药捷安康在港交所上市，首日涨幅为78.71%，市值约93亿港元

Core Insights - The opening price of Yaojie Ankang on its first trading day was HKD 21.65 per share, representing a 64.64% increase from the IPO price, and it closed at HKD 23.50 per share, a rise of 78.71%, with a market capitalization of approximately HKD 9.3 billion [2] - The company experienced over-subscription in its public offering, achieving a 25.92 times subscription rate in the Hong Kong public offering phase, while the international offering had a subscription rate of only 0.98 times [2] - Yaojie Ankang is a clinical demand-driven biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular diseases [4] Company Overview - Founded in April 2014, Yaojie Ankang was previously known as Nanjing Yaojie Ankang Biotechnology Co., Ltd., with a registered capital of approximately RMB 380 million [2] - The company has developed a pipeline that includes one core product and five clinical-stage candidates, along with one preclinical candidate [4] - The core product, Tinengotinib, is a unique multi-target kinase inhibitor aimed at three key pathways and is currently undergoing two pivotal registration clinical trials for treating cholangiocarcinoma that has progressed after FGFR inhibitor treatment [4] Financial Performance - In 2023 and 2024, Yaojie Ankang recorded net losses of approximately RMB 343.39 million and RMB 274.61 million, respectively [5] - The research and development costs for 2023 and 2024 were approximately RMB 344.48 million and RMB 244.00 million, accounting for 89.8% and 83.6% of total operating expenses, respectively [4][5] - The company incurred significant expenses related to contract research organizations (CRO), with costs of approximately RMB 192 million in 2023 and RMB 146 million in 2024, primarily attributed to the development of Tinengotinib [4]