135亿，港股最火生物科技IPO来了！

Company Overview - Weizhi Libo, the first TEC company in China, successfully listed on the Hong Kong Stock Exchange, opening with a 126.14% increase at HKD 79.15 per share, resulting in a market capitalization exceeding HKD 149.24 billion (approximately RMB 135 billion) [2] - Weizhi Libo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [3] IPO Details - During the subscription period, Weizhi Libo's subscription multiple reached 3029 times, with total frozen capital approaching HKD 340 billion, making it the most popular IPO in the Hong Kong biotech sector in the past three years [4] - The company attracted significant capital attention, raising over RMB 1 billion since its inception [6] Founders' Background - The company was founded by two key figures, Lai Shoupeng and Kang Xiaoqiang, both with solid academic foundations and extensive research experience in oncology [5] - Kang Xiaoqiang has 16 years of experience in tumor vaccine and antibody research, while Lai Shoupeng has conducted significant research in tumor immunotherapy [5][6] Research and Development - Weizhi Libo has developed a differentiated R&D pipeline consisting of 12 innovative drug candidates, with 6 entering clinical stages and 4 leading in global clinical progress [6] - The company has established a comprehensive R&D system covering antibody discovery, efficacy evaluation, and drugability assessment, along with proprietary technology platforms [7] Financial Performance - The company has faced continuous losses, with reported losses of RMB 362 million, RMB 301 million, and RMB 75.4 million for 2023, 2024, and Q1 2025 respectively, totaling over RMB 700 million [8] - Operating cash flow has consistently shown negative net outflows, with significant R&D expenditures consuming a large portion of operational costs [8][9] Market Position and Challenges - Weizhi Libo's financial situation is concerning, with cash and cash equivalents totaling RMB 431 million against current liabilities of RMB 462 million, indicating significant short-term repayment pressure [9] - The company has limited customer resources, primarily relying on a single collaboration with Baiji Shenzhou, which has now ended, leaving it with almost no revenue [7][9] Product Pipeline - The company is advancing its core product LBL-024 and has several promising candidates, including LBL-034 for multiple myeloma and LBL-033 for various gynecological cancers [10] - Despite high R&D spending, the progress of these projects has been slow, raising concerns about the risk of project delays or failures due to limited funding [10] Investor Sentiment - Prior to the IPO, several shareholders chose to exit, with early investors transferring shares at prices lower than their original purchase prices [11] - During the IPO phase, Weizhi Libo secured nine cornerstone investors who collectively subscribed for USD 69 million (approximately HKD 542 million) [11] Market Trends - The IPO market has seen a surge in subscription enthusiasm, with many biotech companies experiencing strong post-listing performance despite being unprofitable [12][13] - The overall heat in the Hong Kong IPO market has attracted significant investor interest, with many companies waiting to list [14]