Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has finally received the opportunity for its IPO review after over two years of waiting on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange's listing review committee scheduled to meet on September 24, 2025, to discuss the company's initial public offering [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company that provides various innovative model animals and preclinical drug development services based on its self-developed gene editing technology [1] - The company utilizes its proprietary RenMice fully human antibody mouse platform for large-scale drug discovery and development targeting nearly a thousand potential drug targets, referred to as the "Thousand Mice Ten Thousand Antibodies" initiative [1] IPO Process and Financial Performance - Baiaosaitu was listed on the Hong Kong Stock Exchange under Rule 18A in 2022 and had its Sci-Tech Innovation Board IPO accepted on June 20, 2023, entering the inquiry stage on July 18, 2023, after undergoing two rounds of inquiries [3] - The company reported revenues of approximately 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022 to 2024, with corresponding net profits of approximately -602 million yuan, -383 million yuan, and 33.54 million yuan [4] - In the first half of this year, Baiaosaitu achieved revenue of 621 million yuan, a year-on-year increase of 51.27%, and a net profit of approximately 47.99 million yuan, marking a turnaround from losses [4] Business Model and Collaborations - The "Thousand Mice Ten Thousand Antibodies" initiative has generated significant commercial interest, with the company forming partnerships with numerous well-known pharmaceutical companies, including Merck, Gilead, and Neurocrine, among others [3] - The company has established a stable core management and R&D team, with core business areas showing growth and R&D investments maintained at reasonable levels, indicating an expected gradual enhancement in profitability [5] Fundraising and Strategic Direction - Baiaosaitu has reduced its initial fundraising target from 1.893 billion yuan to 1.185 billion yuan, with the funds aimed at early drug development service platform construction, antibody drug research and evaluation projects, and working capital [5][6] - The company emphasizes that the reduction in fundraising scale will not alter its strategic direction, as core fundraising projects will still focus on its main business and technology platform [6]
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