First day of the IPO | Baoji Pharmaceutical-B (02659) first listed in early trading and opened 129.34% higher, its three core products will soon be commercialized

The Zhitong Finance App learned that Baoji Pharmaceutical-B (02659) was listed for the first time. The announcement showed that each share was priced at HK$26.38, and a total of 379.11,000 shares were issued, 100 shares per lot, with a net proceeds of about HK$922 million. As of press release, it rose 129.34% to HK$60.5, with a turnover of HK$217 million.

According to the prospectus, Baoji Pharmaceutical is a biotechnology company in the clinical and commercialization stages. It uses synthetic biotechnology to develop and provide recombinant biopharmaceuticals in China, focusing on overcoming target conditions with limited treatment options and complex drug manufacturing processes. Through technologically differentiated products, Baoji Pharmaceutical has braved four independent and high-value treatment markets, including high-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproductive drugs, and transformational products to replace traditional biochemical products.

According to reports, Baoji Pharmaceutical has KJ017, the first recombinant human hyaluronidase reported to be produced in China, for high-volume subcutaneous administration; the world's first IgG degrading enzyme KJ103, which has the potential to be “best-in-class” in terms of low pre-stored antibodies and number of doses, for antibody-mediated autoimmune diseases; and SJ02, a long-acting follicle-promoting hormone drug that has been proven through cooperation, for assisted reproduction. These three core products have entered commercialization, new drug marketing application (NDA) registration, or advanced clinical stage in China, which indicates that Baoji Pharmaceutical is about to transition from pure R&D to commercialization.