百利天恒第三次递表港交所 创新药企“资本新叙事”正在上演

Core Insights - BaiLi TianHeng, an innovative pharmaceutical company, is accelerating its dual capital platform strategy by submitting a prospectus to the Hong Kong Stock Exchange after completing the largest A-share equity financing in the healthcare sector since the implementation of the comprehensive registration system [1][3] - The company's stock price has seen a significant increase, reaching a peak of 414.02 CNY per share by September 8, 2025, representing a cumulative increase of over 15 times since its initial public offering [1][2] - BaiLi TianHeng's recent A-share private placement raised a total of 3.764 billion CNY, with participation from top fund managers, marking a key step in its global expansion strategy [3][4] Financing and Market Position - The A-share private placement in September 2025 was the largest equity financing in the healthcare sector since the registration system was implemented, with 30 investors participating and 18 successfully winning bids [3][4] - The funds raised will be used entirely for innovative drug research and development, particularly for advancing the HIRE-ADC platform and GNC platform [3][4] - BaiLi TianHeng has become a star stock among institutional investors, with significant investments from prominent fund managers [3][4] Clinical Development and Breakthroughs - BaiLi TianHeng's core pipeline, including the drug BL-B01D1, has shown promising results in clinical trials, particularly in treating EGFR mutation non-small cell lung cancer [6][7] - The company reported a 100% objective response rate in a phase II study for the combination treatment of BL-B01D1 and Osimertinib, indicating a significant breakthrough in treatment options [6][7] - The drug has received breakthrough therapy designation from regulatory authorities, which will expedite its development and review process [7][8] Leadership and Vision - The company's rise is closely linked to the personal journey of its founder, Zhu Yi, who transitioned from academia to entrepreneurship and aims to establish BaiLi TianHeng as an entry-level multinational corporation (MNC) within five years [10][11][13] - Zhu Yi's vision includes developing blockbuster drugs and collaborating with MNCs, positioning BaiLi TianHeng as a key player in the global pharmaceutical landscape [10][13]