Core Viewpoint - Baoyi Pharmaceutical successfully listed on the Hong Kong Stock Exchange on December 10, 2025, with an issue price of HKD 26.38 per share and a base issuance scale of approximately HKD 1 billion [1]. Group 1: Company Overview - Baoyi Pharmaceutical was established in 2019, focusing on four strategic areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [2]. - The company has a pipeline of 12 self-developed products, including 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]. - The total clinical addressable market size for the company's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033 [2]. Group 2: Investment and Market Position - The company has established commercial-scale production capabilities, enabling cost-effective and standardized production, which provides a cost advantage and allows for business expansion into other therapeutic areas [2]. - Three cornerstone investors participated in the IPO, accounting for approximately 20.06% of the shares offered [2]. - Shenyin Wanguo Securities (Hong Kong) acted as the joint bookrunner and lead underwriter for the IPO, leveraging its market experience and investor coverage to support the company's listing [3].