近日，由香港特别行政区政府及香港贸易发展局联合主办的第19届亚洲金融论坛在香港会议展览中 心举行。本届亚洲金融论坛首次增设"全球产业峰会"，重点聚焦生物医药与医疗健康等高增长、高价值 产业。作为此次论坛生物医药领域的重点展示企业之一，君赛生物全方位展现了在TIL创新疗法领域的 技术突破、产品管线及商业化前景。 据悉，君赛生物已于去年12月向港交所递交上市申请。此前，公司共完成多轮近8亿元融资，由凯 泰资本、元禾原点、复容投资、元生创投、黄埔医药基金等国内知名生物医药基金多轮加持。最近一轮 融资是2025年11月完成的C轮，目前估值已达21.37亿元人民币。 招股书显示，君赛生物是一家致力于实体瘤创新细胞疗法与创新药开发的生物科技企业。其通过底 层平台的技术突破，解决现有TIL疗法工艺繁琐、临床方案复杂、治疗成本高、可及性差等问题，且不 限靶点，覆盖最常见或最难治的实体肿瘤。 君赛生物核心产品GC101是全球首款无需高强度清淋化疗，无需IL-2给药的天然TIL细胞新药，已 为多线治疗失败的晚期转移性实体瘤患者带来长期获益，包括黑色素瘤、非小细胞肺癌、宫颈癌、子宫 内膜癌、胰腺癌、脑胶质瘤等，多例患者肿瘤被完全清 ...

Core Viewpoint - Junshi Biosciences has submitted its prospectus to the Hong Kong Stock Exchange, aiming to list on the biotech board under Chapter 18A, focusing on innovative cell therapies and drug development for solid tumors [1][3]. Group 1: Product Development - Junshi Biosciences is developing GC101, the world's first TIL therapy that does not require high-intensity lymphodepletion chemotherapy or IL-2 administration, and GC203, the first non-viral vector gene-modified TIL cell drug [1][3]. - Clinical data shows that GC101 has an objective response rate (ORR) of 41.7% in patients with metastatic non-small cell lung cancer (NSCLC) who failed standard treatment, and a 30% ORR in patients with advanced melanoma [1][3]. - GC101 is expected to be the first TIL therapy approved for market in China, with plans to submit a Biologics License Application (BLA) in 2026 [2][4]. Group 2: Clinical Trials and Efficacy - In a study of 12 patients with metastatic NSCLC, GC101 demonstrated a 66.7% overall survival rate at 12 months, with a median follow-up of 13 months [2][4]. - The clinical trial for GC101 in melanoma is currently in a critical Phase II trial, while the NSCLC pipeline is in Phase Ib [2][4]. - GC101 has shown potential in treating various other malignancies, including cervical cancer, cholangiocarcinoma, colorectal cancer, breast cancer, head and neck squamous cell carcinoma, sarcoma, and gallbladder cancer [2][4]. Group 3: Financial Overview - The company's R&D expenses were 57.62 million yuan in 2023, projected to increase to 90.99 million yuan in 2024, with 52.8 million yuan spent in the first half of 2025 [5]. - The R&D costs related to core products account for 46% of the total expenses [5].

Core Viewpoint - Junshi Biosciences has submitted its listing application to the Hong Kong Stock Exchange, focusing on innovative cell therapies and drug development for solid tumors, with its core product GC101 expected to be the first approved tumor-infiltrating lymphocyte (TIL) therapy [1][2]. Financial Performance - The company is projected to incur net losses of approximately RMB 94 million, RMB 164 million, and RMB 98 million for the years 2023, 2024, and the first half of 2025, respectively [3][4]. - Research and development costs are expected to be RMB 57.62 million, RMB 90.99 million, and RMB 52.80 million for the years 2023, 2024, and the first half of 2025, respectively [5]. Product Development - GC101 is currently undergoing a key Phase II clinical trial for melanoma and is expected to submit a Biologics License Application (BLA) by 2026. Additionally, it is in Phase Ib for non-small cell lung cancer [2]. - The company has established a TIL production base in China, utilizing high-standard production equipment and a digital management platform to ensure scalable preparation and reliable delivery of TIL cell products [2]. Fundraising Purpose - The funds raised from the listing are intended to advance the clinical development of TIL product pipelines, upgrade the company's technology platform, enhance production management and manufacturing capabilities, and support working capital and other general corporate purposes [2].

