Shares of Nanjing Leads Biolabs (HKG:9887) soared 115.71% in their trading debut on the Hong Kong Stock Exchange, reflecting strong investor enthusiasm for the clinical-stage biotech company's potential in the immuno-oncology field. The stock opened at HK$72.4, more than doubling its initial public offering (IPO) price of HK$35.00 per share.

The spectacular debut comes on the heels of a highly successful IPO, which raised HK$1.18 billion in net proceeds. The offering was met with overwhelming demand, particularly from Hong Kong retail investors, with the public tranche being 3,494.78 times oversubscribed. This extraordinary level of interest triggered a claw-back mechanism, increasing the allocation to Hong Kong public investors to 43.5% of the total offering from the initial 8.7%.

Leads Biolabs has garnered significant attention for its innovative pipeline of cancer therapies, particularly its lead candidate LBL-024. This first-in-class bispecific antibody, targeting PD-L1 and 4-1BB, has shown promising results in treating extrapulmonary neuroendocrine carcinoma (EP-NEC), a rare and aggressive cancer with limited treatment options. The drug's potential is underscored by its recent acquisition of Breakthrough Therapy Designation from China's NMPA and Orphan Drug Designation from the U.S. FDA. With a diverse portfolio spanning multiple oncology indications and strategic partnerships to enhance its drug discovery capabilities, Leads Biolabs is well-positioned to capitalize on the growing demand for novel cancer treatments in both domestic and international markets.