近期，科望医药第三次向港交所递交了上市申请。 这家成立于PD-1(免疫抑制分子)研发热潮中的公司，从创立之初便讲述了一个关于"解决PD-1无效难 题"的前沿故事：它避开了拥挤的T细胞(通常指T淋巴细胞，是一类免疫系统中的白细胞,是机体免疫应 答功能的重要组成部分)赛道，转而押注于巨噬细胞衔接器平台和OX40(肿瘤坏死因子受体TNFR家族的 成员)等新兴靶点，并成功吸引了安斯泰来等巨头企业的合作。 不过，科望医药光鲜技术叙事的另一面是：公司两款核心肿瘤产品均依赖外部引进，背负着未来可能高 达数亿美元的里程碑付款；在尚无产品上市的情况下，其累计亏损已超18亿元，截至递表前，其账上现 金余额不足亿元。 《每日经济新闻》记者注意到，就在此次递表前，科望医药创始人之一的职位出现大变动，今后仅对公 司相关事务进行建议和协助，这也令公司此次IPO(首次公开募股)增加了更多变数。 平台合作：期内唯一收入 科望医药成立于2017年。彼时，各大药企对PD-1/PD-L1抑制剂的研发热情高涨。科望医药从创立之初 就瞄准了一个行业关键难题：如何解决那些对现有PD-1/PD-L1疗法无效或耐药的患者需求。 这一战略定位源于其两位创始人 ...

科望医药正面临严峻的资金链考验。截至2024年末，公司现金及现金等价物仅余3282万元，较上年同期 的2.7亿元骤降88%。即便在维持现有研发规模的情况下，这笔资金也远远不足以覆盖持续运营需求。 招股书显示，公司2024年研发成本达1.17亿元，经营活动现金持续净流出。 更令人担忧的是其债务结构。由于可转换可赎回优先股被计入负债，截至2024年末，公司净负债额高达 27.38亿元。这些优先股附有强制赎回条款——若未能在约定日期前完成IPO，公司需按发行价加8%年 化单利赎回，构成潜在的巨额现金支出压力。 为缓解资金压力，科望医药已采取"断臂求生"措施，包括转让生产设施、精简团队、削减研发项目等， 但仍未扭转局面。此次IPO募资明确将用于"研发推进、技术平台优化及补充营运资金"，凸显其"输血续 命"的迫切性。 港交所信息显示，临床阶段生物医药企业科望医药已于2025年11月27日第三次向港交所主板递交上市申 请。这家成立8年、累计亏损超20亿元的创新药企，在现金仅能支撑3个月研发的紧迫局面下，再次向资 本市场发起冲刺。其背后虽站着礼来亚洲基金、高瓴、腾讯等明星投资机构，但重重风险已难以掩盖。 资金困境：3300 ...

Core Insights - The company Kewang Pharmaceutical will present the results of its Phase I clinical trial for the globally first CD39/TGF-β bispecific antibody ES014 at the 2025 ESMO Asia conference, highlighting its potential in treating advanced solid tumors [1] - Kewang Pharmaceutical has updated its prospectus for an IPO, with CITIC Securities as the sole sponsor, indicating steady progress in its capital raising efforts [1] - The company has developed a robust pipeline with innovative technologies, including the MCE platform, and has raised over $250 million from prominent investors [2][8] Company Overview - Kewang Pharmaceutical, founded in 2017 and headquartered in Shanghai and Suzhou, focuses on oncology and autoimmune diseases, establishing a differentiated and innovative R&D pipeline [2] - The company has four key products in clinical stages, including one in Phase III and two in Phase II, with several innovative projects in preclinical stages [2] - Following its Series C financing, Kewang's valuation is nearly $600 million [2] Clinical Development - ES014 is the first CD39/TGF-β bispecific antibody to enter clinical trials, showing promising safety and efficacy in treating various solid tumors, including non-small cell lung cancer and gastrointestinal stromal tumors [4] - ES102, a leading six-valent OX40 agonist, is in clinical development and has demonstrated good safety and anti-tumor activity, particularly in patients resistant to PD-1 inhibitors [5] - ES104 is the only VEGF/DLL4 bispecific antibody in clinical development in China, showing significant improvement in objective response rates for bile duct cancer compared to standard treatments [6] Innovative Platforms - The MCE platform is positioned to address challenges in solid tumor treatment and has potential applications in autoimmune diseases [3] - The BiME® platform targets tumor-associated macrophages and tumor-associated antigens, showing superior anti-tumor activity and safety compared to traditional therapies [3] - Kewang's multi-target approach in autoimmune diseases aims to precisely modulate immune responses, with ongoing development of several candidates [7] Strategic Collaborations - Kewang Pharmaceutical has entered a global strategic collaboration with Astellas, valued at over $1.7 billion, to advance its BiME® platform candidates [7] - The company leverages its unique asset-light biotech model, supported by a team with extensive experience in the biopharmaceutical industry [8]

