On 10 December 2025, Shanghai Bao Pharmaceuticals Co., Ltd. (Bao Pharmaceuticals, 2659.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange (HKEx), raising a total of approximately HKD 1 billion. CBI is honored to participate in the due diligence work for this IPO Project.

Bao Pharmaceuticals is a biotechnology company founded in 2019 with  strategical focuses on four areas: (i) large-volume subcutaneous (SC) drug delivery; (ii) antibody-mediated autoimmune conditions; (iii) assisted reproduction; and (iv) recombinant biologic products. The company’s pipeline primarily consists of 12 self-developed product candidates.

In this IPO project, CBI primarily assisted the sponsor team in conducting due diligence on the company group, its directors, senior management, shareholders, customers, suppliers and connected parties, etc. In addition to the basic information such as litigation, bankruptcy, winding-up and media records, CBI also assisted the sponsor team in conducting reference check, reputation intelligence, UBO search and related company search. The due diligence project globally covered 5 countries and regions, including China, Hong Kong & Taiwan, the United State and Singapore.