高开129%，上海跑出一个IPO，基石投资者赚麻了

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. officially listed on the Hong Kong Stock Exchange on December 10, with an initial offering price of HKD 26.38 per share, opening at HKD 60.5, a surge of 129% [1][3] Group 1: Company Overview - Baoji Pharmaceutical is a biotechnology company established in 2019, focusing on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [5] - The company has a pipeline of 12 self-developed products, including three core products: KJ017, KJ103, and SJ02 (Sheng Nuwa®), along with four other clinical candidates and five preclinical assets [5] Group 2: Financial Performance - The company completed six rounds of financing from September 2020 to December 2024, raising a total of RMB 1.86645 billion, with the last round post-money valuation reaching RMB 4.87 billion [3][4] - For the fiscal years 2023, 2024, and the first half of 2025, the company's revenues were RMB 6.93 million, RMB 6.16 million, and RMB 4.199 million, respectively, with corresponding R&D expenditures of RMB 133 million, RMB 251 million, and RMB 111 million [6][7] Group 3: Market Potential - According to Frost & Sullivan, the clinical addressable market size for the four strategic therapeutic areas in China is expected to reach approximately RMB 50 billion by 2033 [6] - The market for large-volume subcutaneous delivery, particularly recombinant hyaluronidase, is projected to account for nearly RMB 7 billion, while the market for antibody-mediated autoimmune diseases is driven by IgG-related autoimmune diseases, estimated at RMB 26.7 billion [6] Group 4: Use of IPO Proceeds - The company plans to use the funds raised from the IPO for the R&D and commercialization of core products (including KJ017, KJ103, and SJ02), advancing existing pipeline products, optimizing proprietary synthetic biology technology, and enhancing production capacity [7]