688506，港股IPO延迟！

Core Viewpoint - Sichuan Biokin Pharmaceutical Co., Ltd. (百利天恒) has decided to delay its H-share global offering and listing on the Hong Kong Stock Exchange due to current market conditions, despite previously announcing plans for an IPO on June 21, 2024 [1][3]. Group 1: IPO Details - The company planned to offer a total of 8,634,300 H-shares, with 863,500 shares allocated for the Hong Kong market and 7,770,800 shares for the international market, at a maximum price of HKD 389 per share [6][7]. - All public offering application funds will be fully refunded, with the refund process expected to be completed by November 17 [6][3]. - The company has not yet finalized the timing for the global offering and listing, as it is currently assessing the situation [11]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 2.066 billion, a year-on-year decrease of 63.52%, and a net profit attributable to shareholders of -RMB 495 million, down 112.16% [12][14]. - The decline in net profit is attributed to a decrease in revenue and an increase in R&D expenses [14]. - The company aims to utilize the net proceeds from the IPO for global market drug development, operational funding, and establishing a global supply chain [12]. Group 3: Strategic Partnerships - Key cornerstone investors for the IPO include BMS, OAP III, GL Capital, Athos Capital, and Franklin Templeton, with BMS committing USD 15 million for 335,300 shares [10][11]. - The partnership with BMS involves a global strategic licensing agreement set to take effect in 2024, enhancing the company's global collaboration efforts [11]. Group 4: Market Position and Future Plans - The company focuses on addressing unmet clinical needs in the field of oncology and aims to develop global commercialization capabilities by 2028 [12]. - Despite the IPO delay, the company asserts that its business development and expansion plans remain unaffected [12].