Core Viewpoint - Exegenesis Bio Inc. (嘉因生物) is focused on gene therapy and oligonucleotide drugs, with a strong emphasis on innovative delivery systems and a diverse product pipeline aimed at addressing significant unmet clinical needs in both rare and common diseases [2][4]. Company Overview - Exegenesis Bio Inc. was established in 2019 and has developed advanced delivery vector technologies, positioning itself as a leader in the biopharmaceutical industry [2]. - The company has submitted its IPO application to the Hong Kong Stock Exchange, with CCB International acting as the sole sponsor [2]. Product Pipeline - The company’s core candidate product, EXG001-307, is a promising gene therapy for Spinal Muscular Atrophy (SMA) type 1, expected to be a best-in-class treatment [4][5]. - Other key candidates include EXG102-031, targeting wet Age-related Macular Degeneration (wAMD), and EXG202, aimed at treating retinal neovascular diseases, including wAMD and Diabetic Macular Edema (DME) [4][5]. - EXG001-307 is noted for its single-dose administration and its ability to minimize expression in peripheral tissues, addressing safety concerns associated with current gene therapies [4]. Market Potential - The global market for SMA treatments is projected to grow from $4.6401 billion in 2024 to $5.9319 billion by 2030, and further to $9.4469 billion by 2035 [4]. - The market for retinal neovascular disease treatments is estimated to increase from $15.6 billion in 2024 to $29.5 billion by 2030, and to $55.8 billion by 2035 [5]. Investment and Funding - Exegenesis Bio has attracted investments from notable institutions such as Hillhouse Capital, Sequoia, and Temasek, among others [6]. - The net proceeds from the IPO are intended to fund the development of core products EXG001-307, EXG102-031, and EXG202, as well as to enhance technological capabilities and support general corporate purposes [6].

本文为IPO早知道原创 作者｜MD 微信公众号｜ipozaozhidao A股迎来了多日上涨，商业航天概念和硬科技驱动"功不可没"。 新鼎资本投资解决「卡脖子」问题的公司，也看好"马斯克的投资方向"。 2025年，国内的股权投资机构也迎来了久违的"市场回暖"，IPO早知道统计，2025年共有超过千家 机构收获了IPO项目。其中，新鼎资本收获了四个IPO项目，位列「 2025年度IPO最佳投资机构 TOP100 」的第 48位，项目 其中包括希迪智驾这样新鼎资本重仓的项目，累计投入 3亿多元。 面向未来，新鼎资本董事长张驰对 IPO早知道表示，要全力抓住接下来的商业航天浪潮。 新鼎资本在五年前开始布局商业航天。 " 国内成功发射民用火箭的六家公司中，我们投了 三 家， 分别为蓝箭航天、星际荣耀和中科宇航 。 "这背 后的原因实际上是看到了S pace X的成功，张驰 也并不回避这一点。 此前新鼎资本也曾布局新能源、自动驾驶等领域，在这一轮投资浪潮结束后，开始布局 AI应用层和 芯片供应链上"卡脖子"的环节。 但在回顾过去一年的项目时，张驰也坦言，自己并没有完全看懂 GPU公司。" 摩尔线程 ，我们实际 上投得不 ...

