Group 1 - The core viewpoint of the news is that Baiaosaitu has successfully listed its H-shares on the Hong Kong Stock Exchange and has been included in the Hong Kong Stock Connect program, allowing eligible investors from mainland China to invest directly in its H-shares [1][3] - Following this announcement, Baiaosaitu's H-shares surged by 22.23% to HKD 35.08 per share, while its A-shares increased by 3.42% to CNY 52.6 per share, indicating strong market reaction [1] - The inclusion in the Hong Kong Stock Connect is seen as a significant milestone for the company, enhancing its capital accessibility, market recognition, and long-term investment value [1][3] Group 2 - Baiaosaitu, established in 2009, operates as a preclinical CRO and biopharmaceutical company, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [2] - The company has developed a comprehensive platform for drug discovery and development, including the RenMice platform, which targets over a thousand potential drug targets [2] - Baiaosaitu has signed approximately 280 drug cooperation development, licensing, and transfer agreements, establishing a leading global repository of humanized mouse models and offering full-chain capabilities in preclinical pharmacology and efficacy research [3] Group 3 - The company aims to leverage the synergy between its A-share and H-share platforms to enhance its technological platform transformation, global business expansion, and long-term strategic implementation [3] - Baiaosaitu is committed to maintaining a technology innovation-driven approach, deepening its global collaboration network, and improving operational quality and communication with the capital market [3] - The company positions itself as a "global source of new drugs," contributing long-term value to the high-quality development of China's biopharmaceutical industry and global innovation [3]

A股市场今天（12月10日）上午整体走低，市场个股跌多涨少。 不过，海南自贸概念领涨，成为上午A股市场主要亮点之一。 热门股方面，摩尔线程股价再度大涨，盘中突破700元大关，且创出新高，盘中涨幅超过19%。摩尔线程目前股价在A股市场中仅次于寒武纪-U和贵州茅 台，位列第三高。 新股百奥赛图一度大涨超160% 热门个股方面，摩尔线程股价再度大涨，盘中突破700元大关，且创出新高。 今天A股市场有一只新股上市，为百奥赛图，上午盘中该股涨幅一度超过160%。 A股海南自贸概念领涨 A股市场今天上午整体走低，主要指数不同程度下跌。 主要行业板块和赛道方面，若按照申万一级行业划分，商贸零售、有色金属、汽车、传媒等板块走强。银行、电力设备、计算机等板块则跌幅居前。 概念板块方面，海南自贸概念领涨，罗牛山、海南高速、海南瑞泽等股票盘中触及涨停，另有多股跟涨。消息面上，中共海南省委关于制定国民经济和社 会发展第十五个五年规划的建议发布。建议提到，擦亮"投资自贸港"品牌，健全外商投资服务工作机制和公共平台。推动一批标志性、引领性外资项目落 地。促进外贸提质增效，推动市场多元化和内外贸一体化，巩固提升传统贸易优势，创新发展数字贸 ...

A股市场今天上午整体走低，主要指数不同程度下跌。 热门个股方面，摩尔线程股价再度大涨，盘中突破700元大关，且创出新高。 A股海南自贸概念领涨 主要行业板块和赛道方面，若按照申万一级行业划分，商贸零售、有色金属、汽车、传媒等板块走强。银行、电力设备、计算机等板块则跌幅居前。 A股市场今天（12月10日）上午整体走低，市场个股跌多涨少。 不过，海南自贸概念领涨，成为上午A股市场主要亮点之一。 招股资料显示，百奥赛图是一家临床前 CRO 以及生物技术企业。公司基于自主开发的基因编辑技术提供各类创新模式动物以及临床前阶段的医药研发服 务，并利用其自主开发的 RenMice 全人抗体小鼠平台（包括 RenMab、RenLite、RenNano、RenTCR 以及RenTCR-mimic 多个系列）针对人体内近千个潜 在药物靶点进行规模化药物发现与开发（以下简称"千鼠万抗"），并将有潜力的抗体分子对外转让、授权或合作开发。 招股资料称，高效、稳定的基因编辑平台是公司业务的重要基石。发展至今，公司熟练掌握了多种主流的基因编辑技术，这些技术极大地提升了基因编辑 效率，突破了以往技术对基因改造序列长度的限制。凭借高效稳定的技 ...

