Core Insights - I-Mab is transitioning to NovaBridge Biosciences, focusing on a global biotech innovation platform and plans to dual-list on the Hong Kong Stock Exchange and NASDAQ [1][2] - The company aims to bridge Chinese biotech innovations with global markets, enhancing the value of domestic innovations [2][7] - The "Hub-and-Spoke" model will be adopted, allowing for independent development of various product lines under a centralized management structure [3][4] Company Strategy - The new management team, led by CEO Dr. Fu Xiyong, is focused on recruiting talent to support the transformation and maximize the value of Chinese innovative drugs [2][5] - NovaBridge will leverage its parent company, Kangqiao Capital's resources, to support its global expansion and development strategy [4][6] - The company plans to target clinical-stage projects with high differentiation and competitive advantages, aiming for significant value increases during the clinical trial phases [9][10] Market Context - China has become a hotspot for biopharmaceutical innovation, with a significant increase in drug development activities since 2015, leading to a robust pipeline of innovative drugs [7][8] - The value of BD transactions in China's pharmaceutical sector has surged, with over $66.8 billion in overseas licensing agreements in the first half of 2025 [8] - The company aims to capture a larger share of the value chain, potentially increasing the returns from licensing agreements from 10% to as high as 50% [8][9] Competitive Landscape - NovaBridge's approach is compared to Roivant, but with a broader opportunity set in China, where numerous companies are engaged in drug development [10] - The efficiency and cost-effectiveness of conducting clinical trials in China provide a competitive advantage over Western markets [10] - The company plans to utilize both business development and self-commercialization strategies to maximize the value of its drug pipeline [10][11]