Core Insights - The company, Jinfang Pharmaceutical-B (02595), conducted an IPO from September 11 to 16, raising significant interest with a subscription amount of HKD 349.85 billion, resulting in an oversubscription rate of 2,210 times for the public offering portion [1] - The company plans to issue 77.6 million H-shares at a price of HKD 20.39 per share, aiming to raise HKD 1.58 billion, with the shares expected to be listed in Hong Kong on September 19 [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes eight candidate products, five of which are in clinical development [1][2] Financial Details - The net proceeds from the IPO will be allocated as follows: approximately 33% for the clinical development of core product GFH925, about 38% for core product GFH375, around 19% for the development of other candidates in the pipeline, and about 10% for working capital and general corporate purposes [2] Product Pipeline - Core product GFH925 (fulzerasib, marketed as Daberet®) has been commercially approved in China for the treatment of advanced non-small cell lung cancer (NSCLC) and is currently undergoing Phase II trials in the EU [1] - Another core product, GFH375, is an oral small molecule inhibitor targeting KRAS G12D mutations, with ongoing Phase I/II clinical trials in China for patients with advanced solid tumors carrying this mutation [2]

| | | 新股仔展 (9月15日) | | | --- | --- | --- | --- | | 新股 | 券商 | 子展(亿港元) | 息率% | | | 富途 | 1171.00 | 0.00 | | | 辉立 | 415.00 | 0.00 | | | 信诚 | 100.00 | 0.00 | | | 耀才 | 74.00 | 0.00 | | | 华盛 | 45.80 | 0.00 | | 劲方医药- | 盈立 | 11.24 | 0.00 | | B(02595) | 时富 | 1.40 | 0.00 | | | 艾德 | 0.9455 | 0.00 | | | 其他总和 | 377.047 | | | | 共计 | 2196.4325 | | | | | 集资额:1.58亿元 | | | | | 认购:超购逾1389倍 | | | 不同集团 | 富途 | 3.17 | 0.00 | | | 信诚 | 1.00 | 0.00 | | | 时喜 | 0.78 | 0.00 | | | 华盛 | 0.22 | 0.00 | | | 辉立 | 0.21 | 0.00 | | | | 0.16 | 0. ...

Group 1: Company Overview - Company name:劲方医药-B, established in 2017, focuses on innovative drug development for oncology, autoimmune, and inflammatory diseases [8][10] - The company has a product pipeline consisting of 8 candidate products, with 5 in clinical development, including core products GFH925 and GFH375 [10][12] - GFH925 is the first KRAS G12C inhibitor approved for commercialization in China, while GFH375 is a KRAS G12D inhibitor currently in clinical trials [12][16] Group 2: IPO Details - The IPO is scheduled from September 11 to September 16, with a listing date on September 19, at a price of HKD 20.39 per share [3][4] - The total fundraising amount is HKD 15.82 billion, with a total issuance of 77,600,000 shares, of which 10% is for public offering and 90% for international placement [3][4] - The company has a strong cornerstone investor base, with 9 investors committing USD 100 million, accounting for 49.27% of the total issuance [5] Group 3: Financial Performance - Revenue for 2023, 2024, and the first four months of 2025 is projected at RMB 73.74 million, RMB 104.70 million, and RMB 82.15 million respectively [18][22] - The company has been operating at a loss, with net profits of -RMB 508.32 million, -RMB 677.64 million, and -RMB 66.62 million for the respective periods [19][22] - As of April 30, 2025, the company has cash reserves of RMB 391 million [21] Group 4: Market and Competitive Landscape - The global KRAS G12C inhibitor market is expected to grow from USD 489 million in 2024 to USD 3.491 billion by 2033, with a compound annual growth rate of 24.4% [13][16] - The competitive landscape includes several approved KRAS G12C inhibitors, with GFH925 being the first in China and competing against products from major pharmaceutical companies [16] - The company aims to expand its product pipeline beyond RAS drugs, including candidates like GFS202A, a bispecific antibody targeting GDF15 and IL-6 [16][17]

