上市捷报丨沙利文助力宜明昂科生物医药技术（上海）股份有限公司成功赴港上市(1541.HK)

Yiming Angke Biopharmaceutical Technology (Shanghai) Co., Ltd. (Stock Code:1541.HK) on2023year9month5The company successfully logged into the Hong Kong capital market on the same day. It is a research-oriented biotechnology company dedicated to developing tumor immunotherapy. It is one of the few biotechnology companies in the world capable of systematically utilizing innate and adaptive immunity. The company's pipeline includes a comprehensive portfolio based on innate immunity, as well as targetedCD47,CD24and other novel immune checkpoints14Among the candidate drugs, there are8The product is in clinical trials. The company's core productIMM01It's an innovativeCD47Target molecule, the first in China to enter clinical trialsSIRPα-FcConjugated proteins, which are being developed for combination therapy with other drugs against a variety of hematological and solid tumors, are under investigation by Frost & Sullivan (Frost & SullivanFrost & Sullivan, hereinafter referred to as 'Frost & Sullivan', is pleased to provide exclusive industry advisory services for the listing of Yiming Angke Biomedical Technology (Shanghai) Co., Ltd. We hereby extend our warmest congratulations on its successful listing.

Yiming Angke Biopharmaceutical Technology (Shanghai) Co., Ltd. (hereinafter referred to as 'Yiming Angke') was established on2023year9month5The company was successfully listed on the stock market, with a global issuance of shares of1,714.7210,000 shares, selling price per share18.60HK$, and the net proceeds from global offering will be approximately2.513HK$10 billion.

During the Hong Kong listing process, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, sponsor, and other professional intermediary institutions in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), assisting the issuer in communicating with the Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and providing feedback on industry-related issues to the Stock Exchange.

Investment highlights

The company has formed a pipeline through scientific research-oriented biotechnology, leveraging its layout of innate and adaptive immune systems;

The company's comprehensive product portfolio based on innate immunity can target a variety of solid tumors and hematological malignancies;

The company employs differentiated molecular design to achieve strong efficacy and good safety;

Based on a profound understanding of tumor immunology, the company's integrated proprietary R&D engine continuously fuels the research and development of immunotherapies;

The company is led by a renowned immunologist founder and supported by blue-chip investors, and has an experienced management team with a good track record in drug innovation and clinical development;

According to the Frost & Sullivan report, the company:

It is one of the few biotechnology companies in the world capable of systematically utilizing innate and adaptive immunity;

IMM01It is the first in China to enter the clinical stageSIRPα-Fcfusion protein;

IMM0306andIMM2902Both are global first-in-class bispecific molecules targeting their respective targets that have entered clinical trials.

Global, US, and Chinese Oncology Immunotherapy Market Overview

Tumor immunotherapy has become a revolutionary cancer therapy aimed at eliminating cancer cells by stimulating and activating the patient's own immune system. The main types of tumor immunotherapy include immune checkpoint inhibitors, cell therapies, and therapeutic cancer vaccines. In particular, immune checkpoint inhibitors have become one of the most successful cancer therapies in the past decade.

2022The global market scale of tumor immunotherapy reached502Billions of dollars, driven by the increase in new cancer cases, improved patient survival rates, extended treatment cycles, and the development of immunotherapy, the global tumor immunotherapy market is expected to continue growing rapidly in the future.2035In the year, the global tumor immunotherapy market is expected to reach3,404billion US dollars, accounting for54%As mentioned above, thanks to the continuous launch of new drugs and the improvement in patients' affordability, the Chinese tumor immunotherapy market is growing continuously, with an expected growth rate that will exceed that of the global and US markets.

Data source: Analysis by Frost & Sullivan

Currently, approved tumor immunotherapies in China mainly focus onTCell activation stimulates adaptive immune responses. However, these are based onTCell immunotherapy has certain limitations, for example,PD-1/PD-L1Inhibitors, when used as monotherapy, are only available in10%till25%Patients benefit from it.

