Zhong Guo Jing Ji Wang·2025-09-25 03:15Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 53rd company to pass this year, with a focus on innovative drug development services based on its proprietary gene-editing technology [1]. Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing various innovative model animals and preclinical drug development services [1]. - The company utilizes its self-developed RenMice platform for large-scale drug discovery and development, targeting over a thousand potential drug targets in the human body [1]. IPO Details - The company plans to issue up to 99,849,605 shares on the Sci-Tech Innovation Board, with a minimum public offering ratio of 10% of the total share capital post-issuance [2]. - The intended fundraising amount is 118.504 million yuan, aimed at building a drug early-stage research service platform, antibody drug research and evaluation projects, preclinical research projects, and supplementing working capital [2]. Shareholding Structure - As of the signing date of the prospectus, the actual controllers of Baiaosaitu, Shen Yulei and Ni Jian, collectively control 27.0291% of the voting rights [2]. Market and Business Model Inquiry - The listing committee inquired about the technological advancement of the fully human antibody mouse platform, market space for antibody development, and the stability and future profitability of the business model, including revenue realization from project testing to transfer/authorization/co-development [3].