Core Viewpoint - Bailitianheng has decided to delay its H-share listing on the Hong Kong Stock Exchange due to current market conditions, marking it as the first pharmaceutical company to reverse its decision just three working days before the planned listing [1][3]. Company Summary - Bailitianheng's stock price on the A-share market closed at 372 CNY per share on November 13, 2023, reflecting a 3.09% increase and a total market capitalization of 153.6 billion CNY [1]. - The company went public on the STAR Market in January 2023, raising 990 million CNY primarily for innovative drug development, with its stock price increasing over 200% in the first month [1][3]. - The company has a strong cash reserve of 5.546 billion CNY as of the end of Q3 2023, despite reporting a significant revenue decline of 96.92% year-on-year to 171 million CNY in the first half of the year [6]. Industry Summary - The Hong Kong IPO market has seen 87 new listings since the beginning of the year, raising over 240 billion HKD, with 16 A-share companies successfully listing in Hong Kong and over 300 companies having submitted applications [4]. - Recent trends indicate a cooling in the "new stock speculation" environment, as evidenced by the poor performance of newly listed companies, including a notable drop in the stock price of the electric vehicle company, Seres [5]. - The delay in Bailitianheng's listing reflects a cautious approach by the company and its sponsors towards the current market environment, as high valuation offerings are facing increased scrutiny from investors [5][6].

21世纪经济报道记者 韩利明 在H股香港公开发售的最后一日（11月12日），A股上市公司百利天恒（688506.SH）公告称，鉴于当前市场情况，公司决定延迟H股 的全球发售及上市。据悉，本次H股香港公开发售于11月7日至12日期间开展，原计划股票于11月17日在香港联交所挂牌交易。随着 上市计划推迟，百利天恒已同步提示投资者可通过网上白表服务申请退款，相关款项将于11月17日退还。 事实上，百利天恒的H股上市筹备已历时一年有余。早在2024年7月10日，百利天恒便向香港联交所递交了发行上市申请，并分别于 2025年1月21日、9月29日两次重新递交申请。据此前公告披露，本次H股全球发售基础发行股数为863.43万股，其中香港公开发售 86.35万股（可重新分配），占比约10%；国际发售777.08万股（可重新分配），占比约90%，初步确定发行价格区间为347.50港元至 389.00港元。 图片来源：百利天恒公告 2019年至2022年间，百利天恒研发投入从1.81亿元增加至3.75亿元，占营业收入的比例从15.03%上升至53.32%。高额的研发投入导致 公司扣非归母净利润连续四年出现赤字。 为缓解资金困局 ...

Healthcare Policy - National Healthcare Security Administration held a series of discussions on the adjustment of the disease-based payment grouping scheme 3.0, involving over 70 representatives from medical institutions and industry associations [1] Drug and Medical Device Approvals - Shijiazhuang Pharmaceutical Group's application for the listing of Pertuzumab injection has been accepted by the National Medical Products Administration, targeting HER2-positive breast cancer [1] - Huason Pharmaceutical received a registration certificate for its special medical purpose formula food, Ganyimei®, designed for patients over 10 years old with strict fat restrictions and digestive absorption disorders [2] - United Imaging Healthcare's subsidiary obtained a medical device registration certificate for its color Doppler ultrasound diagnostic system, enhancing its product range across various market segments [3] - Yiling Pharmaceutical's application for the listing of Memantine Hydrochloride, a drug for treating moderate to severe Alzheimer's disease, has been approved [4] - Zhifei Biological's clinical trial application for a freeze-dried varicella inactivated vaccine has been accepted by the National Medical Products Administration [10] - Changchun High-tech's subsidiary received approval for a clinical trial of an acellular pertussis-diphtheria-tetanus combined vaccine for adolescents and adults [11] Capital Market Activities - Peking University Pharmaceutical announced the release of 34,615,386 shares from pledge, representing 51.52% of the pledged shares and 5.81% of the total share capital [5] - Kelun Pharmaceutical received approval for a registration of 4 billion yuan in ultra-short-term financing bonds, with a validity period of 2 years [6][7] - Baili Tianheng decided to delay its global offering and listing of H-shares due to current market conditions [8] - Aipeng Medical announced a plan for a shareholder to reduce holdings by up to 1% of total shares, citing personal funding needs [12] - Hendi Pharmaceutical's shareholders plan to collectively reduce their holdings by up to 2.33% of total shares for personal financial planning [13] Financial Adjustments - Baihua Pharmaceutical plans to use 1.91 billion yuan from its capital reserve to cover losses, primarily due to goodwill impairment from a previous major asset restructuring [14]

