--- title: "HJ SCIENCE went public and its stock price fell below the issue price: the stock price was halved, market value at 3.2 billion, Ruifeng Fund and Kaibo suffered a loss of tens of millions of dollars" type: "News" locale: "en" url: "https://longbridge.com/en/news/290529225.md" description: "HJ SCIENCE was listed on the Hong Kong Stock Exchange with an issue price of HKD 81.8. After the listing, the stock price quickly fell below the issue price, dropping nearly 50%, with a low of HKD 38.5, giving it a market value of approximately HKD 3.17 billion. Cornerstone investors Ruifeng Fund and Kaibo subscribed for USD 25 million each, currently facing a floating loss of over USD 10 million. The company is a clinical-stage biotechnology firm with annual revenue of HKD 12.98 million and a net loss of HKD 135 million" datetime: "2026-06-23T07:44:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290529225.md) - [en](https://longbridge.com/en/news/290529225.md) - [zh-HK](https://longbridge.com/zh-HK/news/290529225.md) --- # HJ SCIENCE went public and its stock price fell below the issue price: the stock price was halved, market value at 3.2 billion, Ruifeng Fund and Kaibo suffered a loss of tens of millions of dollars ![1.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/369b38af8ca030d9e6078a1bb4b283ed.jpeg?x-oss-process=style/lg) LeiDi Network, Lei Jianping, June 23 HJ SCIENCE (Chengdu) Technology Co., Ltd. (abbreviated as "HJ SCIENCE", stock code: "06132") was listed on the Hong Kong Stock Exchange today. HJ SCIENCE's offering price was HKD 81.8, issuing 13.6 million shares, raising a total of HKD 1.113 billion; after deducting the listing fees of HKD 93.7 million, the net fundraising amount is HKD 1.019 billion. HJ SCIENCE's cornerstone investors subscribed a total of USD 65 million. ![2.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/c5c5aad23e6041a6ef1f35abf252a5c2.jpeg?x-oss-process=style/lg) The cornerstone investors of HJ SCIENCE include Ruiyuan Fund, Kaibo, LBC HK, Sage Partners, Panjing Fund, and Taikang Life. Among them, Ruiyuan Fund and Kaibo each subscribed USD 25 million, LBC HK subscribed USD 5 million, Sage Partners subscribed USD 4 million, and Panjing Fund and Taikang Life each subscribed USD 3 million. HJ SCIENCE's opening price today was HKD 81.8, unchanged from the offering price; soon the stock price fell below the offering price, with a low of HKD 38.5. As of now, the company's stock price has dropped nearly 50%, with a market capitalization of approximately HKD 3.17 billion. Based on this calculation, Ruiyuan Fund and Kaibo have incurred losses of over ten million. Annual revenue of 12.98 million, net loss of 135 million HJ SCIENCE is a clinical-stage biotechnology company established in 2017, dedicated to the research and development of therapies for autoimmune, metabolic, and oncology diseases. HJ SCIENCE has three core products: HJ787, HJ178, and HJ891, all of which are self-developed, small-molecule, Class 1 innovative drugs approved by the National Medical Products Administration. ![3.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/f0288406ffee69bfe18e1d569a2104a3.jpeg?x-oss-process=style/lg) HJ787 is a selective TYK2 inhibitor used for the topical treatment of mild to moderate atopic dermatitis (AD), mild to moderate acne vulgaris (AV), neurodermatitis (ND), and psoriasis (Ps), as well as oral treatment for AD, ND, and Ps. HJ178 is an oral medication that acts on GLP-1 and GIP, used for the treatment of type 2 diabetes and potential overweight or obesity in the metabolic category HJ891 is an oral KRASG12C inhibitor used for the treatment of non-small cell lung cancer (NSCLC) with KRASG12C mutations that have progressed after first-line standard therapy (as a monotherapy) and non-squamous NSCLC with KRASG12C mutations (as a first-line combination therapy). As of the last practicable date, HJ SCIENCE also has a clinical-stage candidate drug HJ197 and five preclinical candidate drugs HJ356, HJ093, HJ199, HJ198, and HJ086, all of which are self-developed, small-molecule, Class 1 innovative therapies approved by the National Medical Products Administration. ![4.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/dc04300020666927613d5c819e95187f.jpeg?x-oss-process=style/lg) The prospectus shows that HJ SCIENCE's revenue for 2024 and 2025 is projected to be 1.8 million and 12.98 million yuan, respectively; the losses for the year are expected to be 200 million and 135 million yuan. ![5.