"New Shares" Biotechnology Stock BAO PHARMA's First Day of Subscription Over-Subscribed by 63 Times

Biotechnology company BAO PHARMA (02659.HK) began its initial public offering in Hong Kong yesterday (2nd). Market data shows that as of around 10 PM last night, various brokerages had collectively lent over HKD 6.4 billion for margin subscriptions, with the public offering portion raising approximately HKD 100 million, resulting in an oversubscription of about 63 times.

BAO PHARMA expects to raise a net amount of approximately HKD 922 million from this listing in Hong Kong, of which about 53.5% will be used for the research and commercialization of core products, approximately 17.7% will be invested in other existing pipeline products, around 8.4% will be used to optimize proprietary technology platforms and develop new candidate drugs, about 10.4% will be allocated to enhance and expand production capacity, and the remaining 10% will be used for working capital and general corporate purposes