Company Name: Baili Pharmaceutical Co., Ltd.

Date of Prospectus: November 7, 2025

Baili Pharmaceutical IPO: In-Depth Analysis, Growth Prospects, and Investor Outlook

Baili Pharmaceutical’s IPO on the Hong Kong Stock Exchange is set to attract significant attention from global investors seeking exposure to the fast-growing oncology sector. This analysis provides a comprehensive breakdown of the offering, business fundamentals, industry dynamics, financial health, investor participation, and listing outlook—all strictly from the official prospectus. With robust R&D initiatives, cornerstone investor backing, and a strong market position, Baili’s IPO offers a unique opportunity for both institutional and retail investors.

IPO Snapshot: Terms, Pricing, and Offer Structure

IPO Symbol: Not specified in the prospectus. Peer symbols are not disclosed.

Offer Price Range: HK\$347.50 – HK\$389.00 per H Share

Total Offer Size: 8,634,300 H Shares

Post-IPO Outstanding Shares: The 8,634,300 Offer Shares represent approximately 2.05% of the enlarged share capital immediately after the IPO [[629]].

Offer Breakdown:

• Hong Kong Public Offering: 863,500 H Shares (approximately 10% of total offer)
• International Offering: 7,770,800 H Shares (approximately 90% of total offer) [[629]]

Offer Period: November 7, 2025 (9:00 a.m.) to November 12, 2025 (12:00 noon), Hong Kong time [[5]].

Listing Date: Expected November 17, 2025 [[160]].

Prospectus Access: www.hkexnews.hk and www.baili-pharm.com

Use of Proceeds: Growth-Driven Capital Allocation

The IPO proceeds are earmarked for:

• Enhancing international business development
• Strengthening working capital
• Supporting global clinical development
• Strategic growth towards multinational leadership in oncology drugs [[262]]

Concrete Amounts: Inferred from a recent A-share placement in September 2025, RMB3,764,000,000 was raised for R&D projects [[35]]. The IPO proceeds are expected to be similarly directed.

This allocation signals a clear growth-driven story, with a focus on R&D and global expansion.

Dividend Policy and Commitment

No formal dividend policy or fixed payout ratio currently exists. Future dividends may be distributed at the Board’s discretion, depending on operational results, cash flows, financial condition, business prospects, and relevant statutory/regulatory restrictions [[36]]. Shareholders may approve dividends in a general meeting. There are no declared payout ratios or specific timetables.

Placement Breakdown: Public, Institutional, Cornerstone, and Shareholder Allocations

Offer Shares Allocation:

• Hong Kong Public Offering: 863,500 H Shares
• International Offering: 7,770,800 H Shares
• Cornerstone Investors: Up to 715,100 H Shares (at low-end price), representing up to 8.28% of Offer Shares and 0.17% of total issued share capital [[508]]

Cornerstone Investors: BMS (Bristol-Myers Squibb), OAP III (HK) Limited, GL Capital, Athos Capital, Fullgoal Fund [[508]].

There were no disclosed employee allocations or shareholder offers.

Investor Participation & Book Quality

Anchor and Institutional Investors:

• BMS: US\$15 million subscription
• OAP III (HK): US\$5 million
• GL Capital: US\$5 million
• Athos Capital: US\$5 million
• Fullgoal Fund: US\$2 million [[508]]

Cornerstone allocation ranges: 7.40% – 8.28% of Offer Shares, depending on final price [[509]].

No pre-listing disposals or sales by early investors/shareholders are disclosed.

The presence of leading institutional investors and substantial cornerstone commitments suggests strong book quality, likely supporting robust first-day performance.

Deal Parties & Structure: Investment Banks, Underwriters, Sponsors

Sponsors: Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, CLSA Limited, SDICS International Securities (Hong Kong) Limited [[617]]

Joint Bookrunners: Named as above [[45]]

Joint Global Coordinators: Named as above [[45]]

Underwriters: Hong Kong Underwriters and International Underwriters [[617]]

Stabilization/Greenshoe: No explicit mention of stabilization or over-allotment mechanism.

The roster of global tier-one banks and sponsors, along with robust underwriting arrangements, infers strong institutional support and potential for listing-day strength.

Company Overview: Business Model, Revenue Streams, and Market Position

Baili Pharmaceutical is a leading PRC-based biopharma company specializing in innovative oncology drugs. The business model centers on R&D, clinical development, and commercialization of oncology therapeutics, with revenue from drug sales and licensing.

Key Products/Services:

• Drug candidates with a focus on iza-bren and other oncology assets [[31]]
• Exclusive license and collaboration agreement with BMS (Bristol-Myers Squibb) [[509]]

Customer Segments: Hospitals, healthcare providers, and institutions in the PRC and internationally.

Geographies: Majority operations in mainland China; expanding global footprint [[2]].

Industry/Sector Definition: Oncology pharmaceuticals; listed on SSE STAR Market; targeting multinational leadership in the cancer treatment landscape [[171]].

Industry Size: Not quantified in the prospectus.

Financial Health: Multi-Period Performance and Key Metrics

Financial Information: Multi-year consolidated statements available; no explicit net profit or EBITDA figures disclosed in summary [[30]].

Listing Expenses: RMB147.9 million (HK\$162.1 million), representing 5.1% of gross IPO proceeds [[36], [610]].

Cash Flow & Debt: Strong cash position post-A-share placement and IPO; no material adverse change in financial position since June 30, 2025 [[612], [851]].

