On July 25, 2025, Nanjing Leads Biolabs Co., Ltd. (Leads Biolabs, stock code: 9887.HK) listed on the Main Board of the Stock Exchange of Hong Kong (HKEX). Leads Biolabs issued 36,862,500 H shares globally at an issue price of HKD 35 per share, raising approximately HKD 1.29 billion (taking into account the full exercise of the offer size adjustment option and subject to the 15% over-allotment option). 

Founded in 2012, Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development and commercialization of innovative therapies to address unmet medical needs in oncology, autoimmune and other severe diseases. It has one core product, LBL-024, a registrational-stage PD-L1 and 4-1BB dual-targeting bispecific antibody, and 13 other candidates (including five other clinical-stage candidates and eight additional pre-clinical stage candidates). In July 2024, its core product LBL-024 entered a single-arm registrational trial for advanced EP-NEC and stands as the first global 4-1BB-targeted drug candidate to have reached registrational stage.

JunHe acted as the issuer’s PRC legal counsel and the PRC and U.S. patent advisor in Leads Biolabs' Hong Kong IPO. As the issuer’s PRC legal counsel, JunHe assisted Leads Biolabs in its restructuring into a joint-stock company. We formulated the employee equity incentive plan, issued PRC legal opinions and drafted, reviewed and amended the application and offering documents related to this IPO. We prepared a full set of legal documents for the overseas listing filing with the China Securities Regulatory Commission (CSRC), and responded to inquiries from the CSRC, the Securities and Futures Commission of Hong Kong and the HKEX regarding the listing application. As the PRC and U.S. patent advisor, we provided advice on patent-related matters and issued the due diligence report and legal opinion.

JunHe partner LI, Chenliang led the Leads Biolabs deal.

The Hong Kong IPO matter was undertaken by partners LI, Chenliang, WANG, Juewei (Jewel) and QIAN, Yiqian, with support from partner XIONG, Jingui (Alice) for the internal review.

JunHe partners ZHU, Jian (James J. Zhu, Ph.D.) and WU, Yu (Sophia) undertook the patent matters involved in Leads Biolabs' Hong Kong IPO.