Core Viewpoint - 招银国际 has initiated coverage on Valiant Bio-B (09887) with a "Buy" rating and a target price of HKD 63.5, highlighting the company's focus on developing immune checkpoint therapies and expanding into other areas such as CD3 T cell connectors and antibody-drug conjugates (ADC) [1] Company Overview - Valiant Bio-B specializes in developing immune therapies that involve immune checkpoint inhibitors and co-stimulatory agonists [1] - The company has developed proprietary platforms, namely the Leads Body platform and the X-body platform, which serve as engines for continuous drug discovery [1] Product Development - The company is optimistic about the development of PD-L1/4-1BB and TCE as next-generation immuno-oncology (IO) therapies [1]