Core Viewpoint - Immvira Bioscience is advancing its IPO process with a pre-IPO valuation of $485 million, focusing on innovative cancer therapies and leveraging its unique capabilities in CMC and production [1][9]. Company Overview - Immvira Bioscience is the only biotechnology company globally with mature CMC and production capabilities, offering a pipeline that includes oncolytic immunotherapy candidates for solid tumors and innovative engineered exosome therapeutic products [3]. Product Pipeline - The core product, MVR-T3011, is a novel oncolytic immunotherapy based on HSV-1, designed to target a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [5]. - MVR-T3011 is undergoing a structured development roadmap, with a phased strategy in bladder cancer, including a key Phase II clinical trial for high-risk NMIBC, which is set to complete its first patient dosing in June 2025 [5][6]. - The company has reported promising efficacy and safety data for MVR-T3011 in treating BCG-unresponsive NMIBC, with a 20% objective response rate and a 65% disease control rate observed in prior studies [6]. Regulatory and Development Strategy - The company benefits from a unified "umbrella IND" regulatory framework, allowing multiple clinical evaluations under a single protocol, which enhances development efficiency [7]. - Immvira has established a collaboration with Shanghai Pharmaceuticals for the clinical development and commercialization of MVR-T3011 in Greater China, receiving an upfront payment of 20 million yuan and potential milestone payments up to 1.1 billion yuan [8]. Innovation Platform - The OVPENS platform is central to Immvira's innovative product development, integrating oncolytic immunotherapy and engineered exosome development, covering the entire process from target validation to IND application and GMP-compliant production [8]. - The platform's expansion has also advanced the pipeline of engineered exosome products, which include commercially viable aesthetic products and therapeutic candidates undergoing traditional clinical regulatory pathways [9]. Investment and Valuation - Since its establishment, Immvira has attracted investments from various institutions, with a post-Series C valuation of $485 million [9].

Core Viewpoint - The article highlights the rapid globalization strategy of INMO, a leading player in the AI+AR smart glasses sector, which has successfully completed multiple funding rounds totaling nearly 500 million yuan within a year, indicating strong capital interest in the company [2][3]. Group 1: Financing and Market Position - INMO has completed three rounds of financing (B2, B3, and C1) within a year, with a total amount close to 500 million yuan, making it one of the most capital-attractive companies in the AI+AR smart glasses market [2]. - As a pioneer in the smart glasses industry, INMO launched the first wireless all-in-one AR smart glasses, INMO AIR, in 2022, leading the industry into a "full-color lightweight" phase [3]. - The introduction of INMO GO, the world's first AI glasses, in 2023 marked the entry of the industry into the "AI era," transforming futuristic concepts into reality [3]. Group 2: Product Innovation and Market Response - INMO GO2 has become a breakout product, validating the company's product strategy and attracting significant consumer interest [4]. - The upcoming flagship models, INMO AIR3 and INMO GO3, are set to launch in 2025, with INMO AIR3 being the world's first mass-produced 1080P all-in-one AI+AR glasses, which sold out immediately upon release [4]. - INMO GO3 has achieved over 20,000 orders within three days of its launch, showcasing its strong market performance across various metrics [7]. Group 3: Technological Advancements - INMO is the only smart glasses company committed to the "next-generation phone" mission, leveraging self-developed core technologies and partnerships to create AI glasses with proactive service capabilities [6]. - The INMO GO3 features advancements such as context understanding and real-time user assistance, enhancing user interaction and experience [6]. - INMO AIR3 utilizes AutoGLM technology to optimize on-device inference efficiency, enabling practical functionalities like voice-controlled operations and automated task execution [6]. Group 4: Brand Influence and Global Expansion - INMO has increased its brand visibility through offline advertising in key urban areas and endorsements from celebrities, transitioning smart glasses from a tech product to a lifestyle symbol [8]. - The INMO GO series has gained popularity on social media and entertainment platforms, further solidifying its market presence [8]. - Following a successful showcase at CES, INMO plans to expand its global footprint with new product versions and a comprehensive online and offline distribution network [10][11].

Core Insights - Qingtian Rental has successfully completed seed round financing, led by Hillhouse Ventures, with participation from several other investors, aiming to expand its market presence and enhance its technology and service systems in the Robot as a Service (RaaS) sector [3][6] - The platform has achieved significant user engagement, with over 200,000 registered users and an average of more than 200 rental orders per day within three weeks of launch, indicating a strong growth trajectory [4][6] - Qingtian Rental's innovative model transforms high-cost robotic products into on-demand, standardized service capabilities, addressing the industry's challenges of high application costs and fragmented service chains [3][4] Company Strategy and Leadership - The leadership team includes experienced professionals from various sectors, with a clear "1234 strategy" aimed at connecting with over 10 robot manufacturers, developing 200 premium service providers, gathering 3,000 content creators, and serving 400,000 rental customers by 2026 [6][8] - The CEO emphasizes the importance of not just being a time leader but also taking responsibility for industry standards and ecological impact, aiming to drive the large-scale application of robots [6][8] Industry Context and Challenges - The robotics industry is transitioning from technology validation to commercial implementation, with the main challenge being the reduction of usage barriers and improvement of delivery efficiency [7][8] - Qingtian Rental's platform approach is seen as a solution to the "last mile" problem in robot commercialization, facilitating the integration of robots into real-world business environments [6][8] - The focus on high-frequency interaction and strong experiential attributes in sectors like offline consumption and tourism is identified as a key area for the scalable deployment of robotic services [8][9]

