Company Name: Sichuan Biokin Pharmaceutical Co., Ltd.
Date of Prospectus: November 7, 2025

Sichuan Biokin Pharmaceutical IPO: In-Depth Analysis, Offer Details, and Investor Insights

Sichuan Biokin Pharmaceutical Co., Ltd. (Stock Code: 2615) is launching its highly anticipated initial public offering (IPO) on the Hong Kong Stock Exchange. This comprehensive analysis covers all critical aspects for investors, including IPO structure, offer price and size, financial performance, risk factors, growth strategy, and listing outlook, based solely on officially disclosed information.

IPO Snapshot: Key Facts for Investors

The Sichuan Biokin Pharmaceutical IPO offers investors a unique opportunity to participate in the growth of a leading pharmaceutical company in China. Below are the critical details:

Brokerage, SFC transaction levy, AFRC transaction levy, and Stock Exchange trading fee apply to the offer price. Applications must be in multiples as specified; the minimum is 100 H Shares.

Application Window: November 7, 2025 (9:00 a.m.) to November 12, 2025 (12:00 noon) Hong Kong time.

Prospectus available at: www.baili-pharm.com and www.hkexnews.hk

Use of Proceeds: Fueling Growth and Strategic Expansion

The offering is positioned to support **growth-driven initiatives**, though specific allocation figures for R&D, capex, working capital, or debt repayment are not detailed in the disclosed material. The focus on expanding the business and increasing operational capacity suggests a forward-looking, growth-oriented capital raising.

Offer Structure and Placement Breakdown

The IPO is structured as a **Global Offering** divided between a Hong Kong Public Offering and an International Offering.

• Hong Kong Public Offering: 863,500 H Shares (10% of the total, subject to reallocation)
• International Offering: 7,770,800 H Shares (90% of the total, subject to reallocation)

Reallocation mechanisms exist: up to 431,600 shares may be moved from the International to the Hong Kong Public tranche, increasing the Hong Kong Public portion to a maximum of 15% in case of oversubscription. If this occurs, the final offer price will be set at the lower end of the range (HK\$347.50 per share).

Investor Participation and Book Quality

**No specific anchor, cornerstone investors, or institutional subscription levels** are disclosed. The prospectus outlines reallocation rules depending on subscription levels, but no oversubscription metrics, book quality comments, or early investor sales are provided.

Deal Parties and Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers:

• SDICS International Securities (plus other unnamed parties in no particular order)

No stabilization, over-allotment, or greenshoe details are disclosed within the available text. The reputation and roles of the named parties, as per their positions in the deal, suggest a well-structured and coordinated offering.

Company Overview: Business Model, Industry, and Management

Sichuan Biokin Pharmaceutical Co., Ltd. is a joint stock company incorporated in the People’s Republic of China with limited liability, operating in the pharmaceutical sector. The company focuses on research, development, production, and sales of pharmaceutical products. Key product lines, monetization strategies, customer segments, and detailed geography of operations are not further specified in the disclosed sections.

Management Team

• Chairman: Dr. Zhu Yi
• Executive Directors: Dr. Zhu Yi, Ms. Zhang Suya, Mr. Zhuo Shi, Dr. Zhu Hai, Dr. Wan Weili
• Non-Executive Director: Dr. David Guowei Wang
• Independent Non-Executive Directors: Mr. Li Mingyuan, Dr. Xiao Geng, Dr. Dai Zewei

No additional information on financial health, revenue streams, market share, or sector size is disclosed in the available sections.

Trends, Timing, and Market Environment

IPO Timing:

• Offer opens: November 7, 2025 (9:00 a.m.)
• Offer closes: November 12, 2025 (12:00 noon)
• Price determination: By November 13, 2025 (12:00 noon)
• Allotment results announced: By November 14, 2025 (no later than 11:00 p.m.)
• Listing and trading commence: November 17, 2025 (9:00 a.m.)

The prospectus does not specify macroeconomic conditions, sector-specific trends, or recent company developments.

Risk Factors

The prospectus advises investors to review risk factors in detail, as the offering may be terminated under certain adverse conditions prior to listing. Specific quantified exposures or detailed risk breakdowns (e.g., legal, regulatory, customer/supplier concentration, FX, commodity, single product/geography risk, related-party transactions) are not disclosed in the provided sections.

Growth Strategy

While concrete expansion plans, new products, M&A, capacity additions, or pipeline details are not explicitly listed, the company’s use of proceeds and market engagement suggest a focus on business growth and market expansion.

Ownership and Lock-ups

Pre- and post-IPO shareholding structure, lock-up periods, promoter/major shareholder holdings, and employee stock option plans are not detailed in the available material.

Valuation and Peer Comparison

No peer company symbols, valuation metrics, or sector performance tables are disclosed within the provided information. As such, no comparative analysis can be presented.

Research & Opinions

No analysts, covering institutions, price targets, or explicit opinions are referenced within the disclosed content.

IPO Allotment Result

Subscription outcomes by tranche, final allocation data, and implications are not included in the available prospectus sections.

Listing Outlook

Based on the comprehensive offering structure, clear timeline, and reputable joint sponsors and coordinators, the IPO appears well-organized and may be of interest to investors seeking exposure to the pharmaceutical sector in China. The presence of flexible allocation mechanisms and the potential for strong demand (as inferred from structure) could support first-day performance. However, given the absence of detailed financials, peer metrics, and subscription data, prospective investors should exercise caution and review the full prospectus for a complete risk assessment. The likely first-day trading range is expected to align closely with the offer price, particularly if the offer is priced at the lower end in the event of oversubscription.

Prospectus Access

Full documentation and updates can be found at:

• www.hkexnews.hk
• www.baili-pharm.com

How to Apply

Investors can apply for Hong Kong Offer Shares via:

• White Form eIPO: Online application at www.eipo.com.hk (minimum 100 shares, multiples only)
• HKSCC EIPO Channel: Through a broker or custodian who is an HKSCC Participant, using the FINI system

No physical application channels are available.