IPO Timeline
Broker Deadline
2025-09-16
Morning deadline
HKEX Deadline
2025-09-16
Noon deadline
Broker Results (T-2)
2025-09-17
Some brokers release in afternoon
Grey Market (T-1)
2025-09-18
Afternoon
HKEX Allotment (T-1)
2025-09-18
Evening
Registrar Allotment (T-1)
2025-09-18
Evening
Listing Day (T)
2025-09-19
First day of trading
Company Overview
| Stock Name | 劲方医药－Ｂ |
|---|---|
| Stock Code | 02595 |
| Company Full Name | 劲方医药－Ｂ |
| Industry | New Energy |
| Principal Activities | biopharmaceutical company based in China, featuring a global vision, international collaborations and operations |
| Listing Date | 2025-09-19 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 1206 Zhangjiang Road (Shanghai) Pilot Free Trade Zone PRC |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.genfleet.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Large IPO Exempt |
|---|---|
| Offer Price | HK$ 20.39 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,078 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2025-09-11 to 2025-09-16 |
| Global Offering Shares | 89,240,000 shares |
| HK Public Offer Shares (Initial) | 7,760,000 shares (8.7%) |
| Public Offer Lots (Initial) | 38,800lots (19,400lots, 19,400lots) |
| International Placing Shares (Initial) | 69,840,000 shares (91.3%) |
| Offer Ratio | ~25.84% |
| Total Shares Post-IPO | 345,340,630 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 42.9% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,819,603,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,078 |
| 2 lots | 400 | HK$ 8,156 |
| 3 lots | 600 | HK$ 12,234 |
| 4 lots | 800 | HK$ 16,312 |
| 5 lots | 1,000 | HK$ 20,390 |
| 6 lots | 1,200 | HK$ 24,468 |
| 7 lots | 1,400 | HK$ 28,546 |
| 8 lots | 1,600 | HK$ 32,624 |
| 9 lots | 1,800 | HK$ 36,702 |
| 10 lots | 2,000 | HK$ 40,780 |
| 15 lots | 3,000 | HK$ 61,170 |
| 20 lots | 4,000 | HK$ 81,560 |
| 25 lots | 5,000 | HK$ 101,950 |
| 30 lots | 6,000 | HK$ 122,340 |
| 35 lots | 7,000 | HK$ 142,730 |
| 40 lots | 8,000 | HK$ 163,120 |
| 45 lots | 9,000 | HK$ 183,510 |
| 50 lots | 10,000 | HK$ 203,900 |
| 100 lots | 20,000 | HK$ 407,800 |
| 150 lots | 30,000 | HK$ 611,700 |
| 200 lots | 40,000 | HK$ 815,600 |
| 250 lots | 50,000 | HK$ 1,019,500 |
| 300 lots | 60,000 | HK$ 1,223,400 |
| 350 lots | 70,000 | HK$ 1,427,300 |
| 400 lots | 80,000 | HK$ 1,631,200 |
| 450 lots | 90,000 | HK$ 1,835,100 |
| 500 lots | 100,000 | HK$ 2,039,000 |
| 750 lots | 150,000 | HK$ 3,058,500 |
| 1,000 lots | 200,000 | HK$ 4,078,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,250 lots | 250,000 | HK$ 5,097,500 |
| 1,500 lots | 300,000 | HK$ 6,117,000 |
| 1,750 lots | 350,000 | HK$ 7,136,500 |
| 2,000 lots | 400,000 | HK$ 8,156,000 |
| 2,250 lots | 450,000 | HK$ 9,175,500 |
| 2,500 lots | 500,000 | HK$ 10,195,000 |
| 3,000 lots | 600,000 | HK$ 12,234,000 |
| 3,500 lots | 700,000 | HK$ 14,273,000 |
| 4,000 lots | 800,000 | HK$ 16,312,000 |
| 4,500 lots | 900,000 | HK$ 18,351,000 |
| 5,000 lots | 1,000,000 | HK$ 20,390,000 |
| 7,500 lots | 1,500,000 | HK$ 30,585,000 |
| 10,000 lots | 2,000,000 | HK$ 40,780,000 |
| 12,500 lots | 2,500,000 | HK$ 50,975,000 |
| 15,000 lots | 3,000,000 | HK$ 61,170,000 |
| 19,400 lots | 3,880,000 | HK$ 79,113,200 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,041,495,445 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | 人民币62,700,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 42.1 |
|---|---|
| First Day Open | HK$ 44.0 |
| First Day Change | 106.47% |
| First Day Volume | 34913500.0 |
| First Day Turnover | 1552900000.0 |
Use of Proceeds
