Core Insights - Beihai Kangcheng (1228.HK), known as the "first domestic rare disease stock in China," has announced a share subscription agreement with Baiyang Pharmaceutical (301015.SZ) [1] - Baiyang Pharmaceutical will subscribe for shares at a price of HKD 1.34 per share, totaling approximately HKD 100 million [1] - The strategic equity financing aims to optimize Beihai Kangcheng's commercialization business model and enhance its operational capabilities [1] Share Subscription Details - Beihai Kangcheng will issue 74,971,468 new shares at the subscription price of HKD 1.34 per share [1] - Post-completion, the subscribed shares will represent approximately 17.65% of the existing issued share capital and 14.99% of the enlarged share capital [1] Commercialization Agreement - Beihai Kangcheng and Baiyang Pharmaceutical have signed an exclusive commercialization service agreement [1] - Baiyang Pharmaceutical's subsidiary will obtain promotional rights for specific products of Beihai Kangcheng in mainland China, Hong Kong, and Macau [1]