HK Recently Listed Stocks Watch | TENNOR THERAP-B (06872.HK): Lock-up on 3.08 Million H Shares Ends Nov 21
- A total of 3.08 million H shares held by five cornerstone investors account for 34.81% of the total number of shares under the global offering and 5.89% of the total number of issued shares after listing. The lock-up period ends on November 21, 2026, and the shares will be released from lock-up from November 23, 2026.
- Loss for the first half of 2026 was 64.245 million RMB (same unit below), compared with a loss of 78.17 million RMB in the same period last year; cash and cash equivalents as at June 30 amounted to 715 million RMB.
NewTimeSpace News: On October 9, 2026, as of 16:00, TENNOR THERAP-B (06872.HK) closed at 106.10 HKD, down 1.76%.
On the news front, according to the Allotment Results Announcement previously disclosed by the company, the last day of the relevant lock-up undertaking in respect of a total of 3.08 million H shares held by five cornerstone investors is November 21, 2026; as that day falls on a Saturday, the shares will become tradable from November 23, 2026 (Monday). The cornerstone investor line-up includes AMR Action Fund, L.P., AMR Action Fund, SCSp, Hua Yuan International Limited, Orient Asset Management (Hong Kong) Limited and June Star Global Limited.
According to public information, TENNOR THERAP-B (06872.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 22, 2026, with a final offer price of 75.70 HKD. The global offering comprised 8.856 million H shares (after taking into account the partial exercise of the Offer Size Adjustment Option and the additional issue of 575,450 shares), of which 828,100 H shares were under the Hong Kong Public Offer, which was 9,015.11 times oversubscribed, and 8,027,900 H shares were under the International Offering, which was 9.24 times oversubscribed (with 81 placees). Gross proceeds amounted to approximately 670 million HKD and net proceeds to approximately 598 million HKD. There was no over-allocation in the International Offering, the Over-allotment Option will not be exercised, and no stabilising action will be taken. The number of issued shares of the company at the time of listing was 52,328,926, all held in the form of H shares, with a board lot size of 50 shares. The company's H shares have been included in Stock Connect (Southbound Trading) since September 7, 2026.
In terms of results, the company disclosed its first interim results after listing on August 26, 2026. In the first half of 2026, research and development expenses were 31.321 million RMB (same unit below), compared with 26.32 million RMB in the same period last year; administrative expenses were 32.013 million RMB, compared with 18.61 million RMB in the same period last year; and the loss for the period was 64.245 million RMB, compared with a loss of 78.17 million RMB in the same period last year. As at June 30, 2026, the company's cash and cash equivalents amounted to 715 million RMB and total equity amounted to 655 million RMB. The company has no product approved for marketing and has not generated any revenue from product sales. From 2023 to 2025, the company's losses for the year were 192 million RMB, 146 million RMB and 153 million RMB respectively.
In terms of business progress, according to the interim report, the company's core product rifasutenizol, in combination with amoxicillin and rabeprazole for the treatment of Helicobacter pylori infection, has entered the supplementary review stage with the NMPA, and the company has initiated the pharmacoeconomic study for this product. Another core product, rifaquizinone, administered via intra-articular injection for the treatment of prosthetic joint infection, has completed the enrolment of the last patient in its Phase Ib/IIa clinical trial, and the multicentre Phase IIb clinical trial has obtained clinical trial approval from the NMPA and has been initiated. In November 2024, the company granted the exclusive commercialisation rights of rifasutenizol in Greater China to Grand Life Science.
At the industry level, according to information from Frost & Sullivan cited in the prospectus, the number of people infected with Helicobacter pylori in China and globally exceeded 600 million and 4 billion respectively in 2024; the global market for Helicobacter pylori treatment grew from 5.3 billion USD in 2019 to 6.9 billion USD in 2024, and is expected to further grow to 16.1 billion USD by 2035. At present, no innovative antibacterial drug dedicated to the treatment of Helicobacter pylori infection has been approved for marketing in China.
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
