Core Insights - The small nucleic acid drug sector is experiencing a significant surge, marking the beginning of a golden era driven by technological breakthroughs and capital enthusiasm [2][11][22] Industry Developments - On January 5, 2026, Sanofi's APOC3 siRNA drug Plozasiran was approved for domestic market use to treat hyperlipidemia [1] - On January 9, 2026, Rebio Biotech, known as "China's first small nucleic acid stock," successfully listed on the Hong Kong Stock Exchange, with its stock price soaring by 40% on the first day, leading to a market capitalization exceeding 13 billion HKD [1] - China National Pharmaceutical Group announced a 1.2 billion CNY acquisition of Hegia Biotech, securing the world's first clinically validated liver-targeted delivery platform capable of annual dosing [1] Market Trends - The global small nucleic acid drug market has seen nearly 100 business development (BD) collaborations in the past three years, with transaction numbers and amounts increasing annually, reaching over 30 BD deals in 2025 totaling nearly 30 billion USD [4][9] - Notable transactions in 2025 included Novartis acquiring Avidity Biosciences for 12 billion USD and multiple other significant deals involving RNA therapies [7][9] Clinical Advancements - Ionis's APOC3 ASO drug Olezarsen showed promising results in reducing triglyceride levels by up to 72% in patients with severe hypertriglyceridemia, leading to an increase in peak annual sales forecast from 1.5 billion USD to 2.5 billion USD [12] - GSK's ASO therapy Bepirovirsen is expected to be the first drug to achieve functional cure for chronic hepatitis B, with a peak annual sales potential of 2 billion USD [12] Emerging Opportunities - The small nucleic acid drugs are expanding into various therapeutic areas, including obesity and kidney diseases, with promising results from clinical trials demonstrating significant weight loss and metabolic health improvements [13][15] - The number of small nucleic acid drugs in development globally has surpassed 1,200, with siRNA and ASO therapies being the most prominent [17] Strategic Collaborations - Domestic companies are increasingly recognized for their innovative value in small nucleic acid drugs, with active BD transactions, including significant collaborations by Rebio Biotech and other firms [18][21] - Companies like Saintin Biotech are forming strategic partnerships with major pharmaceutical firms to advance their small nucleic acid drug pipelines [19] Conclusion - The convergence of technological advancements, capital influx, and successful clinical outcomes is propelling small nucleic acid drugs into a pivotal position within the pharmaceutical industry, with China poised to become a global innovation hub [22]

Core Viewpoint - Suzhou Rebio Biotech (6938.HK) has successfully listed on the Hong Kong Stock Exchange, marking the arrival of the first mRNA concept stock in the market and becoming a significant target for investors looking to enter the mRNA sector [1][3]. Group 1: IPO Details - Rebio's stock surged 42% on its debut, closing at HKD 82.10, with continued growth in the following week [3]. - The company issued 31.6 million shares at HKD 57.97 each, raising approximately HKD 1.7 billion (around USD 218 million) [3]. - The IPO attracted 11 cornerstone investors, including Taikang Life and Da Cheng International Asset Management, who collectively subscribed to 13.4 million shares, accounting for 42.5% of the total offering [3]. - The public offering was oversubscribed more than 100 times, with international investors oversubscribing by over 15 times [3]. Group 2: Product Pipeline and Collaborations - Rebio currently has seven self-developed drug assets in clinical trials targeting cardiovascular, metabolic, renal, and liver diseases [4]. - Among these, RBD4059 is the world's first siRNA drug for treating thrombotic diseases, while RBD5044 is the second siRNA drug in clinical development for treating hypertriglyceridemia [4]. - All products are still in clinical stages, with RBD4059 set to enter phase 2b trials and RBD5044 in phase 2 trials [4]. - Rebio has secured recognition and partnerships with several pharmaceutical companies, leading to significant revenue opportunities, including a collaboration with Qilu Pharmaceutical for the commercialization of RBD7022 and a partnership with Boehringer Ingelheim for innovative nucleic acid therapies, with a total collaboration value of up to USD 2 billion [4]. Group 3: Financial Projections - Rebio's revenue is projected to grow from nearly zero in 2023 to CNY 143 million (approximately USD 20.5 million) in 2024, with expectations to reach CNY 104 million in the first half of 2025 [5]. - The company reported a loss of CNY 97.8 million in the first half of 2025, an improvement compared to a loss of CNY 142 million in the same period of 2024 [5].

