--- title: "IPO is no longer 'shelved', Bebetter continues to push forward, how to seize the 'fifth set' dividend?" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/32760015.md" description: "Breaking the ice on the STAR Market, Bebetter sets out again. It is reported that on August 7, the China Securities Regulatory Commission approved Bebetter's IPO registration on the STAR Market. Looking back, from the acceptance of the prospectus at the end of June 2022, to the approval in January 2023, and then to the recent registration approval, Bebetter's IPO process has taken more than three years. Two years ago, the tightening of the STAR Market had a significant impact on Bebetter's IPO. Fortunately, the fifth set of standards on the STAR Market has been restarted at this stage, and policy dividends continue to be released, giving Bebetter another chance to break through. Over the years, Bebetter has actually achieved significant breakthroughs in its product offerings..." datetime: "2025-08-08T13:15:23.000Z" locales: - [en](https://longbridge.com/en/topics/32760015.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32760015.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32760015.md) author: "[医药研究社](https://longbridge.com/zh-CN/profiles/15545088.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/32760015.md) | [繁體中文](https://longbridge.com/zh-HK/topics/32760015.md) # IPO is no longer 'shelved', Bebetter continues to push forward, how to seize the 'fifth set' dividend? Breaking the Ice on the STAR Market, Bebetter Starts Again. It is reported that on August 7, the China Securities Regulatory Commission (CSRC) approved Bebetter's IPO on the STAR Market. Looking back, from the acceptance of the prospectus at the end of June 2022, to passing the review in January 2023, and finally obtaining registration approval recently, Bebetter's IPO process has taken over three years. The tightening of the STAR Market two years ago had a significant impact on Bebetter's IPO. Fortunately, the fifth set of standards for the STAR Market has been reinstated at this stage, with policy dividends continuing to be released, giving Bebetter another chance to break through. Over the years, Bebetter has actually achieved significant breakthroughs in its product pipeline, which may have become the confidence behind the company's IPO push. **Accelerating R&D, Facing a Significant Funding Gap** Corresponding to the fifth set of standards for the STAR Market IPO, Bebetter's performance gap is quite obvious. The prospectus shows that in 2022, 2023, and 2024, Bebetter had no revenue, with net losses reaching 188 million yuan, 173 million yuan, and 56 million yuan, respectively. After non-recurring adjustments, net losses were 207 million yuan, 188 million yuan, and 158 million yuan, respectively. In the first half of 2025, Bebetter reported a net loss of 73.89 million yuan, with an adjusted net loss of 79.83 million yuan. Additionally, Bebetter expects no sales income in the first nine months of 2025, with a net loss ranging from 107 million yuan to 115 million yuan, a decrease of 0.92% to 7.56% year-on-year. The adjusted net loss is expected to be between 120 million yuan and 127 million yuan, a decrease of 4.47% to 9.58% year-on-year. As a clinical value-oriented biopharmaceutical company focused on independent R&D of innovative drugs, Bebetter clearly faces strong R&D needs and significant funding pressure. According to its official website, Bebetter currently focuses on major disease areas such as tumors, autoimmune diseases, and metabolic diseases, with over a dozen product pipelines aimed at developing first-in-class drugs (First-in-Class) and innovative drugs for unmet clinical needs. To support this product matrix, Bebetter has continuously increased its R&D investment. The prospectus previously submitted by Bebetter mentioned that from 2022 to 2022, the company's R&D expenses were 59.1175 million yuan, 116 million yuan, and 167 million yuan, with R&D expense ratios of 90.94%, 89.84%, and 92.02%, significantly higher than the industry average of 63.14%, 61.93%, and 61.21%. This time, Bebetter is largely restarting its IPO to enhance the sustainability of its R&D. It is reported that Bebetter plans to raise 2.005 billion yuan, of which 949 million yuan will be invested in new drug R&D projects, mainly to advance clinical trials for its clinical-stage pipelines, 555 million yuan will be invested in the Qingyuan R&D Center and Industrialization Base Construction Project, and 500 million yuan will be used to supplement