Core Viewpoint - Shanghai Bao Pharmaceuticals Co., Ltd. (referred to as "Bao Pharmaceuticals") is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus after hearing on November 26, 2025, following two previous submissions in January and August 2025 [1][5]. Business Overview - Bao Pharmaceuticals, established in 2019, is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China using synthetic biology technology. The company targets complex diseases with limited treatment options [5]. - The company strategically focuses on four key areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [5]. Product Pipeline - Bao Pharmaceuticals has a pipeline of 12 self-developed products, including three core products: KJ017, KJ103, and SJ02 (Shengnuo). Additionally, there are four other clinical-stage candidates and five preclinical assets [5]. - The core product SJ02 received NDA approval from the National Medical Products Administration (NMPA) in August 2025. KJ017 and KJ103 are in late clinical or NDA registration stages in China [6]. - SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein designed for controlled ovarian stimulation in conjunction with GnRH antagonists. KJ017 is the first recombinant hyaluronidase in China aimed at rapid, large-volume subcutaneous delivery. KJ103 is an innovative recombinant IgG-degrading enzyme for treating various immune diseases [6]. Clinical Trials - Bao Pharmaceuticals is actively advancing multiple pipeline products, particularly innovative recombinant biopharmaceuticals as transformative alternatives to traditional biochemical extraction drugs, including KJ101 and BJ044 [6]. - The company has developed recombinant human chorionic gonadotropin (hCG) SJ04 for assisted reproduction, which received IND approval in May 2024 and began Phase I clinical trials in August 2024, completing the trial in September 2025 [7]. Financial Performance - The company's revenue for the years 2023, 2024, and the first half of 2025 was RMB 6.93 million, RMB 6.16 million, and RMB 4.199 million, respectively. Corresponding R&D expenditures were RMB 133 million, RMB 251 million, and RMB 111 million, with net losses of RMB 160 million, RMB 364 million, and RMB 183 million [16][17]. Shareholder Structure - The pre-IPO shareholder structure shows Dr. Liu Yanjun holding 21.21%, Ms. Wang Zheng 7.81%, and Mr. Tan Jingwei 5.21%. Other significant shareholders include Shengde Pharmaceutical and various investment funds [9][10].

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, focusing on developing and providing recombinant biopharmaceuticals using synthetic biology technology [1] Company Overview - Baoji Pharmaceutical is a clinical-stage biotechnology company that aims to tackle diseases with limited treatment options and complex drug manufacturing processes [1] - The company has developed a proprietary technology platform supported by chassis cell technology, drug design, and biomanufacturing capabilities [2] Product Pipeline - As of August 13, 2025, the company has established a pipeline covering four therapeutic areas, consisting of seven clinical-stage drug candidates and five preclinical assets [2] - The core products include: - KJ017: A highly glycosylated recombinant human hyaluronidase designed to enhance the absorption of injected drugs for large-volume subcutaneous administration [2] - KJ103: An innovative recombinant immunoglobulin G (IgG) degrading enzyme aimed at treating various autoimmune diseases driven by pathogenic IgG activity [2] - SJ02: A long-acting recombinant human follicle-stimulating hormone-CTP fusion protein intended for controlled ovarian stimulation [2] Market Potential - The clinical addressable market size is projected to exceed RMB 50 billion by 2033, covering areas such as large-volume subcutaneous administration and transformative products replacing traditional biochemical products [2] Production Capabilities - The company has established commercial-scale production capabilities that allow for cost-effective and standardized manufacturing, enabling expansion into other therapeutic areas [3] - The company is pursuing a dual-antibody strategy in the large-volume subcutaneous administration field, demonstrating its ability to produce high-end biopharmaceuticals and affordable conventional drugs [3] Financial Performance - For the six months ending June 30 in 2023, 2024, and 2025, the company reported revenues of RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million, respectively, with total losses of approximately RMB 160 million, RMB 364 million, and RMB 183 million during the same periods [3]