Sichuan Biokin Pharmaceutical Co., Ltd. (Biokin, 688506.SH), which had passed the Hong Kong Stock Exchange (HKEX) hearing in late October 2025, announced an unexpected delay in its H-share global offering and listing on November 12. The company cited current market conditions as the reason for postponement.
Biokin initially disclosed plans for an H-share listing in June 2024 but saw its first two prospectus filings in July 2024 and January 2025 expire. After its third submission, the company cleared the HKEX hearing on October 22, 2025. The prospectus revealed plans to offer 8.6343 million H-shares at a price range of HK$347.5 to HK$389, with subscription running from November 7 to 12. The listing, originally scheduled for November 17, was expected to qualify for Stock Connect inclusion on debut.
Market observers attribute the postponement to cooling sentiment in Hong Kong's IPO market, where multiple recent listings have fallen below their offer prices amid investor sensitivity to high valuations. Biokin stated it would refund subscription amounts by November 17 while evaluating an updated timeline.
The aborted offering could have raised up to HK$3.3 billion. Brokerage data showed the retail tranche was oversubscribed 17.8 times with HK$6.33 billion in margin financing as of November 12 morning.
Biokin's journey from a regional generic drug maker to a RMB150 billion market cap innovator—ranking among China's top three biopharma stocks—has been dramatic. After years of losses and financial strain, the company achieved a turnaround through an $8.4 billion global licensing deal for its flagship drug BL-B01D1 (iza-bren) with Bristol-Myers Squibb (BMS) in December 2023. The agreement included $8 billion upfront and potential milestone payments up to $76 billion.
This deal propelled founder Zhu Yi to become Sichuan's richest person with RMB115 billion wealth in the 2025 Hurun Rich List. The windfall boosted Biokin's 2024 revenue to RMB5.823 billion and net profit to RMB3.708 billion. However, the company returned to losses in H1 2025 (RMB1.118 billion) as R&D spending remained elevated.
BL-B01D1, the world's first EGFR×HER3 bispecific ADC in Phase III trials, represents Biokin's core asset. Targeting multiple solid tumors including non-small cell lung cancer and nasopharyngeal carcinoma, the drug has 10 ongoing Phase III trials in China, seven designated as "breakthrough therapies." Interim analysis for nasopharyngeal cancer met primary endpoints in July 2025, with NDA submission following in September.
However, competition looms from Daiichi Sankyo's blockbuster ADC Enhertu (DS-8201), which posted ¥552.8 billion sales in FY2024. Biokin must demonstrate BL-B01D1's differentiated efficacy to challenge established players. Global Phase III trials have yet to commence fully, leaving commercialization timelines uncertain.
While Biokin has built platforms for bispecific antibodies, ADCs, and other novel modalities, most pipelines remain early-stage. Its newly approved ADC BL-M24D1 for hematologic malignancies and solid tumors represents a secondary asset but lags behind BL-B01D1's development.
Financially, Biokin appears well-capitalized with BMS's upfront payment, 2023's RMB988 million科创板 IPO proceeds, and a RMB3.764 billion private placement in September 2025. However, global Phase III trials and commercialization preparations require sustained billions in funding.
The HK listing aimed to address multiple needs: rebalancing its inflated A-share valuation (RMB365.21/share, RMB150.8 billion market cap vs. IPO price of RMB24.70), countering institutional selling (fund ownership dropped from 50.5% to 30.43% in H1 2025), and advancing Zhu Yi's vision of building a "junior multinational pharma" by 2029.
With Goldman Sachs, J.P. Morgan, and CITIC Securities as joint sponsors, Biokin's HK debut seemed imminent. Yet the postponement underscores challenges in convincing global investors about its single-asset dependency and long-term profitability before achieving commercial sales. The company now faces intensified scrutiny over its clinical execution and financial sustainability as it navigates this unexpected setback.
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