On August 6, 2026, Sichuan Biokin Pharmaceutical Co., Ltd. (hereinafter referred to as Biokin Pharma; 688506.SH) submitted its fourth application for an H-share listing on the Main Board of the Hong Kong Stock Exchange, aiming to achieve dual listing in both A-shares and H-shares. The joint sponsors are CITIC Securities, Jefferies, CICC, and Deutsche Bank. Looking back at its journey to the Hong Kong market, the company previously filed applications in July 2024, January 2025, and September 2025. In October 2025, it passed the HKEX hearing and launched a public offering in November, originally planning to list on November 17, but ultimately suspended the global offering on the eve of the listing. This marks its fourth attempt.

According to Tianyancha and the prospectus, Biokin Pharma was established in 1996 and has been deeply rooted in the pharmaceutical industry for nearly three decades. It listed on the Shanghai Stock Exchange's Science and Technology Innovation Board on January 6, 2023. In 2010, the company made a strategic decision to enter the innovative drug business, and since 2014, it has focused on developing breakthrough therapies in the oncology field, with key emphasis on three tracks: antibody-drug conjugates (ADC), antibody-radionuclide conjugates (ARC), and multispecific T-cell engagers (TCE). The company's core product, Yizecan (an EGFR×HER3 bispecific ADC), received approval from China's National Medical Products Administration in June 2026 for the post-line treatment of nasopharyngeal carcinoma, and in July, it received additional approval for second-line treatment of esophageal squamous cell carcinoma, making it the world's first and only approved bispecific antibody ADC. The company is registered in Chengdu, Sichuan, and has established a SystImmune R&D center in Seattle, USA, as well as the Baili Pharmaceutical R&D Center and Duote Biologics R&D Center in Chengdu, advancing global innovation through collaboration between China and the United States.

Regarding the capital operation logic behind this fourth filing, renowned economist Song Qinghui believes: "Biokin Pharma has a strong willingness to pursue A+H dual listing. The core logic is not just financing, but more importantly, expanding into international capital markets, enhancing global visibility, and providing financial support for subsequent innovative drug R&D, commercialization, and internationalization strategies. Especially after Yizecan's approval, the commercial value of the company's core assets has further increased, making the pursuit of a Hong Kong listing strategically significant at this time. However, the suspension of the global offering on the eve of the listing also indicates that whether the Hong Kong IPO can ultimately materialize depends not only on the company's fundamentals but also to a high degree on market valuation, investor subscription willingness, and the issuance window. If the market believes the issue price cannot fully reflect the company's value, a forced listing could instead lead to breaking issue price and valuation pressure. Therefore, this re-attempt should place greater emphasis on issue pricing and market tolerance."

With this filing, market attention is focused on three aspects: first, the beginning of the commercialization year, but the company's revenue is highly dependent on licensing fees and BD collaborations, having fallen back into losses since 2025; second, R&D investment continues to surge, with R&D expenditure in 2025 approaching the revenue scale of that year; third, after the A-share listing, the company is once again pursuing an H-share listing, raising questions about how its capital needs and globalization strategy will be implemented behind the four filing attempts.

1. Earnings Rollercoaster Decline, Revenue Structure Still in Need of Optimization

In terms of financial data, during 2024, 2025, and the first three months of 2026 (hereinafter referred to as the reporting period), Biokin Pharma achieved operating revenues of RMB 5.821 billion, RMB 2.518 billion, and RMB 94.076 million, respectively, with net profits attributable to the parent company of RMB 3.708 billion, -RMB 1.054 billion, and -RMB 775 million. The large profit in 2024 was primarily due to licensing fee income recognized from the global strategic license and collaboration agreement with Bristol-Myers Squibb (BMY.US) regarding Yizecan, while 2025 and the first three months of 2026 turned back to losses. According to the latest semi-annual report, the company achieved operating revenue of RMB 187 million, a year-on-year increase of 9.43%; the net loss attributable to shareholders of the listed company was RMB 1.637 billion, compared with a loss of RMB 1.118 billion in the same period last year; basic earnings per share were -RMB 3.97 per share.

