又一家生物科技公司暗盘大涨112%！

Core Viewpoint - The Hong Kong stock market has seen a significant bull market in biotechnology this year, with most newly listed biotech companies performing exceptionally well. Baoyi Pharmaceutical, a pre-profit biotech firm, has garnered substantial interest from capital and retail investors, achieving a subscription multiple of over 2691 times for its IPO [1][2]. Group 1: Company Overview - Baoyi Pharmaceutical was established in 2019 and focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals. The total addressable market for these areas in China is projected to reach approximately RMB 50 billion by 2033 [5]. - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02) and several candidates in various clinical stages [5]. Group 2: Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Baoyi Pharmaceutical is expected to report revenues of RMB 0.069 billion and RMB 0.061 billion, respectively, with net losses of RMB 1.60 billion and RMB 3.64 billion [9]. - The company has incurred significant R&D and administrative expenses, leading to continuous net losses. For the six months ending June 30, 2024, a net loss of RMB 1.67 billion is anticipated [9]. Group 3: Market Activity and Stock Performance - During the dark period before its official listing, Baoyi Pharmaceutical's stock surged by 112.28%, reaching a total market capitalization of HKD 18.255 billion [2]. - The stock's trading volume was 1.909 million shares, with a turnover rate of 1.24% [3]. Group 4: Strategic Partnerships - Baoyi Pharmaceutical has entered into a strategic partnership with Anke Biotechnology for the exclusive marketing and sales rights of its core product SJ02 in Greater China, which is expected to accelerate market entry and expand coverage [6]. Group 5: Legal Issues - The company is currently involved in litigation concerning a technology transfer agreement with another biotech firm, which could impact its operations. The lawsuit involves claims for termination of the agreement and compensation totaling RMB 80.2 million [14].