IPO Plus - IPO

	Name▼ / Code▲	Industry	Listing Price	Lot Size	Entry Fee	Phillip Grey Market	Futu (HK) Grey Market
	Softcare 02698.HK Grey Market Today	Children's and Infant Products	Pending	200	5,292.85	-	-	Detail Quote
	Last update:

Name▼

Code▲

Industry

Listing Price

Lot Size

Entry Fee

Phillip Grey Market

Futu (HK) Grey Market

Softcare
02698.HK

Grey Market Today

Children's and Infant Products

Pending

200

5,292.85

Detail Quote

Last update:

	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	CNGR 02579.HK	Battery Products	34-37.8	200	7,636.24	2025/11/12	2025/11/14	2025/11/17
	Biokin Pharm 02615.HK	Biotechnology - Pharmaceuticals	347.5-389	100	39,292.31	2025/11/12	2025/11/14	2025/11/17

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

CNGR
02579.HK

Battery Products

34-37.8

200

7,636.24

2025/11/12

2025/11/14

2025/11/17

Biokin Pharm
02615.HK

Biotechnology - Pharmaceuticals

347.5-389

100

39,292.31

2025/11/12

2025/11/14

2025/11/17

Summary

We are an integrated pharmaceutical group with capabilities spanning early-stage research and development, clinical development, manufacturing and commercialization. During the Track Record Period, we operated two major businesses: innovative biologics business, and generics and traditional Chinese medicine business. Ten years ago, in 2014, we established SystImmune in Seattle, U.S., embarking on the development of iza-bren (BL-B01D1), the world’s first and only EGFR × HER3 bispecific ADC to have entered into Phase III clinical development to date. A decade later, we entered into a global strategic license and collaboration agreement for iza-bren with BMS, with a US$800 million upfront payment and a total deal value worth up to US$8.4 billion — being the largest ever for a single-asset collaboration transaction in the ADC space in terms of total deal value. Our endeavors in the U.S. over the past decade have led to the creation of (i) an innovative ADC drug development platform, from which we have successfully advanced ten clinical-stage, innovative ADC candidates, including iza-bren, into approximately 70 clinical studies, including 16 pivotal registration clinical trials in China, three global pivotal registration clinical trials and 16 Phase II clinical trials for first-line cancer treatment; (ii) a multi-specific T cell engager platform, from which we have successfully advanced four innovative GNC multi-specific antibodies, including GNC-077, to clinical stage, which have been evaluated in 15 clinical studies; and (iii) an innovative ARC drug development platform, from which we have successfully developed an IND-approved, innovative ARC candidate, BL-ARC001. Through years of dedicated effort since 1996, we have cultivated expertise in generics and traditional Chinese medicine. Our generics and traditional Chinese medicine business has a product portfolio in anesthesia, parenteral nutrition, anti-infection, pediatrics and other therapeutic areas. We have accumulated rich experience in R&D, production and marketing of special preparations such as emulsion injections and effervescent preparations, and have formed a competitive product portfolio. During the Track Record Period, we generated revenue from the sales of 31 approved drug products with over 100 specifications, which includes 26 generics products and five traditional Chinese medicine products. Revenue from these products has played a crucial role in funding our innovative drug development. As of the Latest Practicable Date, all of our innovative drug candidates remained in new drug application, clinical or preclinical development stage. In 2024, we recorded revenue of RMB5,821.1 million, among which 91.6% represented the license fee income generated under our license and collaboration agreement with BMS, and 8.4% represented sales of generics and traditional Chinese medicines. In 2022 and 2023, we generated a revenue of RMB701.8 million and RMB560.4 million, respectively, from sales of generics and traditional Chinese medicines. In the six months ended June 30, 2025, we generated revenue of RMB170.4 million, derived primarily from sales of generics and traditional Chinese medicines. Sales of generics and traditional Chinese medicines decreased over the Track Record Period as certain of our major marketed products are generic drugs that were adversely impacted by the VBP schemes, which resulted in (i) a significant reduction in selling prices for products included in the VBP schemes, despite an increase in sales volume under those VBP schemes; in some cases, a corresponding decrease in sales volumes to hospitals outside the VBP schemes, (ii) a decrease in sales volumes for products that belong to a drug class subject to the VBP schemes but did not participate in such schemes, and (iii) a decrease in sales volumes of certain product due to increased competition from its competing drug class which was included in the VBP schemes. We incurred net losses of RMB282.4 million, RMB780.5 million and RMB1,118.0 million in 2022, 2023 and the six months ended June 30, 2025, respectively, and achieved net profit of RMB3,707.5 million in 2024. Our net losses recorded in the first two years of the Track Record Period and the first half of 2025 were primarily in relation to: (i) our substantial investment in R&D activities for innovative drug candidates, and (ii) the reduction of revenue from sales of generics and traditional Chinese medicines. In particular, the profitability of our generics and traditional Chinese medicines was affected by the implementation of VBP schemes relating to our products. Our net profit achieved in 2024 was primarily due to the recognition of the license fee income generated under our license and collaboration agreement with BMS. In addition, we experienced net operating cash outflow of RMB256.6 million, RMB618.0 million and RMB1,227.8 million in 2022, 2023 and the six months ended June 30, 2025, respectively, which was primarily due to our losses before tax, while we generated net operating cash inflow of RMB3,841.8 million in 2024, primarily due to our profit before tax. Source: Biokin Pharm (02615) Prospectus (IPO Date : 2025/11/07)
Listing Market	MAIN
Industry	Biotechnology - Pharmaceuticals
Background	H Shares
Major Business Area	China

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