Ribo Life Sciences Passes HKEX IPO Hearing, Set for Imminent Listing

Ribo Life Science Passes HKEX IPO Hearing, Listing Imminent

On December 21, 2025, Ribo Life Science's IPO application passed the hearing at the Hong Kong Stock Exchange and is about to be listed. Established in 2007, Suzhou Ribo Life Science Co., Ltd. is an innovative R&D company focusing on building a novel siRNA technology platform based on RNAi technology. Since its establishment, the company has developed the RiboGalSTAR technology platform for liver-targeted delivery, the RiboPepSTAR technology platform for non-liver targeting, and the RiboOncoSTAR technology platform for cancer targeting. Its therapeutic areas cover chronic diseases such as cardiovascular, metabolic, liver, kidney, as well as cancer.

In the liver-related area, the company has taken RiboGalSTAR as a key initiative and currently has seven siRNA pipelines in clinical research. The core product, RBD4059 (targeting FXI), is the world's first clinical-stage siRNA drug for treating thrombotic diseases. In August 2024, the company initiated a Phase 2a clinical trial in Sweden. All patients have now completed treatment and are in the safety follow-up phase.

In terms of extrhepatic applications, the company hopes to explore targeting other organs and tissues, such as solid tumors, kidneys, the central nervous system, and metabolic tissues like fat cells and muscles, to expand the application value of RNAi technology.

Based on the rich early-stage siRNA pipeline reserves, the company plans to advance 2-4 projects into clinical stages each year in the future. Outward licensing cooperation: In 2023-2024, the company reached two collaborations with Boehringer Ingelheim and Qilu Pharmaceutical respectively, with a total transaction value exceeding 2 billion US dollars. We believe this, to a certain extent, reflects the recognition by pharmaceutical companies in and outside of China for the company's R&D capabilities, and in the future, there is potential to expand growth space through deepening BD cooperation.

In the 4th week of December, the pharmaceuticals and biotechnology sector fell by 0.18%, with the active pharmaceutical ingredients sector seeing the largest increase.

From the monthly data, the Shanghai and Shenzhen markets have generally shown an upward trend since the beginning of 2025. In the fourth week of December 2025, industries such as non-ferrous metals, defense and military, and power equipment saw significant increases, while banking, social services, and beauty care experienced notable declines. This week, the pharmaceuticals and biotechnology sector fell by 0.18%, underperforming the CSI 300 Index by 2.13 percentage points, ranking 25th among 31 sub-industries.

In the fourth week of December 2025, the API sector saw the largest increase, rising by 2.05%; the blood products sector rose by 1.28%, and the medical R&D outsourcing sector increased by 0.77%; the hospital sector experienced the largest decline, falling by 2.82%, the pharmaceutical distribution sector dropped by 1.8%, and the offline pharmacy sector fell by 1.3%.

Pharmaceutical Layout Ideas and Stock Recommendations

Overall, we continue to be optimistic about innovative drugs and their industry chain (CXO + research services). In the innovative drug sector, we highly recommend the opportunities in the small nucleic acid track and emphasize the valuation shift opportunities for leading CXO + research service providers.

Monthly Portfolio Recommendation: 3SBio, Innovent Biologics, Baili Tianheng, Yuke Pharmaceutical, Frontier Biotechnologies, Hotgen Biotech, Huadong Medicine, CSPC Pharmaceutical Group, United Laboratories.

Weekly Portfolio Recommendation: Wuxi AppTec, Wuxi XDC, Bide Pharmaceutical, HaoFan Biotech, Haoyuan Pharmaceutical, Opthea, Sunshine Nuohar, Aladdin, Ya Kang Biotech.

Risk Warning: Risks of R&D uncertainty, drug safety risks, intensified competition risks, etc.