BAO PHARMA-B (02589) gained nearly 5% against the broader market trend, rising 3.79% to HKD 68.45 by the time of writing, with a trading volume of HKD 18.38 million.

Recently, BAO PHARMA-B officially listed on the main board of the Hong Kong Stock Exchange, closing up 138.82% on its debut. Its market capitalization has now exceeded HKD 20 billion.

According to its prospectus, BAO PHARMA-B strategically focuses on four key areas: large-volume subcutaneous drug delivery, antibody-mediated autoimmune diseases, assisted reproductive technology, and recombinant biopharmaceuticals. The company's pipeline includes 12 self-developed investigational products, comprising three core candidates (KJ017, KJ103, and SJ02 (Sheng Nuowa®)), four other clinical-stage candidates (BJ007, KJ015, SJ04, and KJ101), and five preclinical assets (BJ008, BJ009, BJ045, BJ047, and BJ044).

Analysts note that BAO PHARMA-B has established a unique "pyramid-shaped" pipeline structure, supported by its scenario-driven strategy, synthetic biology technological barriers, and cost-leading industrial advantages.

At the base of this pyramid are products with short clinical cycles, low costs, and high market demand certainty, such as the already-approved SJ02 and KJ017, for which a New Drug Application (NDA) has been submitted. These products address clear clinical pain points and enable rapid revenue generation, providing the company with self-sustaining cash flow and mitigating the financing concerns typical of pre-revenue biotech firms.