Global and ChinaCD47/SIRPMarket scale of α targeted drugs

Immunotherapy targeting innate immune checkpoints can address the limitations of currently approved targeted adaptive immune therapies and has shown potential for broad clinical application. Currently, there are no approved innate immune checkpoint-targeting therapies globally, indicating a huge and untapped global market. This is due to the overexpression of numerous tumor cell surface markers.CD47Has been identified as a key macrophage checkpoint.CD47/SIRPAlpha-targeted drugs aim to activate macrophages by blocking the inhibitory 'don't eat me' signal. Activated macrophages can further trigger the immune response through interactions between innate and adaptive immune systems.TCellular immune response. In view ofCD47-SIRPThe key role of the α pathway in regulating macrophage activity is attracting increasing attention from the biopharmaceutical industry, and is being pursued by several multinational companies as a follow-upPD-1/PD-L1The next revolutionary immunological checkpoint to be pursued.

are expected to be2024With the launch of the first drug in this class, globallyCD47/SIRPThe α targeted therapy market is expected to expand rapidly.2024Year-end2030Year, globalCD47/SIRPThe α targeted therapy market is expected to grow from2Billion dollars increased to126billion US dollars, with a compound annual growth rate of106.9%, and is expected to be launched in2030Year-end2035year after23.0%The compound annual growth rate continues to grow rapidly.

Compared with global markets, China'sCD47/SIRPThe α targeted therapy market is expected to grow at a faster pace. ChinaCD47/SIRPThe α targeted therapy market is expected to grow from2024year0.1USD billion growth to2030year22billion US dollars, with a compound annual growth rate of159.1%, and is expected to be launched in2030Year to2035year after25.0%The compound annual growth rate has been growing rapidly.

Data source: Analysis by Frost & Sullivan

Global and ChinaCD47/SIRP&alpha>Targeted drug competition landscape

As of the latest practicable date, there are no commercially available ones globally.CD47/SIRPαtargeted drug. In view ofCD47/SIRPThe therapeutic and market potential of αtargeted drugs, with many candidate drugs currently in clinical development stages, including fusion proteins, monoclonal antibodies, and bispecific molecules. Among numerous pharmaceutical R&D companies, Yiming Angke andTrilliumThe only two have observed complete remission in monotherapy clinical trials(CR), and shows good security.

（1)CD47Targeted fusion protein

As of the latest practicable date, there are two targets in ChinaCD47The fusion protein has entered the clinical stage, and there are four in the United States and other regions of the world.IMM01It is the first in China to enter the clinical stageSIRPαfusion protein.

Data source: Analysis by Frost & Sullivan

（2)CD47targeted monoclonal antibody

As of the latest practicable date, there are globally19targetedCD47The monoclonal antibody is in the clinical development stage. All known structuresCD47Antibodies are allIgG4 Fcstructure.

Data source: Analysis by Frost & Sullivan

（3)CD47targeted bispecific molecule

As of the latest practicable date, there are a total of24anCD47The targeted bispecific molecule is in the clinical development stage, among which13A clinical trial is being conducted in China.IMM0306The world's firstIPhase clinical trialCD47×CD20 IgG1Dual-specific molecules, which do not bind to red blood cells. In addition,IMM2902It is the only one in the world that has entered clinical trialsCD47×HER2Dual-specific molecule.

Data source: Analysis by Frost & Sullivan

In the field of tumor immunology, Frost & Sullivan has served companies such as BeiGene, Innovent Biologics, Junshi Biosciences, Rongchang Biotechnology, and Kangfang Biotech.

