Group 1 - The company, Baillie Gifford, plans to globally offer 8.6343 million shares, with 863,500 shares available in Hong Kong and 7.7708 million shares for international sale [1] - The subscription period is set from November 7 to November 12, with a maximum offer price of HKD 389.00 per share, and the entry fee is approximately HKD 39,292.31 for 100 shares [1] - The total expected fundraising amount is HKD 3.18 billion, with a net amount of HKD 3.018 billion, intended for research and development of biological drug candidates outside mainland China, establishing a global supply chain, and general corporate purposes [1] Group 2 - The company has introduced cornerstone investors including Bristol-Myers Squibb, OAP III (HK) Limited, GL China Long Equity Opportunities SPV L.P., Athos Capital Limited, and Franklin Templeton Investments, who will subscribe to approximately 638,900 shares at the offer price [1] - The company is expected to be listed on the main board on November 17, 2025, with joint sponsors including Goldman Sachs (Asia) LLC, J.P. Morgan Securities (Far East) Limited, and CITIC Securities (Hong Kong) Limited [1] Group 3 - The company's main business includes wholesale of biochemical drugs, biological products (excluding preventive biological products), chemical raw materials, antibiotic raw materials, traditional Chinese medicine, chemical drug formulations, and antibiotic formulations [2] - The net profits for the years 2023, 2024, and the first half of 2025 (ending June 30) are projected to be -780 million, 3.708 billion, and -1.118 billion respectively, with year-on-year changes of -176.40%, 575.02%, and -123.96% [2]

Core Viewpoint - Bailitianheng (02615) has announced the launch of its H-share global public offering and plans to list on the Hong Kong Stock Exchange, marking a significant addition to the biotech sector in Hong Kong [1]. Group 1: H-share Offering Details - The base number of shares for the global offering is set at 8,634,300 shares, with 863,500 shares allocated for public offering in Hong Kong, accounting for approximately 10% of the total offering, and 7,770,800 shares for international offering, accounting for about 90% [1]. - The price range for the offering is preliminarily set between HKD 347.50 and HKD 389.00 [1]. - Bailitianheng's H-shares are expected to be eligible for inclusion in the Stock Connect program on the listing date [1]. - The offering has garnered support from major underwriters including Goldman Sachs, JPMorgan, and CITIC Securities, along with interest from notable cornerstone investors such as Bristol-Myers Squibb (BMS) [1]. Group 2: Company Overview and R&D Capabilities - Bailitianheng focuses on addressing unmet clinical needs in the global biopharmaceutical frontier, particularly in the field of tumor macromolecule therapy, and aims to establish comprehensive commercialization capabilities by 2029 [2]. - The company has established R&D centers in both the U.S. and China, responsible for early product development and subsequent clinical research [2]. - Bailitianheng has developed a leading innovative drug R&D platform with global rights and complete intellectual property, including the HIRE-ADC platform and GNC platform [2]. - The company has successfully developed three Phase III clinical assets and 14 early-stage core clinical assets, with nearly 90 clinical trials ongoing globally [2]. Group 3: Key Products and Clinical Trials - The product "iza-bren" is a first-in-class dual-targeting antibody-drug conjugate (ADC) that has reached Phase III clinical trials, showing significant global clinical value and market potential [4]. - "iza-bren" has achieved its primary endpoint in a Phase III trial for nasopharyngeal carcinoma and is expected to be commercially available in China by 2025 [5]. - Bailitianheng has entered a strategic partnership with BMS, involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion, setting a record in the ADC field [5]. - Another promising drug, "T-Bren," targets HER2 and has demonstrated significant anti-tumor efficacy in clinical trials, positioning it as a best-in-class candidate [5].

