Sichuan Biokin Pharmaceutical Co., Ltd.

Date of Prospectus: November 7, 2025

Sichuan Biokin Pharmaceutical IPO: A Deep Dive into Offer Structure, Investor Opportunity, and Listing Prospects

Sichuan Biokin Pharmaceutical Co., Ltd. (Stock Code: 2615) launches its highly anticipated IPO, offering investors a gateway into China’s dynamic pharmaceutical sector. This comprehensive analysis covers all critical aspects of the offering—pricing, deal structure, investor allocation, company fundamentals, and risk factors—to help market participants make informed decisions about this listing.

IPO Snapshot: Key Figures, Offer Structure, and Pricing

The Sichuan Biokin Pharmaceutical IPO presents a significant opportunity in the pharmaceutical industry, offering both Hong Kong and international investors direct exposure to the company’s growth story.

• IPO Symbol: 2615
• Offer Price Range: Not more than HK\$389.00 per H Share; expected not less than HK\$347.50 per H Share
• Total Offer Size: 8,634,300 H Shares
• Hong Kong Public Offering: 863,500 H Shares (subject to reallocation)
• International Offering: 7,770,800 H Shares (subject to reallocation)
• Nominal Value per Share: RMB1.00
• Stock Code: 2615
• Board Lot Size: 100 H Shares
• Maximum Application: 431,700 Hong Kong Offer Shares per applicant

Offer Price Payment: Applicants must pay the maximum offer price plus brokerage (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Stock Exchange trading fee (0.00565%) per share on application (subject to refund if final price is lower) [[2]], [[4]], [[6]].

Placement and Issuance Breakdown

The IPO is structured to allocate approximately 10% to Hong Kong retail investors and 90% to international investors, with flexibility for reallocation based on subscription levels. Up to 15% of the total shares may be allocated to the Hong Kong Public Offering if oversubscription triggers reallocation mechanisms [[5]].

Use of Proceeds: Growth Path or Deleveraging?

The prospectus does not provide a detailed breakdown of the use of proceeds or explicit allocations to R&D, capex, or debt repayment. However, the structure and scale of the offering suggest a focus on growth and potential expansion in the pharmaceutical sector.

Oversubscription Metrics and Dividend Policy

No oversubscription figures, dividend policy details, payout ratios, or explicit dividend commitments are disclosed.

Investor Participation and Book Quality

The allocation structure allows for reallocation between the Hong Kong Public Offering and the International Offering at the discretion of the Overall Coordinators to satisfy demand. The presence of a reallocation mechanism (up to 431,600 H Shares) to the retail tranche upon oversubscription indicates a flexible and investor-responsive approach [[5]].

Deal Parties, Underwriting, and Stabilization

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers (in no particular order):

• SDICS International Securities

The prospectus specifies that the Overall Coordinators have the right to terminate underwriting obligations before listing under certain adverse circumstances, providing flexibility and risk management for the offering [[1]], [[3]].

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. The company operates in the pharmaceutical sector, but the document does not provide further details on specific revenue streams, products, customers, geographies, or market share.

• Management Team:
  • Dr. Zhu Yi – Chairman of the Board (Executive Director)
  • Ms. Zhang Suya – Executive Director
  • Mr. Zhuo Shi – Executive Director
  • Dr. Zhu Hai – Executive Director
  • Dr. Wan Weili – Executive Director
  • Dr. David Guowei Wang – Non-Executive Director
  • Mr. Li Mingyuan – Independent Non-Executive Director
  • Dr. Xiao Geng – Independent Non-Executive Director
  • Dr. Dai Zewei – Independent Non-Executive Director

No additional business model or industry size details are included.

Financial Health Summary

The prospectus does not disclose revenue, profit, or balance sheet figures. Therefore, an analysis of financial health, margins, or capex is not possible from the supplied data.

Market Position and Competitive Strengths

No quantitative or qualitative information about market share, competitive advantages, or brand strength is disclosed in the document.

Trends, Timing, and Market Environment

Offer Period: Application for Hong Kong Offer Shares opens at 9:00 a.m. on Friday, November 7, 2025, and closes at 12:00 noon on Wednesday, November 12, 2025.
Price Determination Date: By 12:00 noon on Thursday, November 13, 2025.
Announcement of Final Offer Price and Results: No later than 11:00 p.m. on Friday, November 14, 2025.
Expected Listing Date: Dealings in H Shares are expected to commence at 9:00 a.m. on Monday, November 17, 2025 [[7]], [[8]], [[11]].

No explicit sector or macroeconomic commentary is provided, limiting further analysis of the broader listing environment.

Recent Developments

No recent company or sector developments are provided in the document.

Risk Factors: Key Considerations for Investors

The document refers to standard legal disclaimers regarding the absence of registration under U.S. securities laws and the right of the underwriters to terminate the offering in certain circumstances. Detailed, quantified risk factor disclosure (e.g., regulatory, customer concentration, or FX risk) is not present in the summary.

Growth Strategy: Expansion and Future Plans

While the offer size and structure imply growth ambitions, no specific expansion plans, capex pipeline, M&A targets, or new market entries are disclosed.

Ownership and Lock-up Arrangements

The prospectus does not disclose pre- or post-IPO shareholding structure, lock-up periods, or ESOP details.

Valuation and Peer Comparison

No financial metrics or peer company comparisons are provided. Thus, a valuation table cannot be constructed.

Research Coverage and Analyst Opinions

No research coverage, analyst price targets, or opinions are included in the document.

IPO Allotment Result

Final subscription outcomes by tranche, institutional anchor allocations, or retail/institutional oversubscription details are not disclosed.

Listing Outlook: Subscription Appeal and First-Day Prospects

Inference: Based strictly on the disclosed structure, the presence of multiple underwriting and coordination parties, a flexible allocation mechanism favoring retail and institutional demand, and timing in mid-November 2025, the IPO appears structured to support a stable listing. The absence of company financials, peer comparables, and explicit demand/oversubscription figures limits further assessment of likely first-day performance or trading range.

Prospectus Access

The full prospectus is available at www.hkexnews.hk and www.baili-pharm.com.

How to Apply for the IPO

• Application Channels:
  • White Form eIPO service via www.eipo.com.hk (for those who want a physical share certificate, allotted in your own name)
  • Through your broker or custodian who is an HKSCC Participant, instructing them to apply via HKSCC’s FINI system (allotted in the name of HKSCC Nominees and credited to your designated CCASS stock account)
• Application Window:
  • Opens: 9:00 a.m., Friday, November 7, 2025
  • Closes: 12:00 noon, Wednesday, November 12, 2025
• Minimum Application: 100 Hong Kong Offer Shares, or in multiples as specified in the application table.

Applicants are required to pay the full amount inclusive of all relevant charges upon application. Refunds (if any) will be made according to the final offer price and allocation outcome [[4]].