In terms of revenue structure, in 2024, licensing fee income was RMB 5.332 billion, accounting for 91.60% of total revenue, while drug sales revenue was RMB 487 million, accounting for 8.40%; in 2025, licensing fee income was RMB 2.124 billion, accounting for 84.40%, with drug sales of RMB 380 million, accounting for 15.10%; in the first three months of 2026, no licensing fee income was recognized, with drug sales of RMB 91.981 million, accounting for 97.80%. The 56.73% year-on-year decline in 2025 revenue was mainly due to the scale of milestone and licensing fee income recognized that year being smaller than the upfront payment income recognized in 2024. Management has listed the commercialization of core products and indication expansion, maintaining financial stability through generic drugs and proprietary Chinese medicine businesses, and continuing to advance the diversified innovative drug portfolio as the three major strategic priorities to drive long-term growth and profitability.

In terms of sales model, the company's generic drugs and proprietary Chinese medicine products are mainly sold to hospitals, pharmacies, and other medical institutions through distributors, while innovative drug commercialization relies on a self-built oncology commercialization team, with channel construction still in its infancy. It is reported that on December 11, 2023, Biokin Pharma entered into an exclusive license and collaboration agreement with Bristol-Myers Squibb, effective February 8, 2024, under which BMS agreed to pay an upfront payment of USD 800 million and up to USD 500 million in contingent near-term payments. The company is also eligible for additional payments of up to USD 7.1 billion upon achieving certain development, regulatory, and sales performance milestones, with total potential consideration of up to USD 8.4 billion. Under the agreement, the two parties established four joint committees to manage the collaboration, with BMS and SystImmune jointly developing Yizecan in the United States. The company retains exclusive rights to develop and commercialize in mainland China, with BMS receiving royalties on net sales, while the company receives tiered royalties on net sales in the rest of the world.

At the A-share level, since its listing on the Science and Technology Innovation Board, the company has continued to intensify innovative drug R&D. The approval of Yizecan in 2026 marks the harvest period for its innovative drug strategy. Regarding this business model of heavy reliance on BD transactions for revenue, Liu Shengyu, Managing Partner of Gaohe Investment, analyzed for Harbor Business Observer that this is actually a relatively typical development path for innovative drug companies now. BD revenue itself is not a problem; on the contrary, it shows that the company's R&D assets have gained recognition from international major pharmaceutical companies. Moreover, large-scale licensing deals like Yizecan can significantly improve cash flow and support subsequent clinical trials and pipeline expansion. However, the problem is that BD revenue is inherently volatile. The large profit in 2024 due to licensing upfront payments does not mean the company has formed stable profitability; the reappearance of losses in 2025 and Q1 2026 is essentially because the company is in a phase of high R&D investment.

"From a valuation perspective, I would view 'Yizecan's commercial ramp-up' as more important than pure BD milestones," Liu Shengyu stated. "BD upfront payments and milestone revenue can prove product value and periodically improve the income statement, but they are not stable income. What truly determines whether an innovative drug company can transition from a Biotech to a mature Biopharma is whether the product can sustain sales growth after launch." He believes that going forward, the most critical indicator for Biokin Pharma is not how much money it makes in any given year, but rather the hospital access, sales ramp-up, indication expansion, and overseas clinical progress of Yizecan after approval. If commercialization can succeed, combined with subsequent milestone payments and sales royalties from Bristol-Myers Squibb, the company's valuation system will gradually shift from "pipeline valuation + BD expectations" to "product sales + global rights value," and the certainty of such valuation will be significantly higher.