Core Viewpoint - Baili Tianheng has announced the launch of its H-share global public offering, marking a significant step in its internationalization strategy and aiming to enhance its position as a leading multinational pharmaceutical company in the oncology sector [1][2]. Group 1: H-share Offering Details - The company plans to issue 8,634,300 shares, with 863,500 shares allocated for public offering in Hong Kong and 7,770,800 shares for international offering [1]. - The price range for the H-share issuance is set between 347.50 HKD and 389.00 HKD, with the public offering starting on November 7, 2025, and expected to conclude by November 12, 2025 [1]. - Major investment banks, including Goldman Sachs, J.P. Morgan, and CITIC Securities, are acting as joint sponsors for the offering [1]. Group 2: Strategic Partnerships and Market Position - The offering has attracted cornerstone investors, including strategic partner Bristol-Myers Squibb (BMS) and several top-tier investment institutions, indicating strong market confidence [2]. - Baili Tianheng aims to leverage its innovative research capabilities in the field of oncology, focusing on unmet clinical needs and aspiring to achieve global commercialization by 2029 [2]. Group 3: Research and Development Capabilities - The company has established R&D centers in the U.S. and China, focusing on early product development and subsequent clinical research [3]. - Baili Tianheng has developed a leading innovative drug R&D platform and is currently conducting nearly 90 clinical trials globally, including 15 Phase III trials in China and 10 in the U.S. [3]. Group 4: Key Drug Developments - The drug Iza-bren, a first-in-class EGFR×HER3 bispecific ADC, is in Phase III clinical trials and has shown promising interim results, with plans for commercialization in China expected next year [6][7]. - Another significant drug, T-Bren, targeting HER2, is undergoing 14 clinical trials, demonstrating strong anti-tumor efficacy across various cancer types [8]. Group 5: Strategic Collaborations - In December 2023, Baili Tianheng entered a strategic collaboration with BMS, involving an upfront payment of 800 million USD and a potential total deal value of up to 8.4 billion USD, setting a record in the ADC field [9].

Group 1 - The company, Baili Tianheng, plans to conduct an initial public offering (IPO) from November 7 to November 12, 2025, with a global offering of 8.6343 million shares, where 10% is allocated for Hong Kong and 90% for international sales, with an additional 15% over-allotment option [1] - The expected share price range is between 347.5 and 389 HKD per share, with trading anticipated to commence on November 17, 2025 [1] - The company operates as a comprehensive medical enterprise group with capabilities in early-stage research, clinical development, production, and commercialization, focusing on innovative biopharmaceuticals and generic medicines, including traditional Chinese medicine [1] Group 2 - Ten years ago, the company established SystImmune in Seattle, USA, and began developing iza-bren (BL-B01D1), the world's first and only EGFR×HER3 bispecific antibody ADC to enter Phase III clinical development [2] - Recently, the company entered into a global strategic licensing and collaboration agreement with BMS for iza-bren, valued at 8.4 billion USD, with an upfront payment of 800 million USD, marking the largest single asset transaction in the ADC field to date [2] - Over the past decade, the company has built an innovative ADC drug development platform, successfully developing 10 ADC candidates that have entered clinical stages, conducting approximately 70 clinical studies, including 16 key registration trials in China and 3 global key registration trials [2]

证券代码：688506 证券简称：百利天恒 公告编号：2025-082 四川百利天恒药业股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间及 H 股香港 公开发售等事宜的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024 年 12 月 11 日，公司收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于四川百利天恒药业股份有限公司境外发行上市备案通知 书》（国合函〔2024〕2272 号），中国证监会对公司本次发行上市备案信息予 以确认。具体内容详见公司 2024 年 12 月 13 日在上海证券交易所官方网站 （www.sse.com.cn）披露的《关于发行境外上市股份（H 股）获得中国证监会备 案的公告》（公告编号：2024-066）。 2024 年 12 月 19 日，香港联交所上市委员会举行上市聆讯，审议了公司本 次发行上市的申请。具体内容详见公司 2024 年 12 月 21 日在上海证券交易所官 方网站披露的（www.sse.com.cn）《四川百利天恒药业股份有限公司关于香港 ...

Core Viewpoint - The company, Baili Tianheng (688506), is in the process of issuing H-shares and listing on the Hong Kong Stock Exchange, with the H-share prospectus published on November 7 [1] Summary by Relevant Sections H-share Issuance Details - The total number of H-shares for global offering is set at 8.6343 million shares [1] - The preliminary arrangement includes 863,500 shares for public offering in Hong Kong, accounting for approximately 10% of the total global offering [1] - The international offering consists of 7.7708 million shares, representing about 90% of the total global offering [1] Pricing and Timeline - The price range for the H-share issuance is initially set between 347.5 HKD and 389 HKD [1] - The public offering in Hong Kong commenced on November 7 and is expected to conclude on November 12 [1] - The final issuance price is anticipated to be announced by November 14 [1] - The H-shares are expected to be listed and commence trading on the Hong Kong Stock Exchange on November 17, 2025 [1]

