TenNor Therapeutics (Suzhou) Limited (Stock Code: 06872.HK) has launched its Hong Kong IPO, with the subscription period from May 14 to May 19. The Company plans to globally offer 8,280,550 H shares, with a 15% over-allotment option and a reallocation adjustment mechanism. The offer price is set at HK75.70pershare,exclusiveofa1.075.70pershare,exclusiveofa1.03,823.17 per board lot. Trading is expected to commence on the Main Board of the Stock Exchange of Hong Kong Limited on May 22. Citic Securities (Hong Kong) Limited and ABCI Capital Limited are the joint sponsors.

TenNor Therapeutics: A Near-Commercialization Multi-Target Antibacterial Drug Developer

Offer Structure: Approximately 10% (828,100 shares) for the Hong Kong public offering and approximately 90% (7,452,450 shares) for the international placement.

Offer Price: HK75.70pershare;50sharesperboardlot;minimuminvestmentcostofapproximatelyHK75.70pershare;50sharesperboardlot;minimuminvestmentcostofapproximatelyHK3,823.17 per board lot.

Subscription Period: May 14–19.

Listing Date: May 22.

IPO Joint Sponsors: Citic Securities (Hong Kong), ABCI Capital Limited.

Company Overview

TenNor Therapeutics focuses on the discovery, development, and commercialization of differentiated innovative drugs to address unmet clinical needs in bacterial infections and bacteria metabolism-related diseases. Leveraging its multi-target conjugated molecule technology platform, the Company has built a pipeline consisting of seven innovative programs. Its core product, TNP-2198 (rifasutenizol), is the world’s first new molecular entity (NME) candidate drug for Helicobacter pylori infection since the bacterium’s discovery in 1982. A new drug application (NDA) has been submitted and accepted for review in China, with approval expected by the end of 2026. Another core product, TNP-2092 injection (rifaquizone), is the only candidate drug globally in late-stage clinical development for the treatment of implant-associated bacterial infections. The Company has entered into an exclusive commercial collaboration with Grand Life Sciences for TNP-2198.

Financial Information

According to the offering documents, TenNor Therapeutics’ R&D expenses were approximately RMB 1.084 billion, RMB 698 million, and RMB 719 million for the years 2023, 2024, and 2025, respectively. Net losses for the same periods were approximately RMB 1.918 billion, RMB 1.459 billion, and RMB 1.532 billion, respectively. Based on the offer price of HK75.70pershare,assumingnoexerciseofthereallocationadjustmentmechanismortheover−allotmentoption,theCompanyexpectsnetproceedsofapproximatelyHK75.70pershare,assumingnoexerciseofthereallocationadjustmentmechanismortheover−allotmentoption,theCompanyexpectsnetproceedsofapproximatelyHK558 million. The funds are intended to be used for the research, development, regulatory registration and filing, and commercialization of core products (approximately 71.0%), of which TNP-2198 accounts for approximately 27.9% and TNP-2092 injection accounts for approximately 43.1%; the development of the oral formulation of TNP-2092 (approximately 7.0%); the development of other pipeline candidates (approximately 7.3%); the construction of an in-house manufacturing facility (approximately 7.2%); and working capital and other general corporate purposes (approximately 7.5%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for TenNor Therapeutics via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select TenNor Therapeutics, tap "Public Offer," enter your subscription quantity, and submit your order.

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