Core Viewpoint - Baoyi Pharmaceutical, a biotech company, is set to debut on the Hong Kong stock market on December 10, 2023, attracting significant interest from investors, with a subscription multiple exceeding 2,691 times and a market capitalization reaching HKD 18.255 billion during the dark period [1][2]. Company Overview - Baoyi Pharmaceutical was established in 2019 and focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [3]. - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02) and several candidates in various clinical stages [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Baoyi Pharmaceutical is projected to generate revenues of RMB 0.069 billion and RMB 0.061 billion, respectively, with continuous net losses expected [5][6]. - The company recorded net losses of RMB 1.60 billion, RMB 3.64 billion, RMB 1.67 billion, and RMB 1.83 billion for the years ending in 2023, 2024, and the first half of 2025 [6]. Product Development and Commercialization - The core product SJ02 is expected to receive NDA approval in August 2025, with plans for commercialization in the Chinese market [4]. - Baoyi Pharmaceutical has partnered with Anke Bio for exclusive sales rights of SJ02 in Greater China, leveraging Anke's established sales network [4]. Investment and Financing - Since its inception, Baoyi Pharmaceutical has completed six rounds of financing, raising approximately RMB 1.531 billion, with 73% of the funds already utilized [7]. - Key pre-IPO investors include private equity funds and companies focused on healthcare, holding about 24.43% of the pre-IPO equity [7]. Shareholding Structure - The company's co-founders and key executives hold approximately 40.57% of the total issued share capital post-IPO [9]. - The company is currently involved in litigation related to a technology transfer agreement, which it claims does not affect its current or future product pipeline [9][10].

Core Viewpoint - The Hong Kong stock market has seen a significant bull market in biotechnology this year, with most newly listed biotech companies performing exceptionally well. Baoyi Pharmaceutical, a pre-profit biotech firm, has garnered substantial interest from capital and retail investors, achieving a subscription multiple of over 2691 times for its IPO [1][2]. Group 1: Company Overview - Baoyi Pharmaceutical was established in 2019 and focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals. The total addressable market for these areas in China is projected to reach approximately RMB 50 billion by 2033 [5]. - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02) and several candidates in various clinical stages [5]. Group 2: Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Baoyi Pharmaceutical is expected to report revenues of RMB 0.069 billion and RMB 0.061 billion, respectively, with net losses of RMB 1.60 billion and RMB 3.64 billion [9]. - The company has incurred significant R&D and administrative expenses, leading to continuous net losses. For the six months ending June 30, 2024, a net loss of RMB 1.67 billion is anticipated [9]. Group 3: Market Activity and Stock Performance - During the dark period before its official listing, Baoyi Pharmaceutical's stock surged by 112.28%, reaching a total market capitalization of HKD 18.255 billion [2]. - The stock's trading volume was 1.909 million shares, with a turnover rate of 1.24% [3]. Group 4: Strategic Partnerships - Baoyi Pharmaceutical has entered into a strategic partnership with Anke Biotechnology for the exclusive marketing and sales rights of its core product SJ02 in Greater China, which is expected to accelerate market entry and expand coverage [6]. Group 5: Legal Issues - The company is currently involved in litigation concerning a technology transfer agreement with another biotech firm, which could impact its operations. The lawsuit involves claims for termination of the agreement and compensation totaling RMB 80.2 million [14].

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]

Core Viewpoint - Baoyi Pharmaceutical Co., Ltd. plans to issue H-shares on the Hong Kong Stock Exchange, aiming to raise approximately HKD 1 billion with a maximum share price of HKD 26.38 per share, and the listing is expected on December 10, 2025 [1][3]. Group 1: Company Overview - Baoyi Pharmaceutical was established in December 2019 and is located in Baoshan District, Shanghai, with a registered capital of approximately CNY 57.61 million [3]. - The company focuses on four main areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals, with a pipeline of 12 self-developed products [4][5]. Group 2: Financial Performance - The projected revenues for Baoyi Pharmaceutical are approximately CNY 6.93 million for 2023, CNY 6.16 million for 2024, and CNY 41.99 million for the first half of 2025, with corresponding gross profits of CNY 6.78 million, CNY 5.02 million, and CNY 41.73 million [5][6]. - The net losses are expected to be CNY 160.4 million for 2023, CNY 364.4 million for 2024, and CNY 183.1 million for the first half of 2025 [6][7]. Group 3: Investment and Partnerships - Baoyi Pharmaceutical has secured three cornerstone investors, raising HKD 200.6 million, including Anke Biological Hong Kong and Guotai Junan Securities [3]. - The company has established technical service and supply agreements with antibody drug companies and signed an exclusive sales agency agreement with Anke Biological for the commercialization of its core product SJ02 in Greater China [7]. Group 4: Production Capacity - The company has built a GMP-compliant production facility in Shanghai, covering approximately 63,000 square meters, capable of meeting the commercial production needs for SJ02 and clinical production for several candidate drugs [8].

上海寶濟藥業股份有限公司 Shanghai Bao Pharmaceuticals Co., Ltd. 股份代號 : 2659 （於中華人民共和國成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程的任何內容有任何疑問，應尋求專業獨立意見。 Shanghai Bao Pharmaceuticals Co., Ltd. 上海寶濟藥業股份有限公司 （於中華人民共和國成立的股份有限公司） 全球發售 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程副本連同附錄八「送呈香港公司註冊處處長及展示文件」所列的文件已遵照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定送呈香港公 司註冊處處長登記。證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為每股發售股份26.38港元。 ...

Core Insights - Baoyi Pharmaceutical has passed the main board listing hearing on the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan acting as joint sponsors [1] - The company's core product, SJ02 (Shengnuowa®), is a long-acting recombinant human follicle-stimulating hormone carboxy-terminal peptide fusion protein for assisted reproduction, which received NDA approval from the National Medical Products Administration in August 2025 [1] - Two other core products, KJ103 (an innovative recombinant immunoglobulin G (IgG) degrading enzyme in Phase III development) and KJ017 (a recombinant hyaluronidase in NDA stage), are in late-stage trials or NDA registration in China [1] - The company's strategy focuses on four key areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [1] - According to Frost & Sullivan, the total clinical addressable market size for the company's four strategic therapeutic areas in China is expected to reach approximately RMB 50 billion by 2033 [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Shanghai Bao Pharmaceuticals Co., Ltd. 上海寶濟藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向上海寶濟藥業股份有限公司（「本公司」）、其聯席保薦人、整 體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文 本將於發售期內向公眾 ...