The growth path of small nucleic acid industry giant Alnylam, which was "a decade in the making," is expected to be replicated in the Hong Kong stock market. On January 9, RIBOLIFE-B (06938), a leading pioneer of small nucleic acid drugs in China, officially listed on the main board of the Hong Kong Stock Exchange. In this global offering, RIBOLIFE issued a total of 31.6104 million shares at an offer price of HK$57.97 per share, raising over HK$1.8 billion in total funds. The public offering portion was oversubscribed by more than 100 times, while the international offering portion achieved 16.7 times subscription, reflecting global investors' high recognition of the small nucleic acid sector's value and the company's strength. It is understood that RIBOLIFE is a frontrunner in China's small nucleic acid field and is regarded as the "Chinese version of Alnylam" due to its self-developed, full-chain technology platform (especially delivery technology), a rich and rapidly advancing pipeline, and its positioning in a market with immense potential. The company has attracted significant market attention since submitting its listing application. Not only have secondary market investors eagerly awaited it, RIBOLIFE's listing has also drawn substantial recognition from several well-known institutions. According to information, this issuance has attracted prominent institutions such as ArcAvenue, BrightStone, ChinaAMC, Dacheng International and Dacheng Fund, and Taikang Life Insurance as cornerstone investors, with market interest continuously heating up. Against the backdrop of support from top-tier investment institutions, how RIBOLIFE will translate its technological advantages and pipeline potential into tangible commercial value, thereby achieving a comprehensive leap in worth, has become a key focus for the market.

In the innovative pharmaceutical industry, small nucleic acid drugs, with their unique advantages of programmability, long-lasting effects, and the ability to target "undruggable" targets, are currently seen as the "third wave" following small molecules and antibody drugs. According to a Frost & Sullivan report, the global small nucleic acid drug market has demonstrated strong and sustained growth potential, expanding from $2.7 billion in 2019 to $5.7 billion in 2024, representing a compound annual growth rate (CAGR) of 16.2%. Driven by continuous technological advancements, increasing drug approvals, and clinical validation, the market is projected to reach $20.6 billion and $54.9 billion by 2029 and 2034, respectively, with a CAGR of 29.4%. Within this, siRNA drugs are expected to capture a larger market share over the next decade compared to other small nucleic acid drugs. However, entering this赛道 is not easy. The small nucleic acid drug industry presents high technological barriers, particularly concerning delivery technology; achieving precise, efficient, and safe delivery of drugs to target organs (such as intrahepatic and extrahepatic) has always been a core industry challenge. Yet, regarding this high barrier, through sustained R&D investment, RIBOLIFE has not only successfully built its own technological advantages but has further established a deep moat by leveraging core capabilities like its full-industry-chain technology platform and self-controlled delivery systems. The company has achieved leading positions in multiple cutting-edge technological directions, seizing the strategic high ground in industry development early on. It is understood that RIBOLIFE is one of the few companies globally with a self-developed, clinically validated GalNAc delivery technology. This technology, based on the specific delivery of siRNA drugs, enhances efficacy and improves safety, revolutionizing the therapeutic concepts of innovative drugs. Among these, the company's liver-targeted RiboGalSTAR™ delivery technology serves as the cornerstone for numerous pipeline assets, addressing a key challenge in siRNA therapy—efficient and specific delivery. This undoubtedly overcomes the industry's most critical "bottleneck" problem, constructing a powerful technological barrier for the company. After nearly two decades of focused R&D, RIBOLIFE has built an integrated, self-developed technology platform specifically tailored for small nucleic acid therapies. These platforms cover the entire drug development cycle, from drug design and delivery to modification, CMC, and production, laying a solid foundation for developing potential first-in-class and best-in-class small nucleic acid drugs. The company's RiboGalSTAR™ platform is the first and only RNAi technology platform developed in China that has been out-licensed to a global multinational corporation. Beyond RiboGalSTAR™, RIBOLIFE is also expanding its technology to other key organs and tissues, such as solid tumors, kidneys, the central nervous system, and metabolic tissues like adipocytes and muscle, to broaden the disease scope of its product development. Backing this series of technological achievements is the company's solid R&D investment. Data disclosed in the prospectus shows that the company's R&D expenses for 2023, 2024, and the first half of 2025 were RMB 315 million, RMB 280 million, and RMB 135 million, respectively, totaling RMB 730 million over two and a half years, highlighting the company's emphasis on R&D. From overcoming the industry's "bottleneck" challenge through self-controlled delivery technology to building a full-industry-chain technology platform, RIBOLIFE has achieved breakthrough growth "from point to surface," forming its most robust technological moat. This signifies that the company possesses a sustainable "innovation engine," capable of continuously developing new drug candidates, indicating substantial long-term development potential.