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/857c067034837d12e5b5a7b8aed71d2e.jpeg?x-oss-process=style/lg) As of December 31, 2025, HJ SCIENCE holds only 3.72 million yuan in cash and cash equivalents. Ji Jianxin controls 57.5% of the shares. The executive directors of HJ SCIENCE are Dr. Ji Jianxin, Yang Xiangyu, Wu Zhen, and Ms. Zhang Yao; the non-executive directors are Ms. Geng Xueli, Du Jiangbo, Wang Junfeng, and Zhang Zhiyong; the independent non-executive directors are Wang Zhirong, Jiang He, Ms. Lin Fangzhu, and Liu Zhe. ![6.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/02d4fbde5569c93ed8aa0f0fe3ffd75e.jpeg?x-oss-process=style/lg) Dr. Ji Jianxin is the controlling shareholder, chairman, general manager, and CEO of the company. Dr. Ji, aged 50, has served as the chairman of the board and general manager since March 18, 2025, and has been the CEO since September 18, 2018. Before founding the group, Dr. Ji joined Chengdu Diao Pharmaceutical Group Co., Ltd. (a company primarily engaged in pharmaceutical research and production) in June 2007 and held various positions from June 2007 to November 2016, with the last position being executive vice president. Since January 2017, Dr. Ji has also served as a member of the investment decision-making committee of the Chinese Academy of Sciences Venture Capital, responsible for reviewing major investment matters and voting on them Yang Xiangyu, 39 years old, joined the group as Chief Operating Officer in February 2017. From August 2013 to July 2016, he served as a drug development researcher at Chengdu Diao Pharmaceutical Group Co., Ltd., mainly responsible for drug research and development. Before going public, HJ SCIENCE raised a total of 619 million yuan, with the final round valuation at 2.7 billion. Before the IPO, Dr. Ji Jianxin directly held 20.71% of the shares, Chengdu Wenshao held 33.29%, Suzhou Jishitang held 3.5%, and the controlling shareholders collectively controlled 57.5% of the company's equity. ![7.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/6d8050847ee394de57d1f7376579de8c.jpeg?x-oss-process=style/lg) Equity structure of HJ SCIENCE before the IPO Guotou Shanghai held 9.2%, Junlian Xinkang held 7.08%, Jiangjin Fund held 3.7%, Chengyu Tuanlihu Fund held 2.96%, Huige Ruixin held 2.7%, Junshi Biology held 2.1%, and Peikun Jingrong held 2.01%. ![8.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/babf0456f8a8b98a9bead9ebb6c99ed8.jpeg?x-oss-process=style/lg) Equity structure of HJ SCIENCE before the IPO Ruiji Phase III held 1.72%, Kezhuan Fund held 1.58%, Xiamen Jianfa and Ms. Zhang Naiye each held 1.46%, Huike Fund and Ruiji Phase X each held 1.11%; Suzhou Fanmao held 1.01%, Chengdu Chunlei held 0.83%, Wuxi Runyuan, Huace Xinming, and Baohe Linghang each held 0.74%, Huige Health held 0.17%, and Peikun Songfu held 0.08%. ![9.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/6b058687b61417adf0a9c2be0ec5e0fd.jpeg?x-oss-process=style/lg) Equity structure of HJ SCIENCE after the IPO Dr. Ji Jianxin directly held 16.88% of the shares, Chengdu Wenshao held 27.14%, Suzhou Jishitang held 2.85%, and the controlling shareholders collectively controlled 46.87% of the company's equity. Guotou Shanghai held 7.5%, Junlian Xinkang held 5.77%, Jiangjin Fund held 3.02%, Chengyu Tuanlihu Fund held 2.42%, Huige Ruixin held 2.2%, Junshi Biology held 1.71%, and Peikun Jingrong held 1.71%, Peikun Jingrong held 1.64%. —————————————— ### Related Stocks - [06132.HK](https://longbridge.com/en/quote/06132.HK.md) - [688180.CN](https://longbridge.com/en/quote/688180.CN.md) - [01877.HK](https://longbridge.com/en/quote/01877.HK.md) - [600153.CN](https://longbridge.com/en/quote/600153.CN.md) ## Related News & Research - [Cordyceps Sunshine Biotech partners with Pet Sunshine Biological Research on Antcin A drug platform commercialization rights](https://longbridge.com/en/news/290812586.md) - [Eliaz Therapeutics Highlights Selective Galectin-3 Removal in Sepsis, Advances XGAL-3® Program](https://longbridge.com/en/news/290842672.md) - [CStone Shareholders Approve All AGM Resolutions, Renew Capital Mandates and CEO Equity Awards](https://longbridge.com/en/news/290618548.md) - [Biotech Breaks Out As Pharma Starts Looking Past 2031](https://longbridge.com/en/news/290679359.md) - [Mabwell wins China NMPA IND clearance for LILRB4/CD3 bispecific 6MW5311 in blood cancers](https://longbridge.com/en/news/290619996.md)