Core Viewpoint - Baoyi Pharmaceutical Co., Ltd. plans to issue H-shares on the Hong Kong Stock Exchange, aiming to raise approximately HKD 1 billion with a maximum share price of HKD 26.38 per share, and the listing is expected on December 10, 2025 [1][3]. Group 1: Company Overview - Baoyi Pharmaceutical was established in December 2019 and is located in Baoshan District, Shanghai, with a registered capital of approximately CNY 57.61 million [3]. - The company focuses on four main areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals, with a pipeline of 12 self-developed products [4][5]. Group 2: Financial Performance - The projected revenues for Baoyi Pharmaceutical are approximately CNY 6.93 million for 2023, CNY 6.16 million for 2024, and CNY 41.99 million for the first half of 2025, with corresponding gross profits of CNY 6.78 million, CNY 5.02 million, and CNY 41.73 million [5][6]. - The net losses are expected to be CNY 160.4 million for 2023, CNY 364.4 million for 2024, and CNY 183.1 million for the first half of 2025 [6][7]. Group 3: Investment and Partnerships - Baoyi Pharmaceutical has secured three cornerstone investors, raising HKD 200.6 million, including Anke Biological Hong Kong and Guotai Junan Securities [3]. - The company has established technical service and supply agreements with antibody drug companies and signed an exclusive sales agency agreement with Anke Biological for the commercialization of its core product SJ02 in Greater China [7]. Group 4: Production Capacity - The company has built a GMP-compliant production facility in Shanghai, covering approximately 63,000 square meters, capable of meeting the commercial production needs for SJ02 and clinical production for several candidate drugs [8].
宝济药业将在港交所上市，募资约10亿港元，引入3名基石投资者