Core Insights - Huazhang Biopharmaceutical Company (华芢生物-B) has successfully completed its IPO subscription, raising HKD 900.2 million with an oversubscription rate of 594 times [1] - The company plans to issue 17.6488 million H-shares, with approximately 10% allocated for public offering and 90% for international placement, and expects to list on December 22 [1] Company Overview - Established in 2012, Huazhang Biopharmaceutical focuses on developing protein drugs for various therapeutic indications, particularly in wound healing therapies [1] - The company is currently developing two core products: Pro-101-1 for deep second-degree burns and Pro-101-2 for diabetic foot ulcers, with both in different stages of clinical trials [2] Clinical Development - Pro-101-1 has completed the statistical analysis of its Phase IIb clinical trial, while Pro-101-2 is in Phase II, but the enrollment progress has been slow since February 2022 [2] - There are concerns regarding the statistical significance of the clinical trial data for Pro-101-1, indicating potential challenges in proving its efficacy [2] Market Position - As of the latest date, there are no approved PDGF products in the Chinese biopharmaceutical market, with Huazhang Biopharmaceutical holding two of the three PDGF drug pipelines in the country [3] - The company aims to commercialize at least two innovative drugs within the next six years, utilizing a direct sales team and strategic partnerships for market coverage [3] Financial Performance - The company has reported net losses for the past years, with losses of RMB 105 million, RMB 212 million, and RMB 135 million for the fiscal years ending September 30, 2023, 2024, and 2025 respectively, primarily due to R&D and administrative expenses [3] Use of Proceeds - Approximately 61.8% of the net proceeds from the global offering will be allocated to the continued clinical development and commercialization of core products Pro-101-1 and Pro-101-2 [4] - Other allocations include 18.8% for enhancing R&D capabilities through equipment purchases, 6.3% for preclinical development of other PDGF products, and 10% for working capital and general corporate purposes [4]

Group 1: Company Overview - Huaman Biotechnology Co., Ltd. - B is a biopharmaceutical company established in 2012, focusing on developing protein drugs for wound healing therapies [4] - Nanhua Futures Co., Ltd. is one of the first companies in China's futures industry, providing global financial services and ranked eighth among all futures companies in China by total revenue in 2024 [9] - Impression Dahongpao Co., Ltd. is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, with operations in performance services, cultural tourism town business, and tea hotel business [21] Group 2: IPO Details - Huaman Biotechnology plans to issue 17.6488 million H-shares with a price range of HKD 38.20-51.00, and the subscription period is from December 12 to December 17, 2025 [2] - Nanhua Futures plans to issue 108 million H-shares with a price range of HKD 12.00-16.00, and the subscription period is also from December 12 to December 17, 2025 [7] - Impression Dahongpao plans to issue 36.1 million H-shares with a price range of HKD 3.47-4.10, with the same subscription period [19] Group 3: Financial Performance - Huaman Biotechnology reported revenues of RMB 471,700 in 2023 and net losses of RMB 1.0519 billion, RMB 2.1225 billion, and RMB 1.6410 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [6] - Nanhua Futures reported revenues of RMB 954.41 million, RMB 1.29287 billion, and RMB 1.35484 billion for the years 2022, 2023, and 2024, with profits increasing from RMB 245.91 million in 2022 to RMB 402.82 million in 2023 [12] - Impression Dahongpao's revenues were approximately RMB 63.04 million, RMB 143.89 million, and RMB 137.20 million for the years 2022, 2023, and 2024, with net profits of RMB 47.50 million in 2023 [23]

Group 1 - The company plans to globally offer 17.6488 million shares, with 1.765 million shares available in Hong Kong and 15.8838 million shares for international sale, along with an over-allotment option of 2.6472 million shares [1] - The subscription period is set from December 12 to December 17, with a maximum offer price of HKD 51.00 per share and an entry fee of approximately HKD 10,302.88 for 200 shares [1] - The total expected fundraising amount is HKD 787 million, with a net amount of HKD 709 million, which will be used for the clinical development and commercialization of core products Pro101-1 and Pro-101-2, enhancing R&D capabilities, and general corporate purposes [1] Group 2 - The company’s main business includes technology services, medical device sales, cosmetics wholesale and retail, and medical research and development [2] - The net profits for the years 2023, 2024, and the first three quarters of 2025 (ending September 30) are projected to be -CNY 105 million, -CNY 212 million, and -CNY 134 million, reflecting year-on-year changes of -22.42%, -101.78%, and 18.06% respectively [2]

B&K CORPORATION LIMITED 華芢生物科技(青島)股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2396 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 B&K CORPORATIO N LIMITE D 青 島)股 份有限公 司 B&K CORPORATION LIMITED 華芢生物科技(青島)股份有限公司 全球發售 C M Y CM MY CY CMY K ai1765375134714_Project Sunflower Cover V09D_31mm_OP_C.pdf 1 10/12/2025 下午9:58 華芢生物科技( 重要提示 閣下對本招股章程任何內容如有任何疑問，應徵詢獨立專業意見。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 17,648,800股H股股份（視乎超額配股權行使與否 | | --- | --- | --- | | 而 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限 公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 除非本公告另有界定，否則本公告所用詞彙與華芢生物科技（青島）股份有限公司（「本公司」） 所刊發日期為2025年12月12日的招股章程（「招股章程」）所界定者具有相同涵義。 – 1 – 香港發售股份將根據招股章程所載條款及條件向香港公眾人士提呈發售。香港發售股份將不 會向香港境外任何人士及╱或非香港居民提呈發售。發售股份的潛在投資者應注意，整體協 調人（為其本身及代表香港包銷商）有權全權酌情在招股章程「包銷 — 包銷安排及開支 — 香 港公開發售 — 終止理由」一節所載的任何事件發生後，於上市日期（目前預期為2025年12月22 日）上午八時正（香港時間）之前隨時終止香港包銷協議且即時生效。 就全球發售而言，本公司預期將向國際包銷商授出超額配股權，可由整體協調人（代表國際 包銷商）於上市日期起至2026年1月16日（即遞交香港公開發售申請截止日後第3 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 (A joint stock company incorporated in ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內 容而產生或依賴該等內容而引致的任何損失承擔任何責任。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向華芢生物科技（青島）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 本聆訊後資料集不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記， 且在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本聆訊後資料集及當中所載資料均非於美國或任何其他禁止進行有關要 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) WARNING The ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生 或依賴該等內容而引致的任何損失承擔任何責任。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向華芢生物科技（青島）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在 根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均非於美國或任何其他禁止進行有關要約或銷售的司法權區出售或 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本公告的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 – 1 – (a) 在聯交所網站登載本公告，並不會引致本公司、其聯席保薦人、保薦人兼 整體協調人、整體協調人、顧問或包銷團成員在香港或任何其他司法權區 進行發售或配售活動的責任。本公司最終會否進行發售或配售仍屬未知 之數； (b) 本公告所涉及的上市申請尚未獲批准，聯交所及證監會或會接納、發回或 拒絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、顧問或包銷團成員概無透過刊發本公告而於 任何司法權區提呈發售任何證券或招攬要約認購或購買任何證券； 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港 公司註冊處處長註冊前，不會向香港公眾人士提出要約或邀請。倘在適當時候 向香港公眾人士提出要約或邀請，有意投資者務請僅依據本公司 ...