Global Offering Details

• Company: GenFleet Therapeutics (Shanghai) Inc. (劲方医药科技（上海）股份有限公司)

• Stock Code: 2595 (Main Board, HKEX)

• Offer Shares: 77,600,000 H Shares

  • Hong Kong Public Offering: 7,760,000 H Shares

  • International Offering: 69,840,000 H Shares

• Offer Price: HK$20.39 per H Share

• Nominal Value: RMB 0.1 per H Share

• Listing Date: Expected September 19, 2025

• Application Method: Fully electronic via White Form eIPO or HKSCC EIPO channel

• Minimum Application: 200 H Shares (HK$4,119.13 including fees)

Expected Timetable

• Public Offering Opens: Sept 11, 2025, 9:00 a.m.

• Application Deadline: Sept 16, 2025, 11:30 a.m.

• Application Lists Close: Sept 16, 2025, 12:00 noon

• Allotment Results Announced: Sept 18, 2025, 11:00 p.m.

• Refunds Dispatched: Sept 19, 2025

• Dealings Commence: Sept 19, 2025, 9:00 a.m.

Company Overview

• Founded: 2017

• Focus: Novel treatments in oncology (solid tumors) and autoimmune/inflammatory diseases

• Pipeline: 8 product candidates, 5 under clinical development

  • Core Products:

    • GFH925 (Fulzerasib, Dupert®) – KRAS G12C inhibitor, approved in China for NSCLC (1st in China, 3rd globally).

    • GFH375 – KRAS G12D inhibitor, in Phase II clinical trial (no approved global competitors yet).

• Other Candidates: GFH276 (pan-RAS), GFS784 (FAScon ADC), GFH312 (RIPK1 inhibitor for PBC), GFH009 (CDK9 inhibitor), GFH018 (TGF-βR1 inhibitor), GFS202A (bispecific antibody).

Pipeline Milestones

• GFH925:

  • Approved in China (Aug 2024) for KRAS G12C-mutated NSCLC

  • Phase II ongoing in Europe (combo with Cetuximab, KORCUS trial)

  • Phase III trial planned in U.S./EU Q4 2025

• GFH375:

  • Phase I/II trials ongoing in China (NSCLC, CRC, PDAC)

  • Out-licensed to Verastem for development outside Greater China (U.S. trial started June 2025)

• GFH312:

  • NMPA approved Phase II clinical trial for PBC (May 2025)

Financial & Market Outlook

• KRAS G12C Market:

  • Global market size: US$489M (2024) → US$3.49B (2033)

  • CAGR: 24.4%

  • NSCLC incidence in China: 947k (2024) → 1.12M (2033)

• KRAS G12D Market:

  • Most prevalent KRAS variant, 29% of mutations in human cancers

  • Major target in pancreatic, colorectal, and lung cancers

• PBC Market:

  • Global: US$1.15B (2024) → US$1.54B (2033)

  • China: US$232M (2024) → US$284M (2033)

Risks Highlighted

• Heavy reliance on early-stage pipeline (core products still under trials outside China)

• Substantial R&D costs expected to continue

• Competitive oncology landscape with multiple global players

• Commercial success depends on regulatory approvals, clinical trial outcomes, and market adoption

  Peer comparison — valuation & operating metrics (today)

  Company	Listing	P/E (ttm)	P/B (mrq)	Price/Sales (ttm)	Mkt Cap (HKD)	Rev. YoY	Gross margin	R&D / Revenue	Net loss margin
  GenFleet-B (IPO)	Main Bd	N/A (pre-profit)	4.03× (20.39/5.06)	N/A	~HK$7.0b (post-IPO, est.)	+42.0% (2024 vs 2023)	80.8% (2024)	317% (2024)	−647% (2024)
  Jacobio-B (1167.HK)	Main Bd	N/A	8.6×	36.3×	~HK$8.15b	—	—	—	—
  Ascentage-B (6855.HK)	Main Bd	N/A	~37–40×	~67–70×	~HK$12.1b	—	—	—	—
  RemeGen-B (9995.HK)	Main Bd	N/A	~21–24×	~26–28×	—	—	—	—	—
  Kelun Biotech-B (6990.HK)	Main Bd	N/A	~20–22×	~65–69×	~HK$11.4b	—	—	—	—
  Akeso (9926.HK)	Main Bd	N/A (fwd P/E quoted)	~17–18×	~43×	~HK$125b	—	—	—	—

  Notes (GenFleet math): Prospectus shows unaudited pro forma NAV per share = HK$5.06 at the offer price HK$20.39 ⇒ P/B ≈ 4.03×; 2024 revenue RMB104.7m vs 2023 RMB73.7m ⇒ +42.0% YoY; 2024 gross profit RMB84.6m ⇒ 80.8% GM; 2024 R&D RMB332.1m ⇒ 317% of revenue; 2024 net loss RMB677.6m ⇒ −647% margin.

