Company Name: Baili Pharmaceutical Group Co., Ltd.
Date of Prospectus: November 7, 2025

Baili Pharmaceutical Group Launches Hong Kong IPO: Comprehensive Analysis, Financials, Cornerstone Investors, and Listing Outlook

IPO Snapshot: Key Terms and Offering Structure

Baili Pharmaceutical Group Co., Ltd. is set to debut its H Shares on the Main Board of the Hong Kong Stock Exchange, targeting investors with a high-profile, growth-driven offering. The IPO offers a unique opportunity to invest in a leading PRC-based oncology pharmaceutical innovator with ambitious global expansion plans.

• IPO Symbol: Not explicitly disclosed. Peer symbols not provided.
• Offer Price Range: HK\$347.50 to HK\$389.00 per H Share
• Total Offer Size: 8,634,300 H Shares (863,500 via Hong Kong Public Offering, 7,770,800 via International Offering)
• Post-IPO Outstanding Shares: Not stated as a total figure, but the Offer Shares will represent approximately 2.05% of the enlarged share capital immediately after the IPO
• Offer Period: November 7, 2025 (9:00 a.m.) – November 12, 2025 (12:00 noon)
• Expected Price Determination Date: By 12:00 noon, November 13, 2025
• Expected Listing Date: Monday, November 17, 2025

Use of Proceeds: Focus on R&D, International Expansion, and Growth

The offering is designed as a growth story. Baili Pharmaceutical will deploy IPO proceeds to enhance its international business development, support global clinical trials, strengthen working capital, and accelerate its strategic goal of becoming a multinational leader in oncology drugs. Recent A Share placements raised RMB3.76 billion to support R&D, underlining the company’s commitment to innovation and pipeline advancement [[35]], [[262]].

Dividend Policy and Shareholder Returns

The company does not currently have a formal dividend policy or fixed payout ratio. Future dividend decisions will be at the Board’s discretion, based on financial performance, cash flows, and business prospects, subject to relevant laws and articles of association. No explicit commitment or timetable for dividends has been set [[36]].

Offer Allocation: Public, Institutional, and Cornerstone Investors

Distribution Breakdown:

• Hong Kong Public Offering: 863,500 H Shares (10% of total offer, ~0.20% of enlarged share capital)
• International Offering: 7,770,800 H Shares (90%, ~1.84% of enlarged share capital)
• Cornerstone Investors: Up to 715,100 H Shares (up to 8.28% of the offer, 0.17% of enlarged share capital at low-end price; see table below)

Investor Participation and Book Quality

High-profile cornerstone investors anchor the IPO. The presence of Bristol-Myers Squibb (BMS), OAP III, GL Capital, Athos Capital, and Fullgoal Fund provides a vote of confidence in the company’s business model and growth prospects. Cornerstone allocations are subject to pro-rata adjustment but collectively account for a significant portion of the institutional tranche. No pre-listing disposals or major secondary sales by early shareholders are disclosed.

Judging by the caliber and commitment of cornerstone investors and the presence of well-known investment banks as deal parties, the book quality is expected to be strong, suggesting potential for robust first-day trading performance.

Deal Parties, Underwriting Structure, and Support Mechanisms

Investment Banks, Sponsors, & Underwriters:

• Joint Sponsors: Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, CLSA Limited, SDICS International Securities (Hong Kong) Limited
• Underwriters/Bookrunners: Same as above, supporting both the Hong Kong and International tranches
• Compliance Adviser: Messis Capital Limited

Underwriting Structure:

• Hong Kong Public Offering and International Offering are fully underwritten.
• Underwriters’ commission: 2.5% of aggregate offer price; discretionary incentive fee up to 1.0% may be paid at the company’s discretion.
• Stabilization/Over-allotment (Greenshoe): Not explicitly stated.

The presence of global banks and blue-chip sponsors is likely to support liquidity and confidence on listing day, as inferred from the disclosed deal structure and participant roles.

Company Overview: Oncology Leadership and Growth Ambitions

Baili Pharmaceutical Group Co., Ltd. is a PRC-based biopharmaceutical innovator specializing in oncology drugs, with a business model centered on the research, development, manufacturing, and commercialization of innovative treatments. The company is a dual-listed entity, with A Shares trading on the SSE STAR Market (code: 688506) since January 6, 2023, and now expanding internationally via this H Share IPO.

Business Model and Revenue Streams:

• Focus on innovative oncology drugs, especially immunotherapies (notably “iza-bren” and other pipeline candidates).
• Monetization through product sales, collaboration/licensing (notably with BMS), and leveraging a strong R&D pipeline.
• Key customer segments: hospitals, healthcare institutions, and global pharmaceutical partners.
• Geographic focus: China (core market), with international expansion underway.

Industry Definition and Market Size:

• Sector: Oncology pharmaceuticals, with a focus on immunotherapy and innovative cancer treatments.
• The company operates in a sector characterized by high unmet medical needs and robust long-term demand drivers.

Financial Health: Multi-Period Performance Metrics

The company demonstrates strong liquidity post-2023, with a notable rebound in current and quick ratios, reflecting improved working capital and cash position following recent fundraising. Gross margin volatility highlights the impact of product mix and ramp-up of new therapies [[30]].

