Core Insights - Sichuan BaiLi TianHeng Pharmaceutical Co., Ltd. (BaiLi TianHeng), a leader in antibody-drug conjugates (ADC), has re-submitted its application for H-share listing on the Hong Kong Stock Exchange, aiming to accelerate its internationalization strategy and invigorate the biotech sector in Hong Kong [1][5] Group 1: Financial and Market Developments - BaiLi TianHeng successfully raised a total of 3.764 billion yuan through a private placement of A-shares, attracting participation from 18 well-known domestic and international institutions [2] - The funds raised will be used to advance the development of domestic innovative drug pipelines and expand the depth and breadth of its product offerings [2] - The company's market capitalization has exceeded 160 billion yuan this year, reflecting strong investor interest in its innovative capabilities and high-potential pipeline [5] Group 2: Product Development and Clinical Trials - BaiLi TianHeng's core product, BL-B01D1/iza-bren, is a first-in-class dual-target ADC currently in Phase III clinical trials for the treatment of nasopharyngeal carcinoma, with interim analysis meeting primary endpoints [2] - The company has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [3] - BaiLi TianHeng has initiated five clinical studies in the U.S. for BL-B01D1/iza-bren, including three registration trials for triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [3] Group 3: Strategic Partnerships and Collaborations - BaiLi TianHeng entered into a collaboration agreement with Bristol-Myers Squibb (BMS) for BL-B01D1/iza-bren, with a potential total transaction value of up to 8.4 billion USD, marking the highest single product transaction in the ADC field [3] - The partnership includes an initial payment of 800 million USD, underscoring the product's significant market potential [3] Group 4: Internationalization Strategy - The decision to list in Hong Kong is part of BaiLi TianHeng's internationalization strategy, aimed at expanding its investor base and enhancing its global brand image [5] - Successful listing in Hong Kong would provide the company with international financing channels and increase its influence in global capital markets [5] - The current favorable conditions in the Hong Kong market for innovative drug companies present a historic opportunity for BaiLi TianHeng [5]

Core Insights - Baillie Tianheng has re-submitted its application for H-share listing on the Hong Kong Stock Exchange, aiming to accelerate its internationalization strategy [1][3] - The company has completed a private placement of A-shares, raising a total of 3.764 billion yuan, which will be used to advance the development of its innovative drug pipeline [1] - The company’s drug BL-B01D1/iza-bren has reached the primary endpoint in a Phase III clinical trial for nasopharyngeal carcinoma and is expected to be commercialized in China next year [1] Funding and Development - The private placement attracted participation from 18 well-known domestic and international institutions, indicating strong investor interest [1] - Baillie Tianheng has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [2] - The company has developed a leading ADC/GNC/ARC platform, with 15 innovative drugs in clinical trials and nearly 90 clinical trials ongoing globally [2] Strategic Partnerships - In 2023, Baillie Tianheng entered into a collaboration agreement with BMS worth up to $8.4 billion, marking the largest single product transaction in the ADC field [2] - The collaboration includes five clinical studies in the U.S. for BL-B01D1/iza-bren, with three studies for triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [2] Internationalization Goals - The choice of Hong Kong as a secondary listing location aims to broaden the investor base and support the rapid advancement of global clinical trials [2][3] - The re-submission of the Hong Kong listing application is a key step in Baillie Tianheng's internationalization strategy, enhancing its influence in global capital markets [3]

Core Insights - Baillie Tianheng is focused on addressing unmet clinical needs in the global biopharmaceutical sector, particularly in the field of tumor macromolecule therapies, and aims to establish comprehensive commercialization capabilities by 2029 [3][4] - The company has developed a leading innovative research and development capability in the ADC (Antibody-Drug Conjugate) space, with a significant strategic partnership with BMS valued at $8.4 billion [3][4] Business Overview - Baillie Tianheng operates two main business segments: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [3] - The company has established a robust ADC drug development platform, with nine ADC candidates in clinical stages and approximately 70 clinical studies conducted [4] Financial Performance - The company reported revenues of approximately RMB 7.02 billion, RMB 5.6 billion, RMB 58.21 billion, and RMB 1.7 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4][6] - The significant revenue increase in 2024 is attributed to an irrevocable upfront payment of $800 million from BMS for the core product BL-B01D1 [4] Clinical Development - Baillie Tianheng has initiated 16 key registration clinical trials in China and 3 global pivotal trials, along with 16 frontline Phase II cancer clinical trials [4] - The company has also developed a multi-specific T-cell connector platform and has submitted an IND for a potential first-in-class ARC (Antibody-Related Compound) drug [4]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, JPMorgan, and CITIC Securities as joint sponsors, while already being listed on the Shanghai Stock Exchange [1][4]. Company Overview - Baili Tianheng focuses on the global forefront of biomedicine, aiming to address unmet clinical needs, particularly in the field of tumor macromolecule therapy, and possesses leading innovative R&D capabilities [4][5]. - The company aims to become a multinational pharmaceutical company (MNC) with a sustained global leading position in oncology drugs, operating two main business segments: innovative biopharmaceuticals and generic drugs [4]. Product Development - The company established SystImmune in Seattle in 2014 and developed iza-bren (BL-B01D1), the world's first and only EGFR×HER3 bispecific ADC currently in Phase III clinical development [4]. - In 2024, Baili Tianheng entered into a strategic licensing and collaboration agreement with BMS for iza-bren, valued at $8.4 billion, marking the largest single asset transaction in the global ADC field [4]. Clinical Research and Pipeline - Baili Tianheng has developed a pipeline of nine ADC innovative candidates that have entered clinical stages, conducting approximately 70 clinical studies, including 16 key registration trials in China and 3 global key registration trials [5]. - The company has also developed a multi-specific T-cell connector platform and a potential first-in-class ARC drug, BL-ARC001, which has submitted an IND [5]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and the six months ending June 30, 2024, the company reported revenues of approximately RMB 702 million, RMB 560 million, and RMB 58.21 billion, respectively [7]. - The company experienced net losses of approximately RMB 2.82 billion, RMB 7.8 billion, and a projected profit of RMB 3.71 billion for the same periods, with the significant increase in 2024 attributed to an $800 million upfront payment from BMS [5][7].

