Core Viewpoint - Company Kewang Pharmaceutical has submitted its third application for a mainboard listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, following previous attempts in June 2024 and May 2025, and an unsuccessful attempt to list in the US in 2021 [1] Company Overview - Kewang Pharmaceutical was founded in 2017 by former Eli Lilly Asia Fund partner Ji Xiaohui and immunologist Lu Hongtao, focusing on clinical-stage biopharmaceuticals for tumor immunotherapy [1] - The company has a pipeline of seven major assets, with four in clinical stages, including its core product ES102, which is one of only two OX40 candidates globally in phase II or higher clinical development [1] Product Development - The core product ES102 is a hexavalent OX40 agonist antibody aimed at treating cancer patients who respond poorly to immune checkpoint inhibitors, currently undergoing a phase II clinical trial in combination with Toripalimab for advanced non-small cell lung cancer, with plans to initiate phase III trials in the second half of 2026 [1] - The company has established its own BiME® dual-antibody technology platform, focusing on the development of bispecific macrophage connectors, with other candidates in the pipeline targeting differentiated pathways such as VEGF/DLL4 and CD39/TGFβ [1] Strategic Partnerships - In late 2023, Kewang Pharmaceutical entered into a global strategic collaboration with AstraZeneca to develop candidate drugs based on the BiME® platform, with a potential total transaction value exceeding $1.7 billion [1] Financial Performance - Financial data shows that in the first nine months of 2023, 2024, and 2025, the company achieved revenue of 107 million yuan in 2024, primarily from the collaboration with AstraZeneca, while net losses were 853 million yuan, 88 million yuan, and 105 million yuan respectively, totaling 1.043 billion yuan in cumulative losses [2] - Research and development expenditures remained high, with costs of 108 million yuan, 117 million yuan, and 78 million yuan during the reporting period [2] - As of September 30, 2025, the company had cash and cash equivalents of 93.92 million yuan, with a net cash outflow from operating activities of 97.2 million yuan during the period [2] Investment and Market Potential - The company has completed four rounds of financing, raising a total of $251.5 million, with a valuation of $599 million following the C round in 2021, backed by notable investors including Eli Lilly Asia Fund (22.93% stake), Hillhouse Capital (9.51% stake), and Tencent (4.09% stake) [2] - According to a report by Zhi Shi Consulting, the global cancer immunotherapy market is expected to grow from $62.8 billion in 2024 to $266.1 billion by 2035, with a compound annual growth rate (CAGR) of 14.0%, while the Chinese market is projected to grow from 24.4 billion yuan to 272.4 billion yuan during the same period, with a CAGR of 24.5% [2] Use of Proceeds - The funds raised from the upcoming Hong Kong listing will primarily be used to advance the development of candidate drugs, optimize the BiME® technology platform, prepare for commercialization, and supplement working capital [2]