IPO Timeline
Broker Deadline
2025-11-12
Morning deadline
HKEX Deadline
2025-11-12
Noon deadline
Broker Results (T-2)
2025-11-05
Some brokers release in afternoon
Grey Market (T-1)
2025-11-06
Afternoon
HKEX Allotment (T-1)
2025-11-06
Evening
Registrar Allotment (T-1)
2025-11-06
Evening
Listing Day (T)
2025-11-07
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 百利天恒 |
|---|---|
| Other Market Stock Code | 688506 |
| H-Share Offer Price | HK$ 389.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 百利天恒 |
|---|---|
| Stock Code | 02615 |
| Company Full Name | 百利天恒 |
| Industry | Biotech & Pharma |
| Principal Activities | integrated pharmaceutical group with capabilities spanning early-stage research and development, clinical development, manufacturing and commercialization |
| Listing Date | 2025-11-07 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of 1#, Building 1 Business in the PRC No. 161, Baili Road Cross-Strait Science and Technology Industrial Park Wenjiang District Chengdu City Sichuan Province PRC |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東183號 合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | baili-pharm.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 389.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 38,900 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-07 to 2025-11-12 |
| Global Offering Shares | 8,634,300 shares |
| HK Public Offer Shares (Initial) | 863,500 shares (10.0%) |
| Public Offer Lots (Initial) | 8,635lots (4,317lots, 4,318lots) |
| International Placing Shares (Initial) | 7,770,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 421,508,117 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,358,742,700 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 38,900 |
| 2 lots | 200 | HK$ 77,800 |
| 3 lots | 300 | HK$ 116,700 |
| 4 lots | 400 | HK$ 155,600 |
| 5 lots | 500 | HK$ 194,500 |
| 6 lots | 600 | HK$ 233,400 |
| 7 lots | 700 | HK$ 272,300 |
| 8 lots | 800 | HK$ 311,200 |
| 9 lots | 900 | HK$ 350,100 |
| 10 lots | 1,000 | HK$ 389,000 |
| 20 lots | 2,000 | HK$ 778,000 |
| 30 lots | 3,000 | HK$ 1,167,000 |
| 40 lots | 4,000 | HK$ 1,556,000 |
| 50 lots | 5,000 | HK$ 1,945,000 |
| 60 lots | 6,000 | HK$ 2,334,000 |
| 70 lots | 7,000 | HK$ 2,723,000 |
| 80 lots | 8,000 | HK$ 3,112,000 |
| 90 lots | 9,000 | HK$ 3,501,000 |
| 100 lots | 10,000 | HK$ 3,890,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 200 lots | 20,000 | HK$ 7,780,000 |
| 300 lots | 30,000 | HK$ 11,670,000 |
| 400 lots | 40,000 | HK$ 15,560,000 |
| 500 lots | 50,000 | HK$ 19,450,000 |
| 600 lots | 60,000 | HK$ 23,340,000 |
| 700 lots | 70,000 | HK$ 27,230,000 |
| 800 lots | 80,000 | HK$ 31,120,000 |
| 900 lots | 90,000 | HK$ 35,010,000 |
| 1,000 lots | 100,000 | HK$ 38,900,000 |
| 1,500 lots | 150,000 | HK$ 58,350,000 |
| 2,000 lots | 200,000 | HK$ 77,800,000 |
| 2,500 lots | 250,000 | HK$ 97,250,000 |
| 3,000 lots | 300,000 | HK$ 116,700,000 |
| 3,500 lots | 350,000 | HK$ 136,150,000 |
| 4,000 lots | 400,000 | HK$ 155,600,000 |
| 4,500 lots | 450,000 | HK$ 175,050,000 |
| 5,000 lots | 500,000 | HK$ 194,500,000 |
| 6,000 lots | 600,000 | HK$ 233,400,000 |
| 7,000 lots | 700,000 | HK$ 272,300,000 |
| 8,000 lots | 800,000 | HK$ 311,200,000 |
| 9,000 lots | 900,000 | HK$ 350,100,000 |
| 10,000 lots | 1,000,000 | HK$ 389,000,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 163,966,657,513 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss RMB282.4 million |
| Period-End Cash Balance | 人民币2,756,500,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ -- |
Use of Proceeds
| Use of Proceeds | 1、約60.0%或1,810.5百萬港元將用于撥付于中國內地以外地區的生物候選藥物的研發活動； 2、約30.0%或905.2百萬港元將用于建立全球供應鏈，主要為在中國內地以外地區的生物候選藥物的新生產設施的建設或潛在收購機會提供資金； 3、約10.0%或301.7百萬港元將用于撥付在中國內地以外業務的營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
高盛（亚洲）有限责任公司 CE ACC536
J.P. Morgan Securities (Far East) Limited
中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (1)
高盛（亚洲）有限责任公司 CE ACC536
Overall Coordinators (1)
高盛（亚洲）有限责任公司 CE ACC536
Joint Global Coordinators (3)
高盛（亚洲）有限责任公司 CE ACC536
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
中信里昂证券有限公司 CE AAB893
Joint Bookrunners (4)
高盛（亚洲）有限责任公司 CE ACC536
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
Joint Lead Managers (4)
高盛（亚洲）有限责任公司 CE ACC536
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
Capital Market Intermediaries (4)
高盛（亚洲）有限责任公司 CE ACC536
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 君合律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Athos Capital Limited | — | — | — | — | 6 months | 2026-05-07 |
Directors & Management
| Chairman | 朱義 |
|---|---|
| Company Secretary | 何詠雅 |
執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 朱义 | — | 執行董事 |
| 2 | 张苏娅 | — | 執行董事 |
| 3 | 卓识 | — | 執行董事 |
| 4 | 朱海 | — | 執行董事 |
| 5 | 万维李 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王国玮 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李明远 | — | 獨立非執行董事 |
| 2 | 肖耿 | — | 獨立非執行董事 |
| 3 | 戴泽伟 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDER Our Directors recognize the importance of good corporate governance to protect the interests of our Shareholders. We have adopted the following corporate governance measures to safeguard good corporate governance standards and to avoid potential con |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
