BAO PHARMA-B(02659) officially landed on the Hong Kong Stock Exchange to solidify growth expectations with an innovative pipeline, while KJ017 is positioning itself to fill market gaps.

Biotechnology company BAO PHARMA-B (02659) officially listed on the main board of the Hong Kong Stock Exchange on December 10. On the first day of listing, the stock closed up 138.82%, with a trading volume of 449 million Hong Kong dollars, and a total market value of 20.537 billion Hong Kong dollars. This Hong Kong IPO received enthusiastic response from the capital market, with Bao Ji Pharmaceuticals' Hong Kong public offering oversubscribed by 3526.34 times, and the international offering oversubscribed by 6.59 times. In this listing, Bao Ji Pharmaceuticals introduced Anhui Anke Biotechnology Hong Kong, DC Alpha SPC, and Guotai Junan Securities Investment as cornerstone investors, with a total subscription of 200.6 million Hong Kong dollars, accounting for 20.06% of the global offering shares. The entry of long-term capital will help stabilize the stock price in the initial stage of listing and grow together with the company. Furthermore, Bao Ji Pharmaceuticals has attracted favorable attention from various capital sources. The company has gone through 6 rounds of financing, with the latest round in December 2024 reaching a post-investment valuation of 4.871 billion RMB, 23 times the valuation of the first round post-investment. The impressive lineup of investment institutions includes both local industrial capital such as Shanghai Biomedical Fund, Baoshan State-owned Investment, and Shanghai Science and Technology Innovation Group, as well as market-oriented funds like Centerlab, Fangyuan Capital, Oriental Rich Sea, Yuanchuangduoying, and Haitong Innovation, highlighting the substantial recognition of the company's development prospects by the capital market. According to the prospectus, Bao Ji Pharmaceuticals is a biotechnology company established in 2019, strategically focusing on four major areas: high-capacity subcutaneous drug delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals. The company's pipeline mainly consists of 12 in-house developed products under research, including three core products (KJ017, KJ103, and SJ02 (Shengnuowa)), four other clinical-stage candidate drugs (BJ007, KJ015, SJ04, and KJ101), and five preclinical assets (BJ008, BJ009, BJ045, BJ047, and BJ044). Bao Ji Pharmaceuticals' drug development focuses on optimizing efficient and validated therapies with significant market value or untapped business opportunities, setting itself apart in the biopharmaceutical industry. Notably, KJ017 is the fastest-progressing drug in China and the third globally to reach the NDA or above stage for recombinant human hyaluronidase, potentially transforming the administration of therapeutic drugs from intravenous to subcutaneous injection. Currently, there are only two approved recombinant human hyaluronidase products globally, with none approved in China. If KJ017 successfully launches, it not only has the potential to fill market gaps and facilitate more antibody drugs for subcutaneous delivery but also unleash strong commercial potential, bringing significant performance growth. Bao Ji Pharmaceuticals is actively promoting its globalization strategy, planning to accelerate the global development and commercialization of pipeline products through opportunities such as conducting clinical research overseas and seeking collaboration with multinational pharmaceutical companies, creating sustainable revenue sources and achieving sustainable value growth for CKH HOLDINGS in the long term. With a diversified pipeline, cutting-edge clinical progress, and a professional technical platform, Bao Ji Pharmaceuticals has cultivated clear growth expectations, providing anchor points for market valuation. This listing in Hong Kong is not only a crucial strategic leap for the company's development but also provides an important reference for exploring the capitalization path of other high-quality targets in the pharmaceutical sector.