Set a new record in the size of 18A financing since 2022, the ADC unicorn Imabio-B (09606) made a strong debut on the Hong Kong stock market.

Since 2022, with the largest financing scale in the 18A biotechnology sector, Yingen Biotechnology-B (09606) currently ranks first in the 2025 Hong Kong IPO first-day increase list... With the above achievements, it has completed a magnificent transformation from being a "domestic ADC dark horse" to a "Hong Kong 18A star target". It is understood that the IPO price of Yingen Biotechnology is HK$94.60 per share, with a total fundraising amount of approximately US$211 million (approximately RMB 1.54 billion). After full exercise of the greenshoe option, the final total fundraising amount will climb to US$243 million, becoming the largest IPO case in the Hong Kong 18A sector in nearly four years. On April 15th, Yingen Biotechnology surged by 116.7% on the first day of listing, temporarily ranking first in the 2025 Hong Kong IPO first-day increase list, with the highest stock price reaching HK$222 on the same day, a significant increase of 134.67% compared to the issue price; meanwhile, the total daily trading volume exceeded HK$2 billion, demonstrating strong market confidence in this ADC unicorn enterprise. In fact, prior to the IPO, Yingen Biotechnology had already received favor from many investors. Before going public, Yingen Biotechnology introduced up to 15 cornerstone investors, collectively subscribing to US$65 million (approximately HK$505 million), with big-name investors including BioNTech SE and Roche joining, as well as the participation of top long-term funds such as Fidelity Fund and E Fund, Huatai Fund, representing the strongest lineup in recent years. As the IPO progresses towards the end of the IPO period, it means that Yingen Biotechnology is about to go public. Investing in an innovative pharmaceutical company in the Hong Kong stock market, investors need to focus on two key factors: the company's potential growth space and innovative R&D capabilities, grasping the unexpected commercial value behind the company's innovative product pipeline, which is also the core logic for long-term investors to allocate Yingen Biotechnology in the future. As a key leader in the global Antibody-Drug Conjugates (ADC) field, Yingen Biotechnology is mainly dedicated to developing innovative ADC drugs for patients with cancer and autoimmune diseases. As is well known, the core value of ADC innovation research and development companies depends on platform value and drug value. Yingen Biotechnology has a core technical team with over 20 years of experience in biopharmaceutical technology, led by founder Zhu Zhongyuan. With its strong R&D capabilities and years of technical accumulation, Yingen Biotechnology has successfully built four new generation ADC technology platforms including DITAC (Immune Toxin Antibody Conjugate Platform), DIBAC (Innovative Bispecific Antibody Conjugate Platform), DIMAC (Immune Regulation Antibody Conjugate Platform), and DUPAC (Payload Antibody Conjugate Platform), and has established a differentiated innovative pipeline consisting of 13 independently developed ADC candidate drugs. It is worth mentioning that the company's core technology and differentiated innovative pipeline have been recognized by international authoritative organizations. Currently, three pipeline varieties including core products DB-1303 and DB-1311, as well as key product DB-1305, have been granted the FDA's fast-track designation. In addition, DB-1303 has also received breakthrough therapy designation from the FDA and the National Medical Products Administration of China for specific indications, while DB-1311 has received orphan drug designation from the FDA. Data shows that currently, Chinese-produced ADC new drugs account for about 40% of the global pipeline, and among the 30 pharmaceutical companies with the most ADC drug research and development in the world, Chinese pharmaceutical companies occupy 14, accounting for nearly half, demonstrating that Chinese innovative pharmaceutical companies have become key participants in global ADC research and development. As one of the leading innovators in global ADC drug research and development, Yingen Biotechnology's technological value has also been highly recognized by the international industry. Since 2023, Yingen Biotechnology has successively reached multiple BD transactions with top domestic and foreign pharmaceutical companies such as BioNTech, BEIGENE, Adcendo, GSK, Avenzo, 3SBIO, with a total value exceeding US$6 billion, helping the company become a domestic ADC unicorn and an "emerging force" in international markets. It is easy to see that with its differentiated pipeline layout, strong innovative clinical development capabilities, and mature international cooperation and transactions, Yingen Biotechnology is transforming its growing innovative momentum into vigorous commercial momentum. Unlike most 18A enterprises and many domestic innovative pharmaceutical companies that have not yet generated revenue or profit, relying on extensive international cooperation and BD transactions, Yingen Biotechnology has already achieved innovation returns in the clinical development stage, generating abundant cash flow and significantly increasing growth certainty. With the successive landing of core varieties and the gradual maturation of global commercialization, Yingen Biotechnology will be able to further break through the valuation ceiling and enjoy the valuation premium of innovative pharmaceutical unicorns.