Synthetic Biology Dark Horse Baoji Pharma Files for HKEX Listing with Nearly RMB 5 Billion Valuation

Recently, Shanghai Bao Pharmaceuticals Co., Ltd.-B(hereinafter referred to as “BAO PHARMA”) refiled its listing application on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities and Haitong International serving as joint sponsors.

BAO PHARMA’s technology platform is continuously attracting increased capital investment. The prospectus reveals that since its establishment, BAO PHARMA has completed multiple rounds of financing, with cumulative funding exceeding10hundred million yuan, including2021Year2Monthly3.19100 million yuanAround of financing,2022Year8monthly5.85100 million yuanBround of financing, and2024Year7Yue He12completed monthly4.26100 million yuanCround of financing and450010,000 yuanC+round of financing.

As disclosed,2024completed in the yearCLunjiC+The cost per share for each round of financing is16.91yuan, with a post-money valuation reaching48.71100 million yuan.Furthermore, BAO PHARMA has established formal partnerships with multiple pharmaceutical companies, including Quanxin Biologics and Shangjian Biologics, to jointly develop subcutaneous antibody formulations. Currently, the company is engaged in business negotiations with more than ten potential partners.

Financing Status Source: Prospectus

As a clinical-stage biotechnology company, BAO PHARMA leverages synthetic biology technologies to develop and provide recombinant biologics in China, focusing on addressing target indications with limited therapeutic options and complex drug manufacturing processes.

Its strategic focus is highly disruptive:First, to replace traditional biochemical extraction products derived from animal organs, blood, or urine; second, to upgrade existing therapeutic modalities to elevate treatment standards.。

Generally speaking, this approach not only eliminates the risks of viral contamination, ethical controversies, and supply instability associated with traditional extraction processes at the source but also, by leveraging the advantages of recombinant technology, holds promise for producing innovative drugs with higher purity, superior efficacy, and more controllable costs.

The latest disclosed financial data has become a major highlight of this IPO filing. The financial data shows that Bao Pharma,2023Year,2024Age and2025first half of the year (as of6Month30day) respectively achieved revenue69310,000 yuan,616Wan Yuanhe4199RMB 10,000. During the same period, the Company’s net loss and total comprehensive loss amounted to approximately1.60100 million yuan,3.64100 million yuan and1.83100 million yuan.

As Revenue Grows and Losses Narrow, BAO PHARMA’s R&D Investment Remains High2023Year,2024Aged and2025In the first half of the year, its R&D expenditures were respectively1.325100 million yuan,2.507100 million yuan and1.11100 million yuan. Among them, the R&D expenditure for core products accounted for2023Aged2024during the years from44.4%Decreased to34.7%, reflecting a significant increase in operating expenses driven by the expansion of the company’s pipeline.

Leveraging its chassis cell engineering technology and biomanufacturing platform, BAO PHARMA is establishing differentiated competitive advantages.

According to the latest prospectus,BAO PHARMA has established a portfolio covering four therapeutic areas: large-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproductive technologies, and recombinant biologics replacing traditional biochemical products.。According toFrost & SullivanAnalysis, to2033In 2026, the total clinically addressable market size across the four therapeutic areas targeted by BAO PHARMA is projected to exceed500100 million yuan.

Drug Development Status Source: Prospectus

Among them, the self-developed product pipeline includes seven candidate drugs in clinical stages and five preclinical assets.Three Core ProductsKJ017、KJ103andSJ02With comprehensive intellectual property protection enjoyed globally, BAO PHARMA holds a total of9granted patents and10patent application.

Leading in Advancement SpeedKJ017is a highly glycosylatedRecombinant Human Hyaluronidase. As a highly efficient excipient, it degrades hyaluronic acid in the skin and was developed to enable rapid, high-volume subcutaneous administration of co-administered drugs, significantly improving patient compliance.

According to BAO PHARMA, the product has completed in ChinaIIIPhase clinical trial, and in2024submitted a new drug marketing application to the National Medical Products Administration in [year] (NDA). The company is also actively expanding into the global market, with plans to2026in the first half of the year to the United States, respectivelyFDAand EuropeEMASubmit Clinical Trial Application (IND）。

Core ProductsKJ103As an innovative restructuringIgGDegradase, targeting multiple antibody-mediated autoimmune diseases, has completed clinical trials in China.IPhase clinical trial, and approved by the National Medical Products Administration for desensitization in kidney transplantation and anti-glomerular basement membrane disease (anti-GBMdisease)IIPhase clinical trial.

In addition, another core productSJ02As a long-acting recombinant human follicle-stimulating hormone-CTPFusion protein (FSH-CTP), aiming to interact with gonadotropin-releasing hormone (GnRH) antagonist combined use, for controlled ovarian stimulation (COS), expected to be2025Commercial launch in the Chinese market by year-end.

Bao Pharma also candidly disclosed risks in its prospectus.KJ017As the first recombinant human hyaluronidase in China, it not only faces the possibility of approval delays, but its market acceptance and efficacy in replacing existing intravenous drugs have yet to be verified.Some argue that, although data indicate that the market size of recombinant human hyaluronidase in China is projected to grow from2024annual1.86increased from 100 million yuan to2033Annual69.8hundred million yuan, but actual demand remains to be verified.

It also explicitly warned in the prospectus: “There is no guarantee that we will ultimately succeed in developing and launching our core products.”

KJ103The target patient population for the indicated indications is relatively limited. The prospectus also notes that while the product has demonstrated favorable performance in healthy subjects, its efficacy in patients with acute autoimmune diseases requires further validation.

As BAO PHARMA submits its prospectus for the second time, the market is closely watching whether this biotechnology company can successfully list on the Hong Kong stock exchange.

Against the backdrop of an increasingly cautious global biopharmaceutical investment and financing environment, BAO PHARMA’s future performance may serve as further evidence testing market confidence in innovative biotechnology companies.

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