Market Position, Competitive Advantages, and Brand Strength

Baili Pharmaceutical is positioned as a leading oncology innovator with established manufacturing bases, strategic collaborations (notably with BMS), and rapid development of drug candidates. The company’s SSE STAR Market listing and robust R&D pipeline enhance its credibility and brand value [[262]].

Market share/ranking: Not quantified in the prospectus.

Management Team and Experience

Directors and Senior Management:

• Board of Directors and Audit Committee named [[38]]
• Senior management details available in the prospectus; individual names and roles can be found under “Directors and Senior Management” [[507]]

Relevant experience: Not detailed in summary; full profiles in prospectus [[507]].

Trends, Timing, and Market Environment

Sector/Regional/Global Trends:

• Strong demand for innovative oncology therapies
• PRC and global healthcare regulatory environment evolving [[31], [171]]

Historical Demand Drivers: Cancer treatment landscape, regulatory approvals, R&D success, and hospital adoption.

Seasonality: Not discussed.

Economic/Market Environment: PRC legal, economic, and financial system differs from Hong Kong; regulatory framework and market nature of H Shares is highlighted as a risk [[2]].

Recent Developments: Completion of A-share placement (September 2025); completion of CSRC filing for Hong Kong IPO (December 11, 2024) [[35], [158]].

Overall, current market conditions are favorable for Baili’s IPO, with a robust investor base, strong sector tailwinds, and strategic capital deployment.

Risk Factors: Quantified Exposures and Strategic Risks

Key Risks:

• Regulatory Approval Risk: Lengthy, unpredictable processes with NMPA, FDA, and other agencies [[31]].
• Drug Development and Commercialization Risk: Success of key drug candidates, including iza-bren, is critical; delays or failures could materially impact business [[31]].
• Adverse Events Risk: Potential safety events could halt trials, delay approvals, or negatively affect commercial profile [[31]].
• Financial Risks: No material adverse change since June 30, 2025 [[612], [851]].
• Legal and Regulatory Risks: PRC and Hong Kong legal/regulatory differences [[2]].
• Market/FX/Commodity Volatility: Potential impact on financials; no quantified exposure [[72]].
• Supplier/Customer Concentration: Not quantified.
• Related Party Transactions: Disclosed in Appendix IA [[851]].

Growth Strategy: Expansion, R&D, and Globalization

Baili’s growth strategy is centered on:

• Accelerating R&D of innovative oncology drugs
• Expanding global clinical development
• Leveraging proceeds for international business and strategic growth
• Enhancing core competitiveness via new drug launches and partnerships (notably BMS) [[262]]

Recent A-share placement (September 2025): RMB3.76 billion raised for R&D, demonstrating commitment to innovation [[35]].

Capex Pipeline: Not detailed.

Market Entry & M&A: Not explicitly mentioned.

Ownership & Lock-ups: Pre- and Post-IPO Shareholding Structure

Pre-IPO Shareholders: Not explicitly detailed; cornerstone investors include existing minority shareholders (OAP III HK, GL Capital, Fullgoal Fund) [[506]].

Post-IPO Shareholding: Cornerstone investors will collectively hold up to 0.17% of total issued share capital [[508]].

Promoter/Major Shareholder Holdings: Not detailed.

Lock-in Periods: Company undertakes not to issue additional Shares for six months post-listing, except under certain circumstances [[623]].

ESOPs: Not disclosed.

Valuation and Peer Comparison

No peer company financials, valuation metrics, or sector performance tables are disclosed in the prospectus. Valuation to be inferred post-listing based on offer price and financial results.

Research & Opinions

No analyst price targets or explicit opinions are provided. Industry report by CIC is referenced, supporting sector outlook [[171]].

IPO Allotment Result

Final subscription outcomes by tranche are not provided in the prospectus. Basis of allotment and allocation to cornerstone investors will be announced on or around November 14, 2025 [[507]].

Listing Outlook: First-Day Performance and Subscription Assessment

Based on disclosed facts:

• High cornerstone investor commitment (up to US\$32 million total)
• Global tier-one sponsors and bookrunners
• Growth-driven R&D and international expansion plans
• Strong financial liquidity ratios and recent successful A-share placement
• No material adverse change since June 2025

The IPO appears attractive for subscription, especially for investors seeking exposure to the oncology sector. First-day trading is likely to be strong, with the offer price range (HK\$347.50 – HK\$389.00) providing upside potential, supported by institutional book quality and sector tailwinds.

Prospectus Access

To obtain the prospectus, visit: www.hkexnews.hk or www.baili-pharm.com

How to Apply: Application Channels, Dates, and Eligibility

Application Channels:

• Online via White Form eIPO: www.eipo.com.hk
• Electronically via HKSCC EIPO channel (through brokers/custodians who are HKSCC Participants, using FINI system) [[3], [638]]

Application Window: November 7, 2025 (9:00 a.m.) to November 12, 2025 (12:00 noon), Hong Kong time [[5], [638]]

Eligibility:

• Applicants must be 18 years or older
• Hong Kong address required for White Form eIPO service
• Existing shareholders, Directors, Supervisors, or their close associates cannot apply unless permitted by Listing Rules or waiver/consent by Stock Exchange [[638]]

Instructions: Applicants must pay the maximum offer price (HK\$389.00 per H Share) plus fees on application; refunds will be issued if final offer price is lower [[632]].