B&K Corporation Limited

Date of Prospectus: December 12, 2025

B&K Corporation Limited’s Landmark Hong Kong IPO: Deep Dive, Key Metrics, and Strategic Outlook for Investors

IPO Snapshot

IPO Symbol: Not explicitly disclosed.
Offer Price Range: HK\$38.20 to HK\$51.00 per H Share
Number of Offer Shares: 17,648,800 H Shares (Global Offering)
Post-IPO Outstanding Shares: 117,657,522 Shares immediately after listing (assuming the Over-allotment Option is not exercised)
Estimated Net Proceeds: Approximately HK\$708.8 million (based on an offer price of HK\$44.60 per Share, mid-point of range, and no exercise of Over-allotment Option)
Offer Period: Applications open 9:00 a.m. December 12, 2025 and close 11:30 a.m. December 17, 2025 (Hong Kong time)
Listing Date: Not explicitly stated, but timetable references suggest after December 19, 2025
Application Channels: HK eIPO White Form (www.hkeipo.hk), HKSCC EIPO channel (via brokers/custodians using FINI system)

Use of Proceeds: Growth-Driven Allocation

B&K Corporation Limited’s IPO is fundamentally a growth story. The company intends to allocate the net proceeds as follows:

• 61.8% (HK\$437.6 million): Clinical development and commercialization of Core Products, Pro-101-1 and Pro-101-2
• Remaining balance: Not explicitly itemized in the summary, but other standard uses include R&D, working capital, and administrative expenses

This allocation underscores a major commitment to advancing the late-stage pipeline and bringing products to market, rather than deleveraging or one-off capex.

Oversubscription, Dividend Policy, and Placement

Oversubscription metrics, final allocation results, and subscription levels by investor category were not disclosed at the time of the prospectus.

Dividend Policy: No dividend was paid or declared during the track record period. The company has no fixed dividend policy or payout ratio. Any future dividends will depend on financial results, cash flow, business needs, and statutory requirements. As of September 30, 2025, historically accumulated losses mean dividends are not likely in the near term.

Placement Breakdown:

• Public tranche: Hong Kong retail and institutional investors
• International tranche: Institutional investors outside the US (Regulation S)
• Cornerstone/anchor, shareholder, or employee allocation: Not specifically disclosed

Investor Participation and Pre-IPO Shareholders

Pre-IPO Investors: Over RMB400 million raised in 2021 and 2023 from investors including Mr. Zhang Hong, CDH Investors, and Qingdao Hitech. CDH Investors (a “Sophisticated Investor”) will hold 4.11% post-listing (assuming no Over-allotment). No cornerstone or anchor investor participation in the IPO itself is explicitly named.

Pre-listing Share Disposals: No material pre-listing disposals or sales by investors or early shareholders are disclosed.

Book Quality Assessment: The presence of sophisticated, industry-experienced pre-IPO investors supports confidence in the company’s prospects and may contribute to a positive listing-day performance, especially given the growth capital focus and absence of early-stage shareholder exits. This is an inference from prospectus data.

Deal Structure and Underwriting

Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, CITIC Securities (Hong Kong) Limited
Overall Coordinators/Joint Global Coordinators/Bookrunners/Lead Managers: As named in the “Directors, Supervisors and Parties Involved” section (full list not explicitly repeated in summary pages)
Stabilization/Greenshoe: Up to 2,647,200 additional H Shares (15% of initial offer) may be issued at the offer price to cover over-allocation, at the discretion of the Overall Coordinators. CLSA Limited acts as Stabilizing Manager.
Underwriting Commission: 2.5% of gross proceeds (plus up to 1% discretionary incentive fee)
Listing Support: The use of multiple reputable sponsors and an active stabilization option suggests the listing is structured for strong aftermarket trading. This is inferred from the prospectus.

Company Overview: Biopharma Growth Platform

B&K Corporation Limited is a China-based biopharmaceutical company focused on developing protein drugs, primarily for wound healing. The company’s business model is based on R&D, clinical development, and eventual commercialization, with revenue to be generated from product sales upon regulatory approval.

Key Products: Two Core Products — Pro-101-1 and Pro-101-2, topical PDGF-BB gels for thermal burns and diabetic foot ulcers (DFUs). The pipeline includes ten candidates (seven PDGF-based), with clinical and pre-clinical assets.

Customer Segments: Hospitals, clinics, and healthcare providers treating wound care indications in China and internationally.

Geographies: China-based, with ambitions for international expansion.

Revenue Streams: No commercial revenue as of September 30, 2025; the company is pre-commercialization and does not yet generate product sales.

Industry Position: Positioned within the biopharmaceutical sector under Chapter 18A of the Hong Kong Listing Rules, which accommodates pre-revenue biotech listings.

Financial Health: As a pre-revenue biotech, the company’s financial metrics are focused on liquidity and R&D expense management. The current ratio has declined but remains robust, reflecting the ongoing cash burn and investment cycle. The company expects the IPO proceeds to provide 40 months of runway at the projected cash burn rate.

Market Position and Competitive Advantages

B&K Corporation Limited seeks to differentiate through:

• First-mover advantage for certain indications in China
• Deep PDGF-based pipeline with both clinical and pre-clinical candidates
• Strong relationships with sophisticated investors and academic partners

The company has not yet achieved commercial scale or market share, and no peer market share or ranking figures are disclosed.

Management Team: Led by Ms. Jia, Mr. Wang, Ms. Zhang, and Mr. Li (details of roles and experience in prospectus). The company is supported by a mix of scientific founders, industry professionals, and a stable board structure.

