Core Viewpoint - Baoyi Pharmaceutical-B (02659) has shown strong performance in the dark market, with a trading price of HKD 54, representing a 104.7% increase from the IPO price of HKD 26.38, indicating strong investor interest and confidence in the company's future prospects [1] Group 1: IPO Details - Baoyi Pharmaceutical plans to issue 37.91 million H-shares, with 90% allocated for international offerings and 10% for public offerings in Hong Kong [1] - The IPO price is set at HKD 26.38 per share, with an entry fee of approximately HKD 2,664.60 per hand [1] - The company has attracted significant cornerstone investors, with three well-known institutions participating and collectively subscribing HKD 200.6 million, accounting for 20.06% of the total fundraising [1] Group 2: Company Overview - Established in 2019 and headquartered in Shanghai, Baoyi Pharmaceutical is a biotechnology company focused on developing and providing recombinant biopharmaceuticals using advanced synthetic biology technology [2] - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02) and four other clinical candidates [2] Group 3: Product Pipeline and Market Potential - Baoyi Pharmaceutical's core products target four key therapeutic areas, including high-volume subcutaneous administration and antibody-mediated autoimmune diseases, with KJ017 being a recombinant hyaluronidase and KJ103 being a novel IgG-degrading enzyme [2][3] - The clinical addressable market for Baoyi Pharmaceutical's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033, driven by significant market sizes in each area [3] - The company has established a GMP-compliant production facility in Shanghai, covering approximately 63,000 square meters, equipped with specialized production lines for complex biopharmaceuticals [3] Group 4: Growth Potential - With its innovative product pipeline, strong R&D capabilities, and advanced production capacity, Baoyi Pharmaceutical demonstrates significant growth potential [4] - The company's entry into the capital market, supported by ample funding and a clear strategy, is expected to accelerate the commercialization of its core products and translate technological advantages into tangible performance growth [4]