宝济药业－Ｂ 02659Prospectus Information

Prospectus Information
返回 Stock Info Prospectus Allotment Results Allotment Profile Expected Lots
IPO Timeline
Broker Deadline
2025-12-05
Morning deadline
HKEX Deadline
2025-12-05
Noon deadline
Broker Results (T-2)
2025-12-08
Some brokers release in afternoon
Grey Market (T-1)
2025-12-09
Afternoon
HKEX Allotment (T-1)
2025-12-09
Evening
Registrar Allotment (T-1)
2025-12-09
Evening
Listing Day (T)
2025-12-10
First day of trading
Company Overview
Stock Name宝济药业－Ｂ
Stock Code02659
Company Full Name宝济药业－Ｂ
IndustryBiotech & Pharma
Principal Activities我們是一家生物技術公司，擁有一項獲批准產品及多元化的臨床管線，利用合成生物技術在中國開發及提供重組生物藥物，專注於攻克治療選擇有限且藥物製造工藝複雜的目標病症。
Listing Date2025-12-10
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterChapter 18A
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)Shanghai PRC
Business Address (Hong Kong)Room 1919, 19/F, Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong
Place of IncorporationTo be extracted
Listing MethodTo be extracted
Listing BoardMain Board
Websitebaopharma.com
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar ContactComputershare Hong Kong Investor
A-Share/US Dual ListingNo
Offering Information
Offering Mechanism Mechanism B
Offer PriceHK$ 26.38 / shares
Offer Price RangeFinal offer price only, no range
Lot Size100 shares
Entry ThresholdHK$ 2,638
Par ValueRMB 0.2 / shares
Offer Period2025-12-02 to 2025-12-05
Global Offering Shares37,911,700 shares
HK Public Offer Shares (Initial)3,791,200 shares (10.0%)
Public Offer Lots (Initial)37,912lots (18,956lots, 18,956lots)
International Placing Shares (Initial)34,120,500 shares (90.0%)
Offer Ratio~11.63%
Total Shares Post-IPO325,981,465 shares
Greenshoe (Over-allotment Option)No
Stabilizing Manager (Greenshoe)—
Cornerstone Share0%
Clawback Tiers机制B-无回补
Reallocation OptionNo
Total Global Offering SizeHK$ 1,000,110,646
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 SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 100 HK$ 2,638
2 lots 200 HK$ 5,276
3 lots 300 HK$ 7,914
4 lots 400 HK$ 10,552
5 lots 500 HK$ 13,190
6 lots 600 HK$ 15,828
7 lots 700 HK$ 18,466
8 lots 800 HK$ 21,104
9 lots 900 HK$ 23,742
10 lots 1,000 HK$ 26,380
15 lots 1,500 HK$ 39,570
20 lots 2,000 HK$ 52,760
25 lots 2,500 HK$ 65,950
30 lots 3,000 HK$ 79,140
35 lots 3,500 HK$ 92,330
40 lots 4,000 HK$ 105,520
45 lots 4,500 HK$ 118,710
50 lots 5,000 HK$ 131,900
60 lots 6,000 HK$ 158,280
70 lots 7,000 HK$ 184,660
80 lots 8,000 HK$ 211,040
90 lots 9,000 HK$ 237,420
100 lots 10,000 HK$ 263,800
200 lots 20,000 HK$ 527,600
300 lots 30,000 HK$ 791,400
400 lots 40,000 HK$ 1,055,200
500 lots 50,000 HK$ 1,319,000
600 lots 60,000 HK$ 1,582,800
700 lots 70,000 HK$ 1,846,600
800 lots 80,000 HK$ 2,110,400
900 lots 90,000 HK$ 2,374,200
1,000 lots 100,000 HK$ 2,638,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
2,000 lots 200,000 HK$ 5,276,000
3,000 lots 300,000 HK$ 7,914,000
4,000 lots 400,000 HK$ 10,552,000
5,000 lots 500,000 HK$ 13,190,000
6,000 lots 600,000 HK$ 15,828,000
7,000 lots 700,000 HK$ 18,466,000
8,000 lots 800,000 HK$ 21,104,000
9,000 lots 900,000 HK$ 23,742,000
10,000 lots 1,000,000 HK$ 26,380,000
12,500 lots 1,250,000 HK$ 32,975,000
15,000 lots 1,500,000 HK$ 39,570,000
18,956 lots 1,895,600 HK$ 50,005,928
Valuation & Financials
Market Cap (at Offer Price)HK$ 8,599,391,046
Pre-IPO Valuation (Last Round)To be extracted
P/E Ratio不適用（公司處於虧損狀態）
Profit/Loss StatusNet loss RMB160.4 million
Period-End Cash Balance人民币321,700,000元
Listing ExpensesTo be extracted
Listing Expenses / Funds RaisedTo be extracted
Total Pre-IPO InvestmentTo be extracted
First Day Performance
First Day CloseHK$ 63.0
First Day OpenHK$ 60.5
First Day Change138.82%
First Day Volume7930300.0
First Day Turnover448750000.0
Use of Proceeds
Use of Proceeds1、約53.5%（或493.2百萬港元）將用于核心產品（包括KJ017、KJ103及SJ02）的研發及商業化； 2、約17.7%（或162.8百萬港元）將用于推進其他現有管線產品及籌備相關登記備案； 3、約8.4%（或77.4百萬港元）將用于持續優化專有合成生物學技術平臺，以及研究和開發新候選藥物； 4、約10.4%（或95.9百萬港元）將用于提升及擴大生產能力； 5、約10.0%（或92.2百萬港元）將用作營運資金及一般公司用途。
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249 海通国际资本有限公司 CE ADQ859