Company Overview - Junshi Biosciences has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The company focuses on innovative cell therapies and drug development for solid tumors, aiming to create safer, more effective, accessible, and affordable immunotherapy solutions [1] Core Product - The core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepleting chemotherapy or IL-2 administration, potentially becoming the first TIL therapy approved for market in China [1] - Clinical data indicates that TIL therapy can provide curative effects for some late-stage cancer patients, showing long-term benefits for patients with advanced melanoma, non-small cell lung cancer, and breast cancer [1] Clinical Trials - Phase I clinical trials for TIL therapy have demonstrated objective response rates in various advanced metastatic solid tumors, including melanoma, non-small cell lung cancer, and cervical cancer [1] Therapy Characteristics - TIL therapy is a personalized treatment with breakthrough efficacy; however, its complex preparation process and clinical protocols lead to high costs and limited accessibility, restricting widespread application [1] - The company aims to innovate from production to clinical application to enhance the safety, accessibility, and affordability of TIL therapy while maintaining its curative potential [1] Industry Growth - The global oncology drug market is projected to grow to $253.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% from 2020 to 2024 [2] - By 2030, the market is expected to expand to $452.5 billion, with a CAGR of 10.2% from 2024 to 2030, and reach $702.7 billion by 2035, with a CAGR of 9.2% from 2030 to 2035 [2] - In China, the oncology drug market is anticipated to reach RMB 258.2 billion in 2024, with a CAGR of 6.9% from 2020 to 2024, and is expected to accelerate to RMB 527.3 billion by 2030 [2]

Company Overview - Junshi Biosciences Co., Ltd. (君赛生物) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - The company focuses on innovative cell therapies and drug development for solid tumors, aiming to provide safer, more effective, and affordable immunotherapy options [3][4] Product Information - The core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepletion or IL-2 administration, potentially becoming the first TIL therapy approved in China [3][4] - Clinical trials have shown that GC101 can provide objective response rates of 30% for metastatic melanoma and 41.7% for non-small cell lung cancer, with a median progression-free survival of 5.5 months for melanoma patients [4] Financial Performance - The company reported revenues of RMB 6.812 million, RMB 3.372 million, and RMB 6.830 million for the fiscal years ending June 30, 2023, 2024, and 2025, respectively [5] - Losses for the same periods were RMB 94.391 million, RMB 163.652 million, and RMB 97.580 million, indicating significant financial challenges [6][7] Market Overview - The global oncology drug market is projected to grow to USD 253.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% from 2020 to 2024 [8] - The Chinese oncology drug market is expected to reach RMB 258.2 billion by 2024, with a CAGR of 6.9% during the same period [11] TIL Therapy Market - The global TIL therapy market is anticipated to grow from USD 10.4 million in 2024 to USD 1.692 billion by 2030, with a CAGR of 59.3% from 2024 to 2028 [14] - In China, the TIL therapy market is expected to reach USD 200 million by 2030, with a CAGR of 40.0% from 2030 to 2035, outpacing global growth rates [14][17] Board of Directors - The board consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, with a term of 3 years [18] Shareholding Structure - As of December 5, 2025, Dr. Jin holds a 34.5% stake in the company, with other significant shareholders including Kai Tai Capital and Yuan He Yuan Dian [21][23]

Core Viewpoint - Junsei Biotech has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Company Overview - Junsei Biotech focuses on innovative cell therapies and drug development for solid tumors, aiming to create safer, more effective, and affordable immunotherapy options [3] - The company's core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepletion or IL-2 administration, potentially becoming the first TIL therapy approved in China [3][4] - GC101 has shown objective response rates of 30% in advanced melanoma and 41.7% in advanced non-small cell lung cancer patients who failed standard treatments [4] Financial Performance - Revenue for the fiscal years ending June 30, 2023, 2024, and 2025 was recorded at RMB 6.812 million, RMB 3.372 million, and RMB 6.830 million, respectively [5] - The company reported losses of RMB 94.391 million, RMB 163.652 million, and RMB 97.580 million for the same periods [6][7] Industry Overview - The global oncology drug market is projected to grow to USD 253.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% from 2020 to 2024 [8] - The Chinese oncology drug market is expected to reach RMB 258.2 billion in 2024, with a CAGR of 6.9% from 2020 to 2024 [11] - The TIL therapy market is anticipated to grow significantly, reaching USD 1.04 billion in 2024 and USD 16.92 billion by 2030, with a CAGR of 59.3% from 2024 to 2028 [14][17] Clinical and Regulatory Landscape - The TIL therapy market is expected to expand rapidly due to clinical, technical, regulatory, and funding support, with promising results in various solid tumors [17] - GC101 is currently undergoing critical Phase II clinical trials for melanoma and is in Phase I for non-small cell lung cancer, with plans to submit a Biologics License Application (BLA) by 2026 [4]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Shanghai Juncell Therapeutics Co., Ltd.* 上海君賽生物股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 Shanghai Juncell Therapeutics Co., Ltd.* 上海君賽生物股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記的本公 司招股章程作出投資決定，招股章程的文本將於發售期內向公眾人 ...