The commercial potential of Yizecan is the core of the market's attention to Biokin Pharma's valuation. As of the last practicable date, Yizecan is being evaluated in more than 45 clinical trials in China and overseas, including 14 Phase III trials in China, three global pivotal Phase II/III registration trials, 21 Phase II trials, and six early-stage clinical trials, covering more than 10 major solid tumor types in first-line, post-line, maintenance, and perioperative settings. The core patent protection period is expected to extend to November 2042. The nasopharyngeal carcinoma indication approval was based on the world's first confirmatory randomized controlled Phase III study for post-line treatment of nasopharyngeal carcinoma, with an objective response rate of 54.60% versus 27.00% compared with chemotherapy, and median progression-free survival of 8.38 months versus 4.34 months.

2. Surging R&D Investment, Operating Cash Flow Turns Negative

Innovative drug R&D investment is the absolute major cost item for Biokin Pharma. During the reporting period, the company's R&D expenditures were RMB 1.443 billion, RMB 2.514 billion, and RMB 695 million, respectively, with R&D expenditure in 2025 accounting for 99.80% of that year's revenue. Specifically for core products, R&D expenditures attributable to Yizecan in 2024 and 2025 were RMB 746 million and RMB 1.8 billion, respectively, accounting for 51.70% and 71.60% of total R&D expenditure, with clinical advancement of core products significantly consuming cash. Looking at quarterly data, as of Q1 2025 and Q1 2026, R&D expenditures attributable to Yizecan were approximately RMB 327 million and RMB 489 million, respectively, accounting for 66.00% and 70.40% of total R&D expenditure in the respective periods, with the proportion of core product investment continuing to rise.

Liu Shengyu believes that Biokin Pharma's R&D investment of approximately RMB 2.5 billion in 2025 indicates that the company is using funds obtained from BD to continue betting on its subsequent pipeline. This logic can hold, but the premise is that R&D investment must ultimately be continuously converted into clinical data, product approvals, and new BD transactions. The loss pressure is equally noteworthy. In 2025, the company recorded a net loss of RMB 1.054 billion again, forming a stark contrast with the net profit attributable to the parent of RMB 3.708 billion in 2024 due to the one-time recognition of the BMS upfront payment. Between one profit and one loss, the company's high dependence on BD transactions for profitability is fully exposed. In the first three months of 2026, the company's net loss expanded to RMB 775 million, compared with RMB 531 million in the same period of 2025. The main reasons are: on one hand, R&D expenditure increased from RMB 495 million in the same period last year to RMB 695 million, with clinical advancement of core products continuously consuming cash; on the other hand, no licensing fee income was recognized in the current period, making it difficult for the revenue side to cover high R&D investment and operating expenses.

At the cash flow level, net cash generated from operating activities was RMB 3.842 billion in 2024, turning to -RMB 977 million in 2025, and -RMB 778 million in the first three months of 2026, with continuous operating cash outflows. The company estimates that assuming the future average cash burn rate is 2.00 times the 15-month period from January 2025 to March 2026, based on bank and cash on hand and other financial assets as of March 31, 2026, excluding IPO proceeds, it can maintain financial viability for approximately 32 months, and approximately 45 months after including estimated fundraising proceeds. The loss expansion in the first three months of 2026 is due to increased R&D expenditure from RMB 495 million in the same period last year on one hand, and no licensing fee income recognized in the current period on the other. The company has built four core technology platforms—HIRE-ADC, GNC, SEBA, and HIRE-ARC—supporting drug discovery and development across different therapeutic modalities including ADC, ARC, and TCE.

At the asset level, as of March 31, 2026, the company had net current assets of RMB 7.99 billion and net assets of RMB 5.644 billion, compared with net assets of RMB 6.623 billion at the end of 2025. The company has invested part of its funds in time deposits and financial assets measured at fair value through profit or loss, with a relatively stable overall asset structure. However, the continued outflow of operating cash flow still reflects the industry-wide characteristics of high investment and long cycles during the innovative drug R&D phase, placing higher demands on the company's financing rhythm and capital operation capabilities.