Of course, beyond its hard technological barriers, a specialized yet balanced pipeline layout is also key to RIBOLIFE's value leap. Unlike most traditional pharmaceutical companies focused on chemical and biological drugs, RIBOLIFE is highly specialized in the cutting-edge field of small nucleic acid pharmaceuticals. Simultaneously, the company emphasizes diversified pipeline布局, covering rare diseases, cardiovascular metabolism, ophthalmology, neurological diseases, and other areas, resulting in a rich and balanced pipeline portfolio. Specifically, RIBOLIFE has currently established one of the largest global siRNA drug pipelines, with seven self-developed drug assets in clinical trial stages, involving seven indications across cardiovascular, metabolic, renal, and hepatic diseases, four of which are in Phase 2 clinical trials. In addition to the clinical product pipeline, the company also maintains over 20 preclinical projects advancing towards clinical development. Among these, the core product RBD4059 is the world's first and clinically most advanced siRNA drug for treating thrombotic diseases. This drug is currently in a phase of rapid clinical advancement, which is crucial for RIBOLIFE's future autonomous commercialization and value maximization. Thrombotic diseases have become a leading cause of death globally, claiming over 10 million lives annually. By selectively inhibiting FXI, RBD4059 can reduce the risk of thrombosis without significantly increasing bleeding risk, while producing long-lasting efficacy with low-frequency dosing, improving patient compliance. Therefore, RBD4059 is also viewed as a promising therapeutic option. This implies that once RIBOLIFE's RBD4059 product enters the commercialization stage, the company's growth potential is highly promising. Concurrently, the company also possesses two drugs that are the second globally to enter clinical development, indicating vast market prospects. One is RBD5044 (an siRNA targeting APOC3) for treating hypertriglyceridemia, and the other is RBD70222 (an siRNA targeting PCSK9) for treating hypercholesterolemia. Strategically, although these two candidate drugs act on different aspects of dyslipidemia, their combination has the potential to achieve better blood lipid management by simultaneously reducing elevated triglyceride and cholesterol levels. Dyslipidemia is a condition characterized by abnormal levels of any or all lipids (such as triglycerides, cholesterol, phospholipids) or lipoproteins in the blood. Globally, the prevalence of dyslipidemia in adults is estimated at about 40%, affecting approximately 3 billion people annually. As RIBOLIFE's these two drugs officially commercialize, the growth space they unlock is highly imaginative. It is worth mentioning that as the core pipeline advances towards the market, RIBOLIFE's commercialization capabilities have entered the fast lane. According to prospectus data, after achieving revenue of RMB 143 million in 2024, RIBOLIFE's growth potential further materialized, with revenue reaching RMB 103 million in the first half of 2025, a year-on-year increase of 56.57%, while its loss narrowed by 30.9% year-on-year to RMB 98 million, indicating a significant reduction in the loss amount. It is foreseeable that as RIBOLIFE's main product pipeline successively enters the commercialization stage, the company's growth potential will be further realized, thereby propelling RIBOLIFE rapidly towards profitability.

The path of global RNAi therapy leader Alnylam, from building a technology platform to successfully commercializing multiple drugs, has validated the immense market potential of small nucleic acid drugs. This also provides ample basis for the market to believe that RIBOLIFE, as a leader in China's small nucleic acid field, possesses equally broad commercialization prospects. From achieving breakthroughs in delivery technology autonomously, to building a full-industry-chain technology platform, and having core product RBD4059 in clinical stages, RIBOLIFE has gradually completed the key steps from technological accumulation to pipeline布局. Currently, RIBOLIFE is at a critical pre-market approval stage. This listing on the Hong Kong stock market is a pivotal step for RIBOLIFE towards becoming a globally leading small nucleic acid pharmaceutical company. Bolstered by capital markets, the vast potential of RIBOLIFE's technology platform and pipeline is expected to accelerate its release, ushering in a new chapter of resonance between performance and value.