New Stock News | Ke Wang Pharmaceutical Submits Application to Hong Kong Stock Exchange, Leading in Clinical Development Progress of Core Product ES102.

According to the disclosure of the Hong Kong Stock Exchange on November 24th, Capping Medicine Group (referred to as Capping Medicine) has submitted an application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The company had previously submitted an IPO application to the Hong Kong Stock Exchange in June 2024. According to data from Torch Consulting, as of the last feasible date, there has not been any approved OX40 agonist worldwide, with only two OX40 candidate agonists in Phase 2 or above clinical development. The company's core product, ES102, is one of them. The prospectus shows that Capping Medicine is a clinical-stage biopharmaceutical company founded in 2017, dedicated to developing a new generation of cancer therapies globally. With a deep understanding and research on the tumor microenvironment (TME), the company is committed to systematically covering innovative and promising targets and pathways in cancer biology to drive innovation in immuno-oncology. ES102 is Capping Medicine's core product, an advanced hexavalent OX40 agonist in clinical use, which can stimulate and activate T cells together and reverse the immune suppression induced by Treg cells. According to Torch Consulting data, as of the last feasible date, there has not been any approved OX40 agonist globally, with only two OX40 candidate agonists in Phase 2 or above clinical development, with ES102 being one of them. ES102 is specifically used to treat cancer patients who do not respond well to ICI. In clinical trials, including in combination with PD-1 antibodies for NSCLC and ESCC patients resistant to PD-1 checkpoint inhibitors, ES102 demonstrated controllable safety and anti-tumor activity. Since licensing from Inhibrx in 2018, Capping Medicine has completed two Phase 1 clinical trials for ES102 in China for late-stage solid tumor patients (as monotherapy and in combination with PD-1 checkpoint inhibitors). The company has also initiated a Phase 2 clinical trial in China for ES102 in combination therapy with Terpulimab for late-stage NSCLC patients, with the first patient dosed in April 2025, to further explore ES102's potential in combination therapy. Capping Medicine has a differentiated innovative pipeline that can capture huge business opportunities in the rapidly growing oncology market. With the company's internal research and development capabilities and strategic partnerships, its candidate drugs have differentiated targeting and strong combination potential, covering major tumor types. Each candidate drug is positioned as the next generation of immuno-therapies to meet global unmet medical needs. In addition to the core product ES102, as of the last feasible date, the company's R&D pipeline includes five major assets, with three in clinical stages, namely ES014, ES104, and ES009. Capping Medicine has established a comprehensive drug development engine equipped with proprietary technologies that cover the entire research and development cycle from drug discovery to translational medicine and clinical development. The company has accumulated rich proprietary technologies and experience in therapeutic antibody development, reflected in the development of multiple proprietary antibody discovery platforms, namely BiME, Acebody, and ElpiSource. These platforms play a crucial role in promoting the discovery and development of candidate drugs with differentiated characteristics, accelerating the drug discovery process, and improving cost-effectiveness. In the future, the company believes that strategic partnerships in drug discovery and platform technologies will further promote the creation of new biologics by combining complementary advantages and expertise. In August 2025, Capping Medicine entered into a strategic partnership with Partex N.V. (Partex AI), a Netherlands-based AI-driven drug discovery and development company, to jointly develop the ELPITEX platform for designing new therapeutic antibodies and biologics. This platform combines Partex AI's expertise in artificial intelligence with the company's research capabilities and expertise. The company has also established a strategic partnership with Amgen (a global biopharmaceutical company) to collaborate on a new dual-specific macrophage engager project derived from the BiME platform. If Amgen exercises its option, Capping Medicine is eligible to receive milestone payments of over $1.7 billion, and can leverage Amgen's strong influence in over 70 countries and regions globally to expand the company's global business scope. Financially, in 2024, Capping Medicine generated revenue of RMB 1.07 billion from its collaboration, option rights, and licensing agreement with Amgen.