New Stock News | Baohui Pharmaceutical has submitted its second application to the Hong Kong Stock Exchange this year. Its core products have all entered the late stage of clinical trials or the NDA registration stage in China.

According to the disclosure by the Hong Kong Stock Exchange on August 21, Shanghai Baoji Pharmaceutical Co., Ltd.-B (referred to as Baoji Pharmaceutical) submitted an application to the main board of the Hong Kong Stock Exchange for listing, with CITIC SEC and HAITONG INT'L as its joint sponsors. This is the company's second application filed this year. According to the prospectus, Baoji Pharmaceutical is a clinical-stage biotechnology company in China, focusing on developing and providing recombinant biopharmaceuticals using synthetic biotechnology, targeting diseases with limited therapeutic options and complex manufacturing processes. Since its establishment, the company's strategic focus has been on producing biopharmaceuticals to enhance treatment standards through the production of biologics and upgrading existing treatments using cell-based technology. As of August 13, 2025, the company has developed a self-owned pipeline covering four therapeutic areas, consisting of seven clinical-stage candidate drugs (including three core products KJ017, KJ103, and SJ02) and five preclinical assets. The company's core products are globally protected by comprehensive intellectual property rights, including nine granted patents and ten patent applications. With support from their cell-based technology platform, the company combines drug design and biomanufacturing capabilities to establish a proprietary technology platform. This platform enables the company to maintain a competitive position in the development of candidate drugs in four strategic therapeutic areas, with a potential market exceeding RMB 50 billion by 2033 in areas such as large volume subcutaneous administration, antibody-mediated autoimmune diseases, reproductive assistance drugs, and transformative products replacing traditional biochemical products. The company cannot guarantee the successful development and listing of its core products. Regarding their core products, KJ017 is a highly glycosylated recombinant human hyaluronidase enzyme, modified with sugar molecules to break down hyaluronic acid in the skin, accelerating the absorption of injectable drugs for fast, large-volume subcutaneous administration with co-administered drugs; KJ103 is an innovative recombinant immunoglobulin G (IgG) degrading enzyme, genetically engineered to break down pathogenic IgG antibodies, considered key drivers of autoimmune diseases, for the treatment of diseases and conditions driven by pathological IgG activity. The company is currently conducting clinical trials in different stages to evaluate the effects of KJ103 in areas such as kidney transplant desensitization, anti-glomerular basement membrane disease, and Guillain-Barre syndrome; SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein (FSHCTP, a bioengineered hormone with stable peptides for extended activity), intended for controlled ovarian stimulation (COS) combined with gonadotropin-releasing hormone (GnRH) antagonists. All core products of the company are in late-stage clinical trials or NDA registration stages in China. In addition, the company is actively advancing various other pipeline products, especially innovative recombinant biologics as transformative alternatives to traditional biochemical extracts, including KJ101 and BJ044. The company has established commercial-scale production capacity for cost-effective and standardized production, with cost advantages to expand into other therapeutic areas and explore new market opportunities. For example, in the area of large-volume subcutaneous administration, the company is implementing a strategy for two-antibody (antibody drugs and antibiotics) products, developing subcutaneous formulations for antibody drugs and chemical drugs (especially antibiotics), demonstrating not only the ability to produce high-end biologics but also the ability to achieve subcutaneous administration for widely used low-cost conventional drugs. Leveraging the first-mover advantage of candidate drugs, broad clinical applications, and scalable high-cost-effective production capacity, the company has adopted a balanced business model combining independent R&D with external collaborations and raw material supply. Tailored approaches are adopted based on the unique advantages of each candidate drug, aiming to provide consistent long-term value while effectively managing risks and costs. Financially, for the six months ended June 30 in 2023, 2024, and 2025, the company's revenues were RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million respectively; during the same periods, the annual/periodic losses and total losses were approximately RMB 160 million, RMB 364 million, and RMB 183 million.