Alebund Pharmaceuticals (Jiangsu) Ltd. (Ticker: 9637 HK) is a China-domiciled biopharmaceutical company developing renal therapies for chronic kidney disease and related conditions. Founded in 2018, the company’s pipeline includes its Core Product AP301, a phosphate binder for hyperphosphatemia in chronic kidney disease patients receiving dialysis, and six other clinical or preclinical product candidates. AP301 has completed a China registrational Phase III trial, with a new drug application expected, and is also in a global Phase III pivotal multi-regional clinical trial in the U.S. and China.

Alebund is expected to list H shares on the Hong Kong Stock Exchange on June 29, 2026. The company priced 56.76 million shares at HKD 22.60 per share, raising approximately HKD 1.28 billion, or approximately $164 million. The offering consists entirely of primary shares and includes a 15% greenshoe option. The company’s market capitalization at offer is approximately HKD 5.13 billion, or around $655 million.

Alebund also holds exclusive commercialization rights in Mainland China for Mircera, Roche’s long-acting erythropoietin treatment for anemia in chronic kidney disease patients. Joint managers include BOCI Asia, CLSA, Huatai Financial, Jefferies and Merrill Lynch Asia Pacific.