Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is applying for an IPO, but there are controversies regarding personnel changes, related party transactions, information disclosure, and R&D investment [1] Group 1: Personnel Changes and R&D Investment - The significant reduction in Baiaosaitu's R&D team raises concerns about the sustainability of its operations, with R&D personnel decreasing from 904 in August 2022 to 337 by the end of 2024, a drop of 63% [2] - Overall employee numbers have also decreased from 1,392 at the end of 2021 to 1,095 by the end of 2024, with a notable reduction of 287 employees from 1,334 in 2022 to 1,047 in 2023 [5] - The high turnover of R&D personnel may disrupt core technology transfer and project advancement, leading to speculation about strategic adjustments or financial pressures [2] Group 2: Related Party Transactions - Frequent and opaque related party transactions are a core controversy in Baiaosaitu's IPO process, with significant revenue generated from contracts with related parties, including 70 million yuan in 2022 and 30 million yuan in 2023 [6] - Key personnel from Baiaosaitu are closely tied to related parties, raising concerns about potential conflicts of interest and the risk of asset dilution [6] - The fairness of pricing in related party transactions lacks effective verification, with no independent assessments provided to confirm that prices reflect market levels [7] Group 3: Information Disclosure and Internal Control - Baiaosaitu exhibits significant shortcomings in information disclosure and internal controls, particularly regarding the relationships between its management and related parties [8] - The overlap in management between Baiaosaitu and its related party, Duoma Pharmaceutical, raises questions about the independence of operations and the potential for undisclosed arrangements [11] Group 4: Raw Material Procurement Changes - There have been unusual changes in the procurement of key raw materials since 2023, with significant reductions in the purchase of experimental supplies and breeding materials, which contradicts the company's stated strategy of advancing drug development [12] - The lack of explanation for these procurement changes affects investor perceptions of the company's operational transparency and raises questions about potential inventory issues or strategic shifts [12]

Core Viewpoint - Baiaosaitu's IPO on the Sci-Tech Innovation Board was approved on September 24, aiming to raise 1.185 billion RMB for early drug research and development services [1][4]. Group 1: IPO and Market Reaction - Baiaosaitu's stock price rose over 10% on September 25 after the IPO approval, closing at 29.5 HKD per share, a 5.73% increase [1]. - The company completed its H-share IPO in September 2022, and if the Sci-Tech Innovation Board listing is successful, 77.81% of its shares will be traded on the A-share market [2]. Group 2: Financial Performance - For the first half of 2025, Baiaosaitu reported revenue of 621 million RMB, a 51.27% increase year-on-year, and a net profit of 48 million RMB, marking a turnaround from losses in the previous year [2][3]. - The company's preclinical product and service business, primarily from innovative animal model sales, generated revenue of 4.58 million RMB, up 56.9%, with a gross margin of approximately 70% [2]. Group 3: Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: 38.28% for early drug research platform construction, 26.70% for antibody drug research and evaluation, 13.92% for preclinical research projects, and 21.10% for working capital [5]. - The projected revenue growth from 2022 to 2024 shows a compound annual growth rate of 35.56%, with net profits turning positive in 2024 [5]. Group 4: Research and Development Focus - Baiaosaitu has focused on gene editing technology since its establishment in 2009, developing four major technology platforms [4]. - The company aims to continue its "thousand mice, ten thousand antibodies" initiative, leveraging its gene editing platform to develop innovative mouse models for various diseases [10]. Group 5: Ownership Structure - As of the date of the prospectus, the company's major shareholders, Shen Yulei and Ni Jian, control 27.03% of the voting rights [6][9].

Group 1: Chery Automobile's IPO - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO for a car company in Hong Kong this year [1] - The IPO price was set at HKD 30.75 per share, raising approximately HKD 9.145 billion [1] - Revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from CNY 5.806 billion to CNY 14.334 billion, with a CAGR of 57.1% [1] Group 2: Shandong Gold International's Listing - Shandong Gold International submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing [2] - The company is recognized as one of China's leading gold producers, focusing on the exploration and mining of gold, silver, lead, and zinc [2] - It is noted for having the strongest profitability and cost-effectiveness among listed gold companies in China, with a projected net profit growth of 48.43% year-on-year for the first half of 2025 [2] Group 3: Shuanglin Technology's IPO - Shuanglin Technology has filed for an IPO on the Hong Kong Stock Exchange, with CITIC Securities and GF Securities as joint sponsors [3] - The company specializes in manufacturing intelligent components for automotive drive systems and is the second-largest global supplier of horizontal drive mechanisms (HDM) for automotive seats, holding a 15.1% market share [3] - The funds raised from the IPO are expected to support overseas capacity expansion and technological research and development [3] Group 4: Baiaosaitu's A-Share Issuance Approval - Baiaosaitu received approval from the Shanghai Stock Exchange for its A-share issuance and listing on the Sci-Tech Innovation Board [4] - The company plans to issue up to 99.8496 million A-shares, with proceeds aimed at enhancing early drug research services, antibody drug development, and clinical research projects [4] - Baiaosaitu has shown significant revenue growth and has turned profitable, leveraging its proprietary antibody platform [4]