Sector Trends, Timing, and Market Environment

Sector Environment:

• Biopharma and wound healing segments are growing, with unmet clinical needs and increasing healthcare expenditures in China.
• Historical demand drivers include the prevalence of burns, diabetic foot ulcers, and aging population trends.

IPO Timing:

• Offer opens December 12, 2025, closes December 17, 2025, with allocation results published December 19, 2025.

Macro Environment:

• Company references a generally stable political and economic environment in China, with no material COVID-19 impact on operations during the track record period.
• As of September 30, 2025, no material adverse change in business, financial or trading position.

Sector Seasonality: Not explicitly discussed.

Recent Developments: Completion of CSRC filings for overseas listing, three rounds of Pre-IPO investment, and ongoing R&D progress.

Market Conditions: Based solely on internal and sector trends, the environment appears conducive for a biotech IPO of this profile.

Key Risk Factors

R&D and Regulatory Risks:

• Core products are not yet commercialized; high risk of clinical or regulatory failure.
• Potential for undesirable adverse events (AEs) or inability to demonstrate safety/efficacy.

Financial Risks:

• Ongoing cash burn; company estimates 4 months of runway at current burn rate, 40 months with IPO proceeds.
• No current profit; dividends unlikely until sufficient profit and statutory reserves are built up.

Operational Risks:

• Reliance on third parties for manufacturing and development.
• Exposure to regulatory changes and intellectual property litigation.

Market Risks:

• Potential volatility in share price and trading volumes post-listing due to large lock-up and limited float initially.
• 85% of shares to be locked up for one year post-IPO per PRC Company Law.

Other Risks: Additional risks include business in China with associated regulatory and market uncertainties, and risks related to the Global Offering itself.

Growth Strategy and Expansion Plans

B&K Corporation Limited’s growth strategy is focused on:

• Clinical advancement and commercialization of Core Products (Pro-101-1, Pro-101-2)
• Continued pipeline development (10 candidates in total, including 7 PDGF-based)
• Potential future expansion into international markets as products achieve approval
• Efficient use of IPO proceeds to provide at least 40 months of development runway

M&A activity, capex pipeline, or new market entries are not specifically highlighted with figures or timelines beyond the core R&D and commercialization focus.

Ownership Structure and Lock-ups

Pre-IPO and Post-IPO Shareholding:

• 117,657,522 Shares post-IPO (assuming no Over-allotment Option)
• CDH Investors hold 4.11% post-IPO; 11 shareholders to convert 65,373,345 Unlisted Shares to H Shares upon listing
• Public float: 25.6% of total issued Shares expected on listing

Lock-up Provisions:

• 85% of total issued Shares subject to a 1-year lock-up from the Listing Date (PRC Company Law requirement)
• Controlling Shareholders: 6-month lock-up plus additional restrictions per Listing Rules and underwriting agreement
• Company: 6-month lock-up on new issuances, then limited sales for six additional months

Employee Incentive Plans: In place, with some grants subject to vesting and restrictions.

Valuation and Peer Comparison

Market Capitalization: Based on the mid-point offer price (HK\$44.60), the expected market capitalization post-IPO is not explicitly provided, but the structure implies a substantial valuation for a pre-revenue biotech.
P/E, P/B, EV/EBITDA, Dividend Yield, ROE, ROA: Not applicable or not disclosed, as the company is pre-revenue and pre-profit.
Peer Companies, Other IPOs, Sector 10-Day Performance: No direct peer symbols or comparative IPO data are presented.

Research and Analyst Opinions

Covering Institutions/Analysts: No explicit analyst price targets or written opinions are provided in the prospectus. Frost & Sullivan provided an independent industry report for the company.

IPO Allotment Results

Final allocation results and subscription ratios will be published at www.hkeipo.hk/IPOResult and www.tricor.com.hk/ipo/result after closing.

Listing Outlook and Investor Takeaways

Inferred Outlook: The IPO presents a compelling opportunity for investors seeking exposure to China’s biopharmaceutical innovation. The company’s robust pre-IPO backing, clear use of proceeds for growth, and significant lock-up of shares suggest aftermarket stability. However, the lack of commercial revenue, high R&D risk, and absence of a dividend mean this is an investment for risk-tolerant, long-term growth-focused investors. Based on the prospectus, first-day trading should be supported by stabilization mechanisms and solid institutional backing, but may be volatile given biotech sector norms and the company’s pre-revenue status.

Estimated Trading Range and Strength: With no peer comparables or sector P/E benchmarks disclosed, price performance is likely to be range-bound within the offer price, subject to biotech sector sentiment and market appetite for growth stories.

Where to Obtain the Prospectus

The prospectus is available at www.hkexnews.hk and huarenshengwu.com.

How to Apply for Shares

Who Can Apply: Investors aged 18 or above with a Hong Kong address (for HK eIPO White Form); certain restrictions apply (e.g., Directors, existing shareholders, and their close associates are ineligible).
Application Channels:

• HK eIPO White Form service: www.hkeipo.hk
• HKSCC EIPO channel: through brokers or custodians using HKSCC’s FINI system

Application Window: Opens 9:00 a.m. Friday, December 12, 2025; closes 11:30 a.m. Wednesday, December 17, 2025 (Hong Kong time). Latest time to complete payment is 12:00 noon Wednesday, December 17, 2025.
Results of Allocation: Check at www.hkeipo.hk/IPOResult or www.tricor.com.hk/ipo/result after 11:00 p.m. December 19, 2025.