According to Futu News on May 24,$SUNHO BIO-B (02898.HK)$It opened 7.11% higher on the first day. As of press time, it reported HK$14.46, with a turnover of HK$15.4099 million and a total market capitalization of HK$2,265 billion.
Market source: Futu Securities
According to previous information, in Futu's secret market trading on the previous trading day, Shenghe Biotech B opened high, closing up 8.15% to HK$14.60, with a turnover of HK$1,987 million, with a total market value of HK$2,287 billion; 200 shares per lot, without handling fees, earned HK$220 per lot.
Furthermore, according to previous public information, Shenghe Biotech B received a total of 7,451 valid applications during the public sale phase, and the number of applications accepted was 2,922. The approximate percentage of H shares allotted in the first batch was 7.82% of the total number of applications.
Futu Information collates the relevant data as shown below:
Company Overview
Founded in 2018, Shenghe Biotech is a biopharmaceutical company that directly regulates the innate and adaptive immune systems to regulate the immune microenvironment and develops various types of immunotherapy, including antibody cytokines for the treatment of cancer and autoimmune diseases. The company is one of the world's leading companies in developing antibody cytokine products, and one of the few pioneers with the fastest clinically advanced antibody cytokine product candidates.
Shenghe Biotech has three core products, namely IAH0968, IAP0971 and IAE0972, all independently developed. IAH0968 is an antibody-dependent cell-mediated cytotoxic (“ADCC”) -enhanced monoclonal antibody (“mAb”), and the company has initiated phase II clinical trials for biliary tract cancer (“BTC”) and colorectal cancer (“CRC”). IAP0971 and IAE0972 are both antibody cytokines, and the company has completed phase I clinical trials for advanced solid tumors (including non-small cell lung cancer (“NSCLC”) and CRC).
As of the last practical date, Shenghe Biotech has identified and developed 9 pipeline products, 6 of which are in the clinical stage and 3 are in the pre-clinical stage. The company obtained approval from regulatory authorities in China and the United States to conduct a new drug clinical trial application (IND) for a total of three antibody cytokines IAP0971, IAE0972, and IBB0979. According to Frost & Sullivan data, as of the last practical date, these three candidate products are the antibody cytokines with the fastest clinical progress in treating cancer patients in the world.
Shenghe Biotech signed a cooperation agreement (“IBC0966 Agreement”) with Yiming Angke Biomedical Technology (Shanghai) Co., Ltd. (“Yiming Angke”) on the transfer, development, manufacture and commercialization of IBC0966 technology in October 2019. According to Frost & Sullivan data, no PD-L1 targeting and siRPα-based immunotherapy has been approved to treat cancer. Among the drug candidates currently being developed, the company's product IBC0966 is the bifunctional immunotherapy based on SIRPα with the fastest clinical progress in the world and China.
Financial Overview
In terms of financial status, Shenghe Biotech currently has no products approved for commercial sale, nor has it generated any revenue from product sales. During the track record period, other income included government grants (mainly provided by local government agencies in China to support the company's R&D activities); interest income from financial institutions, which mainly refers to interest generated from bank deposits; sales revenue from contract production services; and relocation incentives.
In 2022 and 2023, the company's total losses and comprehensive expenses were RMB52 million and RMB132.7 million respectively. With the exception of the expenses of RMB 130 million and RMB 70,000 for providing contract production services to a biotechnology company in 2022 and 2023, Shenghe Biotech had no other expenses. The expenses incurred mainly include raw materials, labor costs, depreciation and other production costs.
Edit/Wilde