On July 25, 2025, Nanjing Leads Biolabs Co., Ltd. (“Leads Biolabs”, stock code: 09887.HK) was successfully listed on the Main Board of the Hong Kong Stock Exchange. In its initial public offering, the company issued a total of 36,862,500 H shares at a price of HK$35.00 per share, raising total proceeds of around HK$1.29 billion. During the subscription period, the IPO was oversubscribed by 3,029 times, with total frozen capital reaching nearly HK$340 billion, making it the most oversubscribed biotech IPO in the Hong Kong market over the past three years.

Leads Biolabs is a clinical-stage biotechnology company focused on the discovery, development, and commercialization of new therapies in oncology, autoimmune, and other severe diseases. Leads Biolabs has built a diversified portfolio with four core and key products, each positioned as a clinically advanced candidate on a global scale, either in its class or among those addressing the same target(s).

In this listing, Cooley served as the issuer’s Hong Kong and U.S. legal counsel, JunHe LLP acted as the issuer’s PRC legal counsel. Herbert Smith Freehills Kramer and Jingtian & Gongcheng advised the joint sponsors and underwriters on Hong Kong and U.S. law, and PRC law, respectively.