期 已于2026年2月5日(星期四)(即递交香港公开发售申请截止日期後第30日)结束。有关稳定价格操作人中 国国际金融香港证券有限公司或其联属人士或代其行事的任何人士于稳定价格期采取的稳定价格行动的 进一步资料载于公告内。 ...

瑞博生物-B(06938)公布，整体协调人(为其本身及代表国际承销商)已于2026年2月5日(星期四)悉数行使 招股章程所述的超额配股权，涉及合共474.14万股H股，占于任何超额配股权获行使前全球发售项下可 供认购发售股份总数约15%(经计及发售量调整权获悉数行使)。超额配发股份将由公司按每股H股57.97 港元发行及配发。超额配发股份将用于补足国际发售的超额分配。 此外，有关全球发售的稳定价格期已于2026年2月5日(星期四)(即递交香港公开发售申请截止日期后第30 日)结束。于稳定价格期，稳定价格操作人并无为稳定价格而在市场上买卖任何H股。 ...

此外，有关全球发售的稳定价格期已于2026年2月5日(星期四)(即递交香港公开发售申请截止日期后第30 日)结束。于稳定价格期，稳定价格操作人并无为稳定价格而在市场上买卖任何H股。 智通财经APP讯，瑞博生物-B(06938)公布，整体协调人(为其本身及代表国际承销商)已于2026年2月5日 (星期四)悉数行使招股章程所述的超额配股权，涉及合共474.14万股H股，占于任何超额配股权获行使 前全球发售项下可供认购发售股份总数约15%(经计及发售量调整权获悉数行使)。超额配发股份将由公 司按每股H股57.97港元发行及配发。超额配发股份将用于补足国际发售的超额分配。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部分內容而產生或因依賴該等內容引致的任何損失承擔任何責任。 本公告不會直接或間接在或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並非亦無意構成或組成於美國或任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。本公告所述證券不曾亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。證券不得在美國境內提呈發 售、出售、抵押或轉讓，惟獲豁免遵守或毋須遵守美國證券法登記規定且符合任何適用的州證 券法的交易除外。證券將不會於美國進行公開發售。證券僅可(1)根據美國證券法的登記豁免向 合資格機構買家（定義見美國證券法第144A條）；及(2)根據美國證券法S規例以及進行發售及出 售的各司法管轄區適用法律在美國境外以離岸交易方式提呈發售及出售。 悉數行使超額配股權、穩定價格行動及穩定價格期結束 悉數行使超額配股權 本公司宣佈，整體協調人（為其本身及 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇州瑞博生物技術股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06938 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 165,813,510 | RMB | | 1 RMB | | 165,813,510 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 165,813,510 | RMB | | 1 RMB | | 165,813,510 | 本月底法定/註冊股本總額： RMB 165,813,510 備註： ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號 : 6938) 30 January 2026 Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 Decembe ...

(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號 : 6938) Dear non-registered shareholder(s), 30 January 2026 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came ...

Core Viewpoint - Insurance capital is increasingly participating in cornerstone investments in Hong Kong IPOs, signaling strong market confidence, with significant investments from major insurance companies like Taikang Life and Ping An Life [1][3][4]. Group 1: Investment Trends - In early 2026, four insurance companies participated in eight Hong Kong IPO cornerstone investments, with Taikang Life investing $10 million in the IPO of Mingming Hen Mang [1]. - From 2025 to early 2026, seven insurance institutions participated as cornerstone investors in 20 Hong Kong IPOs, with a total subscription amount of HKD 4.679 billion [1][4]. - The average return for Hong Kong IPOs in 2025 was 38%, with the first-day price drop rate at a five-year low of 23.08% [6][10]. Group 2: Challenges Faced - Insurance companies face challenges in accessing IPO projects due to high entry barriers and the need for strong cross-market research capabilities [2][15]. - The balance between high return potential and net asset value volatility is a significant concern for insurance funds, which are generally risk-averse [2][15]. Group 3: Market Outlook - The IPO fundraising scale in Hong Kong is expected to remain strong in 2026, with insurance capital becoming a long-term force in the market [2][15][16]. - The cornerstone investment mechanism is seen as a key entry point for quality assets in the Hong Kong market, enhancing liquidity and valuation flexibility [2][16]. Group 4: Sector Focus - Insurance capital is focusing on sectors such as AI, biomedicine, and new consumer brands, with a notable interest in companies like MINIMAX and Ruibo Biotechnology [9][10]. - The investment strategy is shifting towards a more diversified valuation framework, moving beyond traditional profit metrics to include growth potential [10][11].