"The 'first stock of TCE in China' listed on the Hong Kong Stock Exchange, the value of WeLead Intelligent Tech (09887) is just being revealed at the right time."

Since the beginning of this year, the Hong Kong IPO market has seen the strongest recovery trend in nearly a decade. Driven by multiple favorable factors such as improved liquidity environment, optimized listing regulations, and continued restoration of investor confidence, market activity has significantly increased. Data shows that in the first half of the year, the Hong Kong stock market has completed 35 IPO projects, with a total fundraising amount of 95.929 billion Hong Kong dollars, a significant increase of 758.8% compared to the same period last year, reaching a historical high. It is worth mentioning that not only has the amount raised increased significantly compared to the same period in previous years, but the quality of listed companies has also greatly improved. At this moment, on July 25, 2025, the "China's first TCE stock" WeLiZhiBo was officially listed on the main board of the Hong Kong Stock Exchange with the stock code 09887. In this IPO, WeLiZhiBo globally issued approximately 36.86 million shares (excluding over-allotment option) at a price of 35 Hong Kong dollars per share, with a board lot of 100 shares. Individual investors subscribed 3494.8 times, setting a new record for the 18A medical innovation sector of Hong Kong stocks; institutional subscription reached as high as 40.8 times, setting a new record for the 18A medical innovation sector of Hong Kong stocks in the past four years*. It is worth noting that all nine cornerstone investors introduced in this issue are professional top medical investment institutions from home and abroad, including ZhongXinGu Capital, HighYield, OrbiMed, TruMed, Tencent, E Fund, Ruiyuan, SAGE, and HANKUN Capital, accumulating a total subscription of 15.47 million shares, with a total subscription of 69 million US dollars. Morgan Stanley and CITIC SEC (Hong Kong) are the joint sponsors of the company. So, as the leader of the next generation of tumor immunotherapy, how much is the true value of the highly favored WeLiZhiBo by capital? Differentiated innovation builds core advantages Immunotherapy is one of the three pillars of modern cancer treatment, and the market has been growing rapidly in recent years. According to a report by Frost & Sullivan, the global cancer immunotherapy market is estimated to reach 97.1 billion US dollars by 2025 and is expected to continue to grow to 216 billion US dollars by 2030 at a compound annual growth rate of 17.3%, reaching half of the global cancer treatment market. In this trillion-dollar blue ocean market, immunotherapy is entering the 2.0 era with synergistic multiple targets and integration of multiple technological platforms. The industry landscape is being reshaped, and Chinese innovative drug companies are achieving overtaking through differentiated strategies. As an innovative benchmark in the industry, WeLiZhiBo has attracted significant market attention with its forward-looking pipeline layout. According to the prospectus, WeLiZhiBo was founded in 2012 and is a clinical-stage biotechnology company. For more than a decade, the company has been dedicated to the discovery, development, and commercialization of innovative therapies to meet the unmet medical needs in cancer, autoimmune diseases, and other major diseases in China and globally. So far, WeLiZhiBo has developed a reasonable and diverse pipeline, including 14 candidate drugs, including 3 monoclonal antibodies for tumors, 5 bispecific antibodies, 3 antibody-drug conjugates (ADCs), and 1 bispecific fusion protein for tumors, as well as 1 bispecific fusion protein and 1 triple-specific antibody for autoimmune diseases. Among the 14 candidate drugs in the company's pipeline, 6 have successfully entered the clinical stage, including 1 core product and 3 major products, and the R&D progress is at a globally leading level, demonstrating its strong strength in the field of innovative drug development. In fact, when it comes to WeLiZhiBo, its distinctive innovative strategy cannot be ignored. The company has established a globally competitive R&D pipeline through a focus on T cell engagers (TCE), tumor immunotherapy 2.0 (IO 2.0), and antibody-drug conjugates (ADC), making it a leading player in the field. As an important direction in the development of bi/multi-specific drugs, TCE therapy is an immunotherapy that uses bispecific or multispecific antibodies to bind T cells to target cells, activating T cells to attack targeted cells through the host's own immune system without relying on chemical payloads. TCEs activate and expand non-tumor-specific T cells in the body, primarily attacking dormant and actively dividing cancer cells, which provides better safety and longer-lasting relief time compared to ADCs. In this context, the TCE track has been continuously sought after in recent years. In 2024, the total value of the global TCE field exceeded 4 billion US dollars, with China leading the way in License-out transactions, accounting for as high as 93.6%. It is expected that by 2030, the Chinese TCE market will reach 8.3 billion yuan, with a CAGR from 2024 to 2030 of 67.4%. The market prospects of the TCE track can be described as vast. As the first Chinese TCE stock, WeLiZhiBo began to lay out the TCE track in 2018 and subsequently established the LeadsBodyTM proprietary technology platform in 2020. Up to now, the company has deployed 6 differentiated TCE pipeline products, successfully establishing a TCE product matrix covering hematologic tumors, solid tumors, and autoimmune diseases, making it one of the few TCE platform biopharmaceutical companies globally that have demonstrated the ability to develop drugs in clinical data. Take the main pipeline LBL-034 as an example, it adopts a 2:1 asymmetric structure, with two binding sites targeting GPRC5D and one CD3 target, which can precisely control the binding strength between CD3 and tumor antigens. Through precise spatial blockade molecule structure design, it can be selectively activated only in the tumor microenvironment, effectively reducing the risk of cytokine storm and systemic toxicity. The company's technological advantages have been successfully validated in clinical research, and the efficacy level is superior to major competitors. Data shows that as of March 11, 2025, in a Phase I/II trial of recurrent/refractory multiple myeloma monotherapy, an objective response rate of 77.8% was observed at doses of 200 g/kg and above; and at doses of 400 g/kg