CF PHARMTECH (02652) will conduct its initial public offering from September 26 to October 2, 2025, with plans to globally offer 41.198 million H shares. The distribution will comprise 10% for Hong Kong offering and 90% for international offering. The offer price is set at HK$14.75 per share, with a trading unit of 500 H shares per lot. The H shares are expected to commence trading on the Stock Exchange at 9:00 AM on Wednesday, October 8, 2025.

The group primarily focuses on the research and development, production, and commercialization of inhalation technology and inhalation drugs, specializing in the treatment of respiratory system diseases. The group has developed a product portfolio covering a broad range of patients, medical specialties, and therapeutic areas. During the track record period, the group obtained six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA), generating substantial sales revenue and demonstrating the group's capabilities in clinical development, production, regulatory affairs, and commercialization.

For the years 2022, 2023, 2024, and the three months ended March 31, 2024 and 2025, the group's revenue was RMB349 million, RMB556 million, RMB608 million, RMB140 million, and RMB136 million respectively. The group's gross profit was RMB268 million, RMB458 million, RMB491 million, RMB115 million, and RMB108 million respectively.

Assuming an offer price of HK$14.75 per share, the group estimates it will receive net proceeds of approximately HK$525 million from the global offering. The group currently intends to use such net proceeds for the following purposes: approximately 40.0% will be used to fund the ongoing research and development, clinical development, and commercialization of the group's domestic and international inhalation formulation candidates; approximately 20.0% will be used to fund the preclinical research and development of the group's multiple pipeline programs and technologies; approximately 30.0% will be used to fund the expansion and upgrade of the group's production facilities, equipment procurement, and production management systems; and approximately 10.0% will be used as working capital and other general corporate purposes.