688506，港股IPO延迟！

Core Viewpoint - Baili Tianheng has decided to delay its H-share global offering and listing due to current market conditions, which reflects the challenges faced in the IPO process [2][9]. Summary by Sections IPO Process - Baili Tianheng announced its intention to list on the Hong Kong Stock Exchange on June 21, 2024, but has faced delays, with two previous applications not receiving hearings. The third application was submitted on September 29, 2025, and the H-share prospectus was published on November 7, 2025 [5][12]. Market Performance - As of November 12, 2025, Baili Tianheng's A-share price was reported at 360.85 CNY per share, with a 2.49% increase, resulting in a total market capitalization of 149 billion CNY [6][20]. Offering Details - The company planned to offer a total of 8,634,300 H-shares globally, with 863,500 shares allocated for the Hong Kong market and 7,770,800 shares for international markets. The maximum offer price was set at 389 HKD per share [12][14]. Refund and Agreements - Following the delay, Baili Tianheng announced that all public offering application funds would be fully refunded, with the refund process expected to be completed by November 17, 2025. The agreements with underwriters will not take effect [12][17]. Business Impact - The delay in the global offering is not expected to affect the company's ongoing business development and expansion plans. The net proceeds from the IPO were intended for global market research and development of biopharmaceutical candidates, operational funding, and establishing a global supply chain [19][18]. Financial Performance - For the first three quarters of 2025, Baili Tianheng reported a revenue of 2.066 billion CNY, a decrease of 63.52% year-on-year. The net profit attributable to shareholders was -495 million CNY, down 112.16% year-on-year, primarily due to reduced revenue and increased R&D expenses [20][24].