HK Stock Market Move | BIOCYTOGEN-B(02315) rose more than 12% in midday trading. The IPO registration application for Baio Saitek's Technology Innovation Board has been approved by the China Securities Regulatory Commission.

BiocytoGen-B (02315) rose over 12% intraday, and as of the time of writing, it rose by 9.5% to HKD 25.12, with a turnover of 1111.34 million Hong Kong dollars. On the news front, according to the Shanghai Securities News, on October 16th, it was reported that the China Securities Regulatory Commission website revealed that BaiAoSaiTu's (BiocytoGen) registration application for the Science and Technology Innovation Board IPO has been approved. According to the prospectus, the company plans to raise 1.185 billion yuan in this IPO, with 454 million yuan for the construction of the drug early research and development service platform project, 316 million yuan for the antibody drug research and evaluation project, 165 million yuan for preclinical and clinical research and development projects, and 250 million yuan for supplementary working capital. It is worth noting that BaiAoSaiTu recently announced cooperation agreements with German company Tubulis and global technology leader Merck. Tubulis plans to introduce BiocytoGen's independently-developed fully human antibodies to advance their ADC product research and commercialization. BiocytoGen will receive an upfront payment, as well as milestone payments for development, regulatory and commercialization, and single-digit net sales royalties. The collaboration with Merck focuses on advancing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP).