Yimingang Technology-B did not break its debut on the stock market, maintaining its dignity in the Hong Kong stock market.

On September 5th, Yimingangke-B was listed on the main board of the Hong Kong Stock Exchange, with an issue price of HKD 18.6 per share. The closing price on the first day was HKD 19.52 per share, representing a 4.95% increase, with a trading volume of HKD 18.66 million.

In a year when the financing function of Hong Kong stocks has almost frozen, Yimingangke has managed to maintain a bit of dignity for the 18A sector of Hong Kong stocks.

5% Increase on the First Day

According to public information, after the final round of financing before the IPO, Yimingangke had a valuation of USD 829 million. After today's closing, Yimingangke's market value is HKD 7.286 billion, with pre-IPO investors having approximately 10% unrealized gains.

In this IPO, Yimingangke raised approximately HKD 300 million. It is worth noting that its cornerstone investors include Jia Shi Fund, WuXi Biologics, Rongchang Biotechnology, and Kunling Medicine, as well as other well-known funds and industry enterprises. The 4.95% increase on the first day also allowed the cornerstone investors to successfully avoid entering the market at a loss.

In addition, there are rumors in the market that an early investor in Yimingangke invested HKD 25 million, and the current market value exceeds HKD 800 million, with a return rate of over 30 times, confirming the charm of "investing early and investing small".

In summary, Yimingangke's first-day increase is a happy outcome for all participants.

Several Giants Failed in CD47

Yimingangke is a biotechnology company dedicated to the development of tumor immunotherapy. It was founded by Tian Wenzhi on June 18, 2015, in Zhangjiang, Shanghai.

Currently, Yimingangke has developed a research pipeline consisting of more than 10 innovative candidate drugs and 7 ongoing clinical research projects. Among them, the most noteworthy is the company's series of differentiated product combinations targeting the CD47 target.

CD47 was once hailed as the "next PD-1" in the pharmaceutical industry, but in recent years, the development of this target has encountered a series of setbacks worldwide.

In March 2020, multinational pharmaceutical company Gilead acquired US-based Forty Seven for USD 4.9 billion, gaining the rights to use the investigational CD47 drug Magrolimab. This deal also raised industry expectations for CD47 to its peak.

However, in the following 2-3 years, most of the news related to the CD47 target has been negative.

On August 21, 2023, Gilead announced that the FDA had suspended the clinical research of Magrolimab for acute myeloid leukemia.

And just a month ago, the Phase 3 ENHANCE study of Magrolimab in combination with azacitidine for high-risk myelodysplastic syndrome was terminated due to ineffective planned analysis results. In early 2023, Arch Oncology, a US startup supported by Roche funding, abandoned the clinical development of CD47 antibodies, and most of its employees have already resigned.

In 2022, AbbVie also terminated a clinical trial of CD47.

Multiple products enter clinical stage

Currently, Dolphin Research is the domestic pharmaceutical company with the most CD47 candidate products in clinical phase I or above. Dolphin Research's IMM01 (CD47 monoclonal antibody), IMM0306 (CD47/CD20 bispecific antibody), IMM2902 (CD47/HER2 bispecific antibody), and others have entered clinical trials, while 3 CD47 candidates are still in the preclinical stage.

Among them, IMM01 is the pipeline with the fastest progress. It is a new generation CD47 targeted molecule developed based on Dolphin Research's proprietary research platform. Due to the differentiated design of the drug, in vitro experiments have shown that IMM01 does not bind to red blood cells and does not cause severe anemia events. At the same time, due to glycosylation modification, the drug's immunogenicity is greatly reduced, improving pharmacokinetic parameters and significantly enhancing the drug's bioavailability, thereby perfectly addressing the core pain points in CD47 targeted drug development.

In addition to the CD47 pipeline, Dolphin Research also has other molecules such as IMM2510, a dual-specificity molecule targeting VEGF and PD-L1, a next-generation CTLA-4 antibody IMM27M, and a humanized IgG1 CD70 monoclonal antibody IMM40H with enhanced ADCC activity.