Core Viewpoint - The recent IPO of Valiant Biotech-B (维立志博) on the Hong Kong Stock Exchange has generated significant investor interest, reflected in its stock price surge on the first trading day, indicating a strong demand for biotech stocks in the Hong Kong market [1][6]. Company Overview - Valiant Biotech is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other serious conditions [6][8]. - The company has one core product, LBL-024, which is in clinical trials for various types of cancer, and 13 other drug candidates, including 5 in clinical stages and 8 in preclinical stages [4][5]. IPO Details - The IPO was priced at HKD 35 per share, with a total issuance of 36.86 million shares, raising approximately HKD 1.18 billion [1][8]. - The public offering attracted 323,706 applications, with a subscription rate of 3,494.78 times, leading to a final allocation of 16.03 million shares, which is about 43.48% of the total offering [6][7]. - The international offering received a subscription rate of 40.78 times, resulting in the allocation of 20.84 million shares, or 56.52% of the total offering [6][7]. Investor Interest - The IPO attracted 32,300 investors, with approximately 73,406 successful applications, indicating strong market interest [6][7]. - Nine cornerstone investors participated in the IPO, including notable firms such as Tencent's Huang River Investment Limited and other prominent investment institutions, collectively subscribing to approximately HKD 540 million worth of shares [8]. Fund Utilization - The net proceeds from the IPO will be allocated as follows: approximately 65% for clinical development and regulatory affairs of candidates in clinical stages, 15% for enhancing preclinical assets and expanding the pipeline, 10% for capacity enhancement and commercialization post-approval, and 10% for working capital and general corporate purposes [8].

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. (referred to as "Weilizhibo") successfully listed on the Hong Kong Stock Exchange, opening at HKD 72.40 and closing at HKD 67.10, marking a 91.71% increase from its final offering price of HKD 35.00 [1][2][3] Group 1: Company Overview - Weilizhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [1] - The company issued a total of 36,862,500 H-shares, with 16,027,200 shares allocated for public offering in Hong Kong and 20,835,300 shares for international offering [2][3] Group 2: Financial Details - The total proceeds from the offering amounted to HKD 1,290.2 million, with net proceeds of HKD 1,179.3 million after deducting estimated listing expenses of HKD 110.8 million [2][3] - The net proceeds are intended for clinical development of candidate drugs, advancing preclinical assets, enhancing production capacity, and general corporate purposes [3] Group 3: Performance Metrics - For the fiscal year ending December 31, 2023, Weilizhibo reported revenues of RMB 8.9 million, with net losses of RMB 362.2 million [7][8] - The company’s cash flow from operating activities for the same period was a net outflow of RMB 192.7 million [9]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1%, ending a five-day winning streak, closing at 25,388.35 points, down 1.09% or 278.83 points, with a total turnover of 281.77 billion HKD [1] - Despite the decline, the Hang Seng Index saw a weekly increase of 2.27%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 1.83% and 2.51% respectively [1] Blue Chip Performance - WuXi Biologics (02269) led the blue-chip stocks, rising 5.53% to 31.5 HKD, contributing 9.65 points to the Hang Seng Index, following a profit warning indicating a projected 16% revenue growth in the first half of 2025 [2] - Other notable blue-chip performances included SMIC (00981) up 4.98%, Nongfu Spring (09633) up 3.56%, while New Oriental (09901) and Shenzhou International (02313) saw declines of 3.36% and 2.94% respectively [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down nearly 2% and Tencent over 1% [3] - Semiconductor stocks saw a rally, with Hua Hong Semiconductor rising 9% and SMIC up nearly 5% [3] - The pharmaceutical sector experienced gains, driven by a shift towards value assessment in drug procurement, with notable increases in stocks like Kanglong Chemical (03759) up 7.71% and Zhaoyan New Drug (06127) up 7.02% [4] - Airline stocks were active, with China Eastern Airlines (00670) up 3.69% and Air China (00753) up 3.68%, supported by strong summer travel demand [6][7] Regulatory Developments - The National Healthcare Security Administration announced changes to the 11th batch of centralized procurement, moving away from a simple lowest price reference, which is expected to curb vicious price competition and promote a shift towards value-based competition in the pharmaceutical industry [5] - The introduction of new policies aimed at supporting innovative drugs and medical devices was discussed in a recent meeting, indicating a focus on enhancing the clinical application of high-level technological innovations [5] Notable Stock Movements - Valiant Biopharma (09887) saw a significant increase of 91.71% on its debut, closing at 67.1 HKD, following a successful IPO [9] - Jihong Holdings (02603) rose 15.31% after announcing a projected net profit increase of 97.25% to 108.21% for the first half of 2025 [10] - COSCO Shipping Ports (01199) reached a new high, up 9.31%, amid reports of potential acquisitions of port assets [11] - Kintor Pharmaceutical (00148) announced a profit warning, leading to an 8.29% increase in stock price, with expected profits rising over 70% [12] - Lingbao Gold (03330) also saw gains, up 5.89%, with projected revenue growth of 75% to 85% for the first half of 2025 [13]

