港股IPO，再迎18A公司！今年这类公司新股涨幅“霸榜”

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those classified as 18A companies, has generated significant market anticipation for new listings in this category [3]. Group 1: IPO Performance - The top five companies in terms of first-day closing price increases are all 18A companies, with notable gains such as 206.48% for Yinno Pharmaceutical-B and 157.98% for Zhonghui Biotechnology-B [4][13]. - Other companies in the top ten include Ying'en Biotechnology-B with a 116.70% increase and Weili Zhibo-B with a 91.71% increase [4][13]. Group 2: Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for oncology and autoimmune diseases, backed by prominent venture capital firms [6]. - The company has a pipeline of eight candidate drugs, with five in clinical development, including two core products: GFH925 and GFH375 [7]. Group 3: Product Details - GFH925, a selective KRASG12C inhibitor, is the first of its kind approved in China and has received breakthrough therapy designation for treating advanced non-small cell lung cancer (NSCLC) [7][8]. - GFH375 is an oral small molecule inhibitor targeting KRASG12D mutations, currently in I/II phase clinical trials in China [7]. Group 4: Licensing Agreements - Jinfang Pharmaceutical has entered multiple licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent exclusive rights for development and commercialization in Greater China [9][11]. - The company also has agreements with SELLAS and Merck Healthcare for other products, indicating a reliance on third parties for commercialization [10][11]. Group 5: Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and RMB 105 million in 2024, with net losses of RMB 508 million and RMB 678 million respectively [12][14]. - The company attributes its losses to significant investments in R&D and changes in the fair value of equity redemption liabilities [14]. Group 6: Shareholder Structure - The largest shareholder group includes co-founders and key executives, controlling approximately 25.23% of the issued share capital [16]. - Jinfang Pharmaceutical has raised a total of approximately RMB 1.421 billion through multiple funding rounds, attracting investments from well-known venture capital firms [16][18].