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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Guoxia Technology
02655.HK		 New energy and environmental protection 20.1 100 2,030.26 2025/12/11 2025/12/15 2025/12/16
HashKey Holdings
03887.HK		 Investment Holdings & Assets Management 5.95-6.95 400 2,808.04 2025/12/12 2025/12/16 2025/12/17
Zhihui Mining
02546.HK		 Diversified Metals & Minerals 4.1-4.51 1,000 4,555.48 2025/12/16 2025/12/18 2025/12/19
CiDi
03881.HK		 Advanced hardware and software 263 10 2,656.52 2025/12/16 2025/12/18 2025/12/19
B&K Corp-B
02396.HK		 Biotechnology - Pharmaceuticals 38.2-51 200 10,302.88 2025/12/17 2025/12/19 2025/12/22
BenQ BM Holding
02581.HK		 Health Care Services 9.34-11.68 500 5,898.90 2025/12/17 2025/12/19 2025/12/22
Nanhua Futures
02691.HK		 Investment Banking & Brokerage 12-16 500 8,080.68 2025/12/17 2025/12/19 2025/12/22
Impression Dahongpao
02695.HK		 Movies & Entertainment 3.47-4.1 1,000 4,141.35 2025/12/17 2025/12/19 2025/12/22
B&K Corp-B (02396.HK)
Summary
Founded in 2012, we are a China-based biopharmaceutical company committed to developing therapies with an emphasis on protein drugs for indications with medical needs and market opportunities. We primarily focus on the discovery, development and commercialization of therapies for wound healing, currently platelet-derived growth factor (“PDGF”) drugs. As of the Latest Practicable Date, our pipeline comprised two Core Products: (i) Pro-101-1 for the treatment of deep second-degree thermal burns, which has completed the statistical data analysis for Phase IIb clinical trial, and for the treatment of superficial second-degree thermal burns, which has reached last-patient-out but no statistical data was yet available; and (ii) Pro-101-2 for the treatment of diabetic foot ulcers (“DFUs”), which is currently in Phase II clinical trial. We also have eight other product candidates.

WE MAY NOT BE ABLE TO SUCCESSFULLY DEVELOP AND/OR MARKET OUR CORE PRODUCTS. WE ONLY HAVE TWO CORE PRODUCTS, NAMELY, PRO-101-1 and PRO-101-2. FOR PRO-101-1, CERTAIN CLINICAL TRIAL DATA INDICATES NO STATISTICAL SIGNIFICANCE (THERE IS NOT STRONG ENOUGH EVIDENCE TO CONCLUDE THAT THE OBSERVED EFFECT IS CERTAIN RATHER THAN DUE TO RANDOM CHANCE) BETWEEN THE TREATMENT GROUP AND PLACEBO GROUP . IN ADDITION, THE SUBJECT ENROLLMENT FOR THE PRO-101-2 CLINICAL TRIALS IS SLOW SINCE FEBRUARY 2022 AND THEN DELAY OUR PRODUCT SCHEDULE.

For Pro-101-1 for the treatment of deep second-degree thermal burns, based on FAS, there is no significant statistical difference. We agreed with the CDE to extend evaluation of the Phase IIb clinical trial results and to commence a Phase IIIa clinical trial, which is an exploratory evaluation of the Phase IIb clinical trial, and after the completion of which we will communicate with the CDE to seek the guidance on Pro-101-1. If allowed by the CDE, we will commence a Phase IIIb clinical trial, which is expected to be a confirmatory clinical trial and if not allowed by the CDE to commence a Phase IIIb clinical trial due to unfavorable Phase IIIa clinical trial result, this will in turn reject Pro-101-1 from progressing to file for NDA Approval in China. Consequently, the market potential of our Pro-101-1 for the treatment of deep second-degree burns would be significantly limited.

