Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. successfully went public in Hong Kong on September 19, 2025, with an opening price of 44 HKD, a 115.79% increase from the issue price of 20.39 HKD, resulting in a market capitalization of approximately 15.7 billion HKD [3] Company Overview - Founded in 2017, Jinfang Pharmaceutical was co-founded by top scientists Dr. Lü Qiang and Dr. Lan Jiong, and has undergone multiple rounds of financing, achieving a pre-IPO valuation exceeding 3.1 billion RMB [4][14] - The company focuses on innovative treatment solutions in oncology, autoimmune, and inflammatory diseases, aiming to fill significant clinical needs in these areas [8] Key Products and Innovations - The company's core product, GFH925 (commercially known as "Dabote"), is the first approved KRAS G12C inhibitor in China, filling a gap in targeted therapies for various cancers [9] - Another core product, GFH312, is a small molecule inhibitor targeting RIPK1, which has received FDA approval for a Phase II clinical trial in the U.S. [11] Financial Performance - Jinfang Pharmaceutical's financials reflect typical characteristics of innovative pharmaceutical companies, with significant initial investments and notable losses, but rapid revenue growth. Revenue for 2023, 2024, and the first four months of 2025 was 73.73 million, 105 million, and 82.15 million RMB, respectively [12] - The company reported losses of 508 million, 678 million, and 66.62 million RMB for the same periods, indicating a trend of increasing investment in R&D [12] Revenue Sources and Business Model - In 2023, the majority of revenue came from external licensing agreements, with a significant portion from a partnership with Innovent Biologics, although revenue from this source was zero in the first half of 2024, highlighting dependency on a few partners [13] - With the approval of Dabote in August 2024, the company is transitioning towards a revenue structure primarily based on product sales [13] Investment and Financing - Jinfang Pharmaceutical has completed seven rounds of equity financing, raising approximately 1.42 billion RMB, with notable investors including Honghui Capital, Dinghui Investment, and others [16][18] - The company plans to use the funds raised from its IPO for further development of core products GFH925 and GFH375, as well as for operational expenses [18]