Core Viewpoint - The enthusiasm for innovative drug companies entering the Hong Kong stock market continues, with Ying Shi Biotech being a recent applicant focusing on cancer drug development [1] Company Overview - Ying Shi Biotech was founded in 2017 and specializes in the research and development of new cancer drugs, led by founder Wang Zaiqi, who has extensive experience in multinational pharmaceutical companies [1][2] - The company has completed six rounds of financing totaling $130 million, with a post-C round valuation of $306 million [1] Market Context - In 2023, Ying Shi Biotech began preparations for its IPO, but faced challenges due to policy changes affecting unprofitable biotech companies in China [2] - The market has since recovered, with 60 healthcare companies applying for listing on the Hong Kong Stock Exchange, over 50% of which are innovative drug companies [2] Product Focus - Ying Shi Biotech is developing Ifebemtinib, a FAK (Focal Adhesion Kinase) small molecule inhibitor, targeting the issue of drug resistance in cancer treatment [2][4] - The company aims to address the common problem of drug resistance, which affects 80%-90% of cancer patients, by inhibiting FAK to disrupt cancer cells' defense mechanisms [4][5] Clinical Development - Ifebemtinib has shown promising results in clinical trials, particularly in combination with chemotherapy for platinum-resistant recurrent ovarian cancer, achieving an objective response rate (ORR) of 40.7% [5] - The drug has received breakthrough therapy designation from the FDA and the NMPA, with plans to submit a marketing application by the end of this year or early next year [5][6] Commercialization Strategy - Ying Shi Biotech has not yet achieved profitability, with operating losses of 174 million yuan, 143 million yuan, and 27.5 million yuan in 2023, 2024, and Q1 2025, respectively [6] - The company is building a sales team and collaborating with top hospitals to facilitate commercialization, while also exploring partnerships with established contract sales organizations (CSOs) [6][7] Competitive Landscape - The FAK inhibitor market is relatively new, with limited competition, as the first FAK inhibitor for ovarian cancer was only approved by the FDA in May 2023 [6][7] - The potential for Ifebemtinib in combination therapies may provide a competitive edge, as it can enhance the efficacy of existing treatments without direct competition [7][8]