IPO周报 | 天辰生物冲刺港交所；图达通继续推进港股De-SPAC上市进程

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting key companies and their developments in the biotechnology and technology sectors [1]. Group 1: Tianchen Biopharmaceuticals - Tianchen Biopharmaceuticals submitted its prospectus to the Hong Kong Stock Exchange on August 21, 2025, aiming for a main board listing, with Guojin Securities (Hong Kong) as the sole sponsor [3]. - Founded in 2020, Tianchen focuses on innovative drug development, particularly in biopharmaceuticals for allergic and autoimmune diseases, with a comprehensive product pipeline targeting various medical fields [3][5]. - The core product, LP-003, is a next-generation anti-IgE antibody with superior clinical efficacy compared to Omalizumab, showing 860 times higher binding affinity to IgE and 30 times greater blocking activity [4]. - Tianchen's key product, LP-005, is a dual-function antibody fusion protein targeting complement C5 and C3b, aimed at treating several serious conditions, including PNH and lupus nephritis [4]. - The company has raised over 2 billion RMB in its last financing round before the IPO, achieving a valuation exceeding 20 billion RMB [6]. Group 2: Tuda Technology - Tuda Technology updated its prospectus on August 26, 2025, continuing its De-SPAC listing process on the Hong Kong Stock Exchange [8]. - Established in 2016, Tuda is the first company to mass-produce automotive-grade LiDAR solutions, having deployed over 10,000 units [8]. - The company has a significant market share of 20.7% in China for ADAS LiDAR solutions and ranks second globally in cumulative sales revenue from 2022 to 2024 [8]. - Tuda has optimized its customer structure, expanding partnerships across various sectors, including passenger vehicles and robotics, with notable collaborations with NIO and several major logistics companies [9]. - The company's gross profit for Q1 this year was $319.7 million, with a gross margin of 12.6%, indicating improving profitability [9]. Group 3: Hesai Technology - Hesai Technology received approval for its overseas listing on August 19, 2025, from the China Securities Regulatory Commission [11]. - In Q2, Hesai reported revenue of 710 million RMB, a year-on-year increase of over 50%, with net profit exceeding 40 million RMB [11]. - The total delivery of Hesai's LiDAR units reached 352,095 in Q2, marking a 306.9% increase year-on-year, with significant growth in both ADAS and robotics sectors [11]. - Hesai has secured contracts with nine major automotive manufacturers for 20 vehicle models, further solidifying its position in the ADAS market [12]. - The company is also leading in the domestic robotics sector, with its JT series LiDAR achieving over 100,000 units delivered, setting a record for rapid mass production [13].