超额认购近2663倍，劲方医药上市首日大涨106%

Core Insights - Jinfang Pharmaceutical officially listed on the Hong Kong Stock Exchange on September 19, with an initial stock price surge of 142%, closing up 106% at HKD 42.1, resulting in a total market capitalization of HKD 15.03 billion [1] - The company priced its shares at HKD 20.39, with a global offering of 89.24 million shares, achieving an oversubscription rate of nearly 2,663 times in the public offering and 38 times in the international placement, raising a total of USD 268 million, the largest in the Hong Kong 18A sector since 2022 [1] - Jinfang has attracted nine notable cornerstone investors, including RTW Fund, OrbiMed, TruMed, and UBS Asset Management, collectively subscribing approximately USD 100 million [1] Company Overview - Jinfang Pharmaceutical focuses on innovative therapies for oncology, autoimmune, and inflammatory diseases, with a comprehensive and differentiated RAS product pipeline consisting of eight candidate products, five of which are in clinical development [1] - The core product GFH925 is designed for treating advanced non-small cell lung cancer and is the first KRAS G12C inhibitor approved in China and the third globally, with approval from the National Medical Products Administration expected in August 2024 for second-line or later treatment of non-small cell lung cancer with KRAS G12C mutations [1][2] - Another key product, GFH375, is an innovative oral small molecule inhibitor targeting KRAS G12D mutations in certain pancreatic, colorectal, and non-small cell lung cancers, currently undergoing I/II phase clinical trials in China [2] Financial Performance - Since its establishment in 2017, Jinfang has completed seven rounds of financing, raising a total of CNY 1.421 billion, with the latest round in December 2023 raising approximately CNY 195 million, resulting in a post-investment valuation of CNY 3.123 billion [2] - Despite achieving product commercialization prior to the IPO, including licensing GFH925 to Innovent Biologics in 2021 and signing overseas licensing agreements for two other drugs, the company has not yet turned a profit due to the high investment and long cycle typical of the pharmaceutical industry [3] - Revenue figures for Jinfang from 2023 to the first four months of 2025 were CNY 73.73 million, CNY 105 million, and CNY 82.14 million, with net losses of CNY 508 million, CNY 678 million, and CNY 66.62 million, totaling over CNY 1.5 billion in cumulative losses [3]