Congratulations to Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its Successful Listing

Congratulations to Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its successful Listing on the Mainboard of HKSE on 10 Dec 2025.

Shanghai Bao Pharmaceuticals Co., Ltd. is a clinical-stage biotechnology company leveraging synthetic biology technology to develop and deliver recombinant biologic drugs in China, targeting conditions with limited treatment options and complex manufacturing challenges.

  Shanghai Bao Pharmaceuticals Co., Ltd. has strategically focused on creating biologic drugs that elevate treatment standards by replacing biochemically extracted products derived from animal organs, blood or urine, or otherwise upgrading the current treatments.

With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services for two industrial properties located in Baoshan District, Shanghai City, the PRC.

Congratulations again Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its successful listing. The issue price of the shares is HKD 26.38 per share, and the amount of funds raised is HKD1,000.1 million.