New Stock News | Baoji Pharmaceutical has passed the hearing of the Hong Kong Stock Exchange, and its core product SJ02 has obtained NDA approval from the National Medical Products Administration.

According to the Hong Kong Stock Exchange disclosure on November 26, Shanghai Baoji Pharmaceutical Co., Ltd.-B (hereinafter referred to as Baoji Pharmaceutical) conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Guotai Haitong as joint sponsors. As of November 22, 2025, the company's core product SJ02 has obtained NDA approval from the National Medical Products Administration in August 2025, and two candidate drugs (core products KJ103 and KJ017) have entered late-stage trials or NDA registration in China. According to the prospectus, Baoji Pharmaceutical is a biotechnology company established in 2019, strategically focusing on four major areas: (i) large-volume subcutaneous drug delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals. The company's pipeline mainly includes 12 in-house developed products, including three core products (KJ017, KJ103, and SJ02 (Shengnuowa)), four other clinical stage candidate drugs (BJ007, KJ015, SJ04, and KJ101), and five pre-clinical assets (BJ008, BJ009, BJ045, BJ047, and BJ044). The company's core products include: (i) SJ02 (Shengnuowa), a long-acting recombinant human follicle-stimulating hormone carboxy-terminal peptide fusion protein (FSH-CTP), used in assisted reproduction for controlled ovarian stimulation, promoting follicular development and inducing ovulation. It obtained NDA approval from the National Medical Products Administration in August 2025; (ii) KJ017, a recombinant hyaluronidase in the NDA stage, used for large-volume subcutaneous administration (combined therapy), fluid loss due to various reasons (monotherapy), and assisted subcutaneous rehydration (combined therapy); and (iii) KJ103, an innovative recombinant immunoglobulin G (IgG) degradation enzyme in Phase III development, used in pre-transplant desensitization and pathological IgG-mediated autoimmune diseases. According to Frost & Sullivan data, by 2033, the combined market size of the company's four strategic therapeutic areas in China is expected to reach approximately RMB 50 billion, including: (i) large-volume subcutaneous drug delivery, with recombinant hyaluronidase accounting for nearly RMB 7 billion, (ii) antibody-mediated autoimmune diseases driven by a RMB 26.7 billion IgG-related autoimmune disease market size, (iii) assisted reproduction reaching RMB 14.9 billion, and (iv) recombinant biopharmaceuticals exceeding RMB 5.3 billion, including ustekinumab and mi...