On June 9th, the application for an initial public offering on the Shenzhen Stock Exchange's ChiNext board by Zhongshan Bailing Biotechnology Co., Ltd. (referred to as Bailing Biotech) was officially accepted.
Shenwan Hongyuan Securities is acting as the sponsor for the offering, which aims to raise approximately 867.11 million yuan.
According to the prospectus, Bailing Biotech is primarily engaged in the research and development, production, and sales of specialty active pharmaceutical ingredients and intermediates.
Through years of accumulation, the company has mastered proprietary production processes for various bile acid APIs and intermediates.
Leveraging its integrated industry chain and R&D strengths, it has expanded into bile acid formulations and non-bile acid APIs and formulations.
Bailing Biotech has established a strong competitive edge in the bile acid product sector, becoming one of the world's leading suppliers of ursodeoxycholic acid API.
Furthermore, the company capitalizes on its API supply chain advantages to extend its product line downstream.
Its self-developed formulations, Ursodeoxycholic Acid Tablets (50mg) and Iron Protein Succinylate Oral Solution, are currently undergoing registration approval, laying a solid foundation for a more integrated industry chain.
Since 2012, the company's core business, centered on the sale of ursodeoxycholic acid, has remained consistent without significant changes.
Data from QYResearch indicates that during the reporting period, Bailing Biotech's sales of ursodeoxycholic acid API accounted for approximately 16.34%, 21.47%, and 20.21% of the global market volume, respectively, securing its position as the world's second-largest supplier.
The company is recognized as a primary global supplier of ursodeoxycholic acid API and the largest domestic supplier in China.
Bailing Biotech is committed to global market development, with its products exported to numerous overseas countries and regions.
In international markets, its end customers are concentrated in Europe, Asia, and Africa, including renowned global ursodeoxycholic acid formulation companies such as Dr. Falk, PRO.MED.CS, Sun Pharma, and WERTEKS JSC.
In the domestic market, the company has established strong cooperative relationships with major players in the ursodeoxycholic acid formulation sector, including Anshi Pharmaceutical, Saijing Biotechnology, Xuantai Pharmaceutical, and Puyuan Pharmaceutical.
Financially, for the years 2023, 2024, and 2025, the company reported operating revenues of approximately 396 million yuan, 550 million yuan, and 510 million yuan, respectively.
During the same periods, it recorded net profits of about 93 million yuan, 123 million yuan, and 83 million yuan, respectively.
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