At the pipeline level, as of the last practicable date, the company's innovative drug pipeline includes 15 clinical-stage drug candidates, five of which are undergoing clinical development outside China, with all assets independently discovered. The company is currently advancing more than 100 clinical trials globally, including three global pivotal registration trials for Yizecan conducted jointly with BMS, as well as a global Phase III trial evaluating its self-developed DLL3-targeting ADC drug BL-M14D1. It is expected that by Q1 2027, the company will have cumulatively initiated eight global Phase III clinical trials. According to CIC data, the company is one of the few Chinese pharmaceutical companies capable of independently initiating and conducting global Phase III clinical trials. In terms of R&D team, the company has assembled a team of more than 1,000 professionals domestically and internationally, including over 100 overseas R&D personnel, with the capability to independently conduct Phase I to Phase III clinical research. Regarding working capital, the company believes that based on available cash and cash equivalents, time deposits and financial assets, expected operating cash flow, available bank financing, and estimated fundraising proceeds, it will have sufficient funds to cover at least 125% of its working capital needs and capital expenditure financial requirements for at least the next 12 months from the date of the document.

3. Generic Drug Business Declining, Globalization and Commercialization Challenges Ahead

Before the innovative drug ramps up, Biokin Pharma's drug sales still primarily come from the generic drug and proprietary Chinese medicine businesses, and this segment's revenue has been continuously declining. The company has 31 approved generic drugs and more than 100 specifications of proprietary Chinese medicine products, covering therapeutic areas including anesthetics, parenteral nutrition, pediatric drugs, and anti-infective drugs. Major products include Lewei Jing (propofol injectable emulsion), Shuwei Jing (sevoflurane for inhalation), Tianze (medium/long-chain triglyceride injectable emulsion), Pujikang (glucose electrolyte effervescent tablets), and Huangqi granules. Among these, Lewei Jing contributed 27.10% of drug sales revenue in 2024, and Huangqi granules accounted for 30.10%, with the coexistence of single-product dependence and price reduction pressure from volume-based procurement. The prospectus notes that before the company begins generating revenue from the commercialization of innovative drug candidates, it relies on sales of commercialized products. If it fails to maintain the sales volume, pricing levels, and profit margins of existing listed products, its operations, revenue, and profitability could be adversely affected.

At the commercialization level, 2026 marks the first year of innovative drug commercialization for Biokin Pharma. Yizecan has been approved for marketing, and the company has assembled a commercialization team with extensive oncology experience to support rapid market access and volume ramp-up after product launch. The new drug application for Yizecan for the treatment of triple-negative breast cancer was accepted by the National Medical Products Administration in June 2026. In terms of clinical data, the PANKU-Breast02 study presented by Yizecan at the 2026 ASCO Annual Meeting showed statistically significant improvements compared with chemotherapy in overall survival (median 15.90 months versus 12.50 months, with a 40% reduction in risk of death) and progression-free survival (median 8.50 months versus 3.10 months, with a 71% reduction in risk of disease progression or death).

At the production supply level, the company has built an integrated full-industry-chain production system, with multiple production bases including the Baili base, Haiyate/Jingxi base, and Tianze base, capable of meeting the supply needs of global clinical programs and ensuring large-scale commercial production of commercialized products. From the competitive landscape perspective, the ADC track has become a focal point of global pharmaceutical competition, with multiple companies making arrangements in targets such as EGFR and HER3, as well as bispecific and multispecific ADC directions, and competition is becoming increasingly intense. Yizecan builds differentiated barriers through its bispecific structure, first-mover advantage as the world's first approved product, and the endorsement of the BMS collaboration. However, subsequent indication expansion, global registration progress, and the execution effectiveness of the BMS collaboration will determine its commercialization ceiling. The prospectus also warns that if the company fails to continuously discover, introduce, or develop new drug candidates, or if competitive products develop more advanced and effective therapies, its business prospects could be adversely affected.

