Analysis of Bairuiji's Financing Status: RMB 350 Million Fundraising via IPO on Beijing Stock Exchange

Based on the information I found,

. However, I can provide you with relevant analysis of Bairuiji’s financing status:

was founded in 2008, and is a high-tech enterprise engaged in the R&D, production and sales of biomedical materials. Its main product is cross-linked sodium hyaluronate gel, which is used in the field of postoperative anti-adhesion [1].

According to public materials, Bairuiji has undergone multiple rounds of financing since its establishment:

1. Early-stage Financing (2008-2017)
   :
   • 2008: Jiangsu Jiuzhou entered as the initial investor
   • 2013-2017: Investment institutions including Sanjiang Jinqiao, Sanjiang Suzhou, and Changchuang Angel joined successively
   • All these investors are financial investors who are optimistic about the company’s development prospects [2]

2. 2021 Financing Peak
   :
   • February 2021: Orient Securities Tangde acquired equity as a financial investor
   • October and December 2021: The company conducted its 7th and 8th capital increases
   • Multiple investment institutions participated, and the shareholding ratio was diluted in each round of financing [2]

Bairuiji is currently applying for

, with a planned fundraising amount of for the following projects:

• Construction project of an absorbable and degradable biomedical materials industrial base (RMB 299 million)
• Construction project of an absorbable and degradable biomedical materials R&D center (RMB 51 million) [3]

• The company selected Listing Standard II of the Beijing Stock Exchange, with an expected market value of no less than RMB 200 million
• Net profits in 2023 and 2024 were RMB 45.11 million and RMB 52.31 million respectively
• Weighted average return on net assets was 26.86% and 24.33% respectively [3]

Although no exact data supporting the ‘70% fundraising shrinkage’ claim was found, combined with changes in the market environment, the following factors may affect the financing scale:

1. Listing Sector Adjustment
   :
   • The company originally planned to list on the
     STAR Market
     , but later switched to the Beijing Stock Exchange due to strategic planning and tightened IPO policies on the Shanghai and Shenzhen stock exchanges [4]
   • There are differences in valuation levels and fundraising capabilities between the STAR Market and the Beijing Stock Exchange

2. Changes in Market Environment
   :
   • Since 2023, the overall financing environment for the biomedical industry has been tight
   • Valuation corrections in the secondary market have affected pricing in the primary market

3. Company Business Structure
   :
   • Current performance mainly relies on a single product (income from intrauterine cross-linked sodium hyaluronate gel accounts for approximately 65%)
   • The functional skincare business is still in a loss-making state [4]

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: If you can provide more specific information sources or time nodes, I can further verify the relevant data. Bairuiji’s IPO review meeting will be held on January 21, 2026, at which time more detailed financing information may be disclosed [3].

[1] Prospectus (Submission Draft) of Changzhou Bairuiji Biomedical Co., Ltd. https://pdf.dfcfw.com/pdf/H2_AN202412261641439039_1.pdf

[2] Response to the Review Inquiry Letter Regarding the Application Documents for the Public Offering of Shares and Listing on the Beijing Stock Exchange by Changzhou Bairuiji Biomedical Co., Ltd. https://pdf.dfcfw.com/pdf/H2_AN202512021792591875_1.pdf

[3] Bairuiji to Hold IPO Review Meeting on Beijing Stock Exchange on January 21, Planning to Raise RMB 350 Million https://finance.sina.com.cn/jjxw/2026-01-14/doc-inhhhtei4911250.shtml

[4] Biomedical Company Bairuiji Pursues Listing on Beijing Stock Exchange, Its Skincare Brand Remains Unprofitable https://m.jiemian.com/article/12188703.html