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科创板第五套标准新进展!时隔两年,拿到批文!
券商中国·2025-08-09 04:53

Core Viewpoint - The approval of Guangzhou Bibet Pharmaceutical Co., Ltd.'s IPO marks a significant development for companies choosing the fifth listing standard of the Sci-Tech Innovation Board, indicating a gradual resumption of the IPO process for unprofitable tech firms [1][2]. Group 1: Company Overview - Bibet is a biopharmaceutical company focused on innovative drug development, particularly in oncology, autoimmune diseases, and metabolic diseases, aiming to create first-in-class drugs and address unmet clinical needs [4]. - The company has been granted approval under the fifth listing standard, which requires a market value of at least RMB 4 billion and at least one core product approved for phase II clinical trials [6]. Group 2: IPO Process and Timeline - Bibet received approval from the Sci-Tech Innovation Board's listing committee on January 11, 2023, and submitted its IPO registration application to the CSRC on June 1, 2023, after a two-year wait for the IPO approval [2][3]. - Since the resumption of the fifth listing standard in June 2025, there are currently six unprofitable companies in the IPO queue, with two having received approval, including Bibet [10][11]. Group 3: Financials and Fundraising - Bibet plans to raise approximately RMB 2 billion through its IPO, with allocations of RMB 500 million for working capital, RMB 950 million for new drug development, and RMB 550 million for the construction of a research and development center and formulation industrialization base [7]. - The company reported zero revenue for 2022 and 2023, with net losses of RMB 188.34 million, RMB 172.76 million, and an expected loss of RMB 56 million for 2024, totaling a cumulative loss of RMB 417.09 million [8].