Core Viewpoint - Hua Chan Bio-B plans to conduct a global offering of approximately 17.6488 million shares from December 12 to December 17, with an expected listing date of December 22 [1] Company Overview - Hua Chan Bio, established in 2012, is a biopharmaceutical company based in China focused on developing therapies, particularly protein drugs for indications with medical needs and market opportunities [2] - The company specializes in discovering, developing, and commercializing wound healing therapies, with a primary focus on PDGF drugs [2] - As of the last feasible date, the company has a pipeline of ten candidate products, seven of which are PDGF candidates, including two core products: Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment, both being rhPDGF-BB drugs [2] - The company holds proprietary intellectual property rights for all clinical stage and preclinical candidate products, with 25 approved patents and 29 pending patent applications, including two U.S. patent applications [2] - According to a Frost & Sullivan report, Hua Chan Bio is the most advanced biopharmaceutical company in China in terms of PDGF-related technology and patent quantity [2] Financial Overview - For the years 2023 and 2024, the company's revenues are projected to be RMB 472,000 and RMB 261,000, respectively, with no revenue expected for the nine months ending September 30, 2024 [3][4] - The net losses for 2023 and 2024 are projected to be RMB 1.052 billion and RMB 2.123 billion, respectively, with losses of RMB 1.641 billion and RMB 1.345 billion for the nine months ending September 30, 2024, and 2025 [3][4] - Research and development expenses for 2023 and 2024 are projected to be RMB 399 million and RMB 913 million, respectively, accounting for 48.7% and 43.9% of total expenditures during the same periods [3][4] Fundraising Purpose - The net proceeds from the global offering are expected to be approximately HKD 709 million, assuming the over-allotment option is not exercised, calculated at a median offer price of HKD 44.60 [5] - Approximately 61.8% of the funds will be used to support the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, which is the main reason for the listing [5] - About 18.8% will be allocated to enhance the company's R&D capabilities through the purchase of specialized equipment and instruments related to R&D and quality control activities [5] - Approximately 6.3% will be used for third-party service fees, personnel costs, and raw material costs for preclinical R&D of PDGF products for other indications [5] - About 3.1% will be allocated for third-party service fees, personnel costs, and raw material costs for preclinical R&D activities of Mes-201, Oli-101, and Oli-201 [5] - Approximately 10% will be used for working capital and general corporate purposes [5]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內 容而產生或依賴該等內容而引致的任何損失承擔任何責任。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向華芢生物科技（青島）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 本聆訊後資料集不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記， 且在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本聆訊後資料集及當中所載資料均非於美國或任何其他禁止進行有關要 ...

Core Viewpoint - Huazhang Biotech has been in research and development for 13 years with significant financial investment but remains at a crossroads with no products on the market, no stable revenue, and no annual profit [1] Company Overview - Established in 2012, Huazhang Biotech focuses on developing protein drugs for wound healing, particularly targeting platelet-derived growth factor (PDGF) drugs [2][3] - The company has three research pipelines and ten candidate products covering 14 indications, with seven being PDGF-related [3] Product Development - Core products include Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot ulcers, with Pro-101-1 expected to complete Phase III trials by Q4 2026 and Pro-101-2 in Phase II trials [3][6] - The potential market for PDGF drugs in China is limited, with estimates of approximately 66.6 million RMB for burn treatment and 580 million RMB for diabetic foot ulcers by 2033 [6] Financial Performance - The company reported revenues of 472,000 RMB in 2023 and 261,000 RMB in 2024, with net losses of 105.2 million RMB and 212.3 million RMB respectively [18][20] - Administrative and research expenses exceeded 80 million RMB in 2023 and 200 million RMB in 2024, with administrative costs surpassing research expenditures [18][21] Management and Governance - The company is led by founder Jia Lijia, who has 27 years of experience in the pharmaceutical industry, and her son Wang Kelong, who has limited experience in drug development [8][13] - The board's compensation increased by over 91% year-on-year, raising concerns about financial management amid ongoing losses [14][18] Market Competition - The competitive landscape includes eight companies with nine products for burn treatment and four other PDGF drug pipelines in development for diabetic foot ulcers [7][6] - Huazhang Biotech's focus on PDGF drugs is seen as innovative, but the commercial potential remains uncertain due to market limitations and existing competition [6][7] Funding and IPO Pressure - The company has faced pressure to complete an IPO by December 31, 2026, due to financing agreements that include buyback clauses if targets are not met [24][26] - Current cash reserves are approximately 105 million RMB, which may only sustain operations for about six months at the current burn rate [23][24]

Core Viewpoint - Huazhan Biotechnology (Qingdao) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International and CITIC Securities as joint sponsors [1][3]. Company Overview - Established in 2012, Huazhan Biotechnology is a biopharmaceutical company based in China, focusing on developing therapies for medical needs and market opportunities, particularly in protein drugs [3]. - The company's main focus is on discovering, developing, and commercializing wound healing therapies, with two core products: Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot ulcers [3][4]. Product Development - As of the last feasible date, Pro-101-1 has completed Phase IIb clinical trials in China and is in the process of finalizing the clinical trial report, while Pro-101-2 is undergoing Phase II clinical trials [3][4]. - The company anticipates that once its PDGF candidate products are commercialized, the primary market will be in China, with plans to launch Pro-101-1 in the United States [3]. Market Position and Competitive Advantage - Pro-101-1 is reported to be the fastest-developing PDGF candidate drug for burn treatment in China, according to Frost & Sullivan [4]. - PDGF drugs have a history of over 20 years in clinical use for diabetic foot ulcers, primarily in the United States, and are the only recombinant growth factors approved by the FDA for topical use in this indication [4]. Intellectual Property and Collaboration - The company has submitted five patent applications related to its core products, with two PDGF-related patents obtained from the Academy of Military Medical Sciences [5][6]. - The company has independent rights to the technology and patents related to PDGF, having taken over the relevant technical data from the Academy of Military Medical Sciences [6]. Financial Performance - For the fiscal years 2023 and 2024, the company reported revenues of approximately RMB 472,000 and RMB 261,000, respectively, with total comprehensive losses of RMB 105.2 million and RMB 212.2 million for the same periods [7][8]. - The company has incurred significant administrative and research and development expenses, contributing to its overall losses [8].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生 或依賴該等內容而引致的任何損失承擔任何責任。 B&K CORPORATION LIMITED 華芢生物科技（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向華芢生物科技（青島）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在 根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均非於美國或任何其他禁止進行有關要約或銷售的司法權區出售或 ...