Group 1 - The core viewpoint of the news is that Shanghai Baoji Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time this year, with CITIC Securities and Haitong International as joint sponsors [1] Group 2 - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China, utilizing synthetic biology technology to address complex diseases with limited treatment options [3] - The company has developed a pipeline that includes seven clinical-stage drug candidates and five preclinical assets across four therapeutic areas, with core products protected by comprehensive intellectual property rights [3] - The core products include KJ017, KJ103, and SJ02, which are designed for various therapeutic applications, including subcutaneous drug delivery and treatment of autoimmune diseases [4][5] Group 3 - The company has established commercial-scale production capabilities that allow for cost-effective and standardized manufacturing, enabling expansion into other therapeutic areas [6] - Financially, the company reported revenues of 6.93 million, 6.16 million, and 41.99 million RMB for the six months ending June 30 in 2023, 2024, and 2025 respectively, with total losses of approximately 160 million, 364 million, and 183 million RMB during the same periods [6][7][8]