今年7月，创新药板块气势如虹，当维立志博开启新股认购后，散户认购倍数达到3494.8倍，创造了港 股18A医疗创新板块的历史最高纪录；机构认购高达40.8倍，创过去四年港股18A医疗创新板块的历史 新高。 7月25日，维立志博盘中股价较发行价一度上涨127%。但康小强并不喜欢这种"一夜成名"的叙事，他更 认可"厚积薄发"。他觉得医药二级市场的机构投资者，在经历PD-1（免疫抑制分子）研发扎堆、商业化 预期落空的泡沫期之后，已经对大张旗鼓的宣传"祛魅"了，现在的市场中都是聪明的脑袋，他们冷静、 理性，更看重一家Biotech的研发管线、临床数据和发展前景，尤其是国际化前景。 今年国庆中秋假期前后，Biotech（生物科技公司）再次在港交所排起了长龙，而错峰递表的维立志博 （HK09887，股价57.00港元，市值113.37亿港元）赶在7月完成了公司的"上市礼"。7月25日，当维立志 博创始人康小强敲响铜锣，中国"TCE（T细胞衔接器）第一股"就此诞生。 在业内，TCE远没有ADC（抗体偶联药物）的名气大。它也像一枚生物导弹，通过连接人体内的T细胞 和表达选定表面标志物的癌细胞，引导T细胞攻击癌细胞，不过，细胞 ...

Core Insights - The stock price of InnoCare Pharma (映恩生物) reached a historical high of HKD 563.50 per share after being included in the Hang Seng Composite Index and successful Phase III clinical trial results for its core product DB-1303, but has since dropped to HKD 305 per share [2] - The Hong Kong innovative drug index surged from 666.91 to 1660.66 in the first nine months of the year, indicating a potential return to a bubble era for Chinese innovative drugs [2] - The founder and CEO, Zhu Zhongyuan, believes that industry development is akin to wine fermentation, where bubbles are a natural occurrence, and emphasizes that business development (BD) is a means to an end, not the goal [2][11] Company Overview - InnoCare Pharma, known as the "first ADC stock in China," has emerged as a strong player in the ADC (antibody-drug conjugate) sector, with 10 ADC clinical-stage pipelines [3] - The company went public on the Hong Kong Stock Exchange after a significant increase in stock price on its first day, raising the largest financing amount in the Hong Kong biotech sector [3] - The company’s lead product, DB-1303, has shown significant advantages over the established T-DM1 drug in clinical trials, and it is approaching the stage of market application [3][4] Clinical Development - DB-1303 is being developed for endometrial cancer, a condition with limited treatment options, and has received breakthrough therapy designation from both the FDA and CDE [3][4] - Another core product, DB-1311, targets B7-H3 and has entered global I/IIa clinical trials, with the company aiming to catch up with competitors in the ADC space [5][6] - InnoCare Pharma has initiated clinical trials in 20 countries, with over 2,700 patients enrolled, positioning itself among the leaders in the domestic biotech sector [6] Strategic Vision - Zhu Zhongyuan envisions a future where Chinese ADC companies will be globally recognized, focusing on the impact of their drugs on patient lives rather than merely on pipeline sales [7][12] - The company has established a "flywheel model" to leverage its experience in ADC development, aiming for partnerships with multinational pharmaceutical companies to secure funding and expand its network [8][9] - InnoCare Pharma has successfully completed multiple BD transactions with notable partners, including BioNTech and GSK, which has positioned it as a leading player in the domestic biotech landscape [9][10] Market Dynamics - The innovative drug market in Hong Kong has seen significant investment from multinational companies, with over 52.5% of global BD transactions related to Chinese innovative drugs as of August 2023 [10] - The stock price fluctuations in the biotech sector are influenced by market sentiment towards BD activities, with a notable correlation between overseas market rights and stock performance [11] - Despite current losses, the company is optimistic about its future, projecting significant milestone payments from existing BD agreements over the next two years [11][13]