Ying En Biotech (09606) Hong Kong IPO sets multiple records in the field of biotechnology, leading global capital to flock to the ADC track leader.

Engene Biosciences (09606) Hong Kong IPO subscription has ended, becoming the largest IPO project in the 18A biotechnology sector in the Hong Kong stock market since 2022. It is reported that the total amount raised in this offering reached $211 million, significantly higher than the original plan, highlighting the market's strong confidence in its innovation capabilities. Market sources have stated that Engene Biosciences' IPO set multiple historical records in the 18A biotechnology sector: 1. Valuation tripled, making it the project with the largest valuation increase in the 18A sector of the Hong Kong stock market (projects that raise over $50 million). 2. The international placement received subscriptions exceeding 14.9 times, making it the highest subscription ratio for 18A biotechnology since 2022. It is worth mentioning that amidst recent market volatility, the company attracted 15 top international long-term funds and leading domestic mutual funds to participate, including BioNTech SE, LAV Star, Lake Bleu Prime and Lake Bleu Innovation, TruMed, Fuguo Hong Kong, Fuguo Fund, E Fund Management, E Fund Hong Kong, Huatai Fund, Panjing Fund, MY Asian, EMHCP and WWHCP, and established cornerstone investment agreements with Suzhou Suchuang. Fifteen cornerstone investors have agreed to subscribe or prompt their designated entities to subscribe for a total of $65 million (approximately HK$5.05 billion) worth of shares at the offer price under certain conditions. The shareholder structure covers institutions from multiple countries around the world, demonstrating a diverse international capital deployment. Engene Biosciences officially commenced operations in 2020 and is a global leader in the field of Antibody-Drug Conjugates (ADCs). The company has several clinical-stage ADCs, conducting seven global clinical trials at more than 230 clinical trial centers in 17 countries, with over 2,000 patients enrolled, with 50% of patients coming from overseas. The company owns two core self-developed products, DB-1303/BNT323 (a HER2 ADC candidate targeting HER2-positive cancers including endometrial cancer (EC) and breast cancer (BC)) and DB-1311/BNT324 (a B7-H3 ADC candidate targeting B7-H3-positive cancers including small cell lung cancer (SCLC), castration-resistant prostate cancer (CRPC), and esophageal squamous cell carcinoma (ESCC)). In addition, the company's five clinical-stage assets have obtained Investigational New Drug (IND) approval from the U.S. Food and Drug Administration (FDA) and the China National Medical Products Administration. The company's innovative ADC assets have attracted leading global biopharmaceutical companies, establishing several global partnerships to date, including collaborations with BioNTech SE, BEIGENE Limited, Adcendo ApS, GSK plc, and Avenzo Therapeutics, Inc., with a total deal value exceeding $6 billion. This "platform technology output + global clinical synergy" flywheel model accelerates the R&D process while reducing financial pressure. The collaborations have brought in approximately $500 million in early-stage revenue (by the end of 2024), with a total deal value of $6 billion. Financially, Engene Biosciences' revenue growth is secure, thanks to the internationalization of ADC. The company is expected to achieve revenues of approximately 1.787 billion RMB and 1.941 billion RMB in 2023 and 2024, respectively. The successful IPO of Engene Biosciences signifies international recognition of the global capabilities of Chinese innovative pharmaceutical companies. Its dual-driving mode of "independent innovation + cross-border cooperation" provides a new path for 18A companies to break through their valuation bottlenecks. With the ADC track continuing to heat up, leading companies with platform technology and clinical differentiation advantages are expected to further be revalued.