At the funding level, the company notes that it recorded net losses in all periods of the track record period except 2024, and may continue to generate net losses in the future and may not be able to achieve or maintain profitability. R&D, clinical advancement, and commercialization all require substantial funds, and the H-share fundraising is of significant importance to the company's globalization strategy. A research report from Northeast Securities at the end of July noted that the company is deeply rooted in the field of large-molecule oncology therapeutics, possessing the world's first EGFR×HER3 bispecific ADC Yizecan, which has now initiated domestic commercialization. At the same time, it leverages BD collaborations to realize global value and continuously opens up medium-to-long-term growth space. The report estimates the company's net profit attributable to the parent for 2026–2028 to be -RMB 1.043 billion/-RMB 925 million/-RMB 312 million, with EPS of -RMB 2.53/-RMB 2.24/-RMB 0.76. The current market cap corresponds to PE of -122/-137/-406 times. Initiating coverage with an "Overweight" rating. Guotai Haitong Securities also believes that the company's domestic commercialization is about to usher in explosive growth. It estimates that izabren will have 2, 5, and 2 post-line indication Phase III clinical trial readouts in 2025-2027, respectively, and Tbren will have 1 and 3 post-line indication Phase III clinical trial readouts in 2026-2027, respectively. The launch of these indications will contribute momentum to the company's growth in 2026-2028.

4. Capital Markets Team "Bleeding," A-share Information Disclosure Core Under Pressure

At the critical window of the company's fourth attempt at the Hong Kong listing, Biokin Pharma's capital markets team at the A-share level has experienced a succession of departures in core positions. On February 13, 2026, Chen Yingge, then Secretary of the Board, resigned for personal reasons and no longer holds any position in the company after departure. Chen Yingge was appointed as the company's Board Secretary in June 2024, having previously worked at Junshi Biosciences for many years with a background in capital operations for innovative drug companies. Her original term was to last until September 2028, but she left less than two years into her tenure, and only a little over four months after she was re-appointed as the Board Secretary for the new term. According to company disclosures, Chen Yingge's pre-tax compensation in 2025 was RMB 1.9814 million.

After Chen Yingge's resignation, the company first had Zhang Suya, Director, Executive Vice President, and Chief Financial Officer, temporarily perform the duties of Board Secretary. According to A-share regulations, if the formal appointment is not completed within three months of the interim performance, the legal representative must take over the duties. Accordingly, from May 13, 2026, Zhu Yi, the company's legal representative, Chairman, and General Manager, personally began performing the duties of Board Secretary until a new Board Secretary is appointed. Before the Board Secretary position could be filled, the Securities Affairs Representative also resigned. On June 27, 2026, the company announced that Chen Xueyu, Securities Affairs Representative and Director of the Securities Affairs Department, had resigned for personal reasons and would no longer hold any position in the company after departure. Chen Xueyu had been working in the company's Securities Affairs Department since 2015 and was a senior member of the capital markets line. At this point, around the company's fourth filing with the Hong Kong Stock Exchange, both the Board Secretary and Securities Affairs Representative positions responsible for A-share information disclosure, investor relations, and exchange liaison were vacant, with the relevant functions ultimately concentrated on Zhu Yi alone.

It is worth noting that Zhu Yi currently simultaneously holds the positions of Chairman, General Manager, Chief Scientific Officer, and acting Board Secretary. His compensation in 2025 was RMB 7.869 million, an increase of 134.9% from RMB 3.35 million in the same period last year. In terms of shareholding structure, Zhu Yi is the controlling shareholder. As of the last practicable date, he directly holds approximately 72.22% of the company's total issued shares, representing approximately 72.49% of total voting rights (excluding treasury shares), with highly concentrated equity. The proceeds from this H-share issuance are planned to be used for the clinical development of Yizecan, T-Bren, and BL-M14D1, the upgrade and construction of production and R&D bases, as well as overseas working capital and other general corporate purposes. In this regard, Song Qinghui reminded that for A+H pharmaceutical companies, what truly determines capital market recognition is not having an additional listing platform, but whether the company can continuously prove its value through clinical data, product commercialization capabilities, and cash flow. The highly concentrated shareholding requires further attention to the protection of minority shareholders' rights, corporate governance independence, and whether the interests of major shareholders are aligned with those of the listed company.