Group 1 - The core viewpoint of the article is that Sichuan Baili Tianheng Pharmaceutical has launched its IPO in Hong Kong, aiming to raise up to HKD 3.36 billion (approximately USD 432 million) by issuing 8.63 million shares at a price range of HKD 347.50 to HKD 389 per share [1] - The subscription period for the IPO will end on November 12, with the listing date set for November 17 [1] - The company, which specializes in the development of innovative macromolecule tumor therapies such as antibody-drug conjugates (ADCs), has seen its stock price increase over tenfold since its debut on the STAR Market in early 2023 [1] Group 2 - The IPO has attracted cornerstone investors including strategic partner Bristol-Myers Squibb and leading investment firms such as OrbiMed, GL Capital, Athos Capital, and Fullgoal Fund [2] - Top investment banks including Goldman Sachs, JPMorgan, and CITIC Securities are acting as joint sponsors for the IPO [2]