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 classified as 18A companies, has generated significant market anticipation for new listings in this category, 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. The company has attracted notable venture capital firms such as Shenzhen Capital Group and DCM [6]. Product Pipeline - Jinfang Pharmaceutical has developed a product pipeline that includes eight candidate drugs, with five in clinical development. Two core products, GFH925 and GFH375, are highlighted, with GFH925 being a selective KRAS G12C inhibitor approved for advanced non-small cell lung cancer (NSCLC) in China [7][8]. Commercialization and Partnerships - Jinfang Pharmaceutical has entered into several licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent full responsibility for the drug's development and commercialization in Greater China. The company retains exclusive rights for development outside of China [9][10][11]. Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and projected RMB 105 million in 2024, with net losses of RMB 508 million and RMB 678 million for the same years, respectively. The losses are attributed to significant R&D investments [12][14]. R&D Investment - The company emphasizes the need for long-term financial resources for developing high-quality drugs, with R&D costs amounting to RMB 313 million in 2023 and projected RMB 332 million in 2024 [15]. Shareholder Structure - The largest shareholder group of Jinfang Pharmaceutical includes its co-founders and key executives, controlling approximately 25.23% of the issued share capital. The company has raised a total of RMB 1.421 billion through multiple funding rounds [16][18].