BAO PHARMA-B (02659) rose more than 10% during the trading session, reaching a high of HK$143, which represents an increase of over 440% from its initial public offering price of HK$26.38. At the time of writing, the stock was up 9.80%, trading at HK$142.30, with a turnover of HK$51.01 million.

Public information indicates that BAO PHARMA possesses KJ017, China's first recombinant human hyaluronidase submitted for market approval, intended for large-volume subcutaneous drug delivery. The company also has KJ103, the world's first IgG-degrading enzyme with potential to be "best-in-class" in terms of low pre-existing antibodies and dosing frequency, for the treatment of antibody-mediated autoimmune diseases. Additionally, the company has SJ02, a long-acting follicle-stimulating hormone drug that has been validated through collaboration, used in assisted reproduction. These three core products have already entered the commercialization phase, are under new drug application review, or are in late-stage clinical trials in China, signaling BAO PHARMA's imminent transition from a purely research-focused stage to a commercial stage.

It is noteworthy that a research report from a securities firm stated that BAO PHARMA has established a clear commercialization strategy and timeline. The firm believes the company's products will begin to generate significant revenue starting in 2026, with KJ017 and SJ02 expected to be the primary revenue drivers. Meanwhile, KJ103, applied for desensitization in kidney transplantation, is anticipated to contribute to revenue from 2027 onward. The KJ103 product for Guillain-Barré syndrome and anti-GBM disease is expected to begin generating revenue at a later date.