今天，南京新增一家港股上市公司

Core Viewpoint - Nanjing Valiant Biotech Co., Ltd. (referred to as "Valiant Biotech") has successfully listed on the Hong Kong Stock Exchange under the stock code 9887, raising a total of HKD 1.29 billion through the issuance of 36.8625 million shares at HKD 35 per share [1][3]. Company Overview - Valiant Biotech was established in 2012 and began operations in May 2014, with its registered location in Nanjing Jiangbei New District. The company focuses on the discovery, development, and commercialization of innovative therapies, particularly targeting diseases that existing PD-1/PD-L1 antibody therapies cannot treat, addressing unmet medical needs in oncology, autoimmune diseases, and other significant illnesses globally [4]. - The company currently has 14 innovative drugs in development, with 6 in clinical stages. Its core product, LBL-024, is set to enter a single-arm registration clinical trial in China for the treatment of advanced pulmonary neuroendocrine carcinoma in July 2024, potentially becoming the first approved drug specifically for this indication [5]. Founders and Management - The company was co-founded by Kang Xiaoqiang and Lai Shoupeng. Kang, aged 64, has extensive experience in the pharmaceutical industry, previously serving as Chief Immunology Scientist at Eli Lilly after ImClone Systems was acquired. He currently serves as the Executive Director, CEO, and General Manager of Valiant Biotech [6]. - Lai, aged 80, has nearly 30 years of experience in the biopharmaceutical industry and currently holds the position of Executive Director, Chief Strategy Officer, and Executive Vice President, overseeing strategic planning and overall operations [8]. Financial Performance - Valiant Biotech has not yet achieved profitability, reporting no revenue for the previous year and the first three quarters of this year. The company incurred a pre-tax loss of RMB 362.249 million for the last year, with significant research and development expenses amounting to RMB 230.858 million [9][10]. - Despite the lack of revenue, the company experienced high market interest, with a subscription rate of 3029 times and a total subscription amount nearing HKD 340 billion during its IPO [10]. Market Context - The successful listing of Valiant Biotech adds to the growing number of pharmaceutical companies from Nanjing on the Hong Kong Stock Exchange, following the recent IPO of another local company, Jiangsu Hengrui Medicine, among others [12].