又一家生物科技公司暗盘大涨112%

Core Viewpoint - Baoyi Pharmaceutical, a biotech company, is set to debut on the Hong Kong stock market on December 10, 2023, attracting significant interest from investors, with a subscription multiple exceeding 2,691 times and a market capitalization reaching HKD 18.255 billion during the dark period [1][2]. Company Overview - Baoyi Pharmaceutical was established in 2019 and focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [3]. - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02) and several candidates in various clinical stages [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Baoyi Pharmaceutical is projected to generate revenues of RMB 0.069 billion and RMB 0.061 billion, respectively, with continuous net losses expected [5][6]. - The company recorded net losses of RMB 1.60 billion, RMB 3.64 billion, RMB 1.67 billion, and RMB 1.83 billion for the years ending in 2023, 2024, and the first half of 2025 [6]. Product Development and Commercialization - The core product SJ02 is expected to receive NDA approval in August 2025, with plans for commercialization in the Chinese market [4]. - Baoyi Pharmaceutical has partnered with Anke Bio for exclusive sales rights of SJ02 in Greater China, leveraging Anke's established sales network [4]. Investment and Financing - Since its inception, Baoyi Pharmaceutical has completed six rounds of financing, raising approximately RMB 1.531 billion, with 73% of the funds already utilized [7]. - Key pre-IPO investors include private equity funds and companies focused on healthcare, holding about 24.43% of the pre-IPO equity [7]. Shareholding Structure - The company's co-founders and key executives hold approximately 40.57% of the total issued share capital post-IPO [9]. - The company is currently involved in litigation related to a technology transfer agreement, which it claims does not affect its current or future product pipeline [9][10].