新股前瞻｜在港股“二次递表“浪潮中，解码维立志博的投资价值

Core Viewpoint - The enthusiasm of mainland companies for listing on the Hong Kong stock market has surged, with 248 out of 450 companies applying for IPOs, indicating strong interest in the market [1] Group 1: IPO Trends and Market Dynamics - The Hong Kong market has seen a record IPO fundraising amount exceeding HKD 56 billion since March 2021, with a total fundraising scale of HKD 77.4 billion this year, nearing last year's total [1] - The increasing number of listing applications has led to regulatory review congestion, with an average filing time of 5-6 months, resulting in many companies needing to submit applications multiple times [1][2] - The trend of "secondary submissions" is widely accepted in the market and does not significantly hinder the final listing process [1] Group 2: Company Overview - Weili Zhibo - Weili Zhibo has completed 8 rounds of financing, raising a total of CNY 1.084 billion, attracting notable investment from firms like Enran Venture Capital and Shenzhen Capital Group [2] - The company focuses on innovative therapies for cancer and autoimmune diseases, with a diverse pipeline that includes 14 candidate drugs [2][5] - Weili Zhibo has established three core technology platforms: ADC, IO 2.0, and TCE, enhancing its competitive edge in the biopharmaceutical field [3][5] Group 3: Product Pipeline and Clinical Development - The core product LBL-024 is the first targeted 4-1BB therapy in the registration clinical stage globally, with significant market potential in treating various solid tumors [5][7] - LBL-034, a TCE targeting GPRC5D, is in I/II phase clinical trials in China and is positioned to be the first domestic TCE therapy targeting GPRC5D [8] - The ADC product LBL-058 has shown strong efficacy in preclinical models, indicating potential in treating DLL3-positive small cell lung cancer [9] Group 4: Market Potential and Future Outlook - The global market for 4-1BB antibody drugs is projected to reach USD 2.9 billion by 2030, with a CAGR of 284.9% from 2026 to 2030, driven by a large patient population across various cancer types [5] - The ongoing clinical studies for LBL-024 aim to expand its indications into high-incidence cancer areas, further broadening its market reach [6][7] - The comprehensive innovation capabilities of Weili Zhibo across its technology platforms reflect the core driving force behind the transformation and upgrading of the Chinese pharmaceutical industry [9][10]