Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 5%, reaching 36.08 HKD, following its inclusion in the Hong Kong Stock Connect list, which opens access to mainland investors starting December 24, 2025 [1] Group 1: Company Developments - Baiaosaitu-B has been officially added to the Hong Kong Stock Connect list, marking a significant milestone in establishing its "A+H" dual capital market platform [1] - The stock's recent performance reflects the company's growth potential, with a reported trading volume of 27.5841 million HKD [1] Group 2: Analyst Insights - Huafu Securities has issued a report indicating that the company's antibody authorization is beginning to yield results, driving a surge in performance [1] - The report highlights the company's high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1] - The antibody development business is entering a phase of performance realization, complemented by a promising pipeline of potential new drugs, leading to an initial "buy" rating [1]

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 5%, currently trading at 36.08 HKD, with a transaction volume of 27.5841 million HKD. The inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective from December 24, 2025, marks a significant milestone for the company in establishing its "A+H" dual capital market platform, opening its Hong Kong channel to mainland investors [1]. Group 1 - The stock price of Baiaosaitu-B has risen by 4.94% to 36.08 HKD, with a trading volume of 27.5841 million HKD [1]. - The Shanghai and Shenzhen Stock Exchanges announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective December 24, 2025 [1]. - This inclusion is seen as a key milestone in the company's strategy to build a dual capital market platform [1]. Group 2 - Huafu Securities previously reported that the company's "thousand mice and ten thousand antibodies" strategy is beginning to yield results, with antibody licensing driving significant performance growth [1]. - The company is recognized for its high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1]. - The antibody development business is gradually entering a phase of performance realization, complemented by the potential of its new drug pipeline, leading to an initial "buy" rating [1].

Core Viewpoint - The stock of Baiaosaitu-B (02315) has seen a significant increase, rising over 5% and reaching a price of 36.08 HKD, with a trading volume of 27.5841 million HKD. The inclusion of Baiaosaitu in the Hong Kong Stock Connect list marks a significant milestone for the company, allowing mainland investors access to its shares starting December 24, 2025 [1][1][1]. Group 1 - The Shanghai Stock Exchange and Shenzhen Stock Exchange have announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect stock list, effective December 24, 2025 [1][1][1]. - This inclusion represents an important milestone in the company's strategy to establish a dual capital market platform, referred to as "A+H" [1][1][1]. - The stock price increase reflects positive market sentiment and investor interest following the announcement [1][1][1]. Group 2 - Huafu Securities has issued a report indicating that the company's antibody development is beginning to yield results, driving significant performance growth [1][1][1]. - The report highlights the company's high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1][1][1]. - The antibody development business is entering a phase of performance realization, complemented by promising potential in new drug pipelines, leading to an initial "Buy" rating [1][1][1].

Core Viewpoint - Baiaosaitu-B (02315) has seen a significant increase in stock price, reaching a new high of 37.28 HKD, following its inclusion in the Hong Kong Stock Connect program effective December 24, 2025, marking a key milestone in its capital market development [1] Group 1: Stock Performance - Baiaosaitu-B's stock rose over 6% in early trading, peaking at 37.28 HKD, and is currently trading at 37.18 HKD with a transaction volume of 78.79 million HKD [1] Group 2: Market Developments - The inclusion in the Hong Kong Stock Connect is seen as a significant achievement for Baiaosaitu, enhancing its capital accessibility, market recognition, and long-term investment value [1] Group 3: Analyst Insights - Galaxy Securities reports that Baiaosaitu's performance is expected to improve significantly as its key project, the "Thousand Mice and Ten Thousand Antibodies" initiative, enters a realization phase [1] - The report highlights that the dual listing on A-share and H-share markets provides better liquidity in A-shares, while the Hong Kong market, being the initial listing platform, shows significant valuation discounts and high safety margins [1]

Core Viewpoint - Baiaosaitu-B (02315) has seen a significant increase in stock price, reaching a new high of 37.28 HKD, following its inclusion in the Hong Kong Stock Connect program effective December 24, 2025, marking a key milestone in its capital market development [1][1][1] Group 1: Stock Performance - Baiaosaitu-B's stock rose over 6% in early trading, reaching a peak of 37.28 HKD and currently trading at 37.18 HKD with a transaction volume of 78.79 million HKD [1][1][1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect, effective December 24, 2025 [1][1][1] Group 3: Company Milestones - The successful inclusion in the Hong Kong Stock Connect is viewed as a significant milestone for the company, enhancing its capital accessibility, market recognition, and long-term investment value [1][1][1] Group 4: Analyst Insights - Galaxy Securities reported that Baiaosaitu's core technology is based on gene editing, and with the company's major investment plan entering a realization phase, significant growth in performance is anticipated [1][1][1] - The report highlights that after the company's listing on the Sci-Tech Innovation Board, it has established an A+H dual capital layout, with better liquidity in A-shares [1][1][1] - The report also notes that the Hong Kong market, as an initial listing platform, has a significant valuation discount, indicating a high margin of safety [1][1][1]

