BD transactions have brought nearly ten billion in cash to Baili Tianheng (688506.SH), and also sparked its ambition to become an entry-level MNC (multinational pharmaceutical company) in just five years. However, out of 3.7 billion raised through a private placement, only 344 million were allocated more than eight years ago, with over 80% going unused; during the same period, research and development costs amounted to 1.483 billion, while revenue was only 187 million, resulting in a loss of 1.637 billion. In the Hong Kong stock market, it has submitted a delisting application four times and downgraded its listing status to Class 18A. The goal of this quick-improvement experiment is to see if money can buy time. Currently, after just one year of the experiment, the market has already voted based on the number of participating institutions and the net losses of private placement institutions; the story of this company with the ambition to become a fast-growing MNC and the trends in its industry have just begun.

The bond financing has brought over 9 billion yuan in cash to Bai Li Tianheng (688506.SH), fueling its ambitious, leapfrog goal of becoming a mid-tier multinational pharmaceutical company within five years. However, nine months after the 3.7 billion yuan定向 issuance was completed, only 344 million yuan has been invested—over 80% of the funds remain unallocated; meanwhile, R&D expenditures reached 1.483 billion yuan, while revenue was just 187 million yuan and losses hit 1.637 billion yuan. The company has submitted its Hong Kong listing application four times, each time downgrading its tier to 18A. This rapid-growth experiment hinges on whether capital can buy time. Currently, the experiment has only lasted one year, and the market has already cast its first vote through the number of participating institutions and the floating losses of the equity issuance participants. The story of this company, driven by its "rapid MNC" ambition, and its place within the broader industry wave, has only just begun.

The BD transaction increased Baili Tianheng’s (688506.SH) cash balance by nearly ten billion yuan, and also sparked its ambition to become an entry-level MNC (multinational pharmaceutical company) in just five years. However, out of 3.7 billion yuan raised through a private placement, only 344 million yuan was disbursed over more than nine months, with over 80% not going into the project; during the same period, research and development costs amounted to 1.483 billion yuan, while revenue was only 187 million yuan, resulting in a loss of 1.637 billion yuan. In the Hong Kong stock market, it submitted a delisting application four times and was downgraded to Class 18A. This quick-improvement experiment was about whether money could buy time. Currently, after just one year of this experiment, the market has already voted once based on the number of participating institutions and the floating losses of private placement institutions; the story of this company with the ambition to become a fast-growing MNC and the trend in its industry has just begun.