Core Viewpoint - The listing of Rebio Biotech (6938.HK) on the Hong Kong Stock Exchange marks a significant milestone for China's small nucleic acid drug development, transitioning from "technical accumulation" to "value realization" [1] Group 1: Market Reaction and Financial Performance - The market reacted positively, with Rebio's stock price rising over 29% in pre-listing trading and closing at 82.1 HKD per share on its first day, reflecting strong investor confidence in Chinese innovative pharmaceuticals [1] - Rebio's financial performance shows a strong revenue growth of 56.57% year-on-year, reaching 1.04 million RMB in the first half of 2025, while losses narrowed by 30.94% during the same period [4][5] - The revenue growth is primarily driven by licensing and collaboration agreements with major players like Boehringer Ingelheim and Qilu Pharmaceutical, indicating recognition of its underlying platform technology [4] Group 2: Strategic Development and R&D - Rebio's platform-based R&D approach is transforming the traditional investment model in biotechnology, moving from betting on single molecules to a modular and scalable development strategy [6] - The company aims to advance 2-4 assets to clinical trials annually, leveraging its platform's efficiency and confidence in its development capabilities [6] - Rebio has established a strong competitive barrier through its intellectual property, holding 255 granted patents and 218 pending applications, alongside a GMP-compliant production facility in Jiangsu [7] Group 3: Ecosystem and Global Strategy - Rebio's strategy combines internal development with external collaboration, targeting global diseases with significant patient populations, such as cardiovascular conditions [9] - The company has formed strategic partnerships, such as with Boehringer Ingelheim, to enhance its technology platform's recognition and optimize commercialization efficiency [11] - Establishing a clinical team in Sweden allows Rebio to conduct high-quality clinical trials independently, enhancing global development efficiency and regulatory communication [12] Group 4: Industry Implications - Rebio's listing signifies a shift in the Chinese biotechnology sector from "following innovation" to "source innovation," showcasing its platform-based R&D capabilities and global operational vision [13] - The company is positioned to accelerate its transition from clinical to commercial stages, with the potential for its platform value and pipeline to resonate in the emerging nucleic acid drug era [13]

Core Viewpoint - Ribo Life Science, a leader in the small nucleic acid pharmaceutical field, successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 13 billion, representing over 30 times growth compared to its valuation after the A-round investment by Panlin Capital [1][5]. Company Overview - Ribo Life Science was founded in 2007 and is a pioneer in small nucleic acid (siRNA) drug research and development in China, establishing a comprehensive platform for small nucleic acid drug development [7]. - The company focuses on iterative research and development of small nucleic acid chemical modifications and drug delivery technologies, supporting all stages from early research to commercialization [7]. Product Pipeline - Ribo Life Science has developed a robust product pipeline, including: - RBD4059, a siRNA drug targeting FXI for treating thrombotic diseases, which has completed all subject enrollments in Phase IIa clinical trials [8]. - RBD5044, targeting APOC3 for treating hypertriglyceridemia, has received EU approval for Phase II clinical trials [8]. - RBD7022, targeting PCSK9 for treating hypercholesterolemia, has completed Phase I trials in China and is advancing to Phase II trials [8]. - RBD1016, targeting HBV for chronic hepatitis B treatment, is in Phase II trials and has received orphan drug designation from the EMA [10]. Globalization and Commercialization Strategy - Ribo Life Science integrates local R&D advantages with international expertise, establishing a world-class small nucleic acid drug development system [12]. - The company has multiple R&D centers in Suzhou, Beijing, and Europe, and successfully completed a USD 33 million equity financing for its overseas R&D center in Sweden [12]. Strategic Partnerships - In December 2023, Ribo Life Science entered into a licensing and collaboration agreement with Qilu Pharmaceutical for the development and commercialization of RBD7022 in Greater China, receiving over RMB 700 million in upfront and milestone payments [13]. - The company also signed a collaboration agreement with Boehringer Ingelheim to develop innovative therapies for NASH/MASH using its proprietary RiboGalSTAR™ technology, with a total transaction value exceeding USD 2 billion [13]. Investment Journey - Panlin Capital has been a key investor in Ribo Life Science since its A-round financing in 2015, providing crucial support during challenging times in the small nucleic acid industry [5][14]. - The investment journey includes six rounds of funding, demonstrating a commitment to supporting the company's growth and innovation in the biopharmaceutical sector [14][19].

