百利天恒H股上市前夕急刹车，超30亿港元募资计划生变

Core Viewpoint - Bailitianheng's IPO plan in Hong Kong has been unexpectedly delayed just five days before its scheduled listing, despite strong investor interest and significant oversubscription [2][3]. Group 1: IPO Details - The company announced the delay of its IPO originally set for November 17, with the public offering phase having taken place from November 7 to 12, and the pricing expected to be announced by November 14 [3]. - The IPO was supported by major underwriters including Goldman Sachs, JPMorgan, and CITIC Securities, with plans to issue 8.6343 million H-shares [3]. - The company had attracted cornerstone investors such as Bristol-Myers Squibb and several prominent funds, collectively subscribing for shares worth $32 million [3]. Group 2: Previous Attempts and Challenges - This marks Bailitianheng's third attempt to list on the Hong Kong Stock Exchange, with previous applications failing due to not completing the listing process within the required timeframe [4]. - The company initially announced its intention to go public on June 21, 2024, and submitted its application on July 10, 2024, successfully passing the hearing on October 21, 2024 [4]. Group 3: Market Speculations and Company Response - Speculations regarding the delay include potential issues with international placements, internal disagreements on pricing, and the absence of a greenshoe option [5]. - The company stated that the delay would not impact its current operations and remains committed to business development, although it acknowledged that the postponement could negatively affect its funding arrangements [5]. Group 4: Financial Situation and Funding Needs - Despite a significant partnership with Bristol-Myers Squibb, which included an upfront payment of $800 million and potential total deal value of $8.4 billion, the company faces substantial financial pressure [6]. - For the first half of the year, the company reported revenue of 171 million yuan and a net loss of 1.176 billion yuan, primarily due to high R&D expenditures [6]. - R&D expenses have surged from 181 million yuan in 2019 to 1.443 billion yuan in 2024, with a 90.23% year-on-year increase in the first three quarters of this year [6][7]. Group 5: R&D Pipeline and Future Prospects - Bailitianheng has a robust R&D pipeline with 15 innovative drugs in clinical trials and 2 in the IND acceptance stage, including 3 in Phase III trials [7]. - The company has launched a fundraising plan of 3.764 billion yuan to support its R&D efforts, successfully attracting participation from 18 institutions [7]. - As of the third quarter, the company had cash reserves of 6.058 billion yuan, but ongoing high R&D costs may challenge its long-term financial sustainability [7].