For Pro-101-1 for the treatment of superficial second-degree thermal burns, the Phase IIb clinical trial has reached last-patient-out in April 2025 but no statistical data was yet available because data review was still ongoing and the database had not been locked. The data processing progress of this cohort is behind that of the cohort of deep second-degree burns, because it involves a larger number of enrolled subjects and consequently requires additional time to complete the related work. We expect to complete the database lock and statistical analysis in the first quarter of 2026. The lengthy database lock process is consistent with our internal standards and fully compliant with Good Clinical Practice (GCP) requirements. We have not communicated with CDE regarding the clinical trial data or the progress of the clinical trial, and further communications with the CDE is required to determine progression to Phase III. According to Frost & Sullivan, communications with the CDE are typically conducted based on the availability of clinical data, and this aligns with established industry practices. Progression to Phase III clinical trials of Pro-101-1 for the treatment of superficial second-degree burns will depend on the statistical outcomes from the Phase IIb trial and subsequent communications with the CDE. As of the Latest Practicable Date, we have no plans to progress to the Phase III trial for this indication, as our strategy is to focus the clinical development of Pro-101-1 on the treatment of deep second-degree burns.

PDGF is one of the growth factors secreted by platelets after injury. It promotes the development of new blood vessels, regulation of inflammation, and stimulation of cell proliferation and migration, among other things, which eventually leads to wound closure and healing.

PDGF-BB is one of the five dimeric isoforms of PDGF, and rhPDGF-BB is a clinically utilized version of PDGF-BB, which is a recombinant form of the naturally occurring PDGF-BB.

Pro-101-1 is the most advanced PDGF drug candidate in terms of clinical development progress for the treatment of thermal burns in China, according to the Frost & Sullivan report. In addition, our other PDGF candidates also share the same active substance as our Core Products, rhPDGF-BB. PDGF drugs have been clinically used as growth factor therapeutic products in DFUs for more than 20 years mainly in the U.S. PDGF is the sole recombinant growth factor that has received approval from the FDA for topical use, specifically in treating DFUs. PDGF drugs have demonstrated notable efficacy with a favorable safety profile in treating DFUs across multiple clinical studies over the years. See “Industry Overview — China and Global PDGF Drug Market — The Advantages of PDGF Drugs” for details. Meanwhile, as of the Latest Practicable Date, due to the high barriers in research and development and production of PDGF drugs, including (i) challenge of improving PDGF gene sequences for manufacturing purposes, (ii) complexity of producing purified PDGF, (iii) stringent requirements for quality control to avoid protein aggregation and misfolding, and (iv) proper formulation and storage conditions to maximize protein activity, there were no PDGF drugs commercially available in China.

We had filed five patent applications with respect to our Core Products as of the Latest Practicable Date, which were currently under review. We acquired two PDGF-related patents and technical information in relation to the research on PDGF in DFUs (which later became Pro-101-2) (the “Project”) from JinBang and the Institute of Bioengineering of AMMS in 2013. These patents are co-owned by our Company and the AMMS and we do not have any other patent co-owned with the AMMS. We co-developed Pro-101-2 with the Institute of Bioengineering of AMMS until July 2021, when we received the IND approval for Pro-101-2, which was an umbrella approval for all phases of the clinical development of Pro-101-2. Although the AMMS remains as a co-sponsor of Pro-101-2, it has not been involved in the clinical research and related pharmaceutical research of Pro-101-2 since July 2021. We are expected to be the sole MAH licensee of Pro-101-2 once the clinical development is complete. In addition, since the AMMS has transferred the technical information relating to the Project to us and we enjoy the exclusive right to use and commercialize the two PDGF-related patents, it is not in a position to license out such technical information or PDGF-related patents relating to the Project to third parties without our consent. To the best knowledge of our Directors, the AMMS is not engaged in any R&D work on PDGF in DFUs, either within or outside the Project. See “Business — Collaboration, Licensing and Transfer Arrangements — Collaboration with the Institute of Bioengineering of AMMS and JinBang.” In addition, the AMMS has not been involved in any clinical development or communications with competent authorities relating to Pro-101-1 or other PDGF product candidates. We have independently completed the clinical trials of our Core Products throughout the clinical development of our Core Products, and we are expected to independently complete the subsequent clinical trials for our Core Products. We have also independently developed our pipeline of early-stage mRNA candidate and ASO candidates.



Source: B&K Corp-B (02396) Prospectus (IPO Date : 2025/12/12)
Listing Market MAIN
Industry Biotechnology - Pharmaceuticals
Background H Shares
Major Business Area China
Corporate Information
No related information.
 
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