By Fineline Cube 
Suzhou Ribo Life Science Co., Ltd. (HKG: 6938) commenced trading on the Hong Kong Stock Exchange after raising approximately HK$1.6 billion (US$205 million) through a global offering of 27.5 million shares at HK$57.97 per share. The proceeds will accelerate development of its siRNA therapeutics pipeline targeting thrombotic and cardiometabolic diseases.
IPO Summary
| Item | Detail |
|---|---|
| Company | Suzhou Ribo Life Science Co., Ltd. (6938.HK) |
| Listing Date | 31 Dec 2025 |
| Shares Issued | 27,487,400 shares (global offering) |
| Offer Price | HK$57.97 per share |
| Total Proceeds | ~HK$1.6 billion (US$205 million) |
| Market Cap (post‑IPO) | ~HK$6.4 billion (US$820 million) |
Company Profile
Founded: 2007 – 18 years specializing in oligonucleotide therapeutics
Focus: siRNA (small interfering RNA) drugs for chronic diseases
Core Product: RBD4059 – Factor XI (FXI)‑targeting siRNA for thrombotic diseases
Pipeline: 7 in‑house discovered assets across 7 indications
Phase 2 Assets: 4 candidates in cardiovascular, metabolic, renal, and liver diseases
Differentiation: Proprietary GalNAc liver delivery platform with enhanced stability
Pipeline Overview
| Asset | Target | Indication | Phase | Next Milestone |
|---|---|---|---|---|
| RBD4059 | FXI | Thrombotic diseases | Phase 1/2 | Phase 2 data H2 2026 |
| RBD2088 | PCSK9 | Hypercholesterolemia | Phase 2 | Enrollment completion Q3 2026 |
| RBD3044 | AGT | Hypertension | Phase 2 | Interim analysis Q1 2026 |
| RBD4567 | APOC3 | Severe hypertriglyceridemia | Phase 2 | IND filing EU Q4 2026 |
| RBD7890 | HSD17B13 | NASH | Phase 1 | Phase 2 initiation 2027 |
| RBD1023 | TTR | ATTR amyloidosis | Phase 1 | Patient dosing Q2 2026 |
| RBD1456 | Undisclosed | Undisclosed | Discovery | IND filing 2028 |
Market Opportunity
Thrombotic Diseases:
- China has 3‑4 million patients with venous thromboembolism annually
- FXI inhibition offers bleeding‑sparing anticoagulation vs. DOACs
- Market potential: ¥8‑10 billion by 2030
Cardiometabolic siRNA Market:
- PCSK9, AGT, and APOC3 targets represent ¥15+ billion combined addressable market
- siRNA advantages: Q6M or annual dosing vs. monthly antibodies
- Patient compliance: Projected 85‑90% vs. 60‑65% for biologics
Use of Proceeds
| Allocation | Amount (HK$ millions) | % of Total |
|---|---|---|
| R&D & Clinical Trials | 960 | 60% |
| Manufacturing Scale‑up | 320 | 20% |
| Commercial Infrastructure | 240 | 15% |
| Working Capital & General | 80 | 5% |
Competitive Landscape
| Company | Core siRNA Asset | Stage | Differentiation |
|---|---|---|---|
| Ribo Life | RBD4059 (FXI) | Phase 2 | In‑house discovery, China‑focused |
| Alnylam | Vutrisiran (ATTR) | Marketed | Global leader, premium pricing |
| Arrowhead | ARO‑APOC3 (hypertriglyceridemia) | Phase 3 | TRiM™ delivery platform |
| Silence Therapeutics | SLN360 (cardiovascular) | Phase 2 | GalNAc‑conjugated |
Advantage: Ribo Life’s cost‑effective manufacturing and China regulatory expertise enable competitive pricing for domestic market penetration.
Forward‑Looking Statements
This brief contains forward‑looking statements regarding Ribo Life Science’s development pipeline, market penetration, and revenue forecasts. Actual results may differ materially due to clinical trial outcomes, competitive dynamics, and regulatory decisions.-Fineline Info & Tech