Core Viewpoint - The recent listing of Jinfang Pharmaceutical on the Hong Kong Stock Exchange marks the entry of another 18A company, reflecting strong market expectations for such listings in 2023 [1] Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for tumors and autoimmune and inflammatory diseases [1] - The company has undergone multiple rounds of financing, attracting notable venture capital firms such as Shenzhen Capital Group, DCM, and Huagai Capital [1] Product Pipeline - Jinfang Pharmaceutical has developed a product pipeline with eight candidate drugs, five of which are in clinical development, including two core products: GFH925 and GFH375 [2] - GFH925 is a selective KRAS G12C inhibitor approved for the treatment of advanced non-small cell lung cancer (NSCLC) in China, making it the first of its kind in the country and the third globally [2] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations, with ongoing clinical trials for advanced solid tumor patients [2] Commercialization and Partnerships - Jinfang Pharmaceutical lacks control over its core products due to several licensing agreements with other companies, including a significant agreement with Innovent Biologics for GFH925 [3][4] - The company has also entered into agreements with SELLAS and Merck Health care KGaA for the development and commercialization of other products [4][5] - The reliance on third-party partners for clinical development and commercialization may impact the company's future business operations [5] Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of 73.73 million yuan and 105 million yuan for 2023 and 2024, respectively, with net losses of 508 million yuan and 678 million yuan during the same periods [7] - The company attributes its losses to significant investments in R&D and changes in the fair value of equity redemption liabilities [7] - R&D expenses for 2023, 2024, and the first four months of 2025 are projected to be 313 million yuan, 332 million yuan, and 69.8 million yuan, respectively [7] Shareholder Structure - The largest shareholder group of Jinfang Pharmaceutical includes co-founders and executives, controlling approximately 25.23% of the issued share capital [8] - The co-founder and chairman, Lü Qiang, has extensive experience in the pharmaceutical industry prior to establishing Jinfang Pharmaceutical [8] Financing History - Jinfang Pharmaceutical has raised a total of approximately 1.421 billion yuan through multiple financing rounds since its inception, with notable investors including Honghui Capital and Huagai Capital [8][9][10]
港股IPO再迎18A公司 今年这类公司新股涨幅“霸榜”
Zheng Quan Shi Bao·2025-08-28 01:20