证监会同意！重启后又一家

Core Viewpoint - Guangzhou Bibetter Pharmaceutical Co., Ltd. has received approval from the China Securities Regulatory Commission for its IPO application on the Sci-Tech Innovation Board after a 14-month hiatus [1][8]. Company Overview - Bibetter focuses on major diseases such as tumors, autoimmune diseases, and metabolic diseases, developing First-in-Class drugs and innovative drugs to meet unmet clinical needs [2]. - The company plans to issue up to 90 million shares and aims to raise 2.005 billion yuan, with 949 million yuan allocated for new drug R&D, 555 million yuan for the construction of a R&D center and formulation industrialization base, and 500 million yuan for working capital [2]. Financial Performance - Bibetter reported no operating revenue for 2022, 2023, and 2024, with net losses of 188 million yuan, 173 million yuan, and 55.998 million yuan respectively [2]. - Total assets decreased from 587.2168 million yuan in 2022 to 332.4771 million yuan in 2024, while equity attributable to shareholders dropped from 468.3349 million yuan to 290.2201 million yuan over the same period [3]. - The company has a high R&D expense ratio, with R&D expenses of 167 million yuan, 158 million yuan, and 120 million yuan for the years 2022 to 2024, significantly above the average of comparable companies [3][5]. Market Position and Future Prospects - As of the date of the prospectus, Bibetter has one Class 1 innovative drug, BEBT-908, approved for market, with other products in various clinical trial phases [4][6]. - The company is expected to maintain high R&D expenditures and will likely continue to operate at a loss in the foreseeable future, with no dividends anticipated post-IPO [6]. - The market potential for its core products targeting high-incidence cancers is significant, with an expected post-IPO market valuation of no less than 4 billion yuan [8]. Shareholding Structure - Before the issuance, the company has no controlling shareholder, with the actual controller, Qian Changgeng, holding 43.96% of the shares [9].