Core Viewpoint - Nanjing Valiant BioTech Co., Ltd. is leading in next-generation tumor immunotherapy and has successfully listed on the Hong Kong Stock Exchange, raising up to $189 million through its IPO at a price of HKD 35 per share [1][2][11] Financing and Investment - The IPO attracted cornerstone investors totaling approximately HKD 542 million, including prominent medical funds and long-term institutions such as OrbiMed, TruMed, and domestic public funds like E Fund [2] - The net proceeds from the IPO will be allocated as follows: approximately 65% for clinical development, 15% for preclinical assets and pipeline expansion, 10% for production capacity enhancement, and 10% for working capital and general corporate purposes [2] Company Overview - Established in 2012, the company focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [3][10] - The company has developed a diverse product portfolio with 14 innovative candidates, of which 6 are in clinical stages and 4 are leading globally in clinical progress [11] Product Pipeline - The core product LBL-024 is a PD-L1 and 4-1BB bispecific antibody, currently in registration clinical stage, and is the first targeted therapy for the 4-1BB receptor [3][11] - The company has a total of 12 products in its tumor pipeline, including 3 monoclonal antibodies, 5 bispecific antibodies, and 3 antibody-drug conjugates (ADCs) [3] Technological Innovation - The company employs a science-driven R&D approach and has developed proprietary technology platforms such as LeadsBody™ and X-body™ for innovative drug development [4][12] - The LeadsBody™ platform supports the development of bispecific antibodies targeting CD3, optimizing efficacy and safety by minimizing systemic toxicity [4][12] Clinical Development - The company has established comprehensive capabilities across early research, translational medicine, clinical development, and business expansion, enabling efficient drug development processes [10][12] - The company aims to become a comprehensive biotechnology firm, with plans to establish commercial-scale production facilities as clinical assets approach commercialization [10]

Core Viewpoint - The successful IPO of Nanjing Weilizhibo Biotech Co., Ltd. has injected confidence into the biotech sector for future listings in Hong Kong, showcasing strong market performance and investor interest [2][4]. Company Overview - Weilizhibo, established in 2012, focuses on discovering, developing, and commercializing new therapies for cancer and autoimmune diseases, with a strategic emphasis on tumor immunology, T-cell engagers, and antibody-drug conjugates [5]. - The company has a diverse product portfolio with 14 innovative candidates, including 4 core products that are leading in global clinical progress [5]. IPO Details - Weilizhibo's IPO on July 25, 2025, involved the issuance of 36,862,500 H-shares at an offering price of HKD 35.00 per share, raising a total of HKD 1.29 billion [2]. - The company attracted 9 cornerstone investors, collectively subscribing USD 69 million (approximately HKD 541.6 million) [2]. Market Performance - As of 9:50 AM on the listing day, Weilizhibo's share price reached HKD 77.65, reflecting a 121.86% increase from the offering price, with a market capitalization of HKD 14.986 billion [3]. Product Pipeline - The core product LBL-024 is a pioneering dual-specific antibody targeting PD-L1/4-1BB, which has entered the registration clinical stage and is recognized as a breakthrough therapy for neuroendocrine carcinoma by NMPA and granted orphan drug status by the FDA [6]. - LBL-024 is being studied for various cancers, including small cell lung cancer and ovarian cancer, showing promising initial efficacy signals [7]. T-cell Engager Products - Weilizhibo has developed a matrix of 6 differentiated T-cell engager products targeting hematological malignancies, solid tumors, and autoimmune diseases, with several candidates already in clinical research [8]. Use of IPO Proceeds - Approximately 65% of the net proceeds from the IPO will be allocated to clinical development and regulatory affairs for ongoing and planned candidates, while 15% will enhance preclinical assets and expand existing pipelines [9].

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange on July 25, 2025, with an IPO price of HKD 35 per share, aiming to raise approximately USD 189 million for clinical development and operational enhancements [1][2]. Company Overview - Founded in 2012, Weilizhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases [2]. - The company has a diverse product portfolio with 14 innovative candidates, including 4 core products, all of which are leading in global clinical progress within their respective categories [2]. Business Model and Technology Platforms - Weilizhibo's core business model emphasizes self-discovery, development, and commercialization of tumor immunotherapies, focusing on three main areas: IO 2.0, T-cell engagers (TCE), and antibody-drug conjugates (ADC) [2][4]. - The company has developed proprietary technology platforms, including LeadsBody™ and X-body™, which support the development of bispecific antibodies and enhance therapeutic efficacy while minimizing systemic toxicity [4]. Clinical Pipeline and Research Highlights - The company has established a robust pipeline with 12 products targeting tumors, including 3 monoclonal antibodies, 5 bispecific antibodies, and 3 ADCs [2][4]. - LBL-024, a bispecific antibody targeting PD-L1 and 4-1BB, has shown promising results in clinical trials for treating advanced pulmonary neuroendocrine carcinoma, achieving an objective response rate (ORR) of 75% and a disease control rate (DCR) of 92.3% [7][8]. - LBL-024 is the first targeted therapy for the 4-1BB receptor in the registration clinical stage, with potential applications across various cancers, including small cell lung cancer and ovarian cancer [8][10]. Funding Utilization - The proceeds from the IPO will be allocated as follows: approximately 65% for clinical development and regulatory affairs, 15% for enhancing preclinical assets and expanding the pipeline, 10% for capacity enhancement and commercialization, and 10% for working capital and general corporate purposes [1].

