Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Genfleet (劲方医药) IPO: Trading Update

<ul>
<li>Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.</li>
</ul>


Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.


Genfleet (劲方医药) IPO: Margin of Safety

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.</li>
<li>Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.</li>
<li>Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.</li>
</ul>


Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.


Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

<ul>
<li>Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.</li>
<li>In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.</li>
<li>In this note, we will provide an rNPV-based valuation for the company.</li>
</ul>


Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
In this note, we will provide an rNPV-based valuation for the company.


Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

China

Genfleet Therapeutics is a biopharmaceutical company focused on developing innovative treatments for oncology, including various solid tumors, and autoimmune and inflammatory diseases. The company's pipeline includes products like GFH925 (fulzerasib) for advanced non-small cell lung cancer and GFH375, a KRAS G12C inhibitor. Genfleet Therapeutics was incorporated in 2017 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Genfleet Therapeutics (2595 HK)

Genfleet (劲方医药) IPO: Trading Update

Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

Ke Yan, CFA, FRM

Genfleet (劲方医药) IPO: Margin of Safety

China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

Ke Yan, CFA, FRM

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Genfleet (劲方医药) IPO: Trading Update

​Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

Ke Yan, CFA, FRM

Genfleet (劲方医药) IPO: Margin of Safety

​China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

Ke Yan, CFA, FRM

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

​China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...