Core Viewpoint - The company Bai'ao Saitou (688796.SH) has successfully listed on the STAR Market, focusing on gene editing model animals, innovative breeding, preclinical pharmacology evaluation, and antibody drug discovery [1] Group 1: Company Overview - Bai'ao Saitou is recognized as the "first stock of gene editing" after its listing on the Hong Kong Stock Exchange in 2022 [1] - The company submitted its application for listing on the STAR Market in June 2023, although the progress has since slowed [1] Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan per share, resulting in a market capitalization of 11.92 billion yuan [2] - The company has a high issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [2] - The projected revenue for the first half of the year is 2.74 billion yuan, accounting for 44.2% of total revenue [4] Group 3: Business Model and Operations - Bai'ao Saitou operates a direct sales model, engaging directly with clients for sales and service provision [4] - The main business segments include preclinical pharmacology evaluation, model animal sales, antibody development, and gene editing services [4] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 gene-edited animal and cell line models [3] Group 4: Client Base - The primary clients of Bai'ao Saitou include pharmaceutical research, biotechnology companies, and research institutions [4] - Gilead Sciences, Inc. is the largest client, contributing 0.88 billion yuan, which represents 14.25% of the total revenue for the first half of the year [4]
“基因编辑第一股”今日A股上市