Core Viewpoint - The Hong Kong IPO market has experienced its strongest recovery in nearly a decade, with significant increases in both the number of IPOs and the quality of listed companies, driven by improved liquidity, optimized listing regulations, and restored investor confidence [1] Company Overview - Weili Zhibo, known as "China's TCE first stock," is set to officially list on the Hong Kong Stock Exchange on July 25, 2025, with a global offering of approximately 36.86 million shares at a price of HKD 35 per share [1] - The company has attracted significant interest from top-tier domestic and international pharmaceutical investment institutions, with a retail subscription rate of 3,494.8 times, setting a record for the Hong Kong 18A medical innovation sector [1] Market Potential - The global tumor immunotherapy market is projected to reach USD 97.1 billion by 2025, with a compound annual growth rate (CAGR) of 17.3%, potentially growing to USD 216 billion by 2030 [2] - The TCE (T-cell engagers) market is expected to reach CNY 8.3 billion by 2030, with a CAGR of 67.4% from 2024 to 2030, indicating a vast market opportunity [5] Product Pipeline - Weili Zhibo has developed a diverse pipeline of 14 candidate drugs, including monoclonal antibodies, bispecific antibodies, antibody-drug conjugates (ADCs), and others, with six candidates already in clinical stages [3][4] - The company's core product, LBL-034, has shown promising clinical results, with an objective response rate of 77.8% in trials for relapsed/refractory multiple myeloma [6] Innovation Strategy - The company employs a differentiated innovation strategy focusing on T-cell connectors (TCE), tumor immunotherapy 2.0 (IO 2.0), and ADCs, establishing a globally competitive research and development pipeline [3][11] - LBL-024, a key product in the IO 2.0 field, is the first and only 4-1BB antibody drug to enter the registration clinical stage, targeting various cancers with significant unmet medical needs [9][10] Competitive Advantage - Weili Zhibo's unique technology integration allows it to provide comprehensive solutions for different tumor types, enhancing its ability to address complex clinical challenges [11] - The company's strategic focus on innovation positions it to capitalize on the growing demand for effective cancer treatments, potentially leading to substantial market value growth [12]

Group 1: Company Overview - Company, Anmai Biotech, is preparing for an IPO in Hong Kong, having completed multiple rounds of financing with notable investors, achieving a post-money valuation of $492 million in its last funding round in 2022 [1] - The company specializes in developing T-cell engagers for cancer and autoimmune diseases, currently in the clinical stage with no commercialized products yet [3][6] - Anmai Biotech reported projected revenue of approximately 459 million RMB for 2024, with a profit of 47.7 million RMB, marking a turnaround from previous losses [3][4] Group 2: Financial Performance - The company experienced a significant drop in R&D spending from 185 million RMB in 2023 to 123 million RMB in 2024, with R&D expenses constituting 78.8% and 74.1% of total expenses respectively [5] - As of April 30, 2025, the company has cash and cash equivalents of 327 million RMB, sufficient to maintain financial stability for the next 12 months [5] - The total accumulated loss of the company reached 2.355 billion RMB by the end of 2024 [3] Group 3: Product Pipeline and Market Potential - Anmai Biotech's lead product, EMB-01, is the first dual-specific antibody targeting EGFR/cMET for colorectal cancer, currently in Phase II clinical trials [6][12] - The global market for colorectal cancer drugs is projected to grow from $3.1 billion to $7.4 billion by 2034, with over 2 million new cases expected globally in 2024 [8][9] - The company has established a strong international collaboration network, with total transaction values exceeding $2.1 billion in licensing agreements [14] Group 4: Industry Trends and Competitive Landscape - The innovative drug sector, particularly in T-cell engagers, has seen significant growth, with the Hong Kong innovation drug index rising by 65.5% year-to-date [2] - Anmai Biotech ranks second globally in international collaboration transaction volume within the T-cell engager field, indicating strong market positioning [14] - The TCE market is competitive, with 10 TCE therapies approved globally, and Anmai Biotech's unique technology platforms may provide a competitive edge [15]