and 800 g/kg, the objective response rate reached 80%-90%, with a very good rate of partial response or deeper level response (VGPR) being 61.1% and 100% respectively. In contrast, the only approved bispecific antibody targeting GPRC5D, TALVEY (talquetamab), has publicly available clinical data showing an objective response rate of 64% at a dose of 800 g/kg in patients with multiple myeloma, with a VGPR efficacy rate of 52%. It is important to note that although current TCE therapy research is mainly focused on hematologic tumors, WeLiZhiBo, with its differentiated innovation strategy, has established a first-mover advantage in the more promising field of solid tumor treatment. The company has multiple solid tumor TCE products in preclinical and clinical stages, including LBL-054 (CDH17/CD3) for gastrointestinal solid tumors, LBL-033 (MUC16/CD3) for treating MUC16-expressing solid tumors, especially for gynecological cancers such as ovarian cancer, cervical cancer, and endometrial cancer. Recently, the company has integrated TCE technology with the ADC platform to launch the innovative product LBL-058. This product, which made its debut at the AACR annual meeting in 2025, has attracted significant global market attention. As a first-of-its-kind TCE ADC novel product category globally, LBL-058 uses the company's patented Linker-payload technology platform to integrate the DLL3CD3 bispecific antibody framework with a new generation of topoisomerase I inhibitors (TOP1i) cell cytotoxic payload, achieving a synergistic effect between T cell killing and payload cytotoxic killing. In view of this, WeLiZhiBo is expected to utilize the "technology innovation-clinical validation-commercial transformation" development model to make the TCE platform not only the most promising part in the short term but also the key technology engine for the company to challenge the global Biopharma industry. As the boundaries of indications continue to expand, the "ceiling" of the related market space will also be opened up, and the company's technological advantages will continue to be transformed into long-term value. Diversified layout leads the way in the era of tumor immunotherapy 2.0 LBL-024, as WeLiZhiBo's core product in the IO 2.0 field, innovatively adopts a PD-L1/4-1BB bispecific antibody design and successfully overcomes the industry challenge of developing the 4-1BB target, becoming the world's first and only registered clinical phase 4-1BB antibody drug. It is important to note that as an agonist, 4-1BB can reactivate exhausted T cells and greatly expand them, making it particularly suitable for treating PD-1/PD-L1-resistant or ineffective so-called "cold" tumors. As a result, LBL-024 has obtained approvals for clinical studies in a number of cancers, including extrapulmonary neuroendocrine carcinoma (EP-NEC), small cell lung cancer (SCLC), biliary tract cancer (BTC), ovarian cancer (OC), non-small cell lung cancer (NSCLC), esophageal squamous cell carcinoma (ESCC), liver cancer (HCC), and gastric cancer (GC), and has seen exciting clinical results in multiple cancers such as extrapulmonary neuroendocrine carcinoma, small cell lung cancer, biliary tract cancer, and ovarian cancer, making it a promising effective anti-tumor drug for a wide range of indications. It is worth noting that LBL-024 selected extrapulmonary neuroendocrine carcinoma as the first indication for LBL-024, and completed the leap from the first human trial to critical clinical research in less than two and a half years. This rapid development process demonstrates WeLiZhiBo's innovative strength in the field of cancer immunotherapy. As the world's first registered clinical-stage therapy targeting the 4-1BB receptor, it makes 4-1BB potentially the fourth globally approved immune therapy target after PD-1/L1, CTLA-4, and LAG3, providing broad opportunities for treating various solid tumors. Currently, the drug has been granted breakthrough therapy designation for post-line extrapulmonary neuroendocrine carcinoma by the NMPA and orphan drug designation for treating neuroendocrine carcinoma by the US FDA. In fact, in the selection of the first indication for LBL-024, WeLiZhiBo's highly strategic commercialization path design is evident. Extrapulmonary neuroendocrine carcinoma, as a rare cancer with significant unmet medical needs and a loose market competitive landscape, breakthrough therapy and orphan drug designations provide a green light for the commercialization of drugs, allowing them to quickly enter the market and further seek opportunities for wide-spread indication expansion to maximize the commercial value of the product. This "efficient" path can be described as "multi-pronged", enabling short-term efficacy verification and leaving room for long-term development, demonstrating the company's strategic foresight in differentiated clinical development and potentially replicating the successful path of PD-1 "small indications entry, large indications outbreak". Overall, through strategic synergy and innovation fusion in three major areas, WeLiZhiBo has successfully built a technical matrix covering the entire cycle of cancer treatment. This "IO 2.0+TCE+ADC" innovative layout not only forms a unique technological synergy effect but also establishes the company's competitive advantage in the global cancer treatment field. Based on the deep integration between platforms, WeLiZhiBo can provide comprehensive solutions for different types of tumors, including immune regulation, targeted killing, and precise drug delivery, significantly enhancing its ability to address complex clinical challenges. As a pioneering industry player focused on "innovation," WeLiZhiBo's "ceiling" for growth continues to expand. It is believed that WeLiZhiBo has significant competitive advantages in differentiated innovation and pipeline layout across two dimensions, and will further strengthen its leadership position in the biopharmaceutical industry through capital assistance to accelerate pipeline advancement and platform upgrades. For investors, this is not only an opportunity to lay out the TCE track but also a long-term value investment in the strategic transformation of Chinese innovative drug companies from "following innovation" to "leading innovation." From a valuation perspective, with outstanding fundamentals and the vast imagination space of the trillion-dollar cancer immunotherapy market, WeLiZhiBo, as "China's first TCE stock," is expected to achieve impressive increases after listing, realizing a rapid increase in value. *Excluding projects with a transaction size below $5,000.