Baili Pharmaceutical Launches Hong Kong IPO with 8.6M H Shares at HK$347.50-389.00

Baili Pharmaceutical Group Co., Ltd. is set to debut its H Shares on the Main Board of the Hong Kong Stock Exchange, offering 8,634,300 H Shares at a price range of HK$347.50 to HK$389.00 per share. The Offer Shares will represent approximately 2.05% of the enlarged share capital immediately after the IPO. Listing is expected on Monday, November 17, 2025.

The offer period runs from November 7, 2025 at 9:00 a.m. to November 12, 2025 at 12:00 noon, with price determination expected by 12:00 noon on November 13, 2025. The stock code is 2615.

The Global Offering is split between a Hong Kong Public Offering of 863,500 H Shares (10% of total offer, approximately 0.20% of enlarged share capital) and an International Offering of 7,770,800 H Shares (90%, approximately 1.84% of enlarged share capital). An option exists to reallocate up to 431,600 Offer Shares from the international tranche to the Hong Kong Public Offering if oversubscription occurs. The minimum application is 100 H Shares, with a maximum per applicant of 431,700 H Shares.

Cornerstone investors have committed to subscribe for up to 715,100 H Shares (up to 8.28% of the offer, 0.17% of enlarged share capital at low-end price). Bristol-Myers Squibb leads with a US$15 million subscription for 335,300 shares (3.88% of offer at low-end price). OAP III (HK) Limited, GL Capital, and Athos Capital each committed US$5 million for 111,700 shares (1.29% each), while Fullgoal Fund subscribed US$2 million for 44,700 shares (0.52%). Cornerstone allocation ranges from 7.40% to 8.28% of Offer Shares, depending on final price.

Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, CLSA Limited, and SDICS International Securities (Hong Kong) Limited serve as Joint Sponsors, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers. Messis Capital Limited acts as Compliance Adviser. Both the Hong Kong Public Offering and International Offering are fully underwritten, with underwriters' commission at 2.5% of aggregate offer price and a discretionary incentive fee up to 1.0%.

Baili Pharmaceutical Group Co., Ltd. is a PRC-based biopharmaceutical innovator specializing in oncology drugs, with a business model centered on the research, development, manufacturing, and commercialization of innovative treatments. The company is a dual-listed entity, with A Shares trading on the SSE STAR Market. Key products include drug candidates with a focus on iza-bren and other oncology assets. The company has an exclusive license and collaboration agreement with Bristol-Myers Squibb.

IPO proceeds are earmarked for enhancing international business development, strengthening working capital, supporting global clinical development, and strategic growth towards multinational leadership in oncology drugs. A recent A-share placement in September 2025 raised RMB3,764,000,000 for R&D projects.

The company does not currently have a formal dividend policy or fixed payout ratio. Future dividend decisions will be at the Board's discretion, based on financial performance, cash flows, and business prospects, subject to relevant laws and articles of association.

The management team includes Dr. Zhu Yi as Chairman of the Board, Ms. Zhang Suya as Executive Director, Mr. Zhuo Shi as Executive Director, Dr. Zhu Hai as Executive Director, Dr. Wan Weili as Executive Director, Dr. David Guowei Wang as Non-Executive Director, Mr. Li Mingyuan as Independent Non-Executive Director, Dr. Xiao Geng as Independent Non-Executive Director, and Dr. Dai Zewei as Independent Non-Executive Director.

All payments must be made in full on application, including brokerage (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Stock Exchange trading fee (0.00565%). Underwriters' obligations may be terminated prior to 8:00 a.m. on listing day if certain events occur.