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893
Overall Coordinators (2)
中信里昂证券有限公司 CE AAB893 海通国际证券有限公司 CE AAF806
Joint Global Coordinators (4)
中信里昂证券有限公司 CE AAB893 海通国际证券有限公司 CE AAF806 西牛证券有限公司 CE BHT553 交银国际证券有限公司 CE APJ121
Joint Bookrunners (12)
中信里昂证券有限公司 CE AAB893 海通国际证券有限公司 CE AAF806 西牛证券有限公司 CE BHT553 交银国际证券有限公司 CE APJ121 建银国际金融有限公司 CE AJO225 国元证券经纪（香港）有限公司 利弗莫尔证券有限公司 CE BJN764 辉立证券（香港）有限公司 国投证券（香港）有限公司 CE ADS612 申万宏源证券（香港）有限公司 CE AAC927 浦银国际融资有限公司 CE BFZ375 华盛资本证券有限公司 CE AUL711
Joint Lead Managers (14)
中信里昂证券有限公司 CE AAB893 海通国际证券有限公司 CE AAF806 西牛证券有限公司 CE BHT553 交银国际证券有限公司 CE APJ121 建银国际金融有限公司 CE AJO225 国元证券经纪（香港）有限公司 利弗莫尔证券有限公司 CE BJN764 辉立证券（香港）有限公司 国投证券（香港）有限公司 CE ADS612 申万宏源证券（香港）有限公司 CE AAC927 浦银国际融资有限公司 CE BFZ375 华盛资本证券有限公司 CE AUL711 富途证券国际（香港）有限公司 CE AZT137 老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (14)
中信里昂证券有限公司 CE AAB893 海通国际证券有限公司 CE AAF806 西牛证券有限公司 CE BHT553 交银国际证券有限公司 CE APJ121 建银国际金融有限公司 CE AJO225 国元证券经纪（香港）有限公司 利弗莫尔证券有限公司 CE BJN764 辉立证券（香港）有限公司 国投证券（香港）有限公司 CE ADS612 申万宏源证券（香港）有限公司 CE AAC927 浦银国际融资有限公司 CE BFZ375 华盛资本证券有限公司 CE AUL711 富途证券国际（香港）有限公司 CE AZT137 老虎证券（香港）环球有限公司 CE BMU940
Service Providers
RoleInstitution
Legal Advisor to Company 科律香港律师事务所
北京德恒律师事务所
Legal Advisor to Sponsors/Underwriters 凯易律师事务所
北京市通商律师事务所
Auditor and Reporting Accountant 安永会计师事务所
Industry Advisor 弗若斯特沙利文（北京）咨询有限公司上海分公司
Receiving Banks 中信银行（国际）有限公司
Cornerstone Investors
#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 海通国际证券有限公司 — — — — 6 months 2026-06-10
Directors & Management
Chairman劉彥君
Company SecretaryMs. Li Cui
執行董事 (4)
#NameEnglish NameType
1 刘彦君 — 執行董事
2 王征 — 執行董事
3 谭靖伟 — 執行董事
4 李翠 — 執行董事
非執行董事 (3)
#NameEnglish NameType
1 林佳陵 — 非執行董事
2 刁隽桓 — 非執行董事
3 Li Chen — 非執行董事
獨立非執行董事 (7)
#NameEnglish NameType
1 蔡仲曦 — 獨立非執行董事
2 曾凡一 — 獨立非執行董事
3 鞠佃文 — 獨立非執行董事
4 张森泉 — 獨立非執行董事
5 楼俊文 — 獨立非執行董事
6 成裕 — 獨立非執行董事
7 蔡清清 — 獨立非執行董事
Major Shareholders
Major Shareholders & HoldingsSUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and the conversion of our Unlisted Shares to H Shares, the following persons will have an interest and/or short position in the Shares or the underlying S
AI AI Analysis
!
The following content is generated by an AI model based on historical IPO data. It does NOT constitute investment advice, solicitation, or recommendation. Past subscription patterns and post-listing performance do not guarantee future results. Data may contain inaccuracies — always verify against official HKEX filings and prospectuses before making any investment decision.

Market Sentiment

The retail tranche saw an overwhelming 3,526.34x oversubscription, signaling extreme investor enthusiasm for this 18A biotech listing. With a hit rate of just 13.41% and reallocation triggered, the overall subscription was heavily congested, reflecting strong demand despite the high risk profile of pre-revenue biotech firms. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Tier Analysis

A notable tier anomaly: A-tail applicants needed 100,000 lots for an expected allocation of just 1 lot, while B-head applicants required double that (200,000 lots) for the same 1-lot expected return. This creates high capital inefficiency at both tiers, with B-head incurring significantly higher margin interest costs for identical share allocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Broker fee structures vary; actual costs may differ.)

Demographics

Demographic data for this IPO is not available in the source filings — mainland participation rate, gender split, and regional concentration are all reported as zero or null. Without such breakdown, it’s impossible to comment on the investor profile, though high oversubscription often correlates with strong mainland interest in HK biotech offerings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions from source documents — verify against official HKEX filings.)

AI-generated content. For informational purposes only. Not financial advice. Verify against official sources.
Offering Structure
Subscription Tiers
IPO Timeline
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