Shanghai Bao Pharmaceuticals Co., Ltd. (Ticker: 2659 HK) is a Chinese biotechnology company specializing in recombinant protein and antibody drugs. The company focuses on four strategic therapeutic areas: large-volume subcutaneous drug delivery, antibody-mediated autoimmune conditions, assisted reproduction, and recombinant biologic products. Shanghai Bao Pharmaceuticals plans to list on the Hong Kong Stock Exchange on December 10, 2025.

The company plans to offer approximately 37.91 million shares at a price of HKD 26.38 per share, raising HKD 1.00 billion (USD 128.45 million). At this valuation, the company targets a market capitalization of approximately USD 1.10 billion. Reportedly, the majority of the IPO proceeds are allocated for R&D and expanding product capacity, with remaining funds set aside for business development and working capital. The offering is sponsored by Haitong International Capital and CITIC Securities.