苏州创新药企冲刺港股IPO，负债27亿亏超20亿，腾讯高瓴参投

Core Viewpoint - The company Kewang (Suzhou) Pharmaceutical is facing significant financial challenges and is under pressure to go public to avoid bankruptcy, despite having a promising pipeline of clinical-stage assets [2][5][11]. Financial Situation - Kewang has accumulated losses exceeding 2 billion yuan (approximately 20.67 billion yuan) since its establishment, with a cash reserve of only 32.82 million yuan as of the end of 2024, down 88% from the previous year [5][10]. - The company has a net debt of 2.738 billion yuan due to convertible redeemable preferred shares, which come with mandatory redemption clauses if the IPO is not completed by a specific date [5][11]. Pipeline and R&D - Kewang's pipeline includes 7 major assets, with 4 in clinical stages, including its core product ES102, a six-valent OX40 agonist antibody [2][9]. - The clinical data for ES102 has raised concerns, showing a low objective response rate (ORR) of 11.1%, which is below the average for other treatments in similar indications [9][10]. Market and Valuation - The company's valuation has seen significant fluctuations, rising from 20 million USD at its first round of financing to 600 million USD by 2021, but is now facing scrutiny due to high market-to-research ratios compared to industry averages [10][11]. - The recent changes in the Hong Kong Stock Exchange's listing rules have increased the requirements for unprofitable biotech companies, making it more challenging for Kewang to secure a successful IPO [11].