HK IPO: GenFleet Therapeutics-B(02595.HK) Subscription Analysis! Hesai-W has announced the allocation results!
Basic Information:
Subscription Period: September 11 - September 16, results announced on the 17th, dark pool trading on the 18th, and listing on the 19th;
Issue Price: 20.39
Minimum Investment: 4,119.13 yuan
1 Lot: 200 shares
Global Offering: 77.6 million shares
Cornerstone Investors: 13 institutions subscribed nearly 50%
Greenshoe: Yes, stabilized by CLSA
Sponsor: CITIC
The company adopts the "Mechanism B" for clawback, with a 10% clawback;
GenFleet Therapeutics is a biopharmaceutical company focused on oncology, autoimmune, and inflammatory diseases. Founded in 2017, the company has established a pipeline of 8 candidate products, 5 of which are in clinical development.
The core product GFH925 (Dabert®), as the first KRAS G12C inhibitor in China, has been approved for the treatment of advanced non-small cell lung cancer, breaking the monopoly of foreign pharmaceutical companies. Only two drugs targeting this mechanism are available globally, with over 20 competitors in development in China. GFH925 has a clear first-mover advantage.
In addition to GFH925, the RIPK1 inhibitor GFH312 has received FDA approval for Phase II clinical trials, and the KRAS G12D inhibitor GFH375 forms a product matrix for RAS-mutated cancers, covering major indications such as lung cancer and colorectal cancer.
GenFleet Therapeutics reported revenues of 73.734 million yuan and 105 million yuan in 2023 and 2024, respectively, with revenue reaching 82.149 million yuan in the first four months of 2025. The company is still in a loss-making position: net losses in 2023 and 2024 were approximately 508 million yuan and 678 million yuan, respectively, with a net loss of 66.624 million yuan in the first four months of 2025.
GenFleet Therapeutics-B adopts Mechanism B with a 10% clawback, offering 77.6 million shares globally, including 7.76 million shares in the Hong Kong public offering. Each lot consists of 200 shares, totaling 38,800 lots for Groups A and B, which is higher than recent IPOs. Current oversubscription exceeds 100 times. After funds are unlocked, margin financing subscriptions are expected to multiply, with the final oversubscription multiple potentially reaching 3,000 times.
GenFleet Therapeutics has secured 13 cornerstone investors for this IPO, collectively subscribing nearly 50% of the offering. The company's core product's first-mover advantage adds appeal. With CITIC as the sole sponsor, the offering is highly attractive. Coupled with today's strong performance in the biopharmaceutical sector, the dark pool gain is predicted to be around 80%.
Go all in!!!
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Hesai-W has announced allocation results: 150 lots guarantee 1 lot,a lottery for all. Pricing: 212.80, with 20 shares per lot. Hesai's closing price in the U.S. was 27.99, representing a 2.31% discount to Hesai (HSAI). Limited arbitrage opportunity suggests minor fluctuations in the dark pool. For predicted gains, refer to the last article—for reference only, not investment advice.
$GENFLEET-B(02595.HK) $HESAI-W(02525.HK)
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