Core Viewpoint - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals for the development of six preclinical siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1][2] Group 1: Agreement Details - The agreement grants Madrigal exclusive global rights to utilize the company's RiboGalSTARTM and siRNA chemical modification platform for the development, production, and commercialization of several preclinical single-target and dual-target siRNA assets [1] - The company will receive an upfront payment of $60 million, with potential milestone payments totaling up to $4.4 billion, in addition to potential royalties on net sales [1] Group 2: Strategic Implications - This collaboration will leverage the company's proven liver-targeting RiboGalSTARTM platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a leading global innovator in siRNA [2] - The partnership aims to accelerate the company's global development and commercialization strategy, addressing unmet medical needs for MASH patients with more targeted and effective therapies [2]

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure, has entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals for the development of six preclinical siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1][2] Group 1: Agreement Details - The agreement grants Madrigal exclusive global rights to utilize Ribocure's RiboGalSTAR™ and siRNA chemical modification platforms for the development, production, and commercialization of several preclinical single-target and dual-target siRNA assets [1] - Ribocure will receive an upfront payment of $60 million, with potential milestone payments totaling up to $4.4 billion, in addition to potential royalties on net sales [1] - The milestone payments are contingent upon the achievement of certain development, regulatory, and commercialization milestones, indicating uncertainty regarding the final amount Ribocure may receive [1] Group 2: Strategic Implications - This collaboration will leverage the company's proven liver-targeting RiboGalSTAR™ platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a global leader in innovative siRNA [2] - The partnership aims to accelerate the company's global development and commercialization strategy, addressing unmet medical needs for MASH patients with more targeted and effective therapies [2]

香港交易及結算所有限公司及香港聯合交易所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，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Suzhou Ribo Life Science Co., Ltd. 蘇州瑞博生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 1 訂立該協議的理由及裨益 此合作將利用本公司經驗證的肝靶向RiboGalSTARTM平台，開發MASH的新療 法，標誌本公司於成為全球領先的創新siRNA企業的道路上的重大里程碑，同時 加快本公司全球開發和商業化策略，為MASH患者的未被滿足醫療需求推出更具 靶向性、更有效的療法。 （股份代號：6938） 內幕消息 就若干siRNA資產與Madrigal訂立獨家全球授權協議 本公告由蘇州瑞博生物技術股份有限公司（「本公司」）根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章《證券及期貨 條例》第XIVA部項下的內幕消息條文（定義見上市規則）作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年2 ...

Core Viewpoint - Reborn Bio-B (06938) has seen a stock increase of over 5%, currently trading at 72.45 HKD, following the announcement of its RBD5044 injection receiving implied approval for Phase II clinical trials from the National Medical Products Administration of China [1] Company Summary - RBD5044 is a siRNA drug targeting APOC3, a protein synthesized primarily in the liver that plays a crucial role in lipid metabolism [1] - The drug aims to address complications associated with hypertriglyceridemia, providing a treatment option for managing dyslipidemia [1] Industry Summary - The small nucleic acid drug sector is experiencing significant global growth, transitioning from technology validation to accelerated clinical realization and commercialization [1] - A total of 23 small nucleic acid drugs have been approved globally, covering various technical directions such as siRNA, ASO, and aptamers [1] - Although no products have been launched domestically, the number of research pipelines ranks second only to the United States, addressing multiple therapeutic areas including hyperlipidemia, hypertension, hepatitis B, kidney diseases, muscular diseases, and obesity [1] - Notable collaborations include over 9 billion USD in cumulative partnerships between WuXi AppTec and Novartis, and a 2 billion USD platform licensing deal between Reborn Bio and Boehringer Ingelheim [1] - Traditional pharmaceutical companies like China National Pharmaceutical Group are rapidly positioning themselves through acquisitions, indicating a positive development trend in the industry [1]

Core Viewpoint - Reborn Bio-B (06938) shares rose over 5%, currently up 5.62% at HKD 72.45, with a trading volume of HKD 6.483 million, following the announcement of the II phase clinical trial approval for its self-developed RBD5044 injection by the National Medical Products Administration of China [1] Company Summary - RBD5044 is a siRNA drug targeting APOC3, a protein synthesized primarily in the liver that plays a crucial role in lipid metabolism [1] - The drug aims to address complications associated with hypertriglyceridemia, providing a treatment option for managing dyslipidemia [1] Industry Summary - According to Guosheng Securities (002670), small nucleic acid drugs are entering a robust global development phase, transitioning from technical validation to clinical realization and accelerated commercialization [1] - A total of 23 small nucleic acid drugs have been approved globally, covering various technical directions such as siRNA, ASO, and aptamers [1] - Although no products have been launched domestically yet, the number of research pipelines ranks second to the U.S., covering multiple therapeutic areas including hyperlipidemia, hypertension, hepatitis B, kidney diseases, muscular diseases, and obesity [1] - Significant collaborations have emerged, such as the over USD 9 billion partnership between WuXi AppTec and Novartis, and a USD 2 billion platform licensing deal between Reborn Bio and Boehringer Ingelheim, indicating a positive development trend in the industry [1]

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].

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 ...