Investment Rating - The report suggests a cautious subscription for the company [2]. Core Insights - The company is engaged in innovative drug research and development, manufacturing, and sales, with a focus on a unique EGFR×HER3 bispecific antibody ADC that is currently in Phase III clinical development [2]. - The company has established a robust ADC drug development platform, successfully advancing 10 candidate drugs into clinical stages and conducting approximately 70 clinical studies [2][3]. - The global ADC market is projected to grow significantly, reaching USD 13.5 billion in 2024 and USD 150.2 billion by 2033, with notable growth expected in both the Chinese and U.S. markets [3]. - The company's revenue is expected to show substantial growth, with a forecasted increase from HKD 701.8 million in 2022 to HKD 5.8 billion in 2024, representing a year-on-year growth of 1,033% [3]. - The company reported a loss of HKD 289.1 million in 2022, which increased to HKD 769.0 million in 2023, but is projected to turn profitable in 2024 with earnings of HKD 3.98 billion [3]. Summary by Sections IPO Details - The company plans to raise HKD 3.017 billion through its IPO, with a share price range of HKD 347.5 to HKD 389 [1]. - The total number of shares available for subscription is 8.63 million, with 90% allocated for international placement and 10% for public offering [1]. Financial Performance - The company’s revenue is projected to grow significantly from HKD 701.8 million in 2022 to HKD 5.8 billion in 2024, with a 40% year-on-year increase in the first half of 2025 [3]. - The company is expected to turn profitable in 2024 after reporting losses in previous years [3].