A股市场今天（12月10日）上午整体走低，市场个股跌多涨少。 不过，海南自贸概念领涨，成为上午A股市场主要亮点之一。 热门个股方面，摩尔线程股价再度大涨，盘中突破700元大关，且创出新高。 A股海南自贸概念领涨 招股资料显示，百奥赛图是一家临床前 CRO 以及生物技术企业。公司基于自主开发的基因编辑技术提供各类创新模式动物以及临床前阶段的医药研发服务，并利 用其自主开发的 RenMice 全人抗体小鼠平台（包括 RenMab、RenLite、RenNano、RenTCR 以及RenTCR-mimic 多个系列）针对人体内近千个潜在药物靶点进行规模 化药物发现与开发（以下简称"千鼠万抗"），并将有潜力的抗体分子对外转让、授权或合作开发。 招股资料称，高效、稳定的基因编辑平台是公司业务的重要基石。发展至今，公司熟练掌握了多种主流的基因编辑技术，这些技术极大地提升了基因编辑效率，突 破了以往技术对基因改造序列长度的限制。凭借高效稳定的技术、成熟的操作流程以及完善的质控体系，截至报告期末，公司累计为客户完成各类定制化基因编辑 项目约 5300 项，并自主开发出RenMice 小鼠平台以及各类基因编辑动物及细胞系模型超 ...

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Moer Technology and Baiaosaitu, highlighting their significance in the GPU and biotechnology sectors respectively [1][2]. Group 1: Moer Technology - Moer Technology is a leading player in the domestic GPU market and will become the "first domestic GPU stock" upon its listing [2]. - The IPO price for Moer Technology is set at 114.28 yuan per share, with a maximum subscription limit of 11,000 shares per account, requiring a market value of 110,000 yuan in the Shanghai market for full subscription [2]. - The company focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and high-performance computing [2]. - Moer Technology has successfully launched four generations of GPU architectures and has a diverse product matrix covering various application fields, including AI computing, high-performance computing, and consumer entertainment [2][3]. - The company achieved revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan from 2022 to 2024, with net losses of -1.894 billion yuan, -1.703 billion yuan, and -1.618 billion yuan respectively [3]. Group 2: Baiaosaitu - Baiaosaitu has a maximum subscription limit of 7,500 shares per account, requiring a market value of 75,000 yuan in the Shanghai market for full subscription [4]. - The company operates as a preclinical CRO and biotechnology firm, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [4]. - Baiaosaitu has developed a platform called RenMice for antibody discovery, targeting nearly a thousand potential drug targets, and has established partnerships with numerous well-known biotech and pharmaceutical companies [5]. - The company expects revenues of 5.34 billion yuan, 7.17 billion yuan, and 9.8 billion yuan from 2022 to 2024, with net losses of -602 million yuan, -383 million yuan, and a profit of 34 million yuan respectively [5].

百奥赛图（北京）医药科技股份有限公司 首次公开发行股票并在科创板上市 | 序号 | 文件名称 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1-41 | | 2 | 财务报表及审计报告 | 42-241 | | 3 | 审阅报告 | 242-325 | | 4 | 内部控制审计报告 | 326-339 | | 5 | 经注册会计师鉴证的非经常性损益明细表 | 340-356 | | 6 | 法律意见书 | 357-1203 | | 7 | 律师工作报告 | 1204-1552 | | 8 | 发行人公司章程（草案） | 1553-1616 | | 9 | 中国证监会同意本次发行注册的文件 | 1617-1618 | 招股意向书附录 中国国际金融股份有限公司 关于百奥赛图（北京）医药科技股份有限公司 首次公开发行股票并在科创板上市的 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2025 年 11 月 1 关于百奥赛图（北京）医药科技股份有限公司 首次公开发行股票并在科创板上市的 发行保荐书 中国证券监督管理委员会、上海证券 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company [1] - The company offers various innovative animal models and preclinical pharmaceutical research and development services based on its proprietary gene editing technology [1] Technology and Services - Baiaosaitu utilizes its self-developed RenMice fully human antibody mouse platform, which includes multiple series such as RenMab, RenLite, RenNano, RenTCR, and RenTCR-mimic [1] - The platform targets nearly a thousand potential drug targets in the human body for large-scale drug discovery and development [1] - The company has plans to transfer, license, or co-develop promising antibody molecules [1] IPO Journey - The IPO application for Baiaosaitu was accepted on June 20, 2023, and the company passed the review on September 24, 2023 [1] - The registration for the IPO was submitted on September 26, 2023 [1]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to undergo its IPO review on September 24, 2025, after a two-year wait on the Sci-Tech Innovation Board, highlighting its progress in the biopharmaceutical sector and its innovative "Thousand Mice Ten Thousand Antibodies" program [1][4]. Group 1: Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing innovative animal models and drug development services based on its proprietary gene editing technology [1]. - The company has developed the RenMice platform, which allows for large-scale drug discovery targeting nearly a thousand potential drug targets [1]. Group 2: IPO Process and Financial Performance - The company was accepted for its Sci-Tech Innovation Board IPO on June 20, 2023, and has undergone two rounds of inquiries prior to the upcoming review [4]. - Financial data shows that Baiaosaitu's revenue increased from approximately 534 million yuan in 2022 to 980 million yuan in 2024, with a turnaround to a net profit of approximately 33.54 million yuan in 2024 after previous losses [5]. - In the first half of 2023, the company achieved a revenue of 621 million yuan, a 51.27% increase year-on-year, and reported a net profit of approximately 47.99 million yuan, indicating a successful recovery from losses [6]. Group 3: Research and Development Challenges - The company has experienced a significant reduction in its R&D personnel, with the number of dedicated R&D staff dropping from 58 in 2022 to just 5 in 2024, raising concerns about its innovation capacity [7]. - Governance issues are also present, as the major shareholders, who are a married couple, control over 27% of the voting rights, which may impact decision-making processes [7]. Group 4: Fundraising and Strategic Direction - Baiaosaitu has reduced its planned fundraising amount from 1.893 billion yuan to 1.185 billion yuan for its IPO, focusing on early drug development services, antibody drug research, and clinical projects [7][8]. - The company asserts that this reduction in fundraising will not alter its strategic direction, as the core projects will still revolve around its main business and technology platforms [8].

