Core Viewpoint - Baili Tianheng has decided to delay the global offering and listing of its H-shares due to current market conditions, which will not proceed as per the prospectus arrangements [1] Group 1: H-share Offering Details - The company had initiated the H-share offering on November 7, with an expected closing date of November 12, aiming to issue 8.6343 million H-shares [1] - The offering was structured with 10% allocated for public sale in Hong Kong and 90% for international placement, with a price range of HKD 347.5 to HKD 389 per share, potentially raising up to HKD 3.359 billion [1] - The entry fee for one lot of 100 shares was HKD 39,292.31 [1] Group 2: Strategic Partnerships and Market Position - The company has a strong lineup of cornerstone investors, including strategic partner Bristol-Myers Squibb (BMS) and top-tier investment firms such as OrbiMed, GL Capital, Athos Capital, and Fullgoal Fund [1] - Baili Tianheng aims to become a multinational pharmaceutical company with a focus on oncology, leveraging its innovative research and development capabilities in the ADC/GNC/ARC fields [2] Group 3: Product Development and Collaborations - The company’s proprietary drug, iza-bren (BL-B01D1), is the world's first and only EGFR×HER3 bispecific ADC in Phase III clinical trials, showcasing significant clinical value and market potential [3] - In December 2023, Baili Tianheng entered a strategic collaboration with BMS, involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion, marking the largest transaction in the ADC field for a single product [3] Group 4: Market Context and Future Outlook - Despite the delay in the global offering, the company asserts that its business development and expansion efforts will continue unaffected [3] - The overall market has seen 16 A-share companies successfully list in Hong Kong this year, with 11 of them experiencing positive cumulative gains post-listing, although two companies that listed in November are currently trading below their offering price [3]

Core Viewpoint - Bailitianheng (02615) has announced the launch of its H-share global public offering and plans to list on the Hong Kong Stock Exchange, marking a significant addition to the biotech sector in Hong Kong [1]. Group 1: H-share Offering Details - The base number of shares for the global offering is set at 8,634,300 shares, with 863,500 shares (approximately 10%) allocated for public offering in Hong Kong and 7,770,800 shares (approximately 90%) for international offering [1]. - The initial price range for the shares is determined to be between HKD 347.50 and HKD 389.00 [1]. - Bailitianheng's H-shares are expected to be eligible for inclusion in the Stock Connect program on the listing date [1]. Group 2: Company Overview - Bailitianheng focuses on cutting-edge biopharmaceuticals, addressing unmet clinical needs, particularly in the field of tumor macromolecule therapy, and aims to achieve global commercialization capabilities by 2029 [2]. - The company has established R&D centers in the U.S. and China, responsible for early product development and subsequent clinical research [2]. - Bailitianheng has developed a leading innovative drug R&D platform with global rights and complete intellectual property, including the HIRE-ADC platform and GNC platform [2]. Group 3: Clinical Development and Pipeline - The company has successfully developed three Phase III clinical assets (two ADC drugs and one bispecific antibody) and 14 early-stage core clinical assets [2]. - Bailitianheng is conducting nearly 90 clinical trials globally, including 15 Phase III studies in China and 10 in the U.S. [2]. Group 4: Strategic Collaborations and Financials - Bailitianheng has entered a strategic partnership with Bristol-Myers Squibb (BMS), involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion [4]. - The company has received the upfront payment and anticipates additional payments based on the success of ongoing clinical trials [4].