It surged 117% on the first day! ADC star company Yingen Bio-B (09606) landed on the Hong Kong Stock Exchange and recorded the highest increase in IPOs during the year

The Zhitong Finance App learned that on April 15, Yingen Bio-B (09606), a star company on the antibody-conjugated drug (ADC) circuit, went public on the main board of the Hong Kong Stock Exchange. The biotech company, which focuses on oncology treatment, set a new record with an impressive performance: the 116.7% increase on the first day of the first day of the Hong Kong stock market temporarily topped the first day of the 2025 Hong Kong stock market. The turnover exceeded HK$2 billion throughout the day, demonstrating the strong confidence of the capital market in innovative pharmaceutical companies.

In early trading, Yingyan Biotech opened higher at HK$181, surging more than 90% from the HK$94.6 issue price. The stock price continued to pour in. The stock price hit an intraday peak of HK$222 and finally closed at HK$205. It doubled from the issue price, and the market value was fixed at HK$17.51 billion.

Market subscription data confirms investors' enthusiasm: the Hong Kong public offering was 115.14 times subscribed, and the international offering received 13.52 times the subscription. According to reports, Yingen Biotech raised a total of 211 million US dollars in this offering, which is a significant increase over the original plan, highlighting the strong confidence of the market in its ability to innovate. Yingen Biotech's Hong Kong stock IPO has become the largest IPO project in the 18A biotech sector of Hong Kong stocks since 2022.

According to data, Yingen Biotech officially operated in 2020 and is a global leader in the field of antibody-conjugated drugs (ADC). Among them, ADCs in multiple clinical stages have carried out 7 global clinical trials at more than 230 clinical trial centers in 17 countries. More than 2,000 patients have been enrolled, and 50% of patients are from overseas.

The company has two core products independently developed, namely DB-1303/BNT323 (a HER2 ADC candidate targeting HER2 cancer (including endometrial cancer (EC) and breast cancer (BC))) and DB-1311/BNT324 (a B7-H3 ADC candidate targeting B7-H3 cancers (including small cell lung cancer (SCLC), castration-resistant prostate cancer (CRPC), and esophageal squamous cell carcinoma (ESCC))).

Additionally, five of the company's clinical-stage assets have been approved by the US Food and Drug Administration (FDA) and the China National Drug Administration (IND). The company's innovative ADC assets have attracted leading biopharmaceutical companies and has established several global partnerships, including collaborations with BioNTech, BeiGene, Adcendo, GSK, and Avenzo, with a total transaction value of over $6 billion.

On the financial side, thanks to ADC going overseas, Yingen Biotech's revenue growth trend is stable. From 2023 to 2024, the company achieved revenue of approximately RMB 1,787 billion and RMB 1,941 billion, respectively.

It is worth noting that since 2022, Yingen Biotech has raised the largest amount of capital among biotech companies listed under 18A. Industry insiders believe that Yingen Biotech's IPO may become an important watershed in the Hong Kong 18A industry. If the company can continue to break through pipeline milestones and progress in commercialization after listing, it is expected to restore the market's confidence in innovative pharmaceutical companies.