B&K Corporation Limited (2396.HK), a biopharmaceutical company, has launched its Hong Kong initial public offering (IPO). The subscription period runs from December 12 to December 17, 2025. The company plans to offer approximately 17,648,800 H shares globally, with a 15% over-allotment option. The offer price ranges from HK$38.20 to HK$51.00 per share, with a board lot size of 200 shares and an estimated entry cost of approximately HK$10,302.88. Trading on the Main Board of the Hong Kong Stock Exchange is expected to commence on December 22. CITIC Securities and Huatai International are the joint sponsors of the offering.

B&K Corporation: An Innovative Biopharmaceutical Company Focused on PDGF Drug Development

Offering Structure: Hong Kong public offering accounts for approximately 10% (1,765,000 H shares), while international placing accounts for approximately 90% (15,883,800 H shares).

Offer Price: HK$38.20–51.00 per share; 200 shares per board lot; estimated entry cost of approximately HK$10,302.88.

Offer Period: December 12–17 (pricing expected on December 18).

Listing Date: December 22.

Sponsors: CITIC Securities, Huatai International.

Company Overview

Founded in 2012, B&K Corporation is a biopharmaceutical company focusing on wound healing treatments. Its core product is a PDGF (platelet-derived growth factor) candidate drug used for burn injuries and diabetic foot ulcers. The company has established two major research platforms: protein/peptide and nucleic acid. It boasts a pipeline of 10 drug candidates, including two core products, targeting a wide range of indications such as burns, diabetic foot, fresh wounds, pressure ulcers, radiation ulcers, photodermatitis, hair loss, hemorrhoids, dry eye syndrome, corneal damage, and gastric ulcers.

Financial Information

According to the prospectus, B&K Corporation recorded revenues of approximately RMB 472,000, RMB 261,000, and RMB 0 for the years 2023, 2024, and the nine months ended September 30, 2025, respectively. The net losses for the same periods were approximately RMB 105 million, RMB 212 million, and RMB 134 million. Based on the mid-point offer price of HK$44.60 per share, and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$709 million. The funds will be allocated as follows: approximately 61.8% for clinical development and commercialization of core products, approximately 18.8% for enhancing R&D capabilities, approximately 6.3% for preclinical R&D of other PDGF products, approximately 3.1% for preclinical R&D of other drug candidates, and approximately 10.0% for working capital.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for B&K Corporation via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select B&K Corporation, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)