（原标题：港股异动 | 百奥赛图-B(02315)涨超12%创新高 即将登陆A股科创板 公司千鼠万抗开始兑现） 智通财经APP获悉，百奥赛图-B(02315)涨超12%，高见35.86港元创新高。截至发稿，涨12.52%，报 35.76港元，成交额1169.62万港元。 消息面上，百奥赛图今早发布公告称，经上海证券交易所审核同意，百奥赛图(北京)医药科技股份有限 公司发行的人民币普通股股票将于2025年12月10日在上海证券交易所科创板上市。华福证券此前研报指 出，公司千鼠万抗开始兑现，抗体授权驱动业绩爆发。考虑公司业务的高成长性及高壁垒，临床前动物 及药理药效评价基本盘稳固，抗体开发业务已逐步进入业绩兑现期，叠加潜在的新药管线具有潜力，首 予"买入"评级。 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) surged over 12%, reaching a new high of 35.86 HKD, driven by the announcement of its upcoming listing on the Shanghai Stock Exchange's STAR Market in December 2025 [1] Group 1: Stock Performance - Baiaosaitu-B's stock increased by 12.52%, trading at 35.76 HKD with a transaction volume of 11.6962 million HKD [1] Group 2: Company Announcement - Baiaosaitu announced that its ordinary shares will be listed on the STAR Market on December 10, 2025, following approval from the Shanghai Stock Exchange [1] Group 3: Analyst Insights - Huafu Securities highlighted that the company's antibody licensing is beginning to yield results, driving significant performance growth [1] - The company is recognized for its high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1] - The antibody development business is entering a phase of performance realization, complemented by a promising pipeline of potential new drugs, leading to an initial "Buy" rating [1]

Group 1 - The core viewpoint of the article highlights that Baiaosaitu-B (02315) has seen a significant increase in stock price, rising over 12% to reach a new high of 35.86 HKD, with a current trading price of 35.76 HKD and a transaction volume of 11.6962 million HKD [1] - Baiaosaitu announced that its ordinary shares will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, 2025, following approval from the Shanghai Stock Exchange [1] - Huafu Securities previously indicated that the company's antibody authorization is beginning to yield results, driving a surge in performance. The company is recognized for its high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological efficacy evaluations [1] Group 2 - The antibody development business is gradually entering a phase of performance realization, and the potential new drug pipeline is considered promising, leading to an initial "buy" rating from analysts [1]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to undergo its IPO review on September 24, 2025, after a two-year wait on the Sci-Tech Innovation Board, highlighting its progress in the biopharmaceutical sector and its innovative "Thousand Mice Ten Thousand Antibodies" program [1][4]. Group 1: Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing innovative animal models and drug development services based on its proprietary gene editing technology [1]. - The company has developed the RenMice platform, which allows for large-scale drug discovery targeting nearly a thousand potential drug targets [1]. Group 2: IPO Process and Financial Performance - The company was accepted for its Sci-Tech Innovation Board IPO on June 20, 2023, and has undergone two rounds of inquiries prior to the upcoming review [4]. - Financial data shows that Baiaosaitu's revenue increased from approximately 534 million yuan in 2022 to 980 million yuan in 2024, with a turnaround to a net profit of approximately 33.54 million yuan in 2024 after previous losses [5]. - In the first half of 2023, the company achieved a revenue of 621 million yuan, a 51.27% increase year-on-year, and reported a net profit of approximately 47.99 million yuan, indicating a successful recovery from losses [6]. Group 3: Research and Development Challenges - The company has experienced a significant reduction in its R&D personnel, with the number of dedicated R&D staff dropping from 58 in 2022 to just 5 in 2024, raising concerns about its innovation capacity [7]. - Governance issues are also present, as the major shareholders, who are a married couple, control over 27% of the voting rights, which may impact decision-making processes [7]. Group 4: Fundraising and Strategic Direction - Baiaosaitu has reduced its planned fundraising amount from 1.893 billion yuan to 1.185 billion yuan for its IPO, focusing on early drug development services, antibody drug research, and clinical projects [7][8]. - The company asserts that this reduction in fundraising will not alter its strategic direction, as the core projects will still revolve around its main business and technology platforms [8].

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has finally received the opportunity for its IPO review after over two years of waiting on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange's listing review committee scheduled to meet on September 24, 2025, to discuss the company's initial public offering [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company that provides various innovative model animals and preclinical drug development services based on its self-developed gene editing technology [1] - The company utilizes its proprietary RenMice fully human antibody mouse platform for large-scale drug discovery and development targeting nearly a thousand potential drug targets, referred to as the "Thousand Mice Ten Thousand Antibodies" initiative [1] IPO Process and Financial Performance - Baiaosaitu was listed on the Hong Kong Stock Exchange under Rule 18A in 2022 and had its Sci-Tech Innovation Board IPO accepted on June 20, 2023, entering the inquiry stage on July 18, 2023, after undergoing two rounds of inquiries [3] - The company reported revenues of approximately 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022 to 2024, with corresponding net profits of approximately -602 million yuan, -383 million yuan, and 33.54 million yuan [4] - In the first half of this year, Baiaosaitu achieved revenue of 621 million yuan, a year-on-year increase of 51.27%, and a net profit of approximately 47.99 million yuan, marking a turnaround from losses [4] Business Model and Collaborations - The "Thousand Mice Ten Thousand Antibodies" initiative has generated significant commercial interest, with the company forming partnerships with numerous well-known pharmaceutical companies, including Merck, Gilead, and Neurocrine, among others [3] - The company has established a stable core management and R&D team, with core business areas showing growth and R&D investments maintained at reasonable levels, indicating an expected gradual enhancement in profitability [5] Fundraising and Strategic Direction - Baiaosaitu has reduced its initial fundraising target from 1.893 billion yuan to 1.185 billion yuan, with the funds aimed at early drug development service platform construction, antibody drug research and evaluation projects, and working capital [5][6] - The company emphasizes that the reduction in fundraising scale will not alter its strategic direction, as core fundraising projects will still focus on its main business and technology platform [6]