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 article highlights the significant market interest in 18A companies, particularly in the context of their initial public offerings (IPOs) in Hong Kong, with the top five performing stocks showing substantial first-day gains. Group 1: IPO Performance - The top five IPOs in Hong Kong this year are all 18A companies, indicating strong market expectations for these listings [2] - The first-day closing price changes for the top five companies are as follows: - Yinuo Pharmaceutical-B (206.48%) - Zhonghui Biotechnology-B (157.98%) - Ying'en Biotechnology-B (116.70%) - Weili Zhizhi-B (91.71%) - Yaojie Ankang-B (78.71%) [3][14] Group 2: Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for oncology and autoimmune diseases, backed by notable venture capital firms [4] - The company has a product pipeline with eight candidates, five of which are in clinical development, including two core products: GFH925 and GFH375 [6] Group 3: Product Details - GFH925 is a newly discovered drug approved for commercial use in China, targeting advanced non-small cell lung cancer (NSCLC) and is recognized as a breakthrough therapy [6][7] - GFH375 is an oral small molecule inhibitor targeting KRASG12D mutations, currently in clinical trials for advanced solid tumors [6] Group 4: Financial Performance - Jinfang Pharmaceutical's projected revenues for 2023 and 2024 are 73.73 million and 105 million RMB, respectively, with net losses of 508 million and 678 million RMB for the same periods [15] - The company has incurred significant R&D costs, amounting to 313 million RMB in 2023 and 332 million RMB in 2024 [17] Group 5: Licensing Agreements - Jinfang Pharmaceutical has entered multiple licensing agreements, including one with Innovent Biologics for GFH925, which grants them exclusive rights for development and commercialization in Greater China [8][10] - The company also has agreements with SELLAS and Merck for other products, indicating a reliance on third parties for commercialization [9][10] Group 6: Investment and Financing - Since its inception, Jinfang Pharmaceutical has raised approximately 1.421 billion RMB through multiple financing rounds, attracting investments from well-known venture capital firms [18] - The company completed several financing rounds from 2018 to 2024, with total amounts raised in each round varying from 60 million to 543 million RMB [19][20][21][22][23]