Core Insights - Baillie Tianheng is focused 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 [3][4] - The company has developed a leading innovative research and development capability in the ADC (Antibody-Drug Conjugate) sector, with a significant strategic partnership with BMS valued at $8.4 billion [3][4] Business Overview - Baillie Tianheng operates two main business segments: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [3] - The company has established a robust ADC drug development platform, with nine ADC candidates in clinical stages and approximately 70 clinical studies conducted [4] Financial Performance - The company reported revenues of approximately RMB 7.02 billion, RMB 5.6 billion, RMB 58.21 billion, and RMB 1.7 billion for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [4][6] - The significant revenue increase in 2024 is attributed to an $800 million upfront payment from BMS for the core product BL-B01D1 [4] - The company experienced net losses of approximately RMB 2.82 billion, RMB 7.8 billion, RMB 37.08 billion, and RMB 11.18 billion for the same periods [4][6]

百利天恒(688506.SH)公告，公司已于2025年9月29日向中国香港联交所重新递交了境外公开发行股票(H 股)的申请，并于同日在联交所网站刊登了本次发行的申请资料。 ...

智通财经APP讯，百利天恒(688506.SH)公告，公司已于2025年9月29日向中国香港联交所重新递交了境 外公开发行股票(H股)的申请，并于同日在联交所网站刊登了本次发行的申请资料。 ...

四川百利天恒药业股份有限公司 信息披露管理制度 （草案） （H 股发行上市后适用） 第一章 总则 第一条 为加强四川百利天恒药业股份有限公司（以下简称"公司"）信 息披露工作的管理，规范公司信息披露行为，确保信息披露的真实、准确、完整、 及时、公平，保护公司全体股东的合法权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司信息披露管理办法》上海证券交易所（以下简 称"上交所"）《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号--规范运作》《香港联合交易所有限公司证券上市 规则》（以下简称"《香港联交所上市规则》"）等法律、法规、规范性文件和《四 川百利天恒药业股份有限公司章程》（以下简称《公司章程》）等有关规定，结合 公司具体情况，制定本制度。 第二条 本制度所称"信息"是指将可能对公司证券及其衍生品种价格产 生较大影响或者对投资决策有较大影响、而投资者尚未得知的信息以及公司股票 上市地证券监管部门和证券交易所要求披露的信息；本制度所称"披露"是指在 规定的时间内、在公司股票上市地证券交易所网站、符合公司股票上市地证券监 管机构和证券交易所规定的媒体 ...

章程 （草案） 二〇二五年【】月 （H 股发行上市后适用） 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一条 为适应建立现代企业制度的需要，规范四川百利天恒药业股份有限 公司（以下简称"公司"）的组织和行为，维护公司、股东、职工和债权人的合 法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国外商投资法》（以下简称"《外商投资法》"）、《中华人民共和国外商投资法实 施条例》（以下简称"《实施条例》"）、《外商投资信息报告办法》（以下简称"《报 告办法》"）《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证券交易 所科创板股票上市规 ...

四川百利天恒药业股份有限公司 股东会议事规则 （草案） （H 股发行上市后适用） 第一章 总则 公司董事会应当切实履行职责，认真、按时组织股东会。全体董事应当勤勉 尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开。出现《公 司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 两个月内召开。 公司在上述期限内不能召开股东会的，应当按照公司股票上市地证券监管规 则和公司股票挂牌交易的证券交易所（以下简称"证券交易所"）之规定，完成 必要的报告并公告。 第六条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、本议事规则和公司 章程的规定； （二）出席会议人员的资格、召集人资格是否合法有效； 第一条 为了进一步规范公司行为，保障股东会依法行使职权，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、 《上市公司股东 ...