  Takeaway: GenFleet lists at a far lower P/B than most 18A oncology peers (often teens–40×), which is valuation-supportive if investors buy the KRAS story.

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  IPOs in the same window (HK, Sep 2025)

  • Dahon Tech (2543.HK) — listed 9 Sep 2025.

  • GenFleet-B (2595.HK) — prospectus 11 Sep 2025, expected listing 19 Sep 2025.

  • Zijin Gold International — bookbuild starts 19 Sep 2025, debut slated 29 Sep 2025 (large cap, different sector).

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  Sector pulse — last 10 trading days proxy

  The Hang Seng Hong Kong-Listed Biotech Index (HSHKBIO) shows: 1-week −0.1%, 1-month +6.8%, 3-month +45% — i.e., short-term wobble but strong medium-term momentum into September.

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  Research / expert opinions (pre-listing)

  • Pre-IPO valuation notes: Independent analyst work frames GenFleet via rNPV/SOTP and pegs proceeds/size in line with the filing; no public price target disclosed in open articles.

  • Media/brokerage briefs: Reports cite the HK$20.39 offer, ~HK$1.44b net proceeds, and nine cornerstone investors (RTW, OrbiMed, UBS AM (SG), Vivo). This is supportive of book quality but formal sell-side coverage and price targets typically begin after listing; none publicly posted yet as of 14 Sep 2025.

  Bottom line: There are no published, named analyst ratings/targets for GenFleet as of today (pre-debut).

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  Allotment result

  Not out yet. GenFleet’s timetable shows results due Thu, 18 Sep 2025 with dealings Fri, 19 Sep 2025 — so there is no “Latest Allotment Result” today (14 Sep 2025).

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  First-day performance — assessment

  Positives

  • Valuation: P/B ~4.0× vs peers in the ~17–40× range gives room for re-rating if execution is solid.

  • Cornerstones: Quality names (RTW/OrbiMed/UBS AM/Vivo) subscribing ~US$100m bolster aftermarket confidence.

  • Sector tape: Biotech index has had a big 3-month run (+45%), indicating risk appetite is back, even if the past week was flat/down slightly.

  Watch-outs

  • Pre-profit 18A name with high R&D burn and licensing-skewed revenue; tangible commercial scale still developing.

  • Short-term index soft patch (1-week down) can weigh on IPO pops.

  Call (first day)

  On balance, GenFleet is likely to trade modestly above the offer on debut (supported by low relative P/B and strong cornerstones), not a blow-out pop given 18A risk and a mixed week for the sector.

  Estimated first-day range: HK$21.20 – HK$23.00 (≈ +4% to +13% vs HK$20.39).
  Strength: mild to moderate strength above IPO price (not “strongly” runaway).

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  Subscribe or skip?

  • For listing pop: Subscribe (small-to-moderate) — valuation is undemanding vs 18A peers; cornerstone lineup is a plus; sector tailwinds medium-term.

  • For multi-month hold: Selective — execution on KRAS G12C commercialization (royalties) and KRAS G12D/other pipeline catalysts will matter; risk remains high for pre-profit biotech.

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  Where to download the prospectus

  • HKEXnews (official filing) — GenFleet prospectus dated 11 Sep 2025.

  • Company website (genfleet.com) and a 3rd-party news mirror also provide the document.

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  Appendix — how GenFleet’s metrics were computed

  • P/B: Offer HK$20.39 / NAV per share HK$5.06 = 4.03×.

  • Revenue YoY: RMB104.7m (2024) vs RMB73.7m (2023) ⇒ +42.0%.

  • Gross margin (2024): 84.6 / 104.7 = 80.8%.

  • R&D as % revenue (2024): 332.1 / 104.7 = 317%.

  • Net loss margin (2024): 677.6 / 104.7 = 647%.

  Thank you