Daily Brief Health Care: GenFleet Therapeutics, Butong Group, Mani Inc, Shanghai Ark Biopharmaceutical, Ascentage Pharma Group Corp, Newron Pharmaceuticals and more

• 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.

• Butong Group is looking to raise up to US$100m in its upcoming Hong Kong IPO.
• Butong has been able to achieve strong topline momentum of 57% CAGR from FY22 to FY24, whilst expanding its margins. 
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected
• US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives
• Strong balance sheet with ¥17bn cash offers capacity for strategic investment & cash allocation under new Medium-Term Plan

• ArkBio, a China-based near commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. JPM and CITIC are the joint sponsors.
• In this note, we look at the company’s core products, AK0529 and AK3280.
• We also look at the company’s pre-IPO investors and management team.

• Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
• In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
• In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.

H125 saw Newron Pharmaceuticals make significant clinical headway with lead asset evenamide, culminating in the initiation of the first Phase III study, ENIGMA-TRS 1 (international study excluding the US; n=600), by period end. As of August, the first patients have been enroled (following a 42-day screening period) and the 12-week results are expected in Q426. The second study, ENIGMA-TRS 2 (international study including the US; n=400), is set to begin in October, the outcome of which will be key for US regulatory registration. Partner progress in Japan (with EA Pharma) triggered a milestone payment, which, together with the upfront consideration from Myung In Pharm (South Korea), lifted H125 licensing revenue to €7.8m (nil in H124). We expect period-end cash and equivalents of €43.2m to provide a runway into Q226 (accounting for debt repayments). Our valuation upgrades modestly to CHF407.8m or CHF20.4 per share (from CHF392.4m or CHF19.7 per share previously).