Group 1 - The 19th Asian Financial Forum, co-hosted by the Hong Kong SAR government and the Hong Kong Trade Development Council, introduced the "Global Industry Summit" focusing on high-growth and high-value sectors such as biomedicine and healthcare [1] - Junshi Biosciences, a key exhibitor in the biomedicine sector, showcased its technological breakthroughs, product pipeline, and commercialization prospects in the TIL (tumor-infiltrating lymphocyte) therapy field [1] - The company submitted its listing application to the Hong Kong Stock Exchange in December last year and has completed multiple financing rounds totaling nearly 800 million RMB, with a recent C round completed in November 2025, achieving a valuation of 2.137 billion RMB [1] Group 2 - Junshi Biosciences' core product, GC101, is the world's first natural TIL cell new drug that does not require high-intensity lymphodepletion chemotherapy or IL-2 administration, providing long-term benefits to patients with advanced metastatic solid tumors [2] - The product has shown complete tumor clearance in multiple patients, with the longest progression-free survival exceeding 4 years [2] - The company is also actively developing the world's first in-vivo TIL therapy, aiming to shift TIL therapy from a "highly personalized" to a "quasi-off-the-shelf" model, significantly reducing production costs and patient wait times, thereby enhancing accessibility [2]

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]

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