Core Viewpoint - The successful IPO of Jinfang Pharmaceutical on the Hong Kong Stock Exchange marks a significant milestone, raising approximately HKD 1.6699 billion, making it one of the largest biotech IPOs since 2022 [1][4]. Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on innovative drug development in oncology and autoimmune diseases, with a product pipeline that includes eight candidates, five of which are in clinical development [3][4]. - The company's core product, GFH925 (fulzerasib), is a KRAS G12C inhibitor approved for treating advanced non-small cell lung cancer (NSCLC), recognized as a breakthrough therapy [3][4]. Financial Performance - In the first four months of 2025, Jinfang Pharmaceutical reported revenues of CNY 0.82 billion, with R&D expenditures of CNY 0.698 billion, highlighting the company's commitment to innovation [4]. - Over 70% of the funds raised from the IPO will be allocated to the development of core products GFH925 and GFH375, aiming to enhance the company's competitive edge in the biopharmaceutical sector [4][6]. Investment Landscape - The IPO reflects the strategic investment capabilities of Zhuhai Technology Industry Group, which has successfully led multiple IPO projects in the hard technology sector [3][7]. - Despite a challenging investment environment for innovative drugs, Zhuhai Technology Industry Group's involvement in Jinfang Pharmaceutical's financing rounds demonstrates confidence in the company's product pipeline and management expertise [6][9]. Market Position - Zhuhai Technology Industry Group has established itself as a leader in hard technology investments, with a notable presence in various sectors including semiconductors, renewable energy, and biomedicine [7][9]. - The group's investment strategy emphasizes long-term commitment and the potential for replicable models in empowering hard technology through state-owned capital [9].

（来源：蚌埠新闻网） 转自：蚌埠新闻网 9月19日，劲方医药科技（上海）股份有限公司（以下简称"劲方医药"或"公司"）正式登陆香港联交 所，股票代码为2595.HK。本次上市基础发行规模约为2.3亿美元，若完全执行超额配授权发行规模约为 2.7亿美元。华兴资本担任本次项目的联席账簿管理人及联席牵头经办人。 劲方医药是一家具有全球视野、全球运营及国内外合作，并已有首创新药获批的生物制药公司。劲方医 药致力于创新，并通过先进的治疗方法满足各种医疗需求。截至今年9月2日，公司已建立一条具有竞争 力、创新性及市场导向的产品管线，包括八款候选产品，其中五款正处于临床开发阶段。劲方医药的管 线计划主要围绕着以大鼠肉瘤（RAS）家族成员为靶点的治疗。其中，公司的核心产品之一GFH925 （fulzerasib，商品名：达伯特®）已在中国获商业化批准，用于治疗晚期非小细胞肺癌（NSCLC）。除 RAS外，公司亦在探索自体免疫及炎症性疾病的治疗方案以及其他癌症相关的疗法。 本次上市项目中，华兴资本很荣幸作为承销团重要成员，充分发挥其在资本市场中的深厚积累与执行优 势，全程协同以及配合承销团为公司的上市进程保驾护航，并成功协助公 ...

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].