Core Viewpoint - Hanseytai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a new IPO application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor, following a previous application in November 2024. The company focuses on developing next-generation immunotherapies but faces significant challenges, including ongoing clinical trials and financial instability [1][2]. Company Overview - Hanseytai is an innovative biotech company with expertise in structural biology, translational medicine, and clinical development, established in 2017. It has completed three rounds of financing prior to its IPO, with investors including Betta Pharmaceuticals and Hangzhou Taikun [1][2]. Clinical Pipeline - The company has ten research pipelines, including eight for tumors and two for autoimmune diseases. Its core product, the PD-1/CD47 bispecific antibody HX009, is currently undergoing three clinical trials in China [2][4]. Clinical Challenges - The PD-1/CD47 dual-target antibody is in Phase II clinical trials, but the CD47 target has a history of severe hematologic toxicity, leading to many similar drug developments being halted. The company has no commercialized products and is experiencing increasing losses [1][4][5]. Financial Performance - Hanseytai has reported losses of CNY 84.623 million and CNY 117 million for 2023 and 2024, respectively. The company has no approved products for commercial sale, leading to continuous negative cash flow [8][11]. Valuation and Funding - The company's valuation has increased nearly 30 times over the past year and a half, reaching approximately CNY 1.615 billion. However, it faces significant redemption liabilities, totaling about CNY 146 million, if it fails to meet certain milestones by 2026 [9][10]. Market Competition - The PD-1 monoclonal antibody market is highly competitive, with several similar products already available. The pricing pressure from insurance negotiations has significantly reduced profit margins, and Hanseytai's product, currently not included in insurance, may face substantial price reductions to gain market access [7][8]. Future Outlook - The company plans to use the funds raised from the IPO for product development and operational costs. However, the current cash reserves are insufficient to support the completion of the drug development process, indicating that the IPO may only mark the beginning of a long financial struggle [11][12].