Company Overview - Baoji Pharmaceutical is set to launch an IPO from December 2 to December 5, 2025, offering 37.9117 million shares, with 10% allocated for Hong Kong and 90% for international sales. The maximum public offering price is HKD 26.38 per share, with an entry fee of approximately HKD 2,664, and shares are expected to begin trading on December 10, 2025 [1] - The company has attracted significant investment, with a total funding exceeding CNY 1.5 billion from various investors, including local industry capital and market-oriented funds, resulting in a post-investment valuation of approximately CNY 4.87 billion, which is 23 times the initial post-investment valuation [1] Investment and Partnerships - The IPO has secured a strong cornerstone investor lineup, including well-known institutions such as Anke Bio, DC Alpha SPC, and Guotai Junan Securities, with a total subscription of HKD 200.6 million, accounting for about 21.77% of the total fundraising [2] - The presence of cornerstone investors highlights market recognition of the company's technological capabilities and commercial potential, providing a solid foundation for the smooth progress of the issuance [2] Product Pipeline and Technology - Baoji Pharmaceutical focuses on four key areas: antibody-mediated autoimmune diseases, large-volume subcutaneous injections, reproductive medicine drugs, and transformative products replacing traditional biochemical extraction methods. The company has developed a robust pipeline with seven clinical-stage candidates and seven preclinical candidates [2] - The core pipeline includes KJ017, a recombinant hyaluronidase for large-volume subcutaneous delivery, which is currently under review for market approval; KJ103, an IgG degrading enzyme in Phase III clinical trials for autoimmune diseases; and SJ02, the first long-acting follicle-stimulating hormone approved in China, which received approval in August [3] Commercialization and Market Position - The commercialization of the hyaluronidase technology has led to partnerships with several antibody drug companies, and an exclusive sales agency agreement with Anke Bio for SJ02 in Greater China has been established [3] - The focus on large-volume subcutaneous injection technology positions Baoji Pharmaceutical as a key player in the biopharmaceutical sector, offering advantages over traditional intravenous administration by reducing adverse events and significantly shortening administration time from 30-180 minutes to 2-5 minutes [3] Industry Landscape - Halozyme is identified as a leading company in the global hyaluronidase subcutaneous injection technology, with its technology applied to several major antibody drugs. The trend of developing subcutaneous versions of various drugs, including oncology treatments, is gaining momentum [4] - Baoji Pharmaceutical aims to become the "Halozyme of China," leveraging its expertise in hyaluronidase technology and core pipeline to empower its products and assist other domestic antibody drugs in achieving subcutaneous delivery upgrades, thereby capturing a significant market position in the biopharmaceutical innovation wave [4]

Company Overview - Baoji Pharmaceutical-B (02659) plans to conduct an IPO from December 2 to December 5, 2025, offering 37.9117 million shares, with 10% allocated for Hong Kong and 90% for international sales. The maximum public offering price is set at HKD 26.38 per share, with an entry fee of approximately HKD 2,664 [1] - The company has attracted significant investment, with total funding exceeding CNY 1.5 billion from various investors, including local industry capital and market-oriented funds, resulting in a post-investment valuation of approximately CNY 4.87 billion, which is 23 times the initial post-investment valuation [1] Investment and Partnerships - The IPO has secured a strong cornerstone investor lineup, including notable institutions such as Anke Bio Hong Kong and Guotai Junan Securities, with a total subscription of HKD 200.6 million, accounting for about 21.77% of the total fundraising [2] - The company has established a comprehensive pipeline with 7 clinical-stage candidates and 7 preclinical candidates, focusing on areas such as antibody-mediated autoimmune diseases and large-volume subcutaneous injections [2] Product Pipeline - The core pipeline includes KJ017, a recombinant hyaluronidase for large-volume subcutaneous delivery, currently under review for market approval; KJ103, an IgG-degrading enzyme in Phase III clinical trials for autoimmune diseases; and SJ02, the first long-acting follicle-stimulating hormone approved in China, which received approval in August [3] - The commercialization of the hyaluronidase technology has led to agreements with several antibody drug companies, and a unique sales agency agreement with Anke Bio for SJ02 in Greater China [3] Industry Positioning - Baoji Pharmaceutical is positioned to become a Chinese counterpart to Halozyme, leveraging its hyaluronidase technology to enhance the commercialization of its pipeline products and assist other domestic antibody drugs in achieving subcutaneous delivery upgrades [4] - The industry is witnessing a shift towards subcutaneous administration, with major companies like Merck and Daiichi Sankyo developing subcutaneous versions of their drugs, indicating a growing trend in the biopharmaceutical sector [4]