working capital. Of course, as is well known, although the fifth set of standards for the STAR Market allows unprofitable cutting-edge technology companies to go public, it also sets certain thresholds, such as a market value of no less than 4 billion yuan, core products must at least enter Phase II clinical trials, and have a large market space. In terms of valuation, public information shows that Bebetter completed its Pre-IPO (Series B) financing in November 2021, with a post-investment valuation of 3.842 billion yuan, close to the threshold. Additionally, some investors stated, "This time, Bebetter plans to issue no more than 70 million shares (accounting for 10% of the total post-issuance shares) and raise 2.005 billion yuan. Based on the issue price range, Bebetter's overall valuation after listing may reach 9-11 billion yuan." On the road to IPO, Bebetter's valuation is basically up to standard, but what about the most important product development progress? **Product Commercialization: Not Without Progress** Facts prove that Bebetter's years of R&D investment have yielded many results. Among Bebetter's many product pipelines, three products are currently at the forefront of development: BEBT-908, BEBT-209, and BEBT-109. The most notable product is BEBT-908. Public information shows that BEBT-908 is a first-in-class (First-in-Class) dual-target inhibitor of phosphatidylinositol-3-kinase (PI3K) and histone deacetylase (HDAC) independently developed by Bebetter. Its generic name is Yipinuosita Hydrochloride for Injection (formerly known as Shuanglisita), with the brand name Betelin®. It was officially approved by the National Medical Products Administration (NMPA) in July this year for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) who have received at least two lines of systemic therapy. The product's approval for market launch indicates that its efficacy has been thoroughly tested. It is reported that in the Phase IIa study for third-line and above treatment of r/r DLBCL, Shuanglisita achieved a disease control rate (DCR) of 66.7% and an objective response rate (ORR) of 50%, demonstrating good anti-tumor activity. In the further Phase IIb key clinical trial, data from 93 r/r DLBCL patients showed that Shuanglisita's ORR was higher than the conditional approval requirements agreed with the Center for Drug Evaluation (CDE), and Shuanglisita significantly prolonged patients' overall survival (OS). Additionally, the product has good safety and tolerability, with treatment-related adverse events (TRAEs) mainly being hematological adverse reactions, which can self-resolve or recover after drug intervention during the treatment cycle. Based on this, many industry insiders believe that BEBT-908 will have great potential in specific disease treatment areas. Currently, diffuse large B-cell lymphoma (DLBCL) is the most common aggressive subtype of non-Hodgkin lymphoma (NHL), with approximately 150,000 new cases globally each year, accounting for 45.8% of all NHL cases and 40.1% of all lymphomas. Traditional regimens such as R-CHOP chemotherapy based on the original rituximab can significantly improve the prognosis of DLBCL patients, but many patients still face relapse/refractory issues, requiring more effective treatment options. This is the market opportunity for BEBT-908. Additionally, Bebetter stated that BEBT-908's clinical trials for relapsed or refractory peripheral T-cell lymphoma (r/r PTCL), relapsed or refractory follicular lymphoma (r/r FL), chronic lymphocytic leukemia/small lymphocytic lymphoma (r/r CLL/SLL), and marginal zone lymphoma (r/r MZL) are underway, further expanding its potential market. Now, let's talk about the other two products. BEBT-209 is a highly selective CDK4/6 inhibitor for HR+/HER2- advanced breast cancer (in combination with fulvestrant). BEBT-109 is a highly active pan-mutant EGFR inhibitor for non-small cell lung cancer (NSCLC) driven by various mutant EGFRs. Both products are already in Phase III clinical trials and target large markets, with promising commercial prospects. Overall, these key R&D achievements can be considered highlights in Bebetter's development. However, judging from Bebetter's performance forecasts, even with products already on the market, it does not mean "opening up sales channels." The company still needs time to build market presence and influence. With the majority of its pipelines still in development, Bebetter's urgency to enter the capital market and secure financing channels is even more apparent. Source: Pharmaceutical Research Society