Core Viewpoint - Jinfang Pharmaceutical-B (02595) is currently in the process of an IPO, with significant oversubscription indicating strong investor interest [1] Group 1: IPO Details - As of September 12, a total of HKD 379.8185 billion has been lent by brokers including Futu, Huatai, and others for Jinfang Pharmaceutical-B's IPO, resulting in an oversubscription of over 239 times [1][2] - The total amount raised from the IPO is HKD 1.58 billion [2] Group 2: Broker Contributions - Futu contributed HKD 187.90 billion, while Huatai contributed HKD 65.00 billion [2] - Other brokers such as Ruch, Xincheng, and Yaocai also participated, with smaller contributions totaling HKD 79.4789 billion [2]

Group 1 - Health 160 (02656) and Jinfang Pharmaceutical-B (02595) are currently in the process of public offering, with significant oversubscription levels reported [1] - As of September 11, a total of HKD 89.9819 billion has been borrowed by brokers for Health 160, resulting in an oversubscription of over 178 times [1][2] - For Jinfang Pharmaceutical-B, brokers have borrowed HKD 92.9193 billion, leading to an oversubscription of over 57.8 times [1][2] Group 2 - The total amount raised for Health 160 is HKD 0.5 billion, while Jinfang Pharmaceutical-B has raised HKD 1.58 billion [2] - Major brokers involved in the borrowing for Health 160 include Futu, Huatai, and Yaocai, with Futu contributing HKD 41.75 billion [2] - For Jinfang Pharmaceutical-B, the largest contributions come from Futu and Huatai, amounting to HKD 52.90 billion and HKD 17.00 billion respectively [2]

Core Insights - The company, Jingfang (02595.HK), is a biopharmaceutical firm focused on developing new treatment solutions for tumors, autoimmune, and inflammatory diseases, with a pipeline of eight candidate products, five of which are in clinical development [3][4] Company Overview - Jingfang's core product, GFH925 (fulzerasib), is a newly discovered drug that has received commercial approval in China for treating advanced non-small cell lung cancer (NSCLC), making it the first approved selective KRAS G12C inhibitor in China and the third globally [3][4] - The company is conducting an ongoing Ib/II clinical trial (KROCUS trial) in EU countries to evaluate the potential of GFH925 in combination with cetuximab as a first-line treatment for advanced NSCLC [4] Clinical Development Plans - Jingfang plans to leverage clinical results obtained in Europe to apply for a Phase III clinical trial in the US and Europe, having held an IND pre-meeting with the FDA in February 2025, with plans to initiate the Phase III trial in Q4 2025 [4] - GFH375, an oral bioavailable small molecule inhibitor targeting KRAS G12D, has initiated a Phase I/II clinical trial in China for patients with advanced solid tumors carrying the KRAS G12D mutation, with a key clinical trial expected to start in Q4 2025 [4] Market Potential - The global market for KRAS G12C inhibitors for treating NSCLC is projected to grow from $90 million in 2021 to $464.7 million by 2024, with a compound annual growth rate (CAGR) of 72.8%, and is expected to reach $2.7576 billion by 2033, with a CAGR of 21.9% from 2024 [5] - The market for KRAS G12C inhibitors for treating colorectal cancer (CRC) is expected to grow from $24.5 million in 2024 to $733 million by 2033, with a CAGR of 45.9% starting in 2024 [5] - In the Greater China region, the market for KRAS G12C inhibitors for treating NSCLC is anticipated to grow from $13.1 million in 2024 to $559.8 million by 2033, with a CAGR of 51.7% from 2024 [5]

獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 勁方醫藥科技 ( 上海 ) 股份有限公司 GenFleet Therapeutics (Shanghai) Inc. 股份代號 : 2595 （於中華人民共和國註冊成立的股份有限公司） 全球發售 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 GenFleet Therapeutics (Shanghai) Inc. 勁 方 醫 藥 科 技（ 上 海 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 77,600,000股H股（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | ： | 7,760,000股H股（可予重新分配） | | 國際發售股份數目 | ： | 69,840,000股H股（可予重新分配及 | | | | 視乎發售量調整權及超額配股權 | | | | 行使與否而定） | | 發售價 | ： | 每股發售股份20.39港元，另加 ...

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