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IPO Plus - IPO

To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name▼
/
Code▲
 Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
Lemo Services
02539.HK
Grey Market Today
 Leisure Products Pending 100 4,040.35
-
-
 Detail Quote
Jinyan Kaolin
02693.HK
Grey Market Today
 Diversified Metals & Minerals 7.300 500 3,686.82
-
-
 Detail Quote
Last update:
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Xiao Noodles
02408.HK		 Restaurants 5.64-7.04 500 3,555.51 2025/12/02 2025/12/04 2025/12/05
Tianyu Semiconductor
02658.HK		 Semiconductors & Semiconductor Equipment 58 50 2,929.24 2025/12/02 2025/12/04 2025/12/05
Novosense
02676.HK		 Semiconductors & Semiconductor Equipment N/A 100 11,716.99 2025/12/03 2025/12/05 2025/12/08
Able Digital
02687.HK		 Education Services 62.26-76.1 100 7,686.75 2025/12/03 2025/12/05 2025/12/08
Bao Pharma-B
02659.HK		 Biotechnology - Pharmaceuticals 26.38 100 2,664.60 2025/12/05 2025/12/09 2025/12/10
Seyond Hold
02665.HK		 Auto Parts & Equipment N/A 500 N/A N/A Not applicable 2025/12/10
Bao Pharma-B (02659.HK)
Summary
Founded in 2019, we are a biotechnology company strategically focused on four areas: (i) large-volume subcutaneous (SC) drug delivery; (ii) antibody-mediated autoimmune conditions; (iii) assisted reproduction; and (iv) recombinant biologic products. Our pipeline primarily consists of 12 self-developed product candidates, including three Core Products (KJ017, KJ103 and SJ02 (Slonva (晟諾娃))), four other clinical-stage candidates (BJ007, KJ015, SJ04, and KJ101), and five preclinical assets (BJ008, BJ009, BJ045, BJ047, and BJ044). Our Core Products include: (i) SJ02 (Slonva (晟諾娃)), a long-acting recombinant human follicle- stimulating hormone carboxyl-terminal peptide fusion protein (FSH-CTP) for assisted reproduction, intended for controlled ovarian stimulation, stimulation of multiple follicular development, and promotion of ovulation, received NDA approval from the NMPA in August 2025; (ii) KJ017, a recombinant human hyaluronidase at NDA stage intended for large-volume SC delivery (as combination therapy), treatment of body fluid loss due to various causes (as monotherapy), and facilitation of SC fluid administration (as combination therapy); and (iii) KJ103, an innovative recombinant immunoglobulin G (IgG)-degrading enzyme in Phase III development, intended for desensitization before kidney transplantation and pathological IgG-mediated autoimmune diseases. There is no assurance that we will ultimately be able to develop and market our Core Products successfully.

According to Frost & Sullivan, by 2033, our four strategic therapeutic areas are expected to have a combined clinically addressable market size of approximately RMB50 billion in China, comprising: (i) large-volume SC drug delivery, which includes approximately RMB7.0 billion for recombinant hyaluronidase; (ii) antibody-mediated autoimmune conditions, driven by the RMB26.7 billion market for IgG-related autoimmune diseases; (iii) assisted reproduction of RMB14.9 billion; and (iv) recombinant biologic products of over RMB5.3 billion, including ulinastatin and chymotrypsin.

With respect to each of our Core Products, (i) KJ017 is a highly glycosylated recombinant human hyaluronidase, an engineered enzyme modified with sugar molecules to break down hyaluronic acid in the skin and enabling faster absorption of injected drugs, being developed to enable rapid and large-volume SC delivery of co-administered drugs; (ii) KJ103 is an innovative recombinant immunoglobulin G (IgG)-degrading enzyme, a genetically engineered enzyme that breaks down disease-causing IgG antibodies which recognized as a key driver of autoimmune disorders, for the treatment of a multitude of immunological diseases and conditions driven by the pathogenic activity of IgG. We are currently evaluating KJ103 in kidney transplantation desensitization (a procedure aimed at reducing or eliminating pre- existing antibodies in transplant recipients to prevent rejection of the donor organ), anti-glomerular basement membrane disease (anti-GBM disease), an autoimmune condition where antibodies attack kidney structures causing severe damage, as well as Guillain-Barr syndrome (GBS), an autoimmune disorder where the immune system attacks nerves leading to muscle weakness and paralysis, across different stages of clinical trials; and (iii) SJ02 is a long-acting recombinant human follicle-stimulating hormone carboxyl-terminal peptide fusion protein (FSH-CTP), a bioengineered hormone fused with a stabilizing peptide to extend its duration of action, designed for controlled ovarian stimulation (COS) in combination with a gonadotropin-releasing hormone (GnRH) antagonist. As of the Latest Practicable Date, our Core Product, SJ02 has received NDA approval from the NMPA in August 2025 and two of our drug candidates have progressed into advanced trial- or NDA registration-stage in China, namely our Core Products KJ103 and KJ017. Moreover, we are actively advancing a diverse range of other pipeline assets, particularly those innovative recombinant biologics as transformative alternatives to traditional biochemically extracted drugs, including KJ101 and BJ044.

Our drug development centers on efficiently optimizing validated therapeutics with substantial market value or underutilized opportunities, which differentiates us in the biopharmaceutical industry. By targeting the upgrades of existing therapeutics that have already achieved widespread clinical adoption, we ensure our innovations directly benefit established and expanding patient populations. We have strategically positioned our pipeline to address critical limitations of these products through our proprietary synthetic biology technology capabilities, with development priorities closely aligned with real-world clinical demands. Such drug development strategy also enables us to swiftly translate our scientific discoveries into tangible commercial success. Further, approach is evidenced by notable clinical-stage success rates, as we focus on enhancing clinically validated therapeutics. This value-oriented approach empowers us to consistently achieve accelerated drug development timeframe with reduced costs.

We have established commercial-scale manufacturing capabilities that enable cost-effective and standardized production, while achieving cost advantages that allows us to extend our reach into additional therapeutic areas and unlock new market opportunities. For example, in the field of large-volume SC delivery, we are pursuing a “Two-Anti (referring to antibody drugs and antibiotics)” strategy to develop SC formulations for both antibody drugs and chemicals especially antibiotics, demonstrating our ability to produce not only high-end biologics but also affordable conventional medicines in wide use through SC administration. Leveraging the early-mover advantages, clinical versatility and scalable cost-efficient production of our drug candidates, we have adopted a balanced business model that integrates in-house R&D with external collaborations and excipient supply. Tailoring our approach to the unique strengths of each drug candidate, we aim to deliver consistent long-term value while effectively managing risks and costs.

Source: Bao Pharma-B (02659) Prospectus (IPO Date : 2025/12/02)
Listing Market MAIN
Industry Biotechnology - Pharmaceuticals
Background H Shares
Major Business Area China
Corporate Information
No related information.
 
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