记者丨唐唯珂 编辑丨季媛媛 港交所信息显示，临床阶段生物医药公司科望（苏州）医药于近期第三次向港交所主板递交上市申请， 中信证券继续担任独家保荐人。目前公司研发管线包含7项主要资产，其中4款已进入临床阶段，核心产 品ES102作为六价OX40激动剂抗体，是全球仅有的两种进入二期或以上临床开发的OX40候选药物之 一。 这家成立8年、累计亏损超20亿元的创新药企，正带着仅够支撑3个月研发的现金储备，在"不上市即破 产"的压力下再度冲刺资本市场。而其背后，礼来亚洲基金、高瓴、腾讯等明星资本也曾押注。 公开资料显示，2025年11月27日科望医药向港交所主板递交上市申请，这已是公司继2024年6月及2025 年5月后的第三次递表，此前公司曾于2021年尝试赴美上市未果。公司成立于2017年，由礼来亚洲基金 前合伙人纪晓辉与免疫学家卢宏韬共同创立，是一家专注于肿瘤免疫治疗的临床阶段生物医药企业。公 司成立以来经过4轮融资，累计融资2.515亿美元（合人民币17.9亿元）。 华南某中型券商医药行业分析师指出："当前市场对创新药企的估值逻辑已从'管线数量'转向'管线质 量'，尤其是自主研发能力和临床数据的差异化优势。科望 ...

Core Viewpoint - The company Kewang (Suzhou) Pharmaceutical is facing significant financial challenges and is under pressure to go public to avoid bankruptcy, despite having a promising pipeline of clinical-stage assets [2][5][11]. Financial Situation - Kewang has accumulated losses exceeding 2 billion yuan (approximately 20.67 billion yuan) since its establishment, with a cash reserve of only 32.82 million yuan as of the end of 2024, down 88% from the previous year [5][10]. - The company has a net debt of 2.738 billion yuan due to convertible redeemable preferred shares, which come with mandatory redemption clauses if the IPO is not completed by a specific date [5][11]. Pipeline and R&D - Kewang's pipeline includes 7 major assets, with 4 in clinical stages, including its core product ES102, a six-valent OX40 agonist antibody [2][9]. - The clinical data for ES102 has raised concerns, showing a low objective response rate (ORR) of 11.1%, which is below the average for other treatments in similar indications [9][10]. Market and Valuation - The company's valuation has seen significant fluctuations, rising from 20 million USD at its first round of financing to 600 million USD by 2021, but is now facing scrutiny due to high market-to-research ratios compared to industry averages [10][11]. - The recent changes in the Hong Kong Stock Exchange's listing rules have increased the requirements for unprofitable biotech companies, making it more challenging for Kewang to secure a successful IPO [11].

21世纪经济报道记者 唐唯珂 报道 港交所信息显示，临床阶段生物医药公司科望医药于2025年11月27日第三次向港交所主板递交上市申 请，中信证券继续担任独家保荐人。目前公司研发管线包含7项主要资产，其中4款已进入临床阶段，核 心产品ES102作为六价OX40激动剂抗体，是全球仅有的两种进入二期或以上临床开发的OX40候选药物 之一。 这家成立8年、累计亏损超20亿元的创新药企，正带着仅够支撑3个月研发的现金储备，在"不上市即破 产"的压力下再度冲刺资本市场。而其背后，礼来亚洲基金、高瓴、腾讯等明星资本也曾押注。 公开资料显示，这已是公司继2024年6月及2025年5月后的第三次递表，此前公司曾于2021年尝试赴美上 市未果。公司成立于2017年，由礼来亚洲基金前合伙人纪晓辉与免疫学家卢宏韬共同创立，是一家专注 于肿瘤免疫治疗的临床阶段生物医药企业。公司成立以来经过4轮融资，累计融资2.515亿美元（合人民 币17.9亿元）。 管线成色存疑 另一方面，公司同样面临管线成色存疑，核心资产引进入局，临床数据遭质疑的问题。 作为一家无商业化产品的药企，管线实力是科望医药估值的核心支撑，但这一支撑力正遭遇多重挑战。 ...

