Core Insights - Baoyi Pharmaceutical successfully completed a new share issuance of approximately HKD 1 billion, attracting significant attention in the capital market with an oversubscription of 6.59 times for international placements and 3526.34 times for public offerings in Hong Kong [1] - The company is expected to officially list on the Hong Kong Stock Exchange on December 10, 2025, with strong initial trading performance reflected in a closing price of HKD 56, representing a 112.28% increase from the offering price of HKD 26.38 [1] - Notable cornerstone investors include Anke Biotechnology, DC Alpha SPC, and Guotai Junan Securities, collectively subscribing for HKD 200.6 million, which accounts for 20.06% of the total fundraising [1] Business Model and Product Pipeline - Baoyi Pharmaceutical operates in the clinical and commercialization stages of biotechnology, focusing on developing and providing recombinant biopharmaceuticals using synthetic biology technology in China [2] - The company targets four independent and high-value therapeutic markets, including large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproductive drugs, and transformative products replacing traditional biochemical products [2] - Key products include KJ017, the first recombinant hyaluronidase in China for large-volume subcutaneous delivery; KJ103, a global first with "best-in-class" potential for low pre-stored antibodies; and SJ02, a long-acting follicle-stimulating hormone drug for assisted reproduction [2] Financial Performance - Baoyi Pharmaceutical's financial performance shows promising growth, with revenues of RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million for the six months ending June 30 in 2023, 2024, and 2025, respectively [2] - The corresponding gross profits for the same periods were RMB 6.78 million, RMB 5.02 million, and RMB 41.73 million, indicating strong profitability potential [2] - As of June 30, 2025, the company reported cash and cash equivalents of RMB 453 million, reflecting a solid cash reserve [2] Use of Proceeds - The funds raised from the IPO will be allocated to the research and commercialization of core products (KJ017, KJ103, and SJ02), advancing existing pipeline products, optimizing proprietary synthetic biology technology, enhancing production capacity, and general corporate purposes [3] - The company aims to leverage its steady revenue growth, reasonable valuation, and expanding market space to translate into tangible performance returns over time [3]
宝济药业-BIPO受追捧：国际配售获6.59倍认购 长线资本坚定入驻