Baoji Pharmaceutical-B (02659) officially landed on the Hong Kong Stock Exchange Innovation Pipeline to consolidate growth expectations, KJ017 is poised to fill the gap in the market

The Zhitong Finance App learned that biotech company Baoji Pharmaceutical-B (02659) was officially listed on the main board of the Hong Kong Stock Exchange on December 10. It closed up 138.82% on the first day of listing, with a turnover of HK$449 million and a total market capitalization of HK$20.537 billion. The Hong Kong stock IPO was highly sought after by the capital market. The Hong Kong public sale portion of Baoji Pharmaceutical received 3526.34 times the subscription, while the international sale portion received 6.59 times the subscription.

In this listing, Baoji Pharmaceutical introduced investments from Anke Biotech Hong Kong, DC Alpha SPC, and Cathay Junan Securities as cornerstone investors, with a total subscription of 2000.6 million yuan, accounting for 20.06% of the shares sold globally. The introduction of long-term capital helps stabilize stock prices at the beginning of listing and grow together with the company.

Furthermore, Baoji Pharmaceutical has received many capital favors. The company went through 6 rounds of financing. The latest round of financing was the C+ round of financing in December 2024. The post-investment valuation reached RMB 4.881 billion, 23 times the value after the first round of investment. The strong lineup of investment institutions includes not only local industrial capital such as Shanghai Biomedical Fund, Baoshan SDIC, and Shanghai Science and Technology Innovation Group, but also market-based funds such as Centerlab, Fangyuan Capital, Dongfang Fuhai, Yuanchuang Duoying, and Haitong Innovation, highlighting the capital market's real recognition of their development prospects.

According to the prospectus, Baoji Pharmaceutical is a biotechnology company established in 2019, strategically focusing on four major areas: high-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals. The company's pipeline mainly includes 12 self-developed products under development, including three core products (KJ017, KJ103 and SJ02 (Shenova®)), four other clinical-stage drug candidates (BJ007, KJ015, SJ04 and KJ101), and five preclinical assets (BJ008, BJ009, BJ045, BJ047 and BJ044).

Baoji Pharmaceutical's drug development focus on efficiently optimizing proven therapies with significant market value or untapped business opportunities makes it stand out in the biopharmaceutical industry. It is worth mentioning that KJ017 is the fastest progressing recombinant human hyaluronase in China and the third recombinant human hyaluronase in the world to reach NDA or above. It is expected to change the administration method of therapeutic drugs originally administered intravenously to subcutaneous injections. According to reports, currently only two recombinant human hyaluronidase products have been approved in the world, and no recombinant human hyaluronidase has been approved yet in China. This shows that if KJ017 is successfully launched, it is expected not only to fill the gap in the market and help achieve subcutaneous administration of more new antibody drugs, but also unleash strong commercial potential and bring it a strong increase in performance.

Baoji Pharmaceutical is also actively promoting a global strategy. It plans to accelerate the global development and commercialization of pipeline products by carrying out clinical research overseas and seeking cooperation with multinational pharmaceutical companies, etc., to create sustainable revenue sources and achieve sustainable growth and long-term value.

Relying on diversified pipelines, cutting-edge clinical advances and professional technical platforms, Baoji Pharmaceutical has cultivated clear growth expectations and provided an anchor for value judgment in the market. This listing in Hong Kong is not only a key strategic leap forward in the company's development, but will also provide an important reference for exploring and capitalizing on high-quality standards in other pharmaceutical sectors.