Core Insights - Baoyi Pharmaceutical-B (02659) officially listed on the Hong Kong Stock Exchange on December 10, 2023, with a first-day increase of 138.82% and a total market capitalization of HKD 20.537 billion [1] - The IPO was highly sought after, with a subscription rate of 3,526.34 times for the public offering and 6.59 times for the international offering [1] - The company secured cornerstone investors including Anke Biotechnology Hong Kong and Guotai Junan Securities, collectively subscribing HKD 200.6 million, representing 20.06% of the global offering [1] Company Overview - Baoyi Pharmaceutical, established in 2019, focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [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] - KJ017 is notable for being the fastest progressing recombinant hyaluronidase in China and the third globally to reach NDA or above, potentially transforming intravenous treatments into subcutaneous administration [2] Global Strategy - Baoyi Pharmaceutical is actively pursuing a globalization strategy, planning to conduct clinical research overseas and seek collaborations with multinational pharmaceutical companies to accelerate product development and commercialization [3] - The company aims to create sustainable revenue sources and achieve long-term growth through its diversified pipeline and advanced clinical progress [3] - The listing in Hong Kong represents a significant strategic leap for the company and serves as a reference for other quality pharmaceutical entities exploring capitalization pathways [3]

Group 1 - The company, Baoji Pharmaceutical-B (02659.HK), plans to globally offer 37.9117 million H-shares, with 3.7912 million shares available in Hong Kong and 34.1205 million shares for international distribution, subject to reallocation [1] - The offering price is set at HKD 26.38 per share, with a trading unit of 100 shares, and the shares are expected to commence trading on the Hong Kong Stock Exchange on December 10, 2025 [1] Group 2 - The company, established in 2019, focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [2] - The pipeline includes 12 self-developed products, with three core products: SJ02 (a long-acting recombinant human follicle-stimulating hormone), KJ017 (a recombinant hyaluronidase), and KJ103 (an innovative recombinant immunoglobulin G degrading enzyme) [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling HKD 200.6 million, which equates to approximately 7.6041 million shares at the offering price [3] - The net proceeds from the global offering are expected to be approximately HKD 921.5 million, with allocations of 53.5% for R&D and commercialization of core products, 17.7% for advancing other pipeline products, 8.4% for optimizing the proprietary synthetic biology platform, 10.4% for enhancing production capacity, and 10.0% for working capital and general corporate purposes [3]

Core Viewpoint - Shanghai Bao Pharmaceuticals Co., Ltd. (referred to as "Bao Pharmaceuticals") is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus after hearing on November 26, 2025, following two previous submissions in January and August 2025 [1][5]. Business Overview - Bao Pharmaceuticals, established in 2019, is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China using synthetic biology technology. The company targets complex diseases with limited treatment options [5]. - The company strategically focuses on four key areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [5]. Product Pipeline - Bao Pharmaceuticals has a pipeline of 12 self-developed products, including three core products: KJ017, KJ103, and SJ02 (Shengnuo). Additionally, there are four other clinical-stage candidates and five preclinical assets [5]. - The core product SJ02 received NDA approval from the National Medical Products Administration (NMPA) in August 2025. KJ017 and KJ103 are in late clinical or NDA registration stages in China [6]. - SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein designed for controlled ovarian stimulation in conjunction with GnRH antagonists. KJ017 is the first recombinant hyaluronidase in China aimed at rapid, large-volume subcutaneous delivery. KJ103 is an innovative recombinant IgG-degrading enzyme for treating various immune diseases [6]. Clinical Trials - Bao Pharmaceuticals is actively advancing multiple pipeline products, particularly innovative recombinant biopharmaceuticals as transformative alternatives to traditional biochemical extraction drugs, including KJ101 and BJ044 [6]. - The company has developed recombinant human chorionic gonadotropin (hCG) SJ04 for assisted reproduction, which received IND approval in May 2024 and began Phase I clinical trials in August 2024, completing the trial in September 2025 [7]. Financial Performance - The company's revenue for the years 2023, 2024, and the first half of 2025 was RMB 6.93 million, RMB 6.16 million, and RMB 4.199 million, respectively. Corresponding R&D expenditures were RMB 133 million, RMB 251 million, and RMB 111 million, with net losses of RMB 160 million, RMB 364 million, and RMB 183 million [16][17]. Shareholder Structure - The pre-IPO shareholder structure shows Dr. Liu Yanjun holding 21.21%, Ms. Wang Zheng 7.81%, and Mr. Tan Jingwei 5.21%. Other significant shareholders include Shengde Pharmaceutical and various investment funds [9][10].

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, with its core product SJ02 receiving NDA approval from the National Medical Products Administration in August 2025, and two candidate drugs KJ103 and KJ017 entering late-stage trials or NDA registration in China [1][4]. Company Overview - Baoji Pharmaceutical, established in 2019, focuses on four strategic therapeutic areas: (i) large-volume subcutaneous administration, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals. The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02), four other clinical-stage candidates, and five preclinical assets [4][5]. Product Pipeline - The core products include: - SJ02 (Shengnuowa®), a long-acting recombinant human follicle-stimulating hormone CTP fusion protein, approved for controlled ovarian stimulation [4][6]. - KJ017, a recombinant hyaluronidase in NDA stage for large-volume subcutaneous administration and fluid loss treatment [4][6]. - KJ103, an innovative recombinant immunoglobulin G (IgG) degrading enzyme in Phase III development for treating desensitization prior to kidney transplantation and various autoimmune diseases [4][6]. Market Potential - According to Frost & Sullivan, the clinical addressable market for the company's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033, driven by segments such as large-volume subcutaneous administration and autoimmune diseases [5]. Financial Performance - The company's revenue for the six months ending June 30 for 2023, 2024, and 2025 was RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million, respectively. R&D expenses for the same periods were approximately RMB 133 million, RMB 251 million, and RMB 111 million [7][8].