筹备历时逾一年，百利天恒缘何延迟港股上市？

Core Viewpoint - Baili Tianheng has decided to delay its H-share global offering and listing due to current market conditions, which has been in preparation for over a year [1][4] Company Overview - Baili Tianheng, originally established as Baili Pharmaceutical in 1996, shifted its R&D focus to innovative cancer treatments around 2011, including ADCs and bispecific antibodies [5] - The company has faced significant challenges in drug development, adhering to the "double ten rule," which states that new drug development takes an average of ten years and costs around $1 billion [5] Financial Performance - R&D expenses increased from 181 million yuan in 2019 to 375 million yuan in 2022, with the proportion of R&D expenses to revenue rising from 15.03% to 53.32% [5] - In 2023, R&D expenses reached 746 million yuan, accounting for 132.82% of revenue, leading to cash flow issues with only 404 million yuan remaining by year-end [6] - A significant turnaround occurred in 2024, with revenue soaring by 936.31% to 5.823 billion yuan and net profit turning positive at 3.708 billion yuan, following a licensing agreement with Bristol-Myers Squibb worth up to $8.4 billion [6] Market Context - The delay in H-share listing is seen as a strategic adjustment, with expectations of revising pricing and offering scales to enhance market reception [4][7] - The trend of dual listings ("A+H") is gaining traction among innovative pharmaceutical companies, with 22 biopharmaceutical firms having listed in Hong Kong this year [8] - The market for innovative drug companies remains volatile, with some newly listed firms experiencing significant price fluctuations shortly after their IPOs [9] Future Outlook - Baili Tianheng aims to become a leading multinational company focused on oncology within ten years, with ongoing assessments of its global offering timeline [7] - The company is actively managing its R&D pipeline, with 90 clinical trials underway, and has plans to raise up to 3.764 billion yuan for further innovation projects [6][7]