A-share innovative drug veteran Betta Pharmaceuticals Co.,Ltd. (300558.SZ) is making its third attempt at a Hong Kong IPO.

Recently, Betta Pharmaceuticals disclosed an announcement stating its intention to issue overseas-listed shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange.

The company stated it will fully consider the interests of existing shareholders and the conditions of domestic and overseas capital markets, selecting an appropriate timing and issuance window to complete this listing.

Additionally, the company plans to engage Baker Tilly Hong Kong Limited as the auditing firm for this Hong Kong share issuance and listing. This matter still requires approval from the company's shareholders' meeting.

It should be noted that this marks Betta Pharmaceuticals' third attempt at a Hong Kong listing. As early as February and December 2021, Betta Pharmaceuticals twice submitted prospectuses to the Hong Kong Stock Exchange, but ultimately did not proceed. Now seeking Hong Kong listing once again, will it successfully pass this time?

Regarding the company's main considerations and progress for the listing, a contact at Betta Pharmaceuticals indicated "no response at this time" when contacted on September 15.

**Third Attempt at Hong Kong IPO**

Betta Pharmaceuticals, which has been deeply engaged in innovative oncology drugs for over twenty years, listed on the Shenzhen Stock Exchange as early as 2016.

Through independent research and development and strategic cooperation, Betta Pharmaceuticals has currently deployed eight marketed drugs: including its self-developed first small molecule targeted anti-cancer drug, the first-generation EGFR inhibitor Icotinib Hydrochloride Tablets (trade name: Conmana®), ALK inhibitor Ensartinib Hydrochloride Capsules (trade name: Benmana®), third-generation EGFR inhibitor Befotertinib Mesylate Capsules (BPI-D0316, trade name: Saimana®), renal cancer targeted drug Vorolanib Tablets (CM082, trade name: Fumana®), the company's first approved large molecule biological drug Bevacizumab Injection (MIL60, trade name: Baiting®), the company's first self-developed breast cancer new drug Trilaciclib Tartrate Capsules (BPI-16350, trade name: Kangmana®), strategic cooperation products Trastuzumab for Injection (trade name: Anruize®) and Recombinant Human Albumin Injection (Rice) (trade name: Aofumin®), expanding from lung cancer targeted therapy to multiple fields including renal cancer, breast cancer, ophthalmology, and albumin.

In the capital markets, this is not Betta Pharmaceuticals' first attempt at a Hong Kong listing.

As early as 2021, the company twice submitted applications to the Hong Kong Stock Exchange: In February 2021, Betta Pharmaceuticals first submitted a prospectus to the Hong Kong Stock Exchange and disclosed a post-hearing prospectus in May of the same year, but did not launch the offering within the validity period, and the related listing application materials automatically "expired" in August 2021; In December 2021, the company again submitted to the Hong Kong Stock Exchange but ultimately did not successfully list.

From a performance perspective, in the first half of 2025, Betta Pharmaceuticals experienced revenue growth without profit growth: revenue was 1.731 billion yuan, up 15.37% year-over-year; however, due to increased depreciation and amortization expenses recognized in current profit and loss, net profit attributable to shareholders was 140 million yuan, down 37.53% year-over-year.

Over the past years from 2021-2024, Betta Pharmaceuticals achieved revenues of 2.246 billion yuan, 2.377 billion yuan, 2.456 billion yuan, and 2.892 billion yuan respectively. Although revenue maintained year-over-year growth, net profit attributable to shareholders fluctuated significantly over the same period, at 383 million yuan, 145 million yuan, 348 million yuan, and 403 million yuan respectively.

It's worth noting that despite Betta Pharmaceuticals holding eight marketed drugs, the company's performance is still largely supported by Icotinib Hydrochloride (Conmana), which has been on the market for over ten years (listed in June 2011) and contributes over one billion yuan in revenue annually to the company.

Additionally, Ensartinib Hydrochloride (Benmana) has gradually increased volume and contributed to performance in recent years. Betta Pharmaceuticals mentioned in its 2024 annual report that Conmana and Benmana's sales in 2023 and 2024 accounted for more than 10% of the company's main business revenue during the same period. However, the revenue scale of the company's other products has not yet gained momentum.

**Financial Pressure with 500 Million Yuan in Cash**

Betta Pharmaceuticals' third attempt at a Hong Kong IPO may be related to the company's financial pressure in recent years.

As of the first half of 2025, Betta Pharmaceuticals disclosed total current assets of approximately 1.359 billion yuan, while total current liabilities were 1.757 billion yuan, indicating significant short-term debt pressure.

Another core indicator is that Betta Pharmaceuticals had a cash and cash equivalents balance of 527 million yuan as of the first half of 2025.

Looking at a longer timeline, as of the end of 2021-2024, the company's cash and cash equivalents balances were 792 million yuan, 731 million yuan, 752 million yuan, and 472 million yuan respectively.

Furthermore, Yifang Bio (688382.SH), which cooperates with Betta Pharmaceuticals in developing Befotertinib, also revealed Betta Pharmaceuticals' financial situation in a response letter.

In June this year, Yifang Bio disclosed in its response to the Shanghai Stock Exchange's inquiry letter regarding the 2024 annual report that the company has overdue receivables, as Betta Pharmaceuticals delayed paying 180 million yuan in milestone payments to the company based on considerations of its own capital usage arrangements. Yifang Bio stated that the company has repeatedly urged Betta Pharmaceuticals to collect the above receivables through various means including emails, phone communications, and offline visits, requesting the company to pay the above amounts as soon as possible, but as of the time of replying to the inquiry letter, the related amounts had not yet been received.

Yifang Bio also stated that according to relevant accounting policies, as of the end of December 2024, the company had made bad debt provisions of 18 million yuan for the above 180 million yuan milestone payment.

From the R&D investment perspective, Betta Pharmaceuticals' need for funds is also evident.

From 2021-2024, Betta Pharmaceuticals' R&D investments were 861 million yuan, 977 million yuan, 1.002 billion yuan, and 717 million yuan respectively, accounting for 38.32%, 41.12%, 40.80%, and 24.80% of total revenue respectively.

In the first half of 2025, the company's R&D investment also reached 299 million yuan.

Betta Pharmaceuticals disclosed in its 2025 interim report that major R&D projects include the development of Ensartinib, Befotertinib, EYP-1901, Balstilimab and other projects.

It's worth noting that Betta Pharmaceuticals' pursuit of Hong Kong listing is also a reflection of A-share innovative drug companies going public in Hong Kong this year.

In addition to Hengrui Medicine (600276.SH/01276.HK), which has successfully landed on the Hong Kong stock market, multiple biopharmaceutical companies including Sinovac Biotech (688136.SH) and Changchun High & New Technology Industries (000661.SZ) are all planning Hong Kong IPOs.

Market analysts point out that "by issuing H shares, pharmaceutical companies can obtain more market funding support for new drug development, clinical trials, and overseas market expansion, and can also be used to supplement working capital, helping to enhance companies' risk resistance capabilities."