| Use of Proceeds | 1、約1,024.9百萬港元（或約71.0%）將用作核心產品GFH925及GFH375的進一步開發資金； 2、約274.3百萬港元（或約19.0%）將用作為其他候選產品的開發提供資金； 3、約144.4百萬港元（或約10%）將用作營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893(sole)
Overall Coordinators (4)
中信里昂证券有限公司 CE AAB893
交银国际证券有限公司 CE APJ121
复星国际证券有限公司 CE AAF432
农银国际融资有限公司 CE AWL249
Joint Global Coordinators (5)
中信里昂证券有限公司 CE AAB893
交银国际证券有限公司 CE APJ121
复星国际证券有限公司 CE AAF432
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
Joint Bookrunners (7)
中信里昂证券有限公司 CE AAB893
交银国际证券有限公司 CE APJ121
复星国际证券有限公司 CE AAF432
农银国际融资有限公司 CE AWL249
华兴证券（香港）有限公司 CE AZX839
建银国际金融有限公司 CE AJO225
广发证券（香港）经纪有限公司
Joint Lead Managers (7)
中信里昂证券有限公司 CE AAB893
交银国际证券有限公司 CE APJ121
复星国际证券有限公司 CE AAF432
农银国际证券有限公司 CE ACX411
华兴证券（香港）有限公司 CE AZX839
建银国际金融有限公司 CE AJO225
广发证券（香港）经纪有限公司
Capital Market Intermediaries (8)
中信里昂证券有限公司 CE AAB893
交银国际证券有限公司 CE APJ121
复星国际证券有限公司 CE AAF432
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
华兴证券（香港）有限公司 CE AZX839
建银国际金融有限公司 CE AJO225
广发证券（香港）经纪有限公司
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 嘉源律师事务所 君合律师事务所 Jun He Law Offices P.C. |
| Legal Advisor to Sponsors/Underwriters |
苏利文•克伦威尔律师事务所（香港）有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Lake Bleu Innovation Healthcare Master Fund Limited | 16,838,062 HKD | — | 0.93% | — | 6 months | 2026-03-19 |
| 2 | Lake Bleu Prime Healthcare Master Fund Limited | 29,859,116 HKD | — | 1.64% | — | 6 months | 2026-03-19 |
| 3 | LBC HK Opportunity Fund Limited | 31,261,948 HKD | — | 1.72% | — | 6 months | 2026-03-19 |
| 4 | OrbiMed Funds | 97,447,888 HKD | — | 5.35% | — | 6 months | 2026-03-19 |
| 5 | RTW Funds | 116,940,728 HKD | — | 6.43% | — | 6 months | 2026-03-19 |
| 6 | TruMed | 97,447,888 HKD | — | 5.36% | — | 6 months | 2026-03-19 |
| 7 | UBS Asset Management (Singapore) Ltd. | 77,959,126 HKD | — | 4.28% | — | 6 months | 2026-03-19 |
| 8 | Vivo Funds | 77,959,126 HKD | — | 4.28% | — | 6 months | 2026-03-19 |
| 9 | 富国基金管理有限公司 | 62,368,932 HKD | — | 3.43% | — | 6 months | 2026-03-19 |
| 10 | 富国资产管理(香港)有限公司 | 15,590,194 HKD | — | 0.86% | — | 6 months | 2026-03-19 |
| 11 | 汇添富基金管理股份有限公司 | 15,590,194 HKD | — | 0.86% | — | 6 months | 2026-03-19 |
| 12 | 汇添富资产管理(香港)有限公司 | 62,368,932 HKD | — | 3.43% | — | 6 months | 2026-03-19 |
| 13 | 中信证券国际资本管理有限公司 | 77,959,126 HKD | — | 4.28% | — | 6 months | 2026-03-19 |
Directors & Management
| Chairman | 呂強 |
|---|---|
| Company Secretary | 張巍 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and the conversion of our Unlisted Shares to H Shares assuming the Over-allotment Option is not exercised, the following persons |
|---|
AI
AI Analysis
Market Sentiment
The IPO of 劲方医药－Ｂ recorded an extreme oversubscription ratio of 2,662.79x, indicating frenzy-level retail demand. A hit rate of just 12.76% reflects severe allocation scarcity, and the offer price was fixed at HK$20.39 with no range to anchor expectations. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Without detailed tier distribution data, specific inefficiencies like 甲尾 vs 乙头 cannot be assessed. Reallocation from the international tranche was triggered, suggesting strong retail demand overwhelmed the 8.7% initial public offer portion, but the impact on allocation tiers is unclear. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions; verify against official filings.)
Demographics
Official demographic data for subscribed investors is unavailable. For biotech listings with such extreme oversubscription, a high proportion of mainland retail participation is typical, but no breakdown is provided. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
