Since the beginning of this year, the "A+H" listing has been heating up, and the listing of Baili Tianheng-U (688506) in Hong Kong has accelerated.

On December 12, Baili Tianheng disclosed that its Hong Kong stock IPO plan had been approved by the China Securities Regulatory Commission. The offering will be conducted on the Hong Kong Stock Exchange and is expected to issue up to 24,271,000 overseas-listed ordinary shares.

In January 2023, Baili Tianheng will be listed on the Science and Technology Innovation Board. Looking back on its listing process in Hong Kong, in July this year, Baili Tianheng submitted an IPO application to the Hong Kong Stock Exchange, and if it successfully went to Hong Kong for IPO, Baili Tianheng will become one of the pharmaceutical companies listed in A+H.

Baili Tianheng said that in order to further help the development of the international business of listed companies, the listing in Hong Kong will make better use of domestic and overseas financing platforms and consolidate the company's rapid development of capital reserves. At the same time, it can support the global development of many of the company's innovative products in Europe, the United States, Japan and other international markets, and vigorously promote the implementation of the company's strategy of growing into a multinational pharmaceutical company (MNC) with advantages in the field of oncology drugs.

Baili Tianheng is a biomedical enterprise focusing on the frontier field of global biomedicine, based on solving unmet clinical needs, with a full range of drug research and development capabilities including ADC drugs, macromolecular biological drugs and small molecule chemical drugs, and has the advantages of integration from intermediates, APIs to preparations, covering the complete life cycle of "R&D-production-marketing" and commercial operation capabilities.

Baili Tianheng has two R&D centers in China and the United States, namely the SystImmune R&D Center in Seattle, USA, and the R&D Center of Baili Pharmaceutical and DotBio R&D Center in Chengdu, Sichuan Province, China. These R&D centers work closely together to advance innovative therapies from early discovery to clinical applications, ensuring that the company's drug development remains robust, efficient, and meets global medical needs.

Baili Tianheng has four production bases, namely Guorui Base (injection and oral preparation), Baili Base (oral solid preparation and injection freeze-dried powder), Hayate/Jingxi Base (intermediates and chemical APIs) and DotBio Base (innovative drugs). Baili Tianheng has obtained the production license of all production bases and the marketing approval of various marketed products. With a complete and advanced production system and facilities, the company's production base is able to smoothly support the clinical trials of drug candidates and supply the company's commercial products.

In terms of performance, Baili Tianheng achieved operating income of 5.663 billion yuan in the first three quarters of 2024, a year-on-year increase of 1399.22%, and deducted non-net profit of 4.043 billion yuan, and the main reason for the significant increase in operating income was the irrevocable and non-deductible down payment of 800 million US dollars from BMS, a global multinational pharmaceutical company, an overseas partner, based on the BL-B01D1 cooperation agreement.

According to the latest institutional survey, Baili Tianheng has vigorously promoted the research and development of core drug pipeline products under development since this year, and invested 932 million yuan in R&D in the first three quarters of 2024, a year-on-year increase of 80.34%.

In terms of the progress of the innovative drug R&D pipeline, up to now, Baili Tianheng has advanced 3 drugs to phase III registration clinical research stage (including 2 ADC drugs and 1 bispecific antibody drug), developed 10 early-stage core clinical assets (including 5 ADC drugs, 4 GNC drugs and 1 bispecific antibody drug) and a series of preclinical innovative drug project assets.

Among them, the world's first innovative drug BL-B01D1 (EGFR*HER3ADC) has been included in the breakthrough therapy list by the Center for Drug Evaluation of the National Medical Products Administration for 4 indications; In terms of overseas R&D progress, BL-B01D1 has launched two bridging clinical studies (NCT05983432 and NCT06618287) with its partner BMS in the U.S. cooperative development area, in addition to the BL-B01D1 project that has reached cooperation with BMS is actively promoted, BL-M07D1, SI-B001, BL-M05D1, BL-M11D1, The clinical studies of BL-M17D1 in the United States have been approved by the FDA, and the follow-up development is being actively promoted.