Core Viewpoint - Guangzhou Bibet Pharmaceutical Co., Ltd. (Bibet) has initiated its IPO process on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with an issue price of 17.78 yuan per share and a total issuance of 9,000 shares, resulting in a total share capital of approximately 450 million shares [1][3]. Fundraising and Financials - The total fundraising amount is approximately 1.6 billion yuan, with a net amount of about 1.49 billion yuan after deducting issuance costs. Originally, Bibet planned to raise around 2 billion yuan, indicating a reduction of about 500 million yuan in the final fundraising amount [3]. - The company plans to allocate the raised funds for new drug research and development, the construction of a research and development center in Qingyuan, and the establishment of a formulation industrialization base, with 500 million yuan earmarked for working capital [3]. - As of June 30, 2025, Bibet's cash and cash equivalents were approximately 72.54 million yuan, showing a rapid depletion of cash flow over the past few years [3][4]. Cash Flow and Profitability - Bibet's net cash flow from operating activities has been negative for several years, with net cash flow amounts of approximately -128 million yuan, -127 million yuan, -89.61 million yuan, and -55.07 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][6]. - The company's net profit for the years 2022, 2023, 2024, and the first half of 2025 was approximately -188 million yuan, -173 million yuan, -55.6 million yuan, and -73.89 million yuan, respectively, indicating ongoing financial losses [7][8]. Product Pipeline and Commercialization - Bibet's only product approved for conditional listing is BEBT-908, which is expected to be commercialized soon. Other core products, BEBT-209 and BEBT-109, are anticipated to receive approval by 2027 [6][7]. - The company is currently preparing for the construction of its industrialization base and has contracted third-party CDMO companies for production, including Changzhou Hequan Pharmaceutical Co., Ltd. and Guangdong Xinghao Pharmaceutical Co., Ltd. [7]. Ownership Structure - As of the IPO, Bibet has no controlling shareholder, with Qian Changgeng being the actual controller, holding 15.28% of the shares directly and controlling an additional 8.59% indirectly through Guangzhou Yaoqing Investment Partnership [9][10]. - Qian Changgeng, the founder and chairman of Bibet, has entered into a concerted action agreement with other major shareholders, allowing him to control a total of 43.96% of the shares [10].