Consumer Insights - During the New Year holiday, 142 million domestic trips were made, representing a year-on-year increase of 5.19% compared to 2024, with total spending reaching 84.789 billion yuan, up 6.35%[16] - Hainan's duty-free shopping saw a significant boost, with the number of shoppers increasing by 27.09% and total spending rising by 49.89% compared to the same period in 2024[18] - In major cities, Shanghai's daily average consumption during the holiday was 12.2 billion yuan, a 2.5% increase year-on-year, while Beijing's monitored sales reached 4.04 billion yuan, up 16.3%[17] High-end Manufacturing - The "Justice Mission-2025" military exercise highlights the strategic importance of the military-industrial sector amid geopolitical tensions, emphasizing its role in national sovereignty and external risk management[20][26] - The military exercise's focus on Taiwan reflects a more precise and targeted approach compared to previous drills, enhancing control over critical maritime routes and deterring external interference[22] Hard Technology - Major domestic wafer manufacturers are actively engaging in capital operations, with SMIC's registered capital increasing from $6.5 billion to $10.0773 billion, and a planned acquisition of 49% of SMIC North for 40.601 billion yuan[27][33] - Longxin Technology's IPO aims to raise 29.5 billion yuan, potentially becoming the second-largest fundraising in the Sci-Tech Innovation Board's history, supporting its expansion in memory chip production[27][31] Health Sector - Domestic small nucleic acid drug companies, such as Rebio and Bowang Pharmaceutical, are demonstrating strong R&D capabilities, with multiple products entering clinical phases and significant business development collaborations underway[35][36]

Core Viewpoint - The article highlights the significant potential of Ribobio, a company specializing in siRNA drug development, particularly with its innovative therapies targeting thrombotic diseases and hypertriglyceridemia, as it prepares for its IPO in Hong Kong and aims to capture a leading position in the growing small nucleic acid drug market [2][3][10]. Group 1: Company Overview - Ribobio has focused on small nucleic acid drugs, especially siRNA therapies, for 18 years and has established one of the largest siRNA drug pipelines globally [3][5]. - The company plans to issue approximately 27.5 million shares at a price of HKD 57.97, aiming to raise around HKD 1.59 billion (approximately USD 205 million) during its IPO scheduled for December 31, 2025 [3][5]. Group 2: Product Pipeline - Ribobio's core product, RBD4059, is the world's first siRNA drug for treating thrombotic diseases, currently in Phase 2a clinical trials, with plans to start Phase 2b trials in 2026 [6]. - RBD5044, another product targeting APOC3 for treating hypertriglyceridemia, is in Phase 2 clinical trials and has the potential to capture a share of the over USD 100 billion lipid-lowering drug market [7][8]. Group 3: International Strategy - Ribobio has established research centers in Beijing and Suzhou, China, and a subsidiary in Sweden to facilitate international clinical trials, enhancing its presence in the lucrative European pharmaceutical market [9]. - The company has formed strategic partnerships, including a collaboration with Qilu Pharmaceutical for the development of RBD7022 and with Boehringer Ingelheim for innovative therapies targeting NASH/MASH, with a combined value of USD 2 billion [9]. Group 4: Financial Performance - Ribobio has completed nine rounds of financing, with a valuation reaching CNY 5.02 billion after the latest round in June 2025, indicating strong growth potential [10]. - The company's revenue is projected to grow from nearly zero in 2023 to CNY 143 million in 2024, with a reduction in losses from CNY 142 million in the previous year to CNY 97.8 million in the first half of 2025 [10].

Core Insights - The article highlights the emergence of small nucleic acid drugs as a revolutionary third drug paradigm in the biopharmaceutical industry, alongside small molecules and antibody drugs. It emphasizes that Rebio Biotech from China is one of the few companies with comprehensive "end-to-end" capabilities in this field, positioning itself as a potential global leader in defining future treatment standards [1][20]. Market Overview - The global small nucleic acid drug market is projected to grow from $2.7 billion in 2019 to $5.7 billion by 2024, with a compound annual growth rate (CAGR) of 16.2%. The market is expected to accelerate further, reaching $20.6 billion by 2029 and $54.9 billion by 2034, with respective CAGRs of 29.4% and 21.6% [7]. Company Pipeline and Products - Rebio Biotech has established one of the leading siRNA pipelines globally, with seven self-developed clinical-stage drugs targeting cardiovascular, metabolic, renal, and liver diseases. Four of these are in Phase II clinical trials, showcasing a high density of research and development [8][9]. - The core product, RBD4059, is the world's first siRNA drug targeting coagulation factor FXI for treating thrombotic diseases, demonstrating a significantly lower bleeding risk compared to traditional therapies. The Phase II trial for coronary heart disease is set to complete patient enrollment by February 2025 [9]. - RBD5044, the second siRNA drug targeting APOC3 for treating hypertriglyceridemia, has initiated its Phase II trial in Sweden as of January 2025 [9]. Technological Capabilities - Rebio Biotech has developed a comprehensive technology platform covering the entire process of small nucleic acid drug development, from early research to clinical development and future commercialization. The core technology engine is the RiboGalSTAR™ liver-targeting delivery platform, which is crucial for the efficient targeting of liver cells [13]. - The company holds 255 authorized patents and 218 patent applications globally, establishing a strong intellectual property moat around its products and technologies [13]. Strategic Innovations - The company has created a "China-Europe dual-core" global research and development system, integrating advantages from both regions to facilitate product approvals and commercialization in major global markets [16]. - Rebio Biotech has successfully transitioned from merely selling products to licensing its technology and platform capabilities, exemplified by significant collaborations with major pharmaceutical companies, which validate its platform capabilities [17]. Future Outlook - Rebio Biotech aims to redefine treatment standards by addressing unmet clinical needs through its innovative therapies, such as RBD4059 and RBD1016, which target critical medical issues [18]. - The company's upcoming IPO in Hong Kong is seen as a pivotal moment for showcasing China's original nucleic acid technology on the global stage, with expectations of translating its robust research foundation into commercial and clinical value [20].

