HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

GenFleet Therapeutics / Equity Capital Markets

<ul>
<li>GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.</li>
<li>The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.</li>
<li>Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  </li>
</ul>


GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.
The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.
Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  


Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2025 index rebal event.</li>
<li>At present, we see three changes based on the latest data but the rankings can change until 30th September 2025.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2025 index rebal event.
At present, we see three changes based on the latest data but the rankings can change until 30th September 2025.


Quiddity Leaderboard HSCEI Dec25: Three ADDs/DELs Likely; Sector-Neutral Idea

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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>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

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

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

Quiddity Leaderboard HSCEI Dec25: Three ADDs/DELs Likely; Sector-Neutral Idea

We estimate one-way capping flows of US$267mn in December 2025 which translates to a turnover of 3.4% based on the latest available data.

Janaghan Jeyakumar, CFA

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

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)

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

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

Quiddity Leaderboard HSCEI Dec25: Three ADDs/DELs Likely; Sector-Neutral Idea

We estimate one-way capping flows of US$267mn in December 2025 which translates to a turnover of 3.4% based on the latest available data.

Janaghan Jeyakumar, CFA

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

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

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...