Group 1: IPO Review and Approval - This week, the Beijing Stock Exchange (BSE) concluded its IPO review, with 3 companies undergoing scrutiny and 2 successfully passing the review [2] - Yongda Co., Ltd. became the first project this year to have its IPO review postponed, raising market concerns due to ongoing issues regarding the sustainability of its performance and the rationality of its fundraising projects [2] - Yongda has adjusted its fundraising plans twice during the review process, eliminating a liquidity support project and reducing the proposed investment scale for its "Heavy Chemical Equipment Production Base Phase I" project, adding uncertainty to its review [2] Group 2: Companies Approved for IPO - Kunshan Haifiman Technology Group Co., Ltd. was approved for IPO, specializing in high-end audio products under the brand "HIFIMAN," with projected revenues of 1.54 billion yuan in 2022 and a net profit of 360 million yuan [3] - Dalian Meidele Industrial Automation Co., Ltd. also received approval, focusing on intelligent manufacturing equipment, with revenues of 10.31 billion yuan in 2022 and a net profit of 2.22 billion yuan [4] Group 3: Newly Listed Companies - Hai'an Group officially listed on the Shenzhen Stock Exchange, opening with a surge of over 68%, closing at 83.52 yuan per share, with a total market value of 15.532 billion yuan [5] - Innovation Industry, an electrolytic aluminum company, debuted on the Hong Kong Stock Exchange with a first-day increase of 32.76%, focusing on alumina refining and electrolytic aluminum smelting [6] - Nant Technology saw a significant first-day increase of 183.03% on the BSE, closing at 24.51 yuan per share [7] Group 4: Companies Filing for IPO - Kewang Pharmaceutical, founded in 2017, focuses on tumor immunotherapy with a pipeline of 7 major assets, including the core product ES102, which is in clinical development [11] - Mingyu Pharmaceutical, established in 2018, has a core pipeline in the tumor field, including ADC and dual-target antibodies, with a recent valuation of 3.936 billion yuan after a financing round [12] - Baoji Pharmaceutical, founded in 2019, specializes in recombinant biopharmaceuticals and is in the clinical stage with its core pipeline KJ017, aimed at treating complex diseases [13]

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]

Core Insights - The article discusses the updated prospectus of Kewang Pharmaceutical Group, which is primarily focused on developing innovative therapies for cancer and autoimmune diseases through a novel technology called Myeloid Cell Engager (MCE) [1][2]. Company Overview - Kewang Pharmaceutical was established in 2017 and is a research-driven clinical-stage biopharmaceutical company [1]. - The company aims to regulate immune cells to treat tumors and autoimmune diseases, positioning itself as the first company to utilize MCE technology in this field [1]. Technology and Product Pipeline - Kewang Pharmaceutical's MCE technology employs bispecific antibodies to modulate myeloid cells, such as macrophages, for therapeutic effects [1]. - The company has three products in clinical development for cancer treatment, with ES102 targeting OX40 currently in Phase II trials in China, aimed at patients with non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC) [2]. - ES104 is the only clinical-stage VEGF/DLL4 bispecific antibody in China, showing anti-tumor activity across various cancer types [3]. - ES014 is a globally pioneering CD39/TGFβ bispecific antibody, expected to treat NSCLC and other tumors [3]. Market Context - Major pharmaceutical companies like Novartis, Sanofi, and Eli Lilly are also investing in the MCE space, indicating a growing interest in this therapeutic approach [2]. - Kewang Pharmaceutical has attracted investments from prominent firms such as Hillhouse Capital and Tencent Investment, reflecting confidence in its technology and market potential [2]. Leadership Team - The founding team of Kewang Pharmaceutical has over 25 years of experience in the biopharmaceutical industry, with backgrounds in leading companies like Roche and Bayer [4].

Group 1: LeMo Technology IPO - LeMo Technology plans to globally offer 5.5556 million shares, with 555,600 shares for Hong Kong and 5 million shares for international investors [1] - The offering period is from November 25 to November 28, with a maximum offer price of HKD 40.00 per share and an entry fee of approximately HKD 4,040.35 [1] - The total expected fundraising amount is HKD 186 million, with a net amount of HKD 147 million, aimed at expanding service network coverage, enhancing technology, increasing brand awareness, and general corporate purposes [1] Group 2: Jinyan Gaoling New Materials IPO - Jinyan Gaoling New Materials intends to globally offer 24.3 million shares, with 2.43 million shares for Hong Kong and 21.87 million shares for international investors, plus an over-allotment option of 3.645 million shares [2] - The offering period is also from November 25 to November 28, with a maximum offer price of HKD 7.30 per share and an entry fee of approximately HKD 3,686.82 [2] - The total expected fundraising amount is HKD 177 million, with a net amount of HKD 124 million, to be used for deep processing projects, establishing a research center, working capital, and repaying bank loans [2] Group 3: Mingyu Pharmaceutical Listing Application - Mingyu Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors including Morgan Stanley, Bank of America Securities, and CITIC Securities [3] - The company focuses on developing tumor therapies based on ADC platforms and PD-1/VEGF bispecific antibodies, with 13 candidate products in its pipeline, 10 of which are in clinical stages [3] - The listing aligns with the trend of innovative drugs and aims to capitalize on the company's pipeline and commercialization potential [3] Group 4: Kewang Pharmaceutical Listing Application - Kewang Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [4] - The company is a clinical-stage biopharmaceutical firm focused on developing next-generation cancer therapies through an understanding of the tumor microenvironment [4] - Its core product, ES102, is an advanced hexavalent OX40 agonist, currently one of only two OX40 agonist candidates in clinical development [4]