B&K Corporation Limited (HKG: 2396) officially listed on the Hong Kong Stock Exchange today, offering 17,648,800 shares at a maximum price of HK$51 per share, successfully raising over HK$900 million (≈ US$115 M). The biopharmaceutical company, founded in 2012, focuses on protein‑based therapies for unmet medical needs.
IPO Details
Item
Details
Exchange
Hong Kong Stock Exchange (HKEX)
Shares Offered
17,648,800 shares (global offering)
Maximum Price
HK$51 per share
Total Raise
> HK$900 million (≈ US$115 M)
Ticker
2396.HK
Listing Date
12 Dec 2025
Use of Proceeds
Advance Pro‑101 programs to Phase III; expand manufacturing; fund pipeline expansion
Company Overview
Founded
Focus
Technology
2012
Protein drugs for indications with unmet needs
Recombinant protein platform
Core Pipeline
Asset
Indication
Stage
Key Data
Pro‑101‑1
Deep second‑degree burns/scalds
Phase IIb complete
Statistical analysis finalized
Pro‑101‑1
Superficial second‑degree burns/scalds
Phase IIb complete
Last patient finished; data pending
Pro‑101‑2
Diabetic foot ulcers
Phase II ongoing
Enrollment continues
Other Candidates
Undisclosed indications
Discovery/pre‑clinical
8 additional assets
Market Opportunity
Indication
Target Market
Key Driver
Burns (China)
~ 1.5 million hospitalizations annually
Limited effective protein therapies; Pro‑101‑1 addresses wound healing
Diabetic Foot Ulcers
15‑25% of diabetic patients develop DFU
High unmet need for advanced wound‑healing agents
Peak Sales Forecast (Pro‑101‑1)
¥2‑3 billion (≈ US$280‑420 M) by 2033
Assumes 20‑25% share of severe burn segment post‑approval
Strategic Implications
Capital Infusion: HK$900 M raise extends runway through 2027, funding Pro‑101‑1 Phase III initiation and Pro‑101‑2 trial completion.
Platform Validation: Successful IPO demonstrates investor confidence in protein drug platform and late‑stage burn asset in a market lacking innovative treatments.
Pipeline Expansion: Proceeds will support advancement of 8 additional candidates, potentially broadening into regenerative medicine and chronic wound care.
Forward‑Looking Statements This brief contains forward‑looking statements regarding B&K’s use of IPO proceeds, clinical timelines, and market penetration for Pro‑101 programs. Actual results may differ due to clinical risks, regulatory delays, or competitive responses.-Fineline Info & Tech
By Fineline Cube 