LongBio Pharma Debuts on Hong Kong Stock Exchange at HK$10.7 Billion Valuation, Advancing Novel Anti-IgE and Complement-Targeting Biologics
核心洞察
LongBio Pharma (搜索) listed on the Hong Kong Stock Exchange on June 5, 2026, with shares opening at HK$144.30 and a market capitalization of HK$10.7 billion.
The company's core asset LP-003, a novel anti-IgE (搜索) antibody, demonstrated significantly better efficacy than omalizumab in treating chronic spontaneous urticaria (搜索) based on top-line results.
LongBio's pipeline also features LP-005, a first-in-class bi-functional complement antibody-fusion protein targeting both C5 (搜索) and C3b (搜索) with global leading potential.
LongBio Pharma (搜索) (01779.HK), a China-based innovative drug developer focused on allergic and autoimmune diseases, began trading on the Hong Kong Stock Exchange on June 5, 2026. The company priced its shares at HK$96.06 and opened at HK$144.30, reaching a market capitalization of HK$10.7 billion. The listing marks the seventh initial public offering this year for Qiming Venture Partners (搜索), a major institutional backer.
Founded in 2020, LongBio Pharma (搜索) has built a comprehensive pipeline of biologic treatments spanning rhinology, dermatology, respiratory, hematology, nephrology, and other autoimmune indications. The company's founding team brings decades of domain expertise: co-founder Dr. Sun Naichao is the key original inventor of omalizumab, the world's first pioneering anti-IgE (搜索) antibody, while co-founder, Chairman and CEO Dr. Liu Heng has over 15 years of experience in biopharmaceutical R&D and commercialization across both domestic and international programs.
LP-003: A Next-Generation Anti-IgE (搜索) Antibody
LongBio's core product, LP-003, is a novel anti-IgE (搜索) antibody designed to block free IgE in the blood and tissues, thereby inhibiting IgE-mediated allergic reactions. According to top-line results disclosed by the company, LP-003 exhibited significantly better efficacy than omalizumab in the treatment of chronic spontaneous urticaria (搜索) (CSU). This head-to-head superiority positions LP-003 as a potentially important advance in the anti-IgE therapeutic class.
The commercial relevance of the IgE (搜索)-targeting approach was underscored by the 2024 approval of omalizumab in the United States, which Dr. Kan Chen, a partner at Qiming Venture Partners (搜索), described as "opening up commercialization opportunities."
LP-005: A Dual-Target Complement Inhibitor
Beyond LP-003, LongBio is advancing LP-005, a novel bi-functional complement antibody-fusion protein that targets both C5 (搜索) and C3b (搜索). The company states that LP-005 has leading potential globally and shows therapeutic potential compared with single-target complement inhibitors, suggesting a differentiated mechanism that could address limitations of existing therapies in the complement-targeting space.
Investment Rationale and Market Context
Qiming Venture Partners (搜索) invested as the lead investor in LongBio's B2 financing round in 2024 and as co-lead investor in the C round in 2025. Prior to the IPO, Qiming held a 4.27% stake in the company.
"The prevalence of allergic diseases such as allergic rhinitis, asthma, and chronic urticaria has been rising in China," said Dr. Kan Chen. "Based on clinical needs, technical barriers, team strength, and market inflection points, Qiming Venture Partners (搜索) chose to invest in LongBio Pharma (搜索)."
Dr. Chen characterized the listing as "a key milestone for the company's transition from the laboratory to commercialization" and expressed confidence that LongBio is "expected to grow into a leading enterprise in the field of allergic diseases in China." He further noted that the investment, made during what he termed the "medical capital winter," reflects Qiming's "resilience in navigating through industry cycles and its independent judgment ability for projects."