Noumena不是传统的Agency，是一家AI Agent的公司。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，物自体科技（Noumena）日前完成数千万元Pre-A轮融资，本轮融资投资方包 括狮城资本、百度战投以及老股东靖亚资本。 本轮资金将主要用于AI Agent产品迭代，包括营销垂类大模型的训练，面向AI决策的上下文图谱 （Decision Context Graph），多智能体（Multi-Agent）协作架构的技术研发，以及在美妆、时 尚等头部行业的深度拓展，并加速全球出海业务的布局。 成立于2024年的Noumena由前SAP全球副总裁、前第四范式总裁裴沵思创立，团队核心成员约40 人，其中超过60%是AI大模型、算法和工程研发，核心技术成员拥有清华、上海交大、港科大等顶 尖高校博士背景，并曾经在阿里巴巴、字节跳动、第四范式等领先的AI公司从事大模型等核心产品研 发工作。同时，团队汇聚了来自小红书、抖音、TikTok、SAP等企业的核心业务运营人员，具备丰 富品牌增长实战经验， 形成了在 AI 技术研发与营销业务两端均具备深度经验 ...

引领亚太具身智能新浪潮。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，智元机器人海外首家机器人体验馆于当地时间2026年1月13日在马来西亚正式 开业。这座体验馆位于马来西亚雪兰莪州莎阿南i-City 内，是马来西亚第一个AI机器人体验馆，也 是智元在海外的首家体验馆。 这座由智元机器人和i-City共同打造的体验馆占地约2000平米，作为一个兼具公众体验、文化娱乐 及沉浸式AI应用的平台， AI World体验馆通过大型的沉浸式展示空间，集中呈现人工智能和人形机 器人技术在未来住宅、商业、健康等场景的应用。 据 此 前 全 球 权 威 市 场 研 究 机 构 Omdia 发 布 的 《 通 用 具 身 机 器 人 市 场 雷 达 》 报 告 显 示 ， 智 元 以 5100+台出货量位居全球人形机器人出货量第一。此次活动标志着智元作为头部品牌率先进入马来 西亚与亚太市场，并将其作为全球化战略布局的关键一步。 马来西亚科技与创新部长郑立慷在仪式上致辞，并宣布体验馆开幕。他表示，AI World体验馆是马 来西亚实施国家人工智能行动计划、引领区域 ...

Core Viewpoint - The collaboration between Zhejiang University and Kandi Technologies aims to establish a joint research center focused on intelligent robotics, leveraging each party's strengths to create a comprehensive ecosystem for innovation and development [2][3]. Group 1: Strategic Collaboration - Zhejiang University and Kandi Technologies have signed a strategic cooperation agreement to establish the "Zhejiang University-Kandi Intelligent Robotics Joint Research Center" [2]. - The partnership is based on the understanding that future competition will be between systems and ecosystems, emphasizing mutual empowerment and resource sharing [2]. - Kandi Technologies has a strong foothold in the North American market with its UTV and electric off-road vehicle systems, holding the top domestic export share [2]. Group 2: Research and Development Goals - The joint research center aims to create a closed-loop system for "frontier research - rapid incubation - scenario validation - iterative optimization," transforming laboratory algorithms into stable robotic products for real-world applications [3]. - Two core technical objectives have been established: developing a lightweight image recognition module for real-time data processing and integrating advanced technologies for stable operation in complex environments [7]. Group 3: Market Expansion and Applications - Kandi Technologies anticipates that intelligent inspection robots will become a key business focus, with applications in logistics, disaster response, and public space services [7]. - The company plans to leverage its innovative model of "Chinese technology + overseas scenarios + overseas channels" to accelerate the deployment of quadruped robots in North America [5]. - The collaboration is expected to create a replicable market entry and service system, expanding into European and Asia-Pacific markets [7]. Group 4: Implications for High-End Manufacturing - The "Kandi-Zhejiang" model presents a new approach for upgrading China's high-end manufacturing by integrating domestic industrial chains, cutting-edge academic innovation, and market capabilities [7][8]. - This partnership exemplifies the effective combination of industry and academia in China, showcasing how local enterprises can drive global innovation [8].