Core Viewpoint - The company Anmai Biotech has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for clinical development, pipeline expansion, and operational funding, thereby solidifying its leading position in the dual antibody innovation field [1] Financial Performance - In 2023, the company reported a loss of 594.82 million RMB, mainly due to research and management expenses, as well as losses related to redeemable preferred shares [3][4] - For 2024, the company expects to generate revenue of 458.87 million RMB, all from external licensing and collaboration agreements, and anticipates a profit of 47.69 million RMB [3][4] - As of the end of 2024, the company's net debt is projected to be 2.34 billion RMB, with cash and cash equivalents at 386 million RMB [4] Research and Development - Research and development expenses are a core component of the company's cost structure, with expenditures of 184.63 million RMB in 2023 and 122.63 million RMB in 2024 [3][4] - The company has a research team of 30 members and plans to monitor cash flow closely, with potential for further financing if necessary [4] Business Development and Partnerships - The company has secured multiple external licensing agreements since the end of 2023, with a total transaction value exceeding 2.1 billion USD, ranking second globally in the TCE dual antibody field [1][5] - A notable partnership with VignetteBio involves a total transaction amount of 635 million USD for the overseas rights to the EMB-06 TCE drug, highlighting market recognition of Anmai Biotech's TCE pipeline [5] Product Pipeline and Market Potential - Anmai Biotech's core product, EMB-01, is designed for treating colorectal cancer and is the first EGFR/cMET dual-specific antibody to enter Phase II clinical trials globally [8][10] - The colorectal cancer market in China is projected to be valued at approximately 3.1 billion USD in 2024, with significant growth expected, indicating a substantial market opportunity for the company's products [9][10] - The competitive landscape is intensifying, with seven other candidates targeting the same EGFR/cMET pathway in development, posing challenges for the company's market position [10]

Core Viewpoint - The enthusiasm of mainland companies for listing on the Hong Kong stock market has surged, with 248 out of 450 companies applying for IPOs, indicating strong interest in the market [1] Group 1: IPO Trends and Market Dynamics - The Hong Kong market has seen a record IPO fundraising amount exceeding HKD 56 billion since March 2021, with a total fundraising scale of HKD 77.4 billion this year, nearing last year's total [1] - The increasing number of listing applications has led to regulatory review congestion, with an average filing time of 5-6 months, resulting in many companies needing to submit applications multiple times [1][2] - The trend of "secondary submissions" is widely accepted in the market and does not significantly hinder the final listing process [1] Group 2: Company Overview - Weili Zhibo - Weili Zhibo has completed 8 rounds of financing, raising a total of CNY 1.084 billion, attracting notable investment from firms like Enran Venture Capital and Shenzhen Capital Group [2] - The company focuses on innovative therapies for cancer and autoimmune diseases, with a diverse pipeline that includes 14 candidate drugs [2][5] - Weili Zhibo has established three core technology platforms: ADC, IO 2.0, and TCE, enhancing its competitive edge in the biopharmaceutical field [3][5] Group 3: Product Pipeline and Clinical Development - The core product LBL-024 is the first targeted 4-1BB therapy in the registration clinical stage globally, with significant market potential in treating various solid tumors [5][7] - LBL-034, a TCE targeting GPRC5D, is in I/II phase clinical trials in China and is positioned to be the first domestic TCE therapy targeting GPRC5D [8] - The ADC product LBL-058 has shown strong efficacy in preclinical models, indicating potential in treating DLL3-positive small cell lung cancer [9] Group 4: Market Potential and Future Outlook - The global market for 4-1BB antibody drugs is projected to reach USD 2.9 billion by 2030, with a CAGR of 284.9% from 2026 to 2030, driven by a large patient population across various cancer types [5] - The ongoing clinical studies for LBL-024 aim to expand its indications into high-incidence cancer areas, further broadening its market reach [6][7] - The comprehensive innovation capabilities of Weili Zhibo across its technology platforms reflect the core driving force behind the transformation and upgrading of the Chinese pharmaceutical industry [9][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target market value of HKD 5.8 billion, corresponding to a target price of HKD 8.57 [3]. Core Insights - The company is positioned as an innovative leader in oncology, focusing on the commercialization of its first product, Selinexor, and advancing its clinical pipeline, including ATG-022 and ATG-037, which show promising efficacy in treating various cancers [2][3]. - Selinexor has already been commercialized and is expected to provide stable cash flow as its indications expand and it enters new markets [3]. - The second-generation T-cell engager (TCE) platform is anticipated to enhance safety and efficacy, with the first product, ATG-201, expected to submit an IND application in the second half of 2025 [3]. Company Overview - The company specializes in oncology and immunology, with a pipeline that includes one commercial product and five clinical-stage assets [8][9]. - Selinexor has been approved in multiple Asia-Pacific markets and is expected to see significant revenue growth in 2024 due to its inclusion in medical insurance [8]. Clinical Pipeline - The clinical pipeline includes ATG-022, a differentiated CLDN18.2 ADC, and ATG-037, a leading CD73 small molecule inhibitor, both of which have shown positive efficacy signals in clinical trials [3][51]. - ATG-022 targets a specific patient population with CLDN18.2 expression and has demonstrated efficacy across various expression levels in gastric cancer patients [34][39]. Financial Performance - The company reported a revenue of HKD 92 million in 2024, a year-on-year increase of 36.7%, primarily driven by Selinexor's sales [23]. - The adjusted annual loss decreased significantly from HKD 534 million in 2023 to HKD 305 million in 2024, reflecting improved operational efficiency [23]. Market Potential - The report highlights the significant market potential for ATG-022, estimating peak sales of approximately HKD 1.2 billion by 2034, driven by its application in both first-line and second-line gastric cancer treatments [42][44]. - The company is well-positioned in a competitive landscape, with multiple ADCs targeting CLDN18.2 currently in clinical trials, indicating a robust market for its products [32][33].