Sichuan Biokin Pharmaceutical Co., Ltd.

Date of Prospectus: November 7, 2025

Sichuan Biokin Pharmaceutical: Unveiling a High-Profile Hong Kong IPO with Growth Ambitions

Sichuan Biokin Pharmaceutical Co., Ltd. is launching a significant global offering on the Hong Kong Stock Exchange, opening new opportunities for investors seeking exposure to China’s dynamic pharmaceutical sector. This article offers a detailed, investor-grade breakdown of the offering structure, valuation, financials, risks, and strategic outlook, grounded entirely in the disclosed facts and figures.

IPO Snapshot: Sichuan Biokin Pharmaceutical’s Public Offering

Summary: Sichuan Biokin is bringing its H Shares to the Hong Kong market with a well-defined structure, robust pricing, and a transparent application process, targeting both institutional and retail investors.

Application window for the Hong Kong Public Offering opens at 9:00 a.m. on Friday, November 7, 2025, and closes at 12:00 noon on Wednesday, November 12, 2025. Listing is expected on Monday, November 17, 2025.

Minimum Application: 100 H Shares. Maximum per applicant: 431,700 H Shares.

All payments must be made in full on application, including brokerage (1.0%), SFC transaction levy (0.0027%), AFRC transaction levy (0.00015%), and Stock Exchange trading fee (0.00565%).

Offer Structure and Placement: Public and Institutional Allocation

The Global Offering is split between public investors (10%) and international institutions (90%), with an option to reallocate up to 431,600 Offer Shares from the international tranche to the Hong Kong Public Offering if oversubscription occurs.

• Hong Kong Public Offering: Initially 863,500 H Shares, up to 1,295,100 H Shares (15%) in case of strong demand.
• International Offering: Initially 7,770,800 H Shares, reduced pro rata if the Hong Kong tranche is scaled up.
• No public offer in the United States.

If both tranches are oversubscribed, the final Offer Price will be set at the lower end (HK\$347.50). If the Hong Kong Public Offering is undersubscribed, the balance may be reallocated to the institutions’ tranche.

Deal Parties and Underwriting Structure

Sichuan Biokin’s IPO is backed by high-profile investment banks and sponsors, providing strong listing support and credibility.

• Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers: Multiple parties involved (full list as per prospectus).
• SDICS International Securities is named as Joint Bookrunner and Joint Lead Manager.
• Stabilization/Greenshoe Option: Not explicitly detailed in the available sections.

Obligations of underwriters may be terminated prior to 8:00 a.m. on listing day if certain events occur.

Company Overview: Business Model, Sector, and Leadership

Sichuan Biokin Pharmaceutical Co., Ltd. is a joint stock company incorporated in the People’s Republic of China with limited liability, focused on pharmaceutical research, development, and manufacturing.

• Core business: Pharmaceutical development and commercialization (specific key products, customer segments, and geographies inferred but not itemized in the disclosed text).
• Revenue streams: Not itemized in the summary, but inferred to be from drug sales, licensing, and related healthcare activities.
• Industry Sector: Pharmaceuticals, healthcare, China-based operations with global ambitions.
• Stock Code: 2615

Management Team:

• Dr. Zhu Yi: Chairman of the Board
• 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

Financial Health and Key Metrics

All financial figures and performance measures are presented as per disclosure. For extended historic and segment data, refer to the company’s website or the Stock Exchange’s listing portal.

Dividend Policy and Shareholder Returns

No specific dividend policy, payout ratio, or timetable is disclosed in the available sections.

Investor Participation and Book Quality

Oversubscription metrics, anchor investor names, and pre-listing sales by early shareholders are not explicitly stated in the summarized content.

Institutional and retail allocations are structured to allow reallocation in case of over- or undersubscription, with clear maximums and minimums for each tranche.

Timing, Application Process, and Key Dates

Application window: Opens 9:00 a.m. Friday, November 7, 2025, closes 12:00 noon Wednesday, November 12, 2025, Hong Kong time.

Pricing determination: By 12:00 noon, Thursday, November 13, 2025.

Results announcement: No later than 11:00 p.m., Friday, November 14, 2025.

Listing and commencement of trading: 9:00 a.m., Monday, November 17, 2025.

Minimum application: 100 H Shares (with multiples up to 431,700 H Shares per applicant).

How to Apply:

• White Form eIPO service at www.eipo.com.hk for those wishing to receive a physical share certificate.
• HKSCC EIPO channel via a broker or custodian who is a HKSCC participant, for electronic settlement into CCASS.
• Applicants must pay all associated fees up front and follow the steps outlined on the application site.

Results will be published at www.hkexnews.hk and www.baili-pharm.com, with allocation checks available at www.iporesults.com.hk and by phone at +852 2862 8555.

Settlement and Listing Details

Shares will be eligible for CCASS settlement and will be traded in board lots of 100 H Shares each on the Hong Kong Stock Exchange (stock code: 2615).

No temporary documents of title will be issued. H Share certificates are valid evidence of title only after 8:00 a.m. on listing day.

Growth Strategy and Future Plans

The prospectus signals a growth-driven story for Sichuan Biokin, with the proceeds likely to be used for R&D, capacity expansion, and new product launches (inferred from the pharmaceutical nature and capital raise, as specific breakdown is not listed in the summarized content).

The company’s positioning as a research-driven pharmaceutical enterprise implies ongoing investment in pipeline, technology, and potential geographic expansion.

Risk Factors Affecting Investors

Key risk factors include market volatility, regulatory changes, under-subscription of the public tranche, and potential for underperformance post-listing if the offering does not achieve full subscription.

Investors are reminded that trading in H Shares prior to the share certificate becoming valid is entirely at their own risk.

Ownership Structure and Lock-ups

Pre- and post-IPO shareholding structure, promoter/major shareholder holdings, and lock-up periods are not detailed in the available summary.

Valuation and Peer Comparison

Comparable peer company data, sector valuation multiples, and direct financial ratios are not provided in the summary.

IPO Allotment and First-Day Outlook

Final subscription outcomes by tranche will be published by 11:00 p.m. on Friday, November 14, 2025, on the company and Stock Exchange websites.

Based on the robust structure, strong syndicate, and clear reallocation mechanisms, demand is expected to be healthy, especially among institutional investors. If both tranches are oversubscribed, the offer price will be pegged at the lower end, potentially supporting aftermarket performance.

Listing Outlook: Investor Takeaways

Based strictly on the disclosed facts:

• Sichuan Biokin’s IPO is well-structured with substantial institutional backing and clear application processes, making it attractive for both retail and professional investors.
• The flexibility to reallocate shares between tranches should help absorb excess demand and support price stability on listing day.
• The sector’s strategic importance and the company’s research orientation position it for long-term growth, although sector-specific risks and general market volatility must be considered.
• Assuming strong subscription and a credible syndicate, first-day trading is likely to be firm, with the price potentially opening at or above the lower end of the offer range (HK\$347.50), especially if the maximum reallocation is triggered.

Access to Full Prospectus

For the full details and official prospectus, visit: www.baili-pharm.com or www.hkexnews.hk