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is advancing its IPO process on the Hong Kong Stock Exchange, with a focus on expanding its integrated supply chain and store network while enhancing digital capabilities and brand marketing [2][6]. Group 1: Company Overview - Laoxiangji opened its first restaurant in Hefei, Anhui in 2003 and has since developed a "direct + franchise" store network, with 1,658 stores across 61 cities as of August 31, 2025, projected to increase to 1,777 by December 31, 2025 [2]. - The company is recognized as one of the first standardized Chinese fast-food companies in all core operational aspects [2]. Group 2: Market Position - Laoxiangji ranks first in the Chinese Chinese fast-food industry with a market share of 0.9% based on total transaction volume in 2024, and ranks eighth in the overall fast-food industry with a 0.5% market share [2]. - In the East China region, Laoxiangji holds the largest market share of 2.2% in the Chinese Chinese fast-food sector, significantly higher than the second-largest competitor [3]. Group 3: Financial Performance - Revenue figures for Laoxiangji from 2022 to 2024 were 4.528 billion, 5.651 billion, and 6.288 billion yuan, respectively. For the first eight months of 2025, revenue increased by 10.9% to 4.578 billion yuan compared to the same period in 2024 [5]. - Adjusted net profits for the same period were 268 million, 403 million, and 439 million yuan, with a 13.2% increase in the first eight months of 2025 to 394 million yuan [5]. Group 4: Supply Chain and Technology - Laoxiangji is the only major Chinese fast-food company with a fully integrated supply chain, including chicken farming, central kitchens, and restaurant services, and is the first to implement a comprehensive traceability system [4]. - The company has established three chicken farms and two automated central kitchens in Anhui, along with eight distribution centers nationwide to ensure fresh ingredient delivery [4]. Group 5: Membership and Customer Engagement - As of August 31, 2025, Laoxiangji has approximately 31.4 million registered members, with 13 million active members and 600,000 paying members, leading the Chinese Chinese fast-food sector in membership size [5]. - Active members place an average of 8.1 orders, while paying members have a monthly purchase frequency of 5.8 times [5].

Core Viewpoint - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on innovative small molecule therapies for unmet medical needs in hematological diseases, oncology, CNS, and immune/inflammatory diseases [3][9]. Product Pipeline - As of January 5, 2026, Zeling Biopharmaceutical has established a pipeline consisting of eight proprietary assets, including two core products, FM and PM, which are in late-stage clinical trials [3][9]. - FM is a novel triple-target inhibitor for treating myeloproliferative neoplasms (MPN), showing a twofold increase in response rate compared to the standard treatment, ruxolitinib [5][6]. - PM is a high-selectivity HDAC inhibitor designed for relapsed/refractory DLBCL, demonstrating impressive clinical efficacy, particularly in subtypes with poor responses to current therapies [7]. Technological Platforms - The company's drug discovery capabilities are driven by three integrated technology platforms: ZeniFold for structural biology, ZeniMind for AI-driven drug discovery, and ZeniScreen for clinical-relevant disease model screening [8]. - These platforms enable a rational, data-driven, and efficient drug discovery process, addressing key limitations of existing therapies [8]. Financial Backing and IPO Plans - Zeling Biopharmaceutical has received investments from notable institutions, completing a C round financing of 511 million RMB in November 2025, with a post-money valuation of 3.411 billion RMB [8]. - The IPO proceeds will primarily fund the R&D of core products FM and PM, other pipeline assets, enhancement of technology platforms, and general corporate purposes [9].