Baoji Pharmaceutical Faces IPO Delay After Prospectus Expiration

Shanghai Baoji Pharmaceutical Co., Ltd. (Baoji Pharmaceutical) submitted its prospectus to the Hong Kong Stock Exchange on January 21, 2025, with CITIC Securities and Haitong International as joint sponsors. The prospectus, which is valid for six months, expired on July 21, 2025. This expiration means that Baoji Pharmaceutical will need to resubmit its application if it intends to proceed with its initial public offering (IPO) on the Hong Kong Stock Exchange. The company will have to update its financial information and other relevant details to reflect the current market conditions and its business performance.

Baoji Pharmaceutical is a pioneer in China, leveraging synthetic biology technology to develop and provide difficult-to-produce recombinant biopharmaceuticals to meet extensive clinical needs. Since its establishment in 2019, the company has focused on the research and development of large-scale biopharmaceuticals, aiming to replace products derived from animal organs, blood, or urine through biochemical extraction, or to upgrade existing treatment methods in other ways, thereby enhancing treatment standards.

The company's unique platform technology is based on proprietary cell transformation technology, combined with advanced drug design and biomanufacturing capabilities. This platform enables Baoji Pharmaceutical to lead the development of candidate drugs in four strategic therapeutic areas. These areas include large-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproductive drugs, and revolutionary products that replace traditional biochemical products with recombinant biopharmaceuticals. The combined potential market size for these four areas is projected to exceed 500 billion yuan by 2033.

The expiration of the prospectus does not necessarily indicate any issues with Baoji Pharmaceutical's financial health or business operations. However, it underscores the challenges companies face when navigating the complex regulatory environment of the Hong Kong Stock Exchange. The delay could potentially impact the company's plans for expansion and fundraising, as it will need to wait for regulatory approval once again. Baoji Pharmaceutical will need to address these challenges and update its application to proceed with its IPO plans.