Group 1 - The company plans to globally offer 8.6343 million H-shares, with 863,500 shares available for sale in Hong Kong and 7.7708 million shares for international sale [1] - The offering price is set to not exceed HKD 389.00 per share [1] - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on November 17, 2025 [1]

Core Viewpoint - The company, Baili Tianheng, is set to launch its H-share global offering from November 7 to November 12, 2025, with a total of 8,634,300 shares available for issuance [1] Group 1: Offering Details - The global offering consists of 8,634,300 shares, with 863,500 shares allocated for public offering in Hong Kong, accounting for approximately 10% of the total offering [1] - The international offering will comprise 7,770,800 shares, representing about 90% of the total offering [1] - The price range for the H-share issuance is preliminarily set between HKD 347.50 and HKD 389.00 [1] Group 2: Timeline - The Hong Kong public offering is scheduled to commence on November 7, 2025, and is expected to conclude on November 12, 2025 [1] - The issuance price is anticipated to be announced by November 14, 2025, inclusive of that day [1]

Core Viewpoint - The company is planning a global offering of 8.6343 million H-shares, with a price range of HKD 347.50 to HKD 389.00 per share, and aims to raise approximately HKD 3.0175 billion from the offering [1][3]. Group 1: Company Overview - The company is a comprehensive medical enterprise group with capabilities in early research and development, clinical development, production, and commercialization [2]. - It operates two main businesses: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [2]. Group 2: Product Development - The company established SystImmune in Seattle in 2014, developing the world's first and only EGFR×HER3 bispecific antibody ADC, iza-bren (BL-B01D1), which is currently in Phase III clinical trials [2]. - Over the past decade, the company has developed a platform for innovative ADC drug research, successfully advancing 10 ADC candidates into clinical stages and conducting approximately 70 clinical studies [2]. Group 3: Strategic Partnerships - The company has entered into a global strategic licensing and collaboration agreement with BMS, valued at USD 8.4 billion, with an upfront payment of USD 800 million, marking the largest single asset transaction in the ADC field to date [2]. Group 4: Use of Proceeds - The net proceeds from the global offering are intended for various purposes: approximately 60% for R&D of biopharmaceutical candidates outside mainland China, 30% for establishing a global supply chain, and 10% for working capital and general corporate purposes [3].

Core Viewpoint - The company is planning a global offering of 8.6343 million H-shares, with a price range of HKD 347.50 to HKD 389.00 per share, and aims to raise approximately HKD 3.0175 billion from the offering [1][3]. Group 1: Company Overview - The company is a comprehensive medical enterprise group with capabilities in early research, clinical development, production, and commercialization [2]. - It operates two main businesses: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [2]. Group 2: Key Developments - The company established SystImmune in Seattle in 2014, developing the world's first and only EGFR×HER3 bispecific antibody ADC, iza-bren, which is currently in Phase III clinical trials [2]. - A significant global strategic licensing and collaboration deal was reached with BMS for iza-bren, totaling USD 8.4 billion, with an upfront payment of USD 800 million, marking the largest single asset transaction in the ADC field to date [2]. Group 3: Clinical Research and Development - The company has developed an innovative ADC drug research platform, successfully advancing 10 ADC candidates into clinical stages and conducting approximately 70 clinical studies, including 16 key registration trials in China [2]. - It has also developed a multispecific T-cell engager platform, with four GNC innovative multispecific antibody drug pipelines entering clinical stages and 15 clinical studies ongoing [2]. - The company has an innovative ARC drug research platform, with an IND-approved innovative ARC candidate drug, BL-ARC001 [2]. Group 4: Investment and Fund Allocation - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 32 million or about HKD 248.6 million [3]. - Assuming a mid-range offering price of HKD 368.25 per share, cornerstone investors will subscribe for approximately 674,700 shares [3]. - The net proceeds from the global offering are intended for various uses: approximately 60% for R&D of candidate biopharmaceuticals outside China, 30% for establishing a global supply chain, and 10% for working capital and general corporate purposes [3].