百利天恒宣布延迟在港上市 原本有望于上市当日即纳入港股通

Core Viewpoint - Baili Tianheng has decided to delay the global offering and listing of its H-shares due to current market conditions, which will not proceed as per the prospectus arrangements [1] Group 1: H-share Offering Details - The company had initiated the H-share offering on November 7, with an expected closing date of November 12, aiming to issue 8.6343 million H-shares [1] - The offering was structured with 10% allocated for public sale in Hong Kong and 90% for international placement, with a price range of HKD 347.5 to HKD 389 per share, potentially raising up to HKD 3.359 billion [1] - The entry fee for one lot of 100 shares was HKD 39,292.31 [1] Group 2: Strategic Partnerships and Market Position - The company has a strong lineup of cornerstone investors, including strategic partner Bristol-Myers Squibb (BMS) and top-tier investment firms such as OrbiMed, GL Capital, Athos Capital, and Fullgoal Fund [1] - Baili Tianheng aims to become a multinational pharmaceutical company with a focus on oncology, leveraging its innovative research and development capabilities in the ADC/GNC/ARC fields [2] Group 3: Product Development and Collaborations - The company’s proprietary drug, iza-bren (BL-B01D1), is the world's first and only EGFR×HER3 bispecific ADC in Phase III clinical trials, showcasing significant clinical value and market potential [3] - In December 2023, Baili Tianheng entered a strategic collaboration with BMS, involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion, marking the largest transaction in the ADC field for a single product [3] Group 4: Market Context and Future Outlook - Despite the delay in the global offering, the company asserts that its business development and expansion efforts will continue unaffected [3] - The overall market has seen 16 A-share companies successfully list in Hong Kong this year, with 11 of them experiencing positive cumulative gains post-listing, although two companies that listed in November are currently trading below their offering price [3]