21世纪经济报道记者唐唯珂 11月的港股生物医药板块，一边是扎堆冲刺上市的热闹场景，一边是临门停步的意外状况。 从11月6日到11日，短短6天里，安序源科技、英矽智能、迈瑞医疗、真实生物、海纳医药和科兴制药先 后向港交所递交上市申请，密集程度创下年内新高，尽显药企赴港融资的迫切。 然而热潮未退，11月12日，已通过港交所聆讯、原定于11月17日挂牌的百利天恒（2615.HK）突然公告 延迟全球发售，宣布不按原招股章程推进上市，国际包销协议暂不订立，所有投资者的申请款项将在11 月17日前全额退还。 "从长期来看，港股作为人民币国际化及中概股回归的重要平台，其战略定位与估值优势吸引资本对其 价值重估。"融智投资基金经理包金刚此前向21世纪经济报道记者表示。 药企扎堆递表港股 6家递表的药企中，既有迈瑞医疗这样市值近2700亿元、手握近170亿元货币资金的医疗器械龙头，也有 英矽智能、安序源科技这类靠研发驱动的创新企业。 而港交所对生物医药行业的制度支持，是吸引企业的关键。 2018年推出的18A章上市规则，允许未盈利的生物科技公司上市融资，这为英矽智能、安序源科技这类 企业打开了大门。 英矽智能专注AI药物研发 ...

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. is progressing with its plan to issue H-shares and list on the Hong Kong Stock Exchange, but has decided to delay the global offering and listing due to current market conditions [1][2]. Group 1 - The company has published its H-share prospectus and details regarding the public offering on November 7, 2025 [1]. - The subscription for the H-shares is limited to qualified overseas investors and certain domestic institutional investors as per relevant regulations [2]. - The company will not publish the announcement on domestic stock exchanges or media, and relevant information can be accessed on the Hong Kong Stock Exchange website [2].

Core Viewpoint - Baili Tianheng has decided to delay its H-share global offering and listing due to current market conditions, which reflects the challenges faced in the IPO process [2][9]. Summary by Sections IPO Process - Baili Tianheng announced its intention to list on the Hong Kong Stock Exchange on June 21, 2024, but has faced delays, with two previous applications not receiving hearings. The third application was submitted on September 29, 2025, and the H-share prospectus was published on November 7, 2025 [5][12]. Market Performance - As of November 12, 2025, Baili Tianheng's A-share price was reported at 360.85 CNY per share, with a 2.49% increase, resulting in a total market capitalization of 149 billion CNY [6][20]. Offering Details - The company planned to offer a total of 8,634,300 H-shares globally, with 863,500 shares allocated for the Hong Kong market and 7,770,800 shares for international markets. The maximum offer price was set at 389 HKD per share [12][14]. Refund and Agreements - Following the delay, Baili Tianheng announced that all public offering application funds would be fully refunded, with the refund process expected to be completed by November 17, 2025. The agreements with underwriters will not take effect [12][17]. Business Impact - The delay in the global offering is not expected to affect the company's ongoing business development and expansion plans. The net proceeds from the IPO were intended for global market research and development of biopharmaceutical candidates, operational funding, and establishing a global supply chain [19][18]. Financial Performance - For the first three quarters of 2025, Baili Tianheng reported a revenue of 2.066 billion CNY, a decrease of 63.52% year-on-year. The net profit attributable to shareholders was -495 million CNY, down 112.16% year-on-year, primarily due to reduced revenue and increased R&D expenses [20][24].