Core Viewpoint - The initial public offering (IPO) application of Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. has been approved by the Shanghai Stock Exchange's listing committee, aiming to raise 1.185 billion yuan through the issuance of approximately 99.85 million shares [1] Financial Performance - The company reported revenues of 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 36.76% in 2024 [1] - The net profit figures for the same years were -600 million yuan, -382 million yuan, and 33.54 million yuan, showing a significant turnaround with a year-on-year growth of 108.76% in net profit for 2024 [1] Research and Development - The company's R&D expenditures over the past three years were 699 million yuan, 474 million yuan, and 324 million yuan, representing 130.96%, 66.17%, and 33.04% of revenue respectively [1] - As of December 31, 2024, the company employed 337 R&D personnel, accounting for 30.78% of its total workforce [1] Use of Proceeds - The funds raised from the IPO will be allocated to the construction of a drug early-stage R&D service platform, antibody drug R&D and evaluation projects, clinical and preclinical R&D projects, and to supplement working capital [1]

百奧賽圖 北京 醫藥科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） Stock code 股份代號：2315 INTERIM REPORT 中期報告 2025 目錄 CONTENTS | 2 | 公司資料 | Corporate Information | | --- | --- | --- | | 6 | 財務概要 | Financial Summary | | 7 | 管理層討論與分析 | Management Discussion and Analysis | | 50 | 企業管治及其他資料 | Corporate Governance and Other Information | | 75 | 審閱報告 | Review Report | | 77 | 綜合損益及其他 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) has risen over 5% following the approval of its IPO on the Sci-Tech Innovation Board and recent international collaborations with Merck and Tubulis [1] Group 1: IPO Approval - Baiaosaitu has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, as confirmed in the 38th review meeting held on September 24, 2025 [1] Group 2: International Collaborations - The company has entered into agreements with Tubulis, a German firm, to advance the development and commercialization of ADC products using Baiaosaitu's fully human antibodies, which includes an upfront payment and potential milestone payments based on development and sales [1] - Collaboration with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Core Viewpoint - Baosai Technology-B (02315) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, which has positively impacted its stock price, leading to a rise of over 5% in early trading [1] Group 1: Stock Performance - Baosai Technology-B's stock price increased by 4.87%, reaching HKD 29.26, with a trading volume of HKD 6.36 million [1] Group 2: Corporate Developments - The Shanghai Stock Exchange's Sci-Tech Innovation Board approved Baosai Technology's proposal for A-share issuance and listing during the 38th review meeting held on September 24, 2025 [1] - Baosai Technology has entered into collaboration agreements with Germany's Tubulis and global technology leader Merck. Tubulis aims to utilize Baosai's self-developed fully human antibodies to advance its ADC product development and commercialization, providing Baosai with an upfront payment and potential milestone payments along with a single-digit percentage of net sales [1] - The partnership with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Core Viewpoint - The company BaiO Saite-B (02315) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, which has positively impacted its stock price, leading to a rise of over 5% in early trading [1] Group 1: Stock Performance - BaiO Saite-B's stock price increased by 4.87%, reaching HKD 29.26, with a trading volume of HKD 6.36 million [1] Group 2: Corporate Developments - The Shanghai Stock Exchange's Sci-Tech Innovation Board Listing Committee approved BaiO Saite-B's proposal for A-share issuance and listing during its 38th review meeting on September 24, 2025 [1] - BaiO Saite-B has entered into collaboration agreements with Germany's Tubulis and global technology leader Merck. Tubulis aims to utilize BaiO Saite-B's self-developed fully human antibodies to advance its ADC product development and commercialization, providing BaiO Saite-B with an upfront payment and potential milestone payments along with a single-digit percentage of net sales [1] - The partnership with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

格隆汇9月24日｜中国生物制药及临床前研究服务公司百奥赛图(2315.HK)公布，公司建议A股发行及于 上交所科创板上市，今日已获上交所科创板上市委员会批准。公司在2023年3月曾披露，建议向中国相 关监管机构申请发行不多于9984.96万股A股，并在科创板上市。A股发行所得款项将用于药物早期研发 服务平台建设项目、抗体药物研发及评价项目、临床前及临床研发项目及补充流动资金。 ...

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]