The Zhitong Finance App learned that according to reports, mainland biomedical company Bailey Tianheng (688506.SH) will go public in Hong Kong as soon as early as next year. The scale of capital raised will not exceed 500 million US dollars (equivalent to HK$3.9 billion). Goldman Sachs and J.P. Morgan Chase have been hired to arrange listing matters for it. According to reports, the company officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange in January 2023. At that time, the amount of capital raised was about 990 million yuan.

Baili Tianheng was founded in 2006 to develop small molecule drugs, biopharmaceuticals, and antibody drugs for pediatrics, cardiovascular diseases, etc. In terms of performance, Bailey Tianheng recently released its report for the first quarter of 2024. During the reporting period, the company achieved operating income of RMB 5.462 billion, an increase of 4325.45%; net profit attributable to shareholders of listed companies RMB 5.0 billion; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was RMB 5.0 billion; and basic earnings per share.

In addition, the progress of Bailey Tianheng's innovative drugs has also received a lot of attention. The company recently announced that “BL-B01D1+PD-1 monoclonal antibody ± chemotherapy” has recently obtained approval notices for 7 phase II clinical trials to treat various advanced solid tumors, and the innovative drug has been included in the NMPA breakthrough therapeutic drug category. Advances in the trial of this innovative drug may be expected to bring new treatment options to patients with a variety of advanced solid tumors.