Abstract: We analyzed the IPO of Impact Therapeutics (英派药业), a China-based biotech raising at least USD 116 million via a Hong Kong listing at HKD 21.75 per share, implying a market capitalization of USD 784 million. Our sum-of-the-parts valuation stands at USD 589 million (HKD 16.3 per share), anchored by IMP4297 senaparib's NMPA-approved ovarian cancer first-line maintenance indication in China, which contributes USD 420 million of the USD 428 million China total. Oncology-focused biotech listings in Hong Kong have delivered a median return of 143% in 2025 and 2026, with most deals trading at a premium to assessed valuations. We would participate in the deal, though we do not expect top-end returns as the key commercialization catalyst for senaparib has already played out. The next material trigger is an IMP1734 Phase II interim readout expected in late 2026.
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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