BIOKIN PHARMACEUTICAL(SH:688506) Shang Hai Zheng Quan Bao·2025-09-23 11:19Core Viewpoint - The recent investment by Guo Lan and other prominent fund managers in the innovative drug company Bai Li Tian Heng during a market adjustment highlights the ongoing interest and confidence in the innovative drug sector despite recent fluctuations [2][9]. Investment Activity - Guo Lan's funds invested a total of 6.79 billion yuan in Bai Li Tian Heng's private placement, with the China Europe Medical Health Mixed Fund acquiring 185,590 shares for 5.88 billion yuan, representing 1.8% of the fund's net asset value [3][6]. - The China Europe Medical Innovation Stock Fund also participated, purchasing 28,550 shares for approximately 905 million yuan, accounting for 1% of its net asset value [3][6]. - The lock-up period for the shares acquired by both funds is set at six months [3]. Fund Performance and Holdings - As of the end of Q2 2024, the China Europe Medical Health Mixed Fund held 1,879,400 shares of Bai Li Tian Heng, having increased its holdings significantly over the past year [7]. - Bai Li Tian Heng has entered the top ten holdings of the China Europe Medical Health Mixed Fund, reflecting its growing importance in the fund's portfolio [7]. Market Trends - The innovative drug sector has seen substantial inflows, with various ETFs focused on this theme experiencing significant net subscriptions in September, indicating continued investor interest [13]. - The overall market for innovative drugs is projected to grow, with expectations of explosive growth for Chinese innovative drugs in the global market [13][14]. Future Prospects - Bai Li Tian Heng plans to use the funds raised from the private placement to advance its innovative drug research projects, including the development of ADC and multi-specific antibody platforms [12]. - The Chinese innovative drug industry is in a rapid growth phase, with a strong pipeline of drugs under development and increasing international recognition of its research capabilities [14].