Bailitaihe Pharmaceuticals (688506.SH) has submitted a main board listing application to the HKEX, with Goldman Sachs, JPMorgan, and Citic Securities serving as joint sponsors. The company was listed on the STAR Market of the Shanghai Stock Exchange in January last year. Earlier market news suggested that Bailitaihe plans to raise approximately USD 0.5 billion, about HKD 3.9 billion, through its listing in Hong Kong.

Preliminary prospectus information shows that Bailitaihe Pharmaceuticals focuses on the research and development of innovative ADC drugs and innovative bispecific antibody drugs. The company has successfully developed 6 ADC innovative drug pipeline projects that have entered the clinical stage and 4 GNC innovative bispecific antibody drug pipeline projects that have entered IND or clinical stages. The company plans to accelerate the clinical development of its core product, BL-B01D1, in China and globally, and is expected to submit the first indication NDA application to the NMPA by 2026 at the latest, and the first BLA application to the FDA by 2028 at the earliest. The company willalso submit regulatory approval applications for more indications in China, Europe, the United States, and other markets in the next three to five years.

As of the end of April this year, Bailitaihe recorded revenue of nearly 5.5 billion yuan, an increase of nearly 37 times year-on-year. During the period, it turned a loss into a profit, with a net profit of 4.864 billion yuan, compared with a loss of 0.228 billion yuan in the same period last year. This is mainly due to the recognition of about 5.3 billion yuan in revenue from the confirmation of the BMS license during the period.