Core Viewpoint - Jinfang Pharmaceutical-B (2595.HK) debuted on the Hong Kong Stock Exchange today, opening 115.79% higher at HKD 44, with a market capitalization of HKD 15.2 billion [1] Company Overview - Jinfang Pharmaceutical was established in 2017, focusing on developing new treatment solutions for oncology (covering various solid tumors) as well as autoimmune and inflammatory diseases [1] Financial Performance - In the first four months of 2023, 2024, and 2025, the company reported revenues of CNY 74 million, CNY 105 million, and CNY 82 million respectively [1] - Research and development expenditures for the same periods were CNY 313 million, CNY 332 million, and CNY 69.8 million respectively [1] - The net losses for these periods were CNY 508 million, CNY 678 million, and CNY 66 million, totaling over CNY 1.2 billion in losses over two years [1] Product Development - Jinfang Pharmaceutical currently has one core product, GFH925 (brand name: Daberut), which has been approved for market launch [1] - The commercialization of GFH925 in the domestic market relies on partnerships, and in January 2024, the company terminated the overseas option under the licensing agreement with Innovent Biologics, requiring a refund of USD 20 million [1]

Core Insights - The company, Jinfang Pharmaceutical-B (02595), conducted an IPO from September 11 to 16, raising significant interest with a subscription amount of HKD 349.85 billion, resulting in an oversubscription rate of 2,210 times for the public offering portion [1] - The company plans to issue 77.6 million H-shares at a price of HKD 20.39 per share, aiming to raise HKD 1.58 billion, with the shares expected to be listed in Hong Kong on September 19 [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes eight candidate products, five of which are in clinical development [1][2] Financial Details - The net proceeds from the IPO will be allocated as follows: approximately 33% for the clinical development of core product GFH925, about 38% for core product GFH375, around 19% for the development of other candidates in the pipeline, and about 10% for working capital and general corporate purposes [2] Product Pipeline - Core product GFH925 (fulzerasib, marketed as Daberet®) has been commercially approved in China for the treatment of advanced non-small cell lung cancer (NSCLC) and is currently undergoing Phase II trials in the EU [1] - Another core product, GFH375, is an oral small molecule inhibitor targeting KRAS G12D mutations, with ongoing Phase I/II clinical trials in China for patients with advanced solid tumors carrying this mutation [2]

Core Viewpoint - The company, Jinfang Pharmaceutical-B, is planning a global offering of 77.6 million H-shares, with a proposed price of HKD 20.39 per share, aiming to raise approximately HKD 1.4436 billion for further development of its core products and other candidates [1][2]. Group 1: Offering Details - The company intends to offer 77.6 million H-shares, with 7.76 million shares available in Hong Kong and 69.84 million shares for international investors [1]. - The subscription period for the shares is set from September 11 to September 16, 2025, with trading expected to commence on September 19, 2025 [1]. - The company has appointed CITIC Securities as the sole sponsor for the offering [1]. Group 2: Use of Proceeds - Approximately 71% of the net proceeds from the global offering will be allocated to the further development of core products GFH925 and GFH375 [2]. - About 19% of the net proceeds will be used for the development of other candidate products, including GFH312, GFS202A, GFH276, GFS784, and other preclinical candidates [2]. - The remaining 10% of the net proceeds will be utilized for operational expenses and other general corporate purposes [2]. Group 3: Cornerstone Investment - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 100 million (approximately HKD 780 million) under certain conditions [2]. - The cornerstone investors include notable entities such as RTW Fund, TruMed, OrbiMed, UBS Asset Management (Singapore) Ltd., Vivo Fund, and others [2]. - Assuming the offering price of HKD 20.39 per share, cornerstone investors are expected to purchase a total of 38.234 million shares [2].

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for tumors, autoimmune diseases, and inflammatory diseases. As of August 18, 2025, the company has established a product pipeline that includes eight candidate drugs, five of which are in clinical development [3]. - The company’s core products include GFH925, a selective KRAS G12C inhibitor approved for the treatment of advanced non-small cell lung cancer (NSCLC) in China, and GFH375, an oral small molecule inhibitor targeting KRAS G12D mutations, which are prevalent in various cancer types [3]. Intellectual Property - The company holds 72 authorized patents and has 117 patent applications, including eight PCT applications. It has authorized patents related to GFH925 in China, the United States, the European Union, and other jurisdictions [4]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the four months ending April 30, 2025, the company reported revenues of approximately RMB 73.73 million, RMB 105 million, and RMB 82.15 million, respectively. The losses for the same periods were approximately RMB 508.32 million, RMB 677.64 million, and RMB 66.62 million [5][6][9]. - The gross profit for the fiscal year 2023 was RMB 73.05 million, with other income and gains reported at RMB 39.96 million. Research and development costs were RMB 312.74 million, and administrative expenses were RMB 49.95 million [9].

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases [3]. - The company has established a product pipeline with eight candidate drugs, five of which are in clinical development, including core products GFH925 and GFH375 [3]. Product Details - GFH925 (fulzerasib) is a newly discovered drug approved for commercialization in China, targeting advanced non-small cell lung cancer (NSCLC) and is the first selective KRAS G12C inhibitor approved in China and the third globally [3]. - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations, currently in Phase I/II clinical trials for advanced solid tumor patients with this mutation [3]. Intellectual Property - The company holds 72 authorized patents and has 117 patent applications, including 8 PCT applications [4]. - It has specific patents related to GFH925 in China, the US, the EU, and other jurisdictions [4]. Financial Performance - Revenue for the fiscal years 2023, 2024, and the four months ending April 30, 2025, is approximately RMB 73.73 million, RMB 105 million, and RMB 82.15 million, respectively [5]. - The company reported losses of approximately RMB 508.32 million, RMB 677.64 million, and RMB 66.62 million for the same periods [5][10]. - Gross profit figures for the same periods are RMB 73.05 million, RMB 84.61 million, and RMB 73.46 million, respectively [9].

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases [4][6] - The company has established a product pipeline consisting of eight candidate drugs, five of which are in clinical development [4] Key Products - GFH925 (fulzerasib), a selective KRAS G12C inhibitor, has been commercially approved in China for treating advanced non-small cell lung cancer (NSCLC), making it the first of its kind in China and the third globally [4] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D, with ongoing Phase I/II clinical trials in China for patients with advanced solid tumors carrying the KRAS G12D mutation [4][6] Research and Development - The company aims to diversify its product pipeline beyond RAS drug matrices, including GFS202A, a bispecific antibody targeting GDF15 and IL-6, and GFH312, a small molecule drug targeting RIPK1 [4][6] - R&D expenses for 2023 and 2024 are projected to be approximately RMB 313 million and RMB 332 million, accounting for 86.2% and 85.1% of total operating expenses, respectively [6] Financial Performance - Revenue for 2023 and 2024 is estimated at approximately RMB 73.73 million and RMB 105 million, with net losses of approximately RMB 508 million and RMB 678 million for the same periods [6][7] - The fluctuations in net losses are primarily attributed to significant investments in R&D activities and changes in the fair value of equity redemption liabilities due to the company's rising valuation [6]