Market Position, Brand Strength, and Competitive Advantages

• Early-mover advantage in China’s oncology biopharma sector.
• Strong R&D pipeline and partnership with BMS position the company as a regional leader in immunotherapy.
• Brand recognized for innovation and compliance with international standards.
• Successful A Share listing on the SSE STAR Market in 2023, with an initial market cap of approximately RMB9.9 billion.

Management Team: Leadership Driving Innovation

The management team is led by a Board of Directors and senior executives with extensive experience in pharmaceuticals, R&D, and international collaborations. Names and detailed biographies are listed in the prospectus, including the CEO and heads of R&D and operations [[9]].

Sector Trends, IPO Timing, and Market Environment

Baili Pharmaceutical operates in a sector driven by:

• Rising cancer incidence and demand for innovative treatments in China and globally.
• Government support and regulatory reforms accelerating drug approvals and access.
• Strong post-pandemic recovery in healthcare investment and biopharma funding.

IPO Timing:

• Offer Period: November 7–12, 2025
• Expected Listing Date: November 17, 2025

The IPO is timed to capture robust sector momentum and increased investor appetite for biotech innovation.

Recent Company Developments:

• Completion of a significant A Share placement in September 2025, raising RMB3.76 billion for R&D expansion.
• High utilization of prior IPO proceeds (over 93% deployed), reflecting active pipeline growth.
• Completion of PRC regulatory filings for the H Share listing.

Market conditions appear favorable for a growth-oriented biotech IPO, with strong sector tailwinds and positive regulatory developments [[262]].

Risk Factors: Quantified and Strategic Exposures

Key risks highlighted by the company include:

• Dependence on success of lead drug candidates (notably “iza-bren”); delays or failures in clinical development or regulatory approval could materially impact prospects.
• Regulatory risks across NMPA (China), FDA (US), and other jurisdictions due to lengthy, uncertain approval processes.
• Adverse events in clinical trials could delay or block commercialization, or negatively impact approved products.
• Concentration in oncology and innovative drugs exposes the company to product and market risk.
• Foreign exchange fluctuations, changes in government policy, or adverse macroeconomic events could impact results.
• No current dividend commitment; shareholder returns depend on future performance and Board discretion.
• Significant R&D spending and capital requirements may result in further dilution or financial risk if market conditions deteriorate [[31]].

Growth Strategy: Pipeline, Expansion, and Partnerships

Baili Pharmaceutical’s post-IPO strategy emphasizes:

• Accelerating R&D and clinical development of innovative oncology drugs, funded by IPO and recent A Share proceeds.
• Expanding international presence, leveraging the Hong Kong listing as a global capital platform.
• Strengthening strategic partnerships, most notably the collaboration and licensing deal with Bristol-Myers Squibb (BMS) signed December 2023.
• Enhancing manufacturing capabilities at the Wenjiang (Baili Base) and Leshan (Guorui Base) facilities.
• Exploring further strategic M&A and pipeline expansion opportunities as the sector consolidates [[262]], [[35]].

Ownership and Lock-Ups: Shareholding Structure and Commitments

Pre- and Post-IPO Shareholding:

• Major shareholders include the founders, management, and strategic investors. Exact percentages post-IPO are not detailed, but cornerstone investors will not become substantial shareholders.
• OAP III (HK) will hold less than 7.0% post-IPO; cornerstone allocations are below 8.3% of the offer.
• Directors and major shareholders are subject to lock-up and minimum public float requirements per Hong Kong Listing Rules. The company has undertaken not to issue further shares for six months post-listing, per Rule 10.08.

Listing Outlook: First-Day Performance Inference and Subscription Appeal

Based on the disclosed facts:

• High-profile cornerstone investors and blue-chip underwriters provide institutional endorsement and likely enhance demand.
• Offer structure and use of proceeds indicate a strong growth and R&D acceleration strategy, attractive to long-term biotech investors.
• Absence of dividend commitment and reliance on future pipeline success may limit appeal for yield-focused investors.
• Strong sector trends and robust liquidity suggest the IPO is worth considering for growth and innovation-focused portfolios.
• Inferred from prospectus data, the likely first-day trading range could see shares open at or above the mid-point of the offer range, with potential for strong demand-driven upside if sector sentiment remains favorable.

How to Access the Prospectus

Investors can obtain the official prospectus at: www.hkexnews.hk and www.baili-pharm.com

How to Apply: Channels and Application Steps

Application Channels:

• Apply online through the White Form eIPO service at www.eipo.com.hk
• Apply electronically via the HKSCC EIPO channel through brokers or custodians who are HKSCC Participants, using the FINI system

Application Window: Opens 9:00 a.m., November 7, 2025, and closes 12:00 noon, November 12, 2025 (Hong Kong time). Applicants must be 18 years or older and have a Hong Kong address for online applications.

Summary:
Baili Pharmaceutical Group’s Hong Kong IPO offers investors access to a high-growth, innovation-driven oncology leader with a strong pipeline, institutional support, and a clear international expansion agenda. With robust sector dynamics and blue-chip bookrunners, the IPO is positioned for a successful debut, though investors should weigh R&D and regulatory risks alongside the substantial upside potential.