BRIEF: Heavily oversubscribed TenNor Therapeutics soars in trading debut

Shares of Biotechnology firm TenNor Therapeutics (Suzhou) Ltd. (6872.HK) nearly tripled in their Hong Kong debut on Friday, doubling when trading began and rising throughout the day to close at HK$211, up 179%.

The company sold 8.86 million shares for HK$75.70 each, raising net proceeds of HK$598 million ($76.7 million). The public offering for local Hong Kong investors was oversubscribed by more than 9,000 times, while the international placement was oversubscribed by 8.2 times. Five cornerstone investors purchased 3.1 million shares, representing 34.81% of the total offering.

The company has been consistently unprofitable over the past three years, posting net losses of 192 million yuan ($28.2 million), 146 million yuan, and 153 million yuan in 2023, 2024 and 2025, respectively, primarily due to high R&D spending.

The company plans to spend 71% of the IPO proceeds on R&D, registration filing, and commercialization of its core products. Another 7% will go to R&D of its TNP-2092 oral formulation, with another 7% for development of other product candidates, and 7% for the construction of a manufacturing facility. The remaining HK$41.8 million is earmarked for general working capital.

By Lau Chi Hang

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