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has finally received the opportunity for its IPO review after over two years of waiting on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange's listing review committee scheduled to meet on September 24, 2025, to discuss the company's initial public offering [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company that provides various innovative model animals and preclinical drug development services based on its self-developed gene editing technology [1] - The company utilizes its proprietary RenMice fully human antibody mouse platform for large-scale drug discovery and development targeting nearly a thousand potential drug targets, referred to as the "Thousand Mice Ten Thousand Antibodies" initiative [1] IPO Process and Financial Performance - Baiaosaitu was listed on the Hong Kong Stock Exchange under Rule 18A in 2022 and had its Sci-Tech Innovation Board IPO accepted on June 20, 2023, entering the inquiry stage on July 18, 2023, after undergoing two rounds of inquiries [3] - The company reported revenues of approximately 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022 to 2024, with corresponding net profits of approximately -602 million yuan, -383 million yuan, and 33.54 million yuan [4] - In the first half of this year, Baiaosaitu achieved revenue of 621 million yuan, a year-on-year increase of 51.27%, and a net profit of approximately 47.99 million yuan, marking a turnaround from losses [4] Business Model and Collaborations - The "Thousand Mice Ten Thousand Antibodies" initiative has generated significant commercial interest, with the company forming partnerships with numerous well-known pharmaceutical companies, including Merck, Gilead, and Neurocrine, among others [3] - The company has established a stable core management and R&D team, with core business areas showing growth and R&D investments maintained at reasonable levels, indicating an expected gradual enhancement in profitability [5] Fundraising and Strategic Direction - Baiaosaitu has reduced its initial fundraising target from 1.893 billion yuan to 1.185 billion yuan, with the funds aimed at early drug development service platform construction, antibody drug research and evaluation projects, and working capital [5][6] - The company emphasizes that the reduction in fundraising scale will not alter its strategic direction, as core fundraising projects will still focus on its main business and technology platform [6]

Core Insights - The company Baiaosaitu has made significant progress in the development of the innovative oncology drug IDE034, which targets multiple cancers such as lung and colorectal cancer, with plans to submit a clinical trial application in the US by Q4 of this year [1] Group 1: Drug Development - IDE034 is a dual-target antibody-drug conjugate (ADC) that can simultaneously recognize two tumor markers, B7H3 and PTK7, enhancing precision in targeting cancer cells and improving treatment efficacy and safety [1] - The drug utilizes Baiaosaitu's proprietary linker and payload platform BLD1102, which synergizes with IDEAYA's related technologies for stronger clinical outcomes [1] - The potential total transaction value for the licensing of the B7H3/PTK7 dual-target ADC pipeline to IDEAYA is nearly RMB 3 billion [1] Group 2: Company Capabilities - Baiaosaitu has developed the RenLite fully human antibody platform, which effectively avoids light and heavy chain mismatches, increasing the success rate of drug development [2] - The company also has the RenNano platform for generating fully human nanobodies, providing flexible design components for various advanced medical fields [2] - Baiaosaitu is recognized as a leading antibody drug development platform in China, with over one million antibody molecules with development potential [2] Group 3: Financial Performance - In the first half of this year, Baiaosaitu invested RMB 209 million in R&D, a year-on-year increase of 29.3% [3] - The company has accumulated 195 authorized patents and submitted 496 patent applications, with 80 new licensing agreements signed, a 60% increase compared to the same period last year [3] - Baiaosaitu achieved a revenue of RMB 621 million in the first half of 2025, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas partnerships [3]