Group 1: IPO Information - The company, Vailizhibo-B (09887.HK), is in the biopharmaceutical industry and is conducting an IPO from July 17 to July 22, with a total of 32.0544 million shares being offered, 10% for public sale and 90% for international placement [1] - The offering price is set between 31.6 to 35 HKD, with a market capitalization estimated between 59.58 billion to 65.99 billion HKD [1][12] - The company has a loss-making P/E ratio and the minimum subscription amount is 3536 HKD, with the listing date scheduled for July 25 [1] Group 2: Company Overview - Founded in 2012, Vailizhibo focuses on innovative antibody drug development for oncology and autoimmune diseases, led by founder Kang Xiaoqiang, a former chief scientist at Eli Lilly [2] - The company has a strong pipeline with 14 drugs in development, 6 of which are in clinical stages, utilizing advanced technologies such as bispecific antibodies and T-cell engagers [3] Group 3: Financial Performance - For the year ending December 31, 2023, the company reported revenue of 8.865 million RMB, with a net loss of 362.249 million RMB [5] - The R&D expenses for the same period were 230.858 million RMB, indicating a significant investment in drug development [5] - As of March 31, 2025, the company had cash reserves of 431 million RMB but faced liquidity issues with current liabilities of 462 million RMB [7] Group 4: Product Pipeline and Market Potential - The core product, LBL-024, is the first PD-L1/4-1BB bispecific antibody entering critical clinical trials, targeting a rare cancer with no approved treatments, showing an objective response rate of 36.7% and a median survival of over 18 months [3][10] - The global market for 4-1BB antibody drugs is projected to reach 2.9 billion USD by 2030, with China expected to grow over 120% [10] Group 5: Investment and Market Sentiment - The IPO is expected to raise approximately 1.122 billion HKD, with cornerstone investors committing 542 million HKD, indicating strong market interest [12][11] - The stock has seen significant interest, with a subscription rate of 295 times on the first day, and expectations of oversubscription reaching 2000 times [13]
太火爆！维立志博招股首日超购295倍