INNOVENT BIO (01801) saw a rebound of over 4%. At the time of writing, the stock was up 3.02%, trading at HKD 81.8 with a turnover of HKD 735 million. On the news front, on May 20th, the official website of the Drug Clinical Trial Registration and Information Disclosure Platform announced that INNOVENT BIO has formally registered a Phase I clinical study. The study aims to evaluate the safety, tolerability, and pharmacokinetic profile of single and multiple doses of IBI3031 in patients with Thyroid Eye Disease (TED). This marks the initiation of the first clinical trial for this drug. As a first-in-class dual-target innovative drug, IBI3031, leveraging its differentiated mechanism and potential for superior dosing, is expected to break through existing treatment limitations, offering TED patients a new, more efficient, and convenient therapeutic option. Zheshang Securities noted that with the ongoing validation of global innovative products such as the first-line POC data for IBI363 and its globalization, the commercialization realization of the GLP-1/GCGR dual-target agonist Mazdutide (IBI362) and IBI343, and the continuous clinical validation of early first-in-class pipelines like IBI3002, IBI3001, and IBI3030, the company's transition from a Biopharma to a global Pharma is becoming increasingly clear, supported by increasingly robust performance. The firm is optimistic about the company's growth trajectory and global R&D potential underpinned by its platform innovation, as well as the certainty of an upward valuation breakthrough.