New stock news | Pacific Thermostatics (688506.SH) will submit its financial report to the Hong Kong Stock Exchange for the first three quarters of 2024, with a profit of 40.65 billion yuan.

According to the disclosure of the Hong Kong Stock Exchange on January 21, Sichuan Bioko Pharmaceutical Co., Ltd. (688506.SH) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Morgan Stanley, and CITIC SEC as its joint sponsors. The company had submitted a listing application to the Hong Kong Stock Exchange on July 10, 2024. According to the prospectus, Bioko is a comprehensive pharmaceutical group operating two main businesses: innovative biopharmaceutical business and generic drugs and traditional Chinese medicine business. Ten years ago in 2014, the company established SystImmune in Seattle, USA, and began developing BL-B01D1, the world's first and only ADC with EGFRHER3 bispecific antibody in clinical stage; ten years later, the company reached a total of 8.4 billion US dollars, with an upfront payment of 800 million US dollars, with BMS on BL-B01D1, the largest global strategic licensing and cooperation transaction in the field of ADC to date. Over the past ten years in the United States, Bioko has built an innovative ADC drug development platform, successfully developing eight innovative ADC candidate drugs in the clinical stage pipeline, including BL-B01D1, and conducted about 50 clinical studies, including eight back-line III clinical trials and 12 first-line II clinical trials, as well as a multi-specific T cell connector platform, successfully developing four GNC innovative multi-specific antibody drugs in the clinical stage pipeline, including GNC-077, and conducting 13 clinical studies. Bioko's generic drugs and traditional Chinese medicine business product portfolio covers anesthesia, parenteral nutrition, anti-infection, pediatric and other treatment areas. In the performance record period, the company's income comes from the sales of more than 100 specifications of 29 approved drugs, including 25 generic drug products and four traditional Chinese medicine products. These products play a crucial role in providing funding for the company's innovative drug development. As of the last practicable date (January 15, 2025), all of Bioko's innovative candidate drugs are still in the clinical and pre-clinical development stages. For the nine months ended September 30, 2024, the company reported revenue of approximately RMB 5.5612 billion, of which 94.2% came from license and cooperation agreements signed with BMS, and 5.8% came from sales of generic drugs and traditional Chinese medicine. Bioko's revenue in 2021, 2022, and 2023, as well as part of the revenue for the nine months ended September 30, 2024, were all derived from the sales of generic drugs and traditional Chinese medicine products. The following table outlines the company's main products that were already on the market as of the last practicable date: Regarding the innovative biopharmaceutical business, BL-B01D1 is the world's first and only EGFRHER3 bispecific antibody ADC in clinical stage. While developing BL-B01D1, the company established a strong technical platform: (1) the SEBA (Specificity Enhancement Bispecific Antibody) platform, devoted to continuous innovation in antibody discovery and engineering modifications, protected by a global patent portfolio. (2) Established an effective payload platform with different mechanisms to effectively counteract tumor heterogeneity and efficiently kill tumors on a large scale. (3) Established a connector and payload coupling platform capable of stably linking different numbers of payloads to antibodies. (4) The innovative ADC drug development platform has end-to-end independent development capabilities. Financially, for the years 2021, 2022, 2023, and the nine months ended September 30, 2024, the company reported revenues of approximately RMB 795 million, RMB 702 million, RMB 560 million, and RMB 5.661 billion respectively, with net profits for the year being approximately -108 million, -282 million, -780 million, and 4.065 billion RMB. According to Bioko's prospectus, the company's business and prospects largely depend on the success of its candidate drugs (including BL-B01D1). If the company fails to successfully complete the clinical development of candidate drugs, obtain regulatory approval, or achieve commercialization, or if the company encounters significant delays or cost overruns in any of the above matters, the company's business and prospects may be significantly adversely affected.