Core Viewpoint - Rebio Biotech is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC and Citibank serving as joint sponsors. The company is a key player in the global small nucleic acid drug development field, particularly in siRNA therapies, and possesses one of the largest siRNA drug pipelines globally [1] Group 1: Market Potential - The small nucleic acid drug market is considered the "third wave" following small molecules and antibody drugs, with significant market potential. It is projected that the global market valuation will reach $18.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.5% from 2024 to 2029 [1] Group 2: Technological Advancements - Rebio Biotech has overcome the core technical barrier of small nucleic acid drug delivery, possessing proprietary and clinically validated GalNAc delivery technology. The liver-targeting RiboGalSTAR delivery technology is foundational to many of its pipeline assets. The company has also made significant progress in extrahepatic delivery technologies, such as RiboPepSTAR and RiboOncoSTAR [1] Group 3: Product Pipeline - The company is deeply focused on the small nucleic acid sector, with seven self-developed drugs in clinical trials targeting eight indications related to cardiovascular, metabolic, renal, and liver diseases. Four of these drugs are in Phase 2 clinical trials. The core product RBD4059 is the world's first and fastest siRNA drug for treating thrombotic diseases. RBD5044 and RBD7022 are the second siRNA drugs globally to enter clinical development targeting APOC3 and PCSK9, respectively. Additionally, the company has over 20 preclinical projects [1]

Core Insights - Suzhou RiboBio Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, marking it as a significant player in the innovative drug sector, particularly in small nucleic acid drugs [1] - The small nucleic acid drug sector is considered the "third wave" of drug development, with a projected market valuation of $18.6 billion by 2029 and a compound annual growth rate of 29.5% from 2024 to 2029 [1] Company Overview - RiboBio is a leading developer in the siRNA therapy field, with seven self-developed drug assets currently in clinical trials [1][3] - The company has a balanced pipeline focusing on both rare and common diseases, which enhances its long-term growth potential [3][4] Pipeline and Product Development - RiboBio's pipeline includes drugs targeting cardiovascular, metabolic, renal, and liver diseases, with four products in Phase II clinical trials [3][4] - The core product RBD4059 is the world's first siRNA drug for treating thrombotic diseases, with all patients enrolled in Phase IIa trials by February 2025 [3] - RBD5044 and RBD7022 are promising candidates for treating hypertriglyceridemia and hypercholesterolemia, respectively, with ongoing clinical trials [4] Technological Strength - RiboBio has developed proprietary GalNAc delivery technology, enhancing the efficacy and safety of siRNA drugs, which addresses a critical challenge in the industry [5] - The company has established multiple delivery technology platforms for various organ systems, positioning itself at the forefront of small nucleic acid development [5] Financial Performance and Growth - RiboBio's revenue is projected to reach 143 million yuan in 2024, with significant growth expected in subsequent years due to strategic partnerships with leading pharmaceutical companies [6] - The company has secured milestone payments from collaborations, reinforcing its research capabilities and market potential [6] Strategic Positioning - RiboBio's focus on cutting-edge innovation and long-term strategy has established it as a leader in the small nucleic acid drug sector, providing a unique investment opportunity for stakeholders [7]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集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 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）╱ 證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧 問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記 的本公司招股章程作出投資決定，而招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本 文件中的資料作出任 ...