B&K CORP-B (02396) made its debut on the Hong Kong Stock Exchange, with shares priced at HK$38.2 each. The company issued 17.6488 million shares, with each lot comprising 200 shares, raising approximately HK$600 million in net proceeds. By the time of reporting, the stock had fallen 11.52% to HK$33.8, with a trading volume of HK$103 million.

Founded in 2012, B&K CORP-B is a China-based biopharmaceutical company focused on developing protein-based therapies for conditions with significant medical needs and market potential. The company specializes in wound healing treatments, particularly PDGF (platelet-derived growth factor) drugs.

As of the latest practicable date, B&K CORP-B's pipeline includes ten candidate products, seven of which are PDGF-based. Among these are two core products: Pro-101-1 for burn and scald treatment, and Pro-101-2 for diabetic foot ulcers, both recombinant human PDGF-BB (rhPDGF-BB) drugs.

According to a Frost & Sullivan report, China currently has three PDGF drug pipelines, none of which have been approved. All PDGF pipelines are based on the PDGF-BB isoform. B&K CORP-B owns two of these pipelines. Pro-101-2 entered Phase II clinical trials for diabetic foot ulcers in February 2022, while Pro-101-1 completed patient enrollment for its Phase IIb trial for deep partial-thickness and superficial partial-thickness burns in April 2025.