宝济药业港股上市：上半年亏1.8亿，大涨超100%，市值189亿港元

Group 1: Company Overview - Baoyi Pharmaceutical Co., Ltd. (stock code: 2659) was listed on the Hong Kong Stock Exchange today [1] - The company focuses on developing and providing hard-to-produce recombinant biopharmaceuticals using synthetic biology technology [6] - Baoyi Pharmaceutical has a differentiated R&D pipeline covering four therapeutic areas, with five drugs in clinical stages and seven preclinical products [6][7] Group 2: Financial Performance - For the first half of the year, Baoyi Pharmaceutical reported revenue of 41.99 million RMB and a loss of 183 million RMB [4][10] - The company’s revenue projections for 2023 and 2024 are 6.93 million RMB and 6.16 million RMB, respectively, with expected losses of 160 million RMB and 364 million RMB [8][10] - As of June 30, 2025, the company held cash and cash equivalents of 450 million RMB [11] Group 3: IPO Details - The IPO price was set at 26.38 HKD, with a total of 37,911,700 shares issued, raising a total of 1 billion HKD [1] - The opening price was 60 HKD, representing a 127% increase from the IPO price, although the stock has since declined [3] - The cornerstone investors included Anke Biological Hong Kong, DC Alpha SPC, and Guotai Junan Securities, collectively subscribing for 200.6 million HKD [2] Group 4: Shareholding Structure - Prior to the IPO, key shareholders included Dr. Liu Yanjun (21.21%), Ms. Wang Zheng (7.81%), and Mr. Tan Jingwei (5.21%), collectively controlling 34.23% of the company [16] - Post-IPO, Dr. Liu's shareholding decreased to 18.74%, while Ms. Wang and Mr. Tan's holdings were 6.9% and 4.6%, respectively, controlling a total of 30.24% [22]