Nanjing Leads Biolabs Co Ltd (Ticker: 9887 HK) is a Chinese clinical-stage biotechnology company focusing on developing therapies for oncology and autoimmune diseases. Leads Biolabs plans to list on the Hong Kong Stock Exchange on July 25, 2025, offering 36.86 million shares priced at HKD 35.00 each. The company aims to raise approximately HKD 1.29 billion (USD 164.38 million), giving it a market capitalization at offer of around USD 189 million. The proceeds will reportedly fund research and development for its pipeline, including its core product LBL−024, a bispecific antibody for treating various solid tumors. The company's portfolio includes multiple clinical and pre-clinical drug candidates. The offering's global coordinators include Morgan Stanley Asia Ltd, CLSA Ltd, and CMB International Capital Ltd.