HK Recently Listed Stocks Watch | IMPACT THERAP-B (07630.HK) down 9.59%, 13.93 million cornerstone shares to be unblocked on 13 November, ALLIST's furmonertinib misses Phase III primary endpoint

NewTimeSpace News, on 8 October 2026, innovative drug stocks traded with a correction while IMPACT THERAP-B (07630.HK) weakened. As of 15:00, the company quoted HKD 13.100, down 9.59%.

On the news front, on 6 October 2026, ALLIST (688578.SH) and its overseas partner ArriVent BioPharma simultaneously announced that the FURVENT Phase III trial of furmonertinib mesylate monotherapy in previously untreated patients with locally advanced or metastatic non-squamous non-small cell lung cancer harbouring EGFR exon 20 insertion mutations did not meet the primary endpoint of progression-free survival (PFS) as assessed by blinded independent central review (BICR); the two parties are evaluating the full FURVENT dataset to determine next steps. The product had been widely regarded as a potential first-line oral tyrosine kinase inhibitor (TKI) covering the above indication, and its overseas first-line registration path may now be reassessed.

In addition, on 7 October 2026, BETTA PHARMACEUTICALS (300558.SZ) announced that the clinical trial application for BPI-572270 capsules filed by its wholly-owned subsidiary Jingyao Biotech has been approved by the US Food and Drug Administration (FDA) for advanced solid tumours. The drug is a self-developed pan-RAS "non-degrading molecular glue" inhibitor, and preclinical studies showed strong inhibitory effects on a range of RAS-mutant tumour cells.

IMPACT THERAP-B (07630.HK) listed on the Main Board of the Hong Kong Stock Exchange on 13 May 2026 at an offer price of HKD 20.10, with 41,977,000 shares issued.

Regarding its shareholding structure, the lock-up period of all six of the company's cornerstone investors is six months, with the nearest release date falling on 13 November 2026, when a total of 13,930,000 shares held by the six cornerstone investors will be released from lock-up, representing 33.19% of the shares under the global offering and approximately 5.03% of the company's total issued share capital immediately following completion of the global offering. Among them, Nanjing Biotech and Pharmaceutical Valley Construction and Development Co., Ltd. and Huatai Capital Investment Limited subscribed for 4,775,600 shares, Tencent Holdings for 3,893,800 shares and the LAV entities for 1,948,400 shares, while the remaining three cornerstone investors subscribed for a total of 3,312,200 shares. In addition, the 12-month lock-up undertakings of the company's other existing shareholders (including the pre-IPO investors) are expected to be released from lock-up in late May 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 31 August 2026. For the first half of 2026, revenue was RMB 105.19 million, up 316.8% year on year; loss for the period was RMB 90.81 million, narrowing 29.5% year on year; R&D expenses were RMB 97.637 million, up 13.1% year on year; and adjusted net loss for the period was RMB 20.867 million, a 62.6% reduction in loss. As of 30 June 2026, the company's net assets were RMB 775.77 million, compared with net liabilities of RMB 957.89 million as of 31 December 2025; cash and financial assets totalled RMB 1,065.38 million, up 312.1% from 31 December 2025. The company declared no interim dividend.

IMPACT THERAP-B (07630.HK) focuses on the development and commercialisation of precision oncology therapies based on synthetic lethality. Building on proprietary DNA damage response (DDR) assets, it has assembled a pipeline of small-molecule inhibitors spanning targets including PARP1/2, PARP1, ATR, WEE1, PKMYT1/WEE1, DHX9, ATM, USP1 and CHK1/2, alongside a dual-payload antibody-drug conjugate (ADC) platform and a protein degrader platform. Its core product senaparib (IMP4297, brand name Paishuning) was approved by China's NMPA in January 2025 for first-line maintenance treatment of advanced ovarian cancer in the all-comer population, and has been included in the National Reimbursement Drug List since 1 January 2026. The company is one of only a few globally to hold both a commercial-stage PARP1/2 inhibitor and a clinical-stage next-generation selective PARP1 inhibitor.

CMSC believes that the Hong Kong innovative drug sector is entering a window of resonance between fundamentals and valuation, with continued delivery of clinical data and overseas BD licensing deals as the core catalysts, and that current sector valuations remain at historically low levels.

SPDB International believes that stocks with differentiated pipelines and globally validated clinical evidence should be prioritised, that overseas commercialisation capability will increasingly differentiate corporate valuations, and that the sector is expected to see a valuation repair as more clinical data read out and commercialisation progresses.

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