Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with a closing price of HKD 42.10, reflecting a significant increase of 106.47% from its opening price of HKD 44.00 [1] Group 1: Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for tumors, autoimmune diseases, and inflammatory diseases [1] - The company issued a total of 89,240,000 H shares, with 7,760,000 shares allocated for the Hong Kong public offering and 81,480,000 shares for international offering [2][3] Group 2: Financial Details - The offering price was set at HKD 20.39 per share, raising a total of HKD 1,819.60 million, with a net amount of HKD 1,669.92 million after deducting estimated listing expenses of HKD 149.69 million [2][3] - The net proceeds will be used for clinical development of core products GFH925 and GFH375, further development of other pipeline candidates, and general corporate purposes [3] Group 3: Key Investors - Key cornerstone investors include RTW Master Fund, TruMed Health Innovation Fund LP, OrbiMed Genesis Master Fund, and several asset management firms such as UBS Asset Management and 富国基金管理有限公司 [5][6][7] Group 4: Financial Performance - For the fiscal years ending December 31, 2023, and December 31, 2024, Jinfang Pharmaceutical reported revenues of RMB 73.7 million and RMB 104.7 million, respectively, with a loss of RMB 508.3 million and RMB 677.6 million for the same periods [8][9] - The company has incurred significant operating losses primarily due to research and development costs associated with clinical trials, which have exceeded the revenue generated [9][10]

Market Overview - The Hong Kong stock market showed mixed performance today, with the Hang Seng Index closing flat at 26,545.1 points and a total turnover of HKD 3,768.12 million. The Hang Seng China Enterprises Index rose by 0.17% to 9,472.35 points, while the Hang Seng Tech Index increased by 0.37% to 6,294.42 points. For the week, the Hang Seng Index gained 0.59%, the China Enterprises Index rose by 1.15%, and the Tech Index saw a 5.09% increase [1]. Blue Chip Performance - Sands China (01928) led the blue-chip stocks, rising by 6.19% to HKD 21.6, contributing 4.77 points to the Hang Seng Index. The upcoming National Day and Mid-Autumn Festival holidays have driven demand for gaming stocks, with strong expectations for the Golden Week based on nearly full hotel bookings [2][4]. - Other notable blue-chip performers included China Hongqiao (01378) up 4.67% to HKD 26.46, Galaxy Entertainment (00027) up 4.22% to HKD 42.46, while Hansoh Pharmaceutical (03692) fell by 2.62% to HKD 35, dragging the index down by 1.74 points [2]. Sector Highlights Gaming Sector - The gaming sector saw significant gains, with Melco International Development (00200) up 6.6%, Sands China (01928) up 6.19%, and Wynn Macau (01128) up 6.02%. Macau's gross gaming revenue (GGR) for August reached MOP 22.16 billion, marking a new monthly high, with a year-on-year increase of 12.2% [3][4]. Gold Sector - Gold stocks rebounded, with Shandong Gold (01787) rising by 6.13% to HKD 35.68, Lingbao Gold (03330) up 3.98% to HKD 16.46, and Zijin Mining (02899) up 2.76% to HKD 29.08. The price of spot gold has stabilized above USD 3,650 following the Federal Reserve's interest rate cuts [4]. Coal Sector - Coal stocks performed well, with Yanzhou Coal Mining (01171) up 6.51% to HKD 10.63, and China Shenhua Energy (01088) up 1.42% to HKD 38.46. Recent investigations into overproduction in Inner Mongolia are expected to curb excess supply [5][6]. Robotics Sector - The robotics sector showed mixed results, with Sanhua Intelligent Control (02050) down 6.21% while DCH Holdings (00179) rose by 5.78%. Recent rumors regarding Tesla's robot orders were denied by Elon