View the full prospectus of IMEC

Frost & Sullivan integrates the globe.62years of consulting experience,25Frost & Sullivan wholeheartedly serves the booming Chinese market, leveraging a global perspective to help clients accelerate their business growth and achieve industry-leading benchmarks in terms of growth, innovation, and leadership. The Greater Health Industry is one of the core focus areas of research at Frost & Sullivan. Recently20For many years, the Frost & Sullivan team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies.IPO listingIndustry consulting, strategic consulting, management consulting, and other services. Among them, successful listing cases include: Corumbata6 990.HK), LaiKai Medicine 2105.HK), Kedex Group2487.HK), Lvz Bio2480.HK), Meis Health 2415.HK), Yaohua MedicinePHECR), Zhongjin Medical （NASDAQ:ZJYL), Yisheng Biology NASDAQ:YS ), Beautiful Countryside 2373.HK), Kangfeng Biology6922.HK), Bao'an Biology6955.HK), Ideasight1244.HK), Meihao Medical1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai2291.HK), Genstar Biotech9877.HK), HealthyuanJCARE.SW), Leepu MedicalLEPU.SW), DINGDANG HEALTH9886.HK), Baidu Map Suggest (2315.HK), Zhiyun Health9955.HK), MeinGene6667.HK),Prenetics（PRE.NASDAQ), Yunkang Group2325.HK), Ruike Biotechnology2179.HK), Leepu Biotech2157.HK), Clear Medical (1406.HK), Baisinkan2185.HK), Yonghe Medical (2279.HK), Kailaiying6821.HK), Beihai Kangcheng1228.HK), Gusheng Hall2273.HK), Eagle-Pen Technology2251.HK), Clover Biotechnology2197.HK), minimally invasive robots2252.HK), and Yuhui Kaiman2256.HK), Kunbo Medical (2216.HK), Xianruida6669.HK), Kangsheng Global9960.HK), Medical Pulse Connect (2192.HK), Tengsheng Bo medicine2137.HK), Conoco (2162.HK), Chaogju Eye Hospital (2219.HK), Guichuangtong Bridge2190.HK), and Huang Medicine0013.HK), Keji Pharmaceutical2171.HK), Zhaoke Eye Hospital6622.HK), Nature Medicine (UPC.NASDAQ), Sino Biologics (6600.HK), Zhaoyan New Drugs6127.HK), Novo Nordisk Health (6606.HK), Tianyan PharmaceuticalADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao Miao2161.HK), Minimally Invasive Cardiac Angioplasty (2160.HK), Ruili Medical Beauty2135.HK), Jiake Pharmaceutical1167.HK), and Bopan Medicine2142.HK), JD Health6618.HK), Deqi Medicine6996.HK), Rongchang Biology9995.HK), WuXi AppTec Genomics (2126.HK), Sinobiopharmaceuticals2096.HK), Yunding Xinyao1952.HK), Harvest Biotech6998.HK), ZaiDi Pharma9688.HK), Ocumivir1477.HK), Yongtai Biology6978.HK), Hype Pharma9989.HK), Kechuang Pharmaceutical9939.HK), Peijia Medical (9996.HK), Kangfang Biology9926.HK), Novartis HealthCare (9969.HK), Celestial BeingsIMAB.NASDAQ), Kanglonghua Cheng3759.HK), China Antibody3681.HK), Dongyao Pharmaceutical1875.HK), Yasheng Medicine6855.HK), Fosun Pharma (2696.HK), Hansoh Pharmaceutical3692.HK), Mabotech2181.HK), Founder Holdings1521.HK), ViaBio1873.HK), CStone Pharmaceuticals2616.HK), Junshi Biology1877.HK), WuXi AppTec (2359.HK), Innovent Biologics1801.HK), Hualing Medicine2552.HK), BeiGene (6160.HK), Gelifarmaceuticals1672.HK), WuXi AppTec Biologics2269.HK), China Resources Medicine3320.HK), Yakult Scientific & Pharmaceutical2633.HK), and Huang China MedicineHCM.NASDAQ), Biotechnology1548.HK),BBILife Sciences1035.HK) and so on. In terms of the number of submissions, Frost & Sullivan's healthcare team in Hong Kong is involved inIPO listingMaintain an absolute leading position,2018till2022Year after year, it has always ranked first in market share.

since2019year7Since the initial listing of the first batch of companies on the Sci-tech Innovation Board, Frost & Sullivan reports have also been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry, including: Fuerjia 301371.SZ), Hybrid Integration688249.SH), Wuxi Rilian688531.SH), Maolai Optics688502.SH), Kangwe Century688426.SH), coastal protein688137.SH), Novartis HealthCare (688428.SH), OPUMAI BIOLOGY688293.SH), minimally invasive electrophysiology688351.SH), Mengke Pharmaceutical688373.SH), Yifang Biology688382.SH), Jicui Pharmaceutical Health (688046.SH), Haiscot Biopharmaceuticals688302.SH), Rongchang Biology688331.SH), Rendu Biology688193.SH), Capital Pharmaceutical Holdings (688197.SH), and Yuanbiotech (688238.SH), YASIN Security688225.SH), Xidiwei688173.SH), MyWay Biotechnology688062.SH), Yarong Medicine688176.SH), BeiGene (688235.SH), Jiahemeikang688246.SH), DiZhe Medicine688192.SH), Novozymes688105.SH), Chengda Biology688739.SH), Gecko Micro688728.SH), Huaxi Biology688363.SH), Junshi Biology688180.SH), Zhejiang Genomics & Therapeutics Co., Ltd.688266.SH), Bai'ao Tai688177.SH), SinoCell (688520.SH) and others are considered one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.