Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.
In our previous note, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


Impact Therapeutics (英派药业) IPO Trading

<ul>
<li>Impact Therapeutics, a China-based biotech, launched its IPO to raise at least USD 116 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and recap our valuation thoughts for the company.</li>
<li>We also look at the main reason that caps the return of the deal.</li>
</ul>


Impact Therapeutics, a China-based biotech, launched its IPO to raise at least USD 116 million via a Hong Kong listing.
In this note, we look at the deal terms and recap our valuation thoughts for the company.
We also look at the main reason that caps the return of the deal.


Impact Therapeutics (英派药业) IPO: Mind the Catalysts in 2H2026

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>After being officially included in NRDL in 2026, the retail price of Senaparib will be significantly reduced, which will have a “compression effect” on the sales in the short term.</li>
<li>The peak sales forecast of Senaparib in Chinese and global market would be RMB1.6 billion-2.2 billion, US$200 million-400 million, respectively. So, total peak sales of Senaparib is RMB3.2 billion-5 billion.</li>
<li>Investors should pay attention to how much revenue/profit actually belongs to IMPACT according to the sharing ratio stipulated in cooperation agreement. Reasonable valuation of IMPACT could be RMB1.6 billion-3.8 billion </li>
</ul>


After being officially included in NRDL in 2026, the retail price of Senaparib will be significantly reduced, which will have a “compression effect” on the sales in the short term.
The peak sales forecast of Senaparib in Chinese and global market would be RMB1.6 billion-2.2 billion, US$200 million-400 million, respectively. So, total peak sales of Senaparib is RMB3.2 billion-5 billion.
Investors should pay attention to how much revenue/profit actually belongs to IMPACT according to the sharing ratio stipulated in cooperation agreement. Reasonable valuation of IMPACT could be RMB1.6 billion-3.8 billion 


Pre-IPO IMPACT Therapeutics (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Impact Therapeutics, a commercial-stage biotechnology company, has launched its HK IPO consisting of 42M H shares. The offer price is HK$21.75/share and shares will be sold in multiples of 200.</li>
<li>The company intends to raise $117M mainly to fund its R&amp;D.  The subscription period will close on May 8, with the shares expected to make trading debut on May 13.</li>
<li>The company’s self-developed core product, senaparib has been commercialized in China in January 2025 as a first-line maintenance therapy for ovarian cancer across all patient populations regardless of mutation status.</li>
</ul>


Impact Therapeutics, a commercial-stage biotechnology company, has launched its HK IPO consisting of 42M H shares. The offer price is HK$21.75/share and shares will be sold in multiples of 200.
The company intends to raise $117M mainly to fund its R&amp;D.  The subscription period will close on May 8, with the shares expected to make trading debut on May 13.
The company’s self-developed core product, senaparib has been commercialized in China in January 2025 as a first-line maintenance therapy for ovarian cancer across all patient populations regardless of mutation status.


Impact Therapeutics IPO: Clinically Compelling Core Product Lays Solid Foundation for Growth

<ul>
<li>Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.</li>
<li>In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus.</li>
<li>In this note, we provide an risk-adjusted SOTP valuation for the company.</li>
</ul>


Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.
In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus.
In this note, we provide an risk-adjusted SOTP valuation for the company.


Impact Therapeutics (英派药业) Pre-IPO: Thoughts on Valuation

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IMPACT Therapeutics (IMPACT HK)

Impact Therapeutics (英派药业) IPO Trading

Impact Therapeutics raised USD 97m to list on HKEX on Friday May 14. We see strong subscription profile supports a positive debut but our valuation...

Ke Yan, CFA, FRM

Impact Therapeutics (英派药业) IPO: Mind the Catalysts in 2H2026

We analyze Impact Therapeutics IPO, which targets USD 116m. We recommend participation but expect returns below the top of the return spectrum...

Ke Yan, CFA, FRM

Pre-IPO IMPACT Therapeutics (PHIP Updates) - Some Points Worth the Attention

The IPO pricing of IMPACT is HK$19.75-21.75/share, with market value of HK$5.45bn-6bn (or RMB4.75bn-5.24bn) and P/S of 7-14.9x based on our peak...

Xinyao (Criss) Wang

Impact Therapeutics IPO: Clinically Compelling Core Product Lays Solid Foundation for Growth

Impact Therapeutics seeks to raise $117M via HK IPO consisting of 42M H shares at the offer price of HK$21.75/share mainly to fund its R&D. The...

Tina Banerjee

Impact Therapeutics (英派药业) Pre-IPO: Thoughts on Valuation

Impact Therapeutics: We provided a risk-adjusted SOTP of USD 589m. Valuation is anchored by senaparib's approved OC franchise.

Ke Yan, CFA, FRM

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