Musk, but the Chinese government is pushing for the application of humanoid robots in various industries [7]. Notable Stock Movements - Jinfang Pharmaceutical-B (02595) debuted with a remarkable increase of 106.47% to HKD 42.1. The company focuses on developing new treatment solutions for tumors and autoimmune diseases [8]. - Hongteng Precision (06088) surged by 21.44% to HKD 5.89, benefiting from Nvidia's investment in Intel for AI infrastructure [9]. - Cloudfin Financial (00376) rose by 10.55% to HKD 6.39 after appointing a former Ant Group executive to lead its Web3 development [10]. - Weimob Group (02013) increased by 10% to HKD 2.86 following a significant share placement [11]. - Ganfeng Lithium (01772) saw a rise of 9.51% to HKD 37.3, with the company announcing full production capacity for its energy storage cells [12]. - Changfei Optical Fiber (06869) reached a new high, increasing by 8.55% to HKD 61.6, driven by interest in hollow core fiber technology [13][14].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing flat at 26,545.1 points and a total turnover of HKD 37.68 billion. The Hang Seng China Enterprises Index rose by 0.17% to 9,472.35 points, while the Hang Seng Tech Index increased by 0.37% to 6,294.42 points. For the week, the Hang Seng Index gained 0.59%, the China Enterprises Index rose by 1.15%, and the Tech Index increased by 5.09% [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks with a rise of 6.19% to HKD 21.6, contributing 4.77 points to the Hang Seng Index. The upcoming National Day and Mid-Autumn Festival boosted demand for gaming stocks, with strong expectations for the Golden Week based on nearly full hotel bookings [2][4] - Other notable blue-chip performances included China Hongqiao (01378) up 4.67% to HKD 26.46, and Galaxy Entertainment (00027) up 4.22% to HKD 42.46 [2] Sector Highlights Gaming Sector - The gaming sector saw significant gains, with Melco International Development (00200) up 6.6% and Wynn Macau (01128) up 6.02%. Macau's gaming revenue reached MOP 22.16 billion in August, marking a 12.2% year-on-year increase [3][4] Gold Stocks - Gold stocks rebounded, with Shandong Gold (01787) rising 6.13% to HKD 35.68. The price of spot gold rose above USD 3,650 following the Federal Reserve's interest rate cut, with long-term gold investment still seen as valuable due to ongoing economic concerns [4] Coal Sector - The coal sector performed well, with Yanzhou Coal Mining (01171) up 6.51% to HKD 10.63. Recent investigations into overproduction in Inner Mongolia are expected to stabilize coal production levels [5][6] Robotics Sector - The robotics sector showed mixed results, with Sanhua Intelligent Control (02050) down 6.21% while Delta Electronics (00179) rose 5.78%. Recent news regarding Tesla's plans for humanoid robots has created volatility in this sector [6] Notable Stock Movements - Jinfang Pharmaceutical-B (02595) debuted with a remarkable increase of 106.47% to HKD 42.1, focusing on cancer and autoimmune disease treatments [7] - Hongteng Precision (06088) surged 21.44% to HKD 5.89, benefiting from Nvidia's investment in Intel for AI infrastructure [8] - Cloud Financial (00376) rose 10.55% to HKD 6.39 after appointing a former Ant Group executive to lead its Web3 development [9] - Weimob Group (02013) increased by 10% to HKD 2.86, announcing a share placement to raise approximately HKD 1.555 billion [10] - Ganfeng Lithium (01772) saw a rise of 9.51% to HKD 37.3, with full production capacity in energy storage cells and ongoing developments in solid-state batteries [11] - Yangtze Optical Fibre and Cable (06869) reached a new high, increasing by 8.55% to HKD 61.6, driven by interest in hollow-core fiber optics [12]