Core Viewpoint - Nanjing Weili Zhizhi Bio-Tech Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising up to $189 million, marking the second listing in Nanjing Jiangbei New Area this year [1] Company Overview - Founded in 2012, Weili Zhizhi is a clinical-stage biotech company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [1] - The company has a diverse product portfolio with 14 innovative drug candidates, including 4 core products, all of which are leading in global clinical progress [1] Product Highlights - LBL-024, a dual-targeting antibody drug, is the first and only candidate drug globally to enter the registration clinical stage targeting PD-L1 and 4-1BB [2] - LBL-024's initial indication is for lung neuroendocrine carcinoma, a malignancy with limited effective treatment options [2] - Clinical data shows LBL-024 demonstrates good efficacy and safety in both monotherapy and combination therapy, providing new hope for patients facing treatment challenges [2] - The drug has received breakthrough therapy designation from the National Medical Products Administration and orphan drug status from the FDA for treating neuroendocrine carcinoma [2] - LBL-024 is also approved for clinical research in several other cancers, including small cell lung cancer, cholangiocarcinoma, ovarian cancer, non-small cell lung cancer, esophageal squamous cell carcinoma, liver cancer, and gastric cancer [2] Industry Context - The Nanjing Jiangbei New Area is experiencing rapid development in the life and health industry, with a total of 405 listed drug products, including 6 first-class new drugs [3] - The area is focused on creating an innovative ecosystem for the biopharmaceutical industry, integrating research, production, and application [3]

Market Overview - On July 25, A-shares and Hong Kong stocks opened lower, with the Hang Seng Tech Index dropping over 1% [1] - The three major A-share indices briefly turned positive during the day but fell back into negative territory by the time of reporting [1] A-share Index Performance - Shanghai Composite Index: 3598.56, down 0.20% [2] - Shenzhen Component Index: 11178.86, down 0.13% [2] - ChiNext Index: 2342.28, down 0.13% [2] Hong Kong Stock Performance - Hang Seng Index: 25507.24, down 0.62% [2] - Hang Seng Tech Index: 5679.27, down 1.11% [2] Pharmaceutical Sector Activity - Pharmaceutical stocks showed renewed strength, with the innovative drug sector becoming active again [2] - Zhendong Pharmaceutical surged over 10%, with a cumulative increase of over 40% in three days [2] - Other notable performers included Sanming Gene, which rose over 8%, and several other companies in the sector [2] CRO Concept Stocks - CRO concept stocks experienced a rally, with Boten Co. rising over 8% [3] - Other companies such as Kanglong Huacheng, Medisi, and Zhaoyan New Drug also saw gains [3] Hong Kong CXO Concept Stocks - CXO concept stocks in Hong Kong collectively rose, with Kanglong Huacheng increasing over 10% and Zhaoyan New Drug up over 6% [4] - The stock of Weili Zhibo-B opened on its first day of trading with an increase of over 120%, currently priced at 76.6 HKD per share [4] Medical Device Sector - The medical device sector continued to rise, with A-share companies Zhengchuan Co. and Kangtai Medical hitting the daily limit, and Nanwei Medical increasing over 10% [5] Policy Changes in Pharmaceutical Procurement - The National Medical Insurance Administration announced adjustments to the drug procurement rules, indicating a shift towards a "quality-price balance" in China's drug procurement [7] - This change is expected to positively influence the healthy development of the pharmaceutical industry [7] Investment Opportunities - The introduction of the commercial insurance innovative drug directory is anticipated to benefit related companies, enhancing their valuation [8] - Investment themes include innovative drugs and medical devices, commercial insurance service providers, and differentiated medical terminals [8]

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange on July 25, 2025, with an IPO price of HKD 35 per share, aiming to raise approximately USD 189 million for clinical development and operational enhancements [1][2]. Company Overview - Founded in 2012, Weilizhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [2]. - The company has a diverse product portfolio with 14 innovative candidates, including 4 core products, all of which are leading in global clinical progress within their respective categories [2]. Business Model and Technology Platforms - Weilizhibo's core business model emphasizes self-discovery, development, and commercialization of tumor immunotherapies, focusing on three main areas: IO 2.0, T-cell engagers (TCE), and antibody-drug conjugates (ADC) [2][4]. - The company has developed proprietary technology platforms, including LeadsBody™ and X-body™, which support the development of bispecific antibodies and enhance therapeutic efficacy while minimizing systemic toxicity [4]. Clinical Pipeline and Research Highlights - The company has established a robust pipeline with 12 products targeting tumors, including 3 monoclonal antibodies, 5 bispecific antibodies, and 3 ADCs [2][4]. - LBL-024, a bispecific antibody targeting PD-L1 and 4-1BB, has shown promising results in clinical trials for treating advanced pulmonary neuroendocrine carcinoma, achieving an objective response rate (ORR) of 75% and a disease control rate (DCR) of 92.3% [7][8]. - LBL-024 is the first targeted therapy for the 4-1BB receptor in the registration clinical stage, with potential applications across various cancers, including small cell lung cancer and ovarian cancer [8][10]. Funding Utilization - The proceeds from the IPO will be allocated as follows: approximately 65% for clinical development and regulatory affairs, 15% for enhancing preclinical assets and expanding the pipeline, 10% for capacity enhancement and commercialization, and 10% for working capital and general corporate purposes [1].

Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Core Viewpoint - The stock of the innovative drug company Valiant Biotech-B opened with a significant increase of 106% on its first trading day, indicating strong market interest and investor confidence [1] Summary by Relevant Sections - **Stock Performance** - Valiant Biotech-B's shares opened at a price that reflected a 106% increase, currently trading at 72.4 HKD [1] - **Initial Public Offering (IPO) Details** - The company globally offered 36.8625 million H shares, with 43.48% allocated for public offering in Hong Kong and 56.52% for international offering [1] - The final offering price was set at 35 HKD per share, resulting in net proceeds of approximately 1.179 billion HKD from the global offering [1]

Core Viewpoint - The Hong Kong IPO market has experienced its strongest recovery in nearly a decade, with significant increases in both the number of IPOs and the quality of listed companies, driven by improved liquidity, optimized listing regulations, and restored investor confidence [1] Company Overview - Weili Zhibo, known as "China's TCE first stock," is set to officially list on the Hong Kong Stock Exchange on July 25, 2025, with a global offering of approximately 36.86 million shares at a price of HKD 35 per share [1] - The company has attracted significant interest from top-tier domestic and international pharmaceutical investment institutions, with a retail subscription rate of 3,494.8 times, setting a record for the Hong Kong 18A medical innovation sector [1] Market Potential - The global tumor immunotherapy market is projected to reach USD 97.1 billion by 2025, with a compound annual growth rate (CAGR) of 17.3%, potentially growing to USD 216 billion by 2030 [2] - The TCE (T-cell engagers) market is expected to reach CNY 8.3 billion by 2030, with a CAGR of 67.4% from 2024 to 2030, indicating a vast market opportunity [5] Product Pipeline - Weili Zhibo has developed a diverse pipeline of 14 candidate drugs, including monoclonal antibodies, bispecific antibodies, antibody-drug conjugates (ADCs), and others, with six candidates already in clinical stages [3][4] - The company's core product, LBL-034, has shown promising clinical results, with an objective response rate of 77.8% in trials for relapsed/refractory multiple myeloma [6] Innovation Strategy - The company employs a differentiated innovation strategy focusing on T-cell connectors (TCE), tumor immunotherapy 2.0 (IO 2.0), and ADCs, establishing a globally competitive research and development pipeline [3][11] - LBL-024, a key product in the IO 2.0 field, is the first and only 4-1BB antibody drug to enter the registration clinical stage, targeting various cancers with significant unmet medical needs [9][10] Competitive Advantage - Weili Zhibo's unique technology integration allows it to provide comprehensive solutions for different tumor types, enhancing its ability to address complex clinical challenges [11] - The company's strategic focus on innovation positions it to capitalize on the growing demand for effective cancer treatments, potentially leading to substantial market value growth [12]

Company Overview - Valiant Biotech-B (09887) has successfully listed its shares at a price of HKD 35 per share, issuing a total of 36.8625 million shares, resulting in net proceeds of approximately HKD 1.1793 billion [1] - The stock has seen a significant increase of 106.86%, trading at HKD 72.4 with a transaction volume of HKD 1.025 billion at the time of reporting [1] Product Pipeline - Valiant Biotech focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other serious conditions [1] - The company has one core product, LBL-024, which is currently being evaluated for its potential efficacy in treating advanced pulmonary neuroendocrine carcinoma, small cell lung cancer, cholangiocarcinoma, non-small cell lung cancer, and other solid tumors [1] - LBL-024 is a bispecific antibody targeting PD-L1 and 4-1BB, and it is the first and only targeted 4-1BB immunotherapy for pulmonary neuroendocrine carcinoma to enter the registration clinical trial phase globally [1] Clinical Development - LBL-024 entered a single-arm registration clinical trial for advanced pulmonary neuroendocrine carcinoma in July 2024, marking it as the first 4-1BB targeted candidate drug to reach this stage [2] - As of July 11, 2025, there are no approved drugs specifically for the treatment of advanced pulmonary neuroendocrine carcinoma globally, aside from chemotherapy, highlighting a significant treatment gap that LBL-024 aims to address [2] Market Potential - According to Frost & Sullivan, the global market for 4-1BB antibody drugs is projected to reach USD 2.9 billion by 2030, with a compound annual growth rate (CAGR) of 284.9% from 2026 to 2030 [2]