港股IPO，再迎18A公司！今年这类公司新股涨幅“霸榜”｜港美股看台

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those of 18A companies, has generated significant market anticipation, with the top five companies showing substantial first-day gains [3][4]. Company Overview - Jinfang Pharmaceutical, established in 2017, is a biopharmaceutical company focused on developing new treatment solutions for oncology and autoimmune diseases [6]. - The company has a product pipeline that includes eight candidate drugs, with five in clinical development, including two core products: GFH925 and GFH375 [8]. Product Details - GFH925 is a newly discovered drug approved for commercialization in China, targeting advanced non-small cell lung cancer (NSCLC) and is recognized as the first selective KRAS G12C inhibitor approved in China and the third globally [8][9]. - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations, currently undergoing clinical trials in China [8]. Financial Performance - Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and projected revenues of RMB 105 million in 2024, while incurring net losses of RMB 508 million and RMB 678 million for the same years, respectively [14][16]. - The company has invested heavily in R&D, with costs amounting to RMB 313 million in 2023 and RMB 332 million in 2024 [16]. Shareholder Structure - The largest shareholder group includes the co-founders and key executives, controlling approximately 25.23% of the issued share capital [17]. - The company has successfully raised a total of approximately RMB 1.421 billion through multiple funding rounds, attracting notable investors [17][19]. Licensing Agreements - Jinfang Pharmaceutical has entered into several licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent exclusive rights for development and commercialization in Greater China [10][12]. - The company has also signed agreements with other firms for various products, indicating a reliance on third-party partnerships for future growth [11][12].