02659 寶濟藥業－Ｂ
BAO PHARMA-B
BAO PHARMA-B
| Register Close | 2025/12/05 IPO Closing in 2 Days |
| Listing Date | 2025/12/10 |
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IPO Detail
COMPANY PROFILE
Shanghai Bao Pharmaceuticals Co. was founded in 2019, it is a biotechnology company strategically focused on four areas: large-volume subcutaneous (SC) drug delivery; antibody-mediated autoimmune conditions; assisted reproduction; and recombinant biologic products.
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The Group’s pipeline primarily consists of 12 self-developed product candidates, including three Core Products (KJ017, KJ103 and SJ02 (Slonva), four other clinical-stage candidates (BJ007, KJ015, SJ04, and KJ101), and five preclinical assets (BJ008, BJ009, BJ045, BJ047, and BJ044).
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According to the report, by 2033, the Group’s four strategic therapeutic areas are expected to have a combined clinically addressable market size of approximately RMB50 billion in China. The Group have established its own GMP-compliant manufacturing facilities in Shanghai, with a total site area of approximately 63,000 sq.m.. As of November 22, 2025, the Group maintained a reactor volume of up to 5,100L and an annual production capacity of approximately 2 million formulations.
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As of November 22, 2025, the Group’s Core Product, SJ02 has received NDA approval from the NMPA in August 2025 and two of its drug candidates have progressed into advanced trial- or NDA registration-stage in China, namely its Core Products KJ103 and KJ017.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Health Care |
| Major Business Area | China |
| Board Lot | 100 |
GLOBAL OFFERING
| No. of Offer Shares | 37.91M H shares |
| No. of International Offer Shares | 34.12M H shares |
| No. of HK Offer Shares | 3.79M H shares |
| Offer Price | $26.38 |
| Stock Code | 2659 |
| Sponsor(s) | CITIC Securities (Hong Kong) Limited, Haitong International Capital Limited |
| Underwriter(s) | CLSA Limited, Haitong International Securities Company Limited, West Bull Securities Limited, BOCOM International Securities Limited, CCB International Capital Limited, Guoyuan Securities Brokerage (Hong Kong) Limited, Livermore Holdings Limited, Phillip Securities (Hong Kong) Limited, SDIC Securities (Hong Kong) Limited, Shenwan Hongyuan Securities (H.K.) Limited, SPDB International Capital Limited, Valuable Capital Limited, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited |
TIME TABLE
| Application Period | Dec 02 (Tue) - noon, Dec 05 (Fri) |
| Price Determination Date | -- |
| Result Announcement Date | On or before Dec 09 (Tue) |
| Result Announcement Date | On or before Dec 09 (Tue) |
| Result Announcement Date | On or before Dec 10 (Wed) |
| Dealings in Shares commence on | Dec 10, 2025. (Wed) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $26.38 |
| Capitalization (H Shares) | 4.07B |
| NAV / share ($) | $5.85 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 26.38, the net proceeds raised would be HKD 921.50M, of which |
| 53.5% : Research and development and commercialization of Core Products, including KJ017, KJ103 and SJ02 |
| 17.7% : Advancement of other existing pipeline assets and preparation for any related registration filings |
| 8.4% : Continued optimization of proprietary synthetic biology technology platforms, as well as exploration and development of new drug candidates |
| 10.4% : Enhance and scale up manufacturing capabilities |
| 10% : Working capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
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*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).