Group 1 - The core viewpoint of the article highlights the successful IPO of Jinfang Pharmaceutical-B (02595), with shares priced at HKD 20.39 and a total issuance of 89.24 million shares, raising approximately HKD 1.6699 billion in net proceeds [1] - As of the report, the stock price surged by 128.05%, reaching HKD 46.50, with a trading volume of HKD 651 million [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] Group 2 - The company’s core products include GFH925, the first KRAS G12C inhibitor approved in China and the third globally, which received approval from the National Medical Products Administration for non-small cell lung cancer (NSCLC) in August 2024 [1] - GFH375 is an oral KRAS G12D inhibitor currently undergoing Phase II clinical trials in China [1] - Jinfang Pharmaceutical has entered into a licensing agreement with Verastem for three candidate products, including GFH375, granting Verastem development and commercialization rights outside Greater China [1]

Group 1 - The core point of the article is that Jinfang Pharmaceutical-B (02595.HK) has seen a significant increase in its stock price, rising nearly 120% as of the report date [1] - During the public offering phase, Jinfang Pharmaceutical-B received a subscription rate of 2,662.79 times, indicating strong investor interest [1] - In the international placement phase, the subscription rate was 39.05 times, further demonstrating robust demand for the company's shares [1]

Group 1 - The core viewpoint of the article highlights the successful listing of Jinfang Pharmaceutical-B (02595) with a share price of HKD 20.39, raising approximately HKD 1.6699 billion from the issuance of 89.24 million shares [1] - As of the report, the stock surged by 115.79%, trading at HKD 44 with a transaction volume of HKD 491 million [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for tumors, autoimmune, and inflammatory diseases, with a product pipeline that includes 8 candidate products, 5 of which are in clinical development [1] Group 2 - GFH925, one of the core products, is the first KRAS G12C inhibitor approved in China and the third globally, having received approval from the National Medical Products Administration for non-small cell lung cancer (NSCLC) in August 2024 [1] - The company is conducting a Phase II trial of GFH925 in the EU under the KORCUS study [1] - GFH375, an oral KRAS G12D inhibitor, is currently undergoing Phase II clinical trials in China, and the company has entered into a licensing agreement with Verastem for GFH375 and two other candidate products, granting Verastem development and commercialization rights outside Greater China [1]

Core Viewpoint - Jinfang Pharmaceutical-B (02595) has successfully listed, with an initial share price of HKD 20.39, raising approximately HKD 1.6699 billion, and has seen a significant increase of 115.79% to HKD 44 per share at the time of reporting [1] Company Overview - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes 8 candidate products, 5 of which are in clinical development [1] - The company has two core products: GFH925 and GFH375 [1] Product Details - GFH925 is the first KRAS G12C inhibitor approved in China and the third globally, having received approval from the National Medical Products Administration for the treatment of non-small cell lung cancer (NSCLC) in August 2024 [1] - GFH375 is an oral KRAS G12D inhibitor currently undergoing Phase II clinical trials in China [1] - Jinfang Pharmaceutical has entered into a licensing agreement with Verastem for three candidate products, including GFH375, granting Verastem development and commercialization rights outside Greater China [1]

Core Viewpoint - The company, Jinfang Pharmaceutical-B (02595.HK), announced a global offering of 89.24 million H-shares at a price of HKD 20.39 per share, with a net proceeds of HKD 1.67 billion [1] Summary by Categories Offering Details - The global offering consists of 89.24 million H-shares, priced at HKD 20.39 each, resulting in net proceeds of HKD 1.67 billion [1] - The Hong Kong public offering accounts for 8.7% of the total shares offered, with a subscription rate of 2,662.79 times [1] - The international offering represents 91.3% of the total shares, with a subscription rate of 39.05 times [1] Trading Information - If the global offering becomes unconditional by September 19, 2025, trading of the H-shares is expected to commence on the Hong Kong Stock Exchange at 9:00 AM [1] - Each board lot for trading H-shares consists of 200 shares, with the stock code being 2595 [1]

Major Events - Jinfang Pharmaceutical-B (02595) received a subscription rate of 2662.79 times for its public offering in Hong Kong, raising approximately HKD 1.67 billion from the global offering [1] - Heng Rui Pharmaceutical (01276) announced that its SHR-1501 injection has been included in the list of proposed breakthrough therapy products [1] - Shanghai Pharmaceuticals (02607) successfully passed the consistency evaluation for the generic drug Nicorandil tablets [1] - Qutech Technology (01478) plans to sell 51.08% of its stake in India for INR 5.53 billion [1] - Boleton (01333) signed a procurement contract for energy storage system equipment with Guoxia Technology [1] - Hongye Futures (03678) shareholders Suhao Huihong and Hongye Logistics collectively reduced their holdings by 5.9482 million shares [1] - Shangu Holdings (00412) responded to concerns about concentrated shareholding, stating that the company can comply with public shareholding regulations [1] - Changfei Optical Fiber and Cable (06869) experienced unusual stock price fluctuations, with its hollow core fiber business not yet significantly impacting financial data [1] - Sanhua Intelligent Control (02050) reported abnormal trading fluctuations in A-shares, confirming no undisclosed significant matters or ongoing major planning [1] Operating Performance - China Pacific Insurance (02601) reported that its life insurance premium income for the first eight months reached CNY 217.05 billion, a year-on-year increase of 13.2% [1] - Datang Renewable (01798) completed a power generation volume of 2.1691 million MWh in August, representing a year-on-year increase of 27.5% [1]

格隆汇9月18日丨劲方医药-B(02595.HK)公告，公司全球发售8924万股H股，每股发售股份20.39港元， 所得款项净额16.7亿港元。香港公开发售股份数目占全球发售股份数目8.7%，获认购2,662.79倍；国际 发售股份数目占全球发售股份91.3%，获认购39.05倍。假设全球发售于2025年9月19日(星期五)上午八时 正(香港时间)或前成为无条件，预期H股将于2025年9月19日(星期五)上午九时正开始在联交所买卖。H 股的每手买卖单位为200股H股，H股的股份代号为2595。 ...