【导读】百利天恒港股IPO再遇波折，决定延迟H股全球发售及上市 11月12日晚间，百利天恒发布公告称，鉴于目前市场情况，公司决定延迟H股全球发售及上市。 百利天恒2024年6月21日官宣拟在港股上市，但此后两次递表港交所均未获聆讯，2025年9月29日第三次递表港交所后，2025 年11月7日在港交所网站刊登并派发H股招股书。 11月12日收盘，百利天恒A股股价报360.85元/股，涨幅达2.49%，总市值为1490亿元。 港股上市推迟 公告显示，百利天恒计划11月17日上午9点在港交所上市买卖，但鉴于当前市场情况，决定延迟H股全球发售及上市。 Sichuan Biokin Pharmaceutical Co., Ltd. 四川百利天恒藥業股份有限公司 (於中華人民共和國註冊成立的股份有限公 全球發售 全球發售項下的發售股份數目 8,634,300股H股 香港發售股份數目 863 500股H股(可予重新分配) . . 國際發售股份數目 7,770,800股H股(可予重新分配) . . 每股H股389.00港元,另加1.0%經 最高發售價 : 紀佣金 · 0.0027%證監會交易徵 費 · 0.00015%會財 ...

Core Viewpoint - Bailitianheng has decided to postpone its H-share global offering and listing due to current market conditions, despite previously announcing plans for an IPO on June 21, 2024 [2][4]. Group 1: IPO Details - The company planned to issue a total of 8.6343 million H-shares, with 863,500 shares allocated for the Hong Kong market and 7.7708 million shares for the international market, at a maximum price of HKD 389 per share [8]. - All public offering application funds will be fully refunded, with the refund process expected to be completed by November 17 [8]. Group 2: Financial Performance - For the first three quarters of 2025, Bailitianheng reported a revenue of CNY 2.066 billion, a year-on-year decrease of 63.52%, and a net profit attributable to shareholders of -CNY 495 million, down 112.16% [14][16]. - The decline in net profit is attributed to a decrease in revenue and an increase in R&D expenses [16]. Group 3: Business Outlook - The decision to delay the global offering will not affect the company's current business operations or future development plans [13]. - Bailitianheng aims to accelerate the clinical development of its biological drug candidates in global markets outside of mainland China, including initiating multiple clinical trials in the United States [14].

Group 1 - "AI talent" Luo Fuli announced her joining Xiaomi on November 12, stating her commitment to AGI research [3][4] - Luo Fuli previously worked at Alibaba's DAMO Academy and DeepSeek, where she developed multilingual pre-training models and participated in deep learning projects [4] - Xiaomi's founder Lei Jun reportedly offered a salary of tens of millions to recruit Luo Fuli for leading AI large model research [4] Group 2 - Xiaomi reported a total payment amount exceeding 29 billion yuan during the Double 11 shopping festival, expressing gratitude for customer support [10] - The company aims to enhance its competitive edge and international brand image through the issuance of H-shares and listing on the Hong Kong Stock Exchange [21] Group 3 - Tencent Music's third-quarter revenue reached 8.46 billion yuan, marking a year-on-year increase of 20.6%, with online music service revenue growing by 27.2% [28] - Xinhua Insurance reported a cumulative insurance premium income of 181.973 billion yuan from January to October, reflecting a 17% year-on-year growth [30] Group 4 - Ningde Times exported 120 GWh of lithium batteries in the first three quarters, accounting for nearly 60% of the national total [15] - The company announced the mass production of its fifth-generation lithium iron phosphate battery, achieving breakthroughs in energy density and cycle life [15][16]

Group 1 - A-share companies are increasingly seeking listings on the Hong Kong Stock Exchange, with over 80 companies having submitted applications this year alone [1][3] - The number of A+H listed companies has reached 160, with 16 companies successfully listing in Hong Kong this year, surpassing the total from the previous five years [2][3] - Major A-share companies that have recently listed include Ningde Times, which raised nearly 40 billion HKD, and others like Sails and Sany Heavy Industry, each raising over 10 billion HKD [2] Group 2 - The sectors attracting A-share companies to Hong Kong include biomedicine, technology, and consumer goods, reflecting investor interest in these areas [3][4] - The Hong Kong Stock Exchange has optimized its listing mechanisms, making it easier for companies to access capital, which is crucial for their growth [4] - The trend of A+H listings is driven by the desire of mainland companies to enter international markets, leveraging Hong Kong's unique position and regulatory environment [5] Group 3 - The Hong Kong Stock Exchange has seen record revenue and net profit in the first three quarters of the year, driven by high trading activity and a surge in new listings [6] - There are currently around 300 listing applications being processed, with half from new economy sectors such as electric vehicles and biotechnology [6] - Despite the overall positive trend, some new listings have faced challenges, with instances of stocks dropping below their issue price on debut, leading to delays in some IPOs [6][7]