---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40244829.md"
description: "$B&K CORP-B(02396.HK)📉 Weak financial fundamentals, severe cash burn: Full-year 2025 revenue was only 522,000 yuan (one-time reagent sales), yet net loss reached as high as 209 million yuan. Return on equity (ROE) was -53.92% (losing 54 yuan for every 100 yuan invested), and for years, it has had neither core operating revenue nor any product on the market. Its core assets primarily rely on external financing for lifeline support.· 💸 Cash reserves are sufficient for short-term survival, but the cash burn pressure is immense: Cash and equivalents at the end of 2025 were only about 73.79 million yuan, while the annual loss was as high as 200 million yuan. The existing cash likely only supports about 4-5 months of operations. Fortunately, the situation may improve significantly after the IPO financing (the September 2025 prospectus disclosed cash of only 105 million, and the listing raised about 674 million HKD). The balance sheet is also relatively healthy (book total assets 128 million vs total liabilities 19 million), and there is currently no risk of insolvency and bankruptcy.· 🔬 Core pipeline is long overdue, commercialization is nowhere in sight: The core flagship product is expected to gain approval for market launch at the earliest in 2027. This is a full 11 years behind competitors. Moreover, administrative expenses in recent years even exceeded R&D investment at one point, raising doubts about its R&D efficiency.· ⚖️ Sword of Damocles: VAM agreement triggers high repurchase pressure: The company signed a VAM agreement with investors (if it cannot list before December 31, 2026, or be acquired at a valuation not less than 3.5 billion yuan, it must redeem shares as agreed). Although it temporarily resolved the crisis by listing just before the deadline in December 2025, secondary market performance has been dismal (the stock price has fallen about 80% from the HK$38.2 issue price). If it cannot maintain its listed status in the future, the repurchase clause may be triggered again, bringing huge cash flow pressure.Rules exist, but still in the safe zone: Although the starting point for sector delisting is usually fraud or long-term inability to sustain operations, the Stock Exchange may also delist a company due to continuous losses and inability to prove viability. However, the company just listed at the end of 2025, meeting basic requirements, and will not be delisted immediately. But considering the dismal trading volume, if clinical results cannot be produced for a long time, maintaining the listed status in the future will be extremely difficult. In summary, the company currently faces no immediate crisis of bankruptcy and closure, but has entered a "must succeed" countdown phase. The most direct survival tests will focus on two time points: the final assessment node of the VAM agreement at the end of 2026, and whether the core product can be successfully approved for market launch in 2027."
datetime: "2026-04-28T04:46:54.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40244829.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40244829.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40244829.md)
author: "[远方投资](https://longbridge.com/en/profiles/17076638.md)"
---

# $B&K CORP-B(02396.HK)📉 Weak financial fundame…


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## Comments (1)

- **远方投资 · 2026-04-28T06:36:29.000Z**: Add a bit more, don't let me down