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.
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