Core Viewpoint - Bailitianheng (02615) has announced the launch of its H-share global public offering and plans to list on the Hong Kong Stock Exchange, marking a significant addition to the biotech sector in Hong Kong [1]. Group 1: H-share Offering Details - The base number of shares for the global offering is set at 8,634,300 shares, with 863,500 shares (approximately 10%) allocated for public offering in Hong Kong and 7,770,800 shares (approximately 90%) for international offering [1]. - The initial price range for the shares is determined to be between HKD 347.50 and HKD 389.00 [1]. - Bailitianheng's H-shares are expected to be eligible for inclusion in the Stock Connect program on the listing date [1]. Group 2: Company Overview - Bailitianheng focuses on cutting-edge biopharmaceuticals, addressing unmet clinical needs, particularly in the field of tumor macromolecule therapy, and aims to achieve global commercialization capabilities by 2029 [2]. - The company has established R&D centers in the U.S. and China, responsible for early product development and subsequent clinical research [2]. - Bailitianheng has developed a leading innovative drug R&D platform with global rights and complete intellectual property, including the HIRE-ADC platform and GNC platform [2]. Group 3: Clinical Development and Pipeline - The company has successfully developed three Phase III clinical assets (two ADC drugs and one bispecific antibody) and 14 early-stage core clinical assets [2]. - Bailitianheng is conducting nearly 90 clinical trials globally, including 15 Phase III studies in China and 10 in the U.S. [2]. Group 4: Strategic Collaborations and Financials - Bailitianheng has entered a strategic partnership with Bristol-Myers Squibb (BMS), involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion [4]. - The company has received the upfront payment and anticipates additional payments based on the success of ongoing clinical trials [4].