Core Viewpoint - Jinfang Pharmaceutical has officially passed the Hong Kong Stock Exchange hearing, indicating the upcoming addition of another 18A new stock to the Hong Kong market, which has seen strong performance from 18A companies this year [1] Company Overview - Jinfang Pharmaceutical was established in 2017, focusing on the development of innovative therapies for tumors, autoimmune, and inflammatory diseases. The company has completed multiple rounds of financing before its IPO, with notable investors including Shenzhen Capital Group, DCM, and Huagai Capital [1] Pipeline and Product Layout - The company has established a research pipeline consisting of eight candidate drugs, five of which are in clinical stages. Key products include GFH925 and GFH375. GFH925 is a self-developed drug approved for clinical use in 2021 and is expected to be commercially available in China in 2024. It is the first KRAS G12C inhibitor in China and the third globally, aimed at treating advanced non-small cell lung cancer [4][5] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations and is currently in Phase II clinical trials. The company anticipates that GFH925 may enter the medical insurance negotiation directory by 2026, with a patent protection period exceeding 15 years [4] Commercialization and Partnerships - Jinfang Pharmaceutical's core products heavily rely on external partnerships for commercialization. The company has signed exclusive licensing agreements with various firms, including Innovent Biologics and Merck KGaA. For instance, the clinical development and commercialization rights of GFH925 in Greater China have been transferred to Innovent Biologics, while Jinfang retains overseas rights [5] - This partnership model provides cash flow and research support but also diminishes the company's control over its core assets. The company acknowledges in its prospectus that future revenue will be influenced by the market performance of its partners, and any adjustments or poor execution of agreements could adversely affect its performance [5] Financial Status and R&D Investment - Financially, Jinfang Pharmaceutical is still in a loss phase, with projected revenues of 73.73 million yuan and 105 million yuan for 2023 and 2024, respectively, while net losses are expected to reach 508 million yuan and 678 million yuan. The losses are primarily due to substantial R&D investments and changes in the fair value of equity [6] - The company maintains R&D expenditures above 300 million yuan, with nearly 70 million yuan invested in the first four months of 2025 alone. The company emphasizes that sustained long-term investment is essential for advancing its pipeline and achieving commercialization [6] Shareholder Background and Financing History - The controlling shareholders of Jinfang Pharmaceutical include founding team members and an employee stock ownership platform, collectively holding approximately 25.23% of the shares. The founder, Lü Qiang, has extensive industry experience from previous executive roles in well-known pharmaceutical companies [7] - Since 2018, the company has completed multiple financing rounds, raising approximately 1.421 billion yuan. Investors include top-tier funds such as Honghui Capital and Northern Light Venture Capital, indicating strong market interest in Jinfang Pharmaceutical [7] - Currently, the company has seven self-developed products approved, with an additional twelve in Phase III clinical trials and twelve in Phase I/II stages, of which fifteen are global firsts or best-in-class. The company aims to become a leading innovative pharmaceutical enterprise through continuous R&D, building an international production system, and expanding its commercial network [7]
港股IPO再迎18A新成员！今年这类公司新股涨幅靠前