On August 25, 2025, GenFleet Therapeutics (Shanghai) Inc. (referred to as "GenFleet Therapeutics") disclosed its post-hearing prospectus on the Hong Kong Stock Exchange, and is expected to list on the Hong Kong Main Board soon. The company submitted its applications twice, on December 27, 2024, and June 27, 2025.

GenFleet Therapeutics received a filing notice from the International Department of the China Securities Regulatory Commission for overseas issuance and listing on June 25, 2025, planning to issue no more than 102,633,800 overseas-listed ordinary shares.

GenFleet Therapeutics prospectus link: https://www1.hkexnews.hk/app/sehk/2025/107496/documents/sehk25082501406_c.pdf

Main Business GenFleet Therapeutics, established in 2017, is a commercial-stage biopharmaceutical company focused on innovative and effective treatment solutions in the fields of oncology, autoimmune and inflammatory diseases.

As of recently, GenFleet Therapeutics has established a continuously updated product pipeline comprising 8 drug candidates, with 5 currently in clinical development stages.

One of GenFleet Therapeutics' core products, GFH925 (fulzerasib, brand name Dabrafenib®), is an innovative drug discovered independently by the company. It has received commercial approval in China for the treatment of advanced non-small cell lung cancer (NSCLC), making it the first in China and the third globally approved selective Kirsten rat sarcoma (KRAS) G12C inhibitor.

Another core product of the company, GFH312, is a highly effective small molecule inhibitor independently developed by the company that targets and inhibits the kinase activity of receptor-interacting serine/threonine protein kinase 1 (RIPK1). It has received FDA IND approval to conduct Phase II clinical trials in the United States to evaluate the safety and efficacy of GFH312 in patients with peripheral artery disease and intermittent claudication.

Beyond its core products, GenFleet Therapeutics is building a comprehensive and differentiated RAS product matrix, including GFH375 (an orally bioavailable KRAS G12D small molecule inhibitor), GFH276 (a pan-RAS activated non-degrading molecular glue), and GFS784 (a novel drug modality utilizing the synergistic effects of large and small molecules). Additionally, the company is committed to further enriching its product pipeline portfolio, such as GFS202A (a bispecific antibody targeting GDF15 and IL-6), GFH009 (a selective small molecule compound targeting CDK9), and GFH018 (a potent TGF-βR1 small molecule inhibitor).

GenFleet Therapeutics' diversified product pipeline portfolio is the natural output of the company's proven comprehensive R&D platform, which covers target discovery, molecular discovery and evaluation, translational science, and global clinical development, supplemented by the company's professional expertise in key chemistry, manufacturing and control aspects including formulation research and quality analysis.

Shareholder Structure According to the prospectus, GenFleet Therapeutics' pre-listing shareholder structure shows:

Dr. Lu Qiang and Dr. Lan Jiong respectively own 53.69% and 46.31% of Jianfa Hong Kong, holding 16.33%; Auspicious Delight (64.5% owned by Jianfa Hong Kong, employee shareholding platform), holding 3.73%; Shanghai Kunjing (Dr. Lu as GP, employee shareholding platform), holding 5.17%; The above shareholders are parties acting in concert and constitute the single largest shareholder group, collectively holding approximately 25.23%.

Other investors include: Lilly Asia Ventures, CDH Investments, LYFE Capital, Ningbo Hongjia, Sinopharm, Shenzhen Capital Group, Hua Gai Capital, Xieno Chentu, Northern Light Venture Capital, Panlin Capital, Haibang Investment, China-South Venture Capital, Huajin Capital (000532.SZ), Hangzhou Taikun, Yihe Private Equity Fund, Zeyue Capital, CSPC Pharmaceutical Group (01093.HK), Shanjin Capital, Shanghai Yuhan, Puen Guoxin, Taifu Management, Huimei Capital, ABC International, Qingchi Capital, Deyi Changqing, Baidu (09888.HK), and others.

Directors and Senior Management GenFleet Therapeutics' board of directors consists of 8 directors, including:

3 Executive Directors: Dr. Lu Qiang (Chairman), Dr. Lan Jiong (Chief Executive Officer, General Manager), Ms. Zhang Wei (Board Secretary, Joint Company Secretary);

2 Non-Executive Directors: Mr. Zhu Jingyang (formerly Zhu Daqiang) (Investment Director of Hua Gai Healthcare Fund), Ms. Tao Sha (Fund Manager of CDH Investments, Vice President of Shanghai CDH Futai);

3 Independent Non-Executive Directors: Ms. Lu Shaohua (former Chief Financial Officer of WuXi Biologics), Dr. Zhou Demin (Professor at Peking University School of Pharmaceutical Sciences, Director of State Key Laboratory of Natural and Biomimetic Drugs), Mr. Li Bo (Partner of Topreal Asset).

Supervisory Board of 3 members: Mr. Xue Mengjun (Partner of Shanghai Panlin Asset Management), Mr. Lin Chonglan (R&D Department Manager and Senior Researcher), Ms. Ma Rui (Deputy Human Resources Manager).

Besides executive directors, senior management includes: Dr. Wang Yu (Chief Medical Officer).

Company Performance According to the prospectus, in the past years of 2023, 2024, and the first four months of 2025, GenFleet Therapeutics' operating revenue was RMB 74 million, 105 million, and 82 million respectively, with corresponding R&D expenses of RMB 313 million, 332 million, and 69.8 million respectively, and corresponding net losses of RMB 508 million, 678 million, and 66 million respectively.

Intermediary Team The main intermediary team for GenFleet Therapeutics' IPO includes: CITIC Securities as its sole sponsor; Ernst & Young as its auditor; Jiayuan as its Chinese legal counsel; Davis as its Hong Kong and US legal counsel; Jingtian & Gongcheng as its underwriter's Chinese legal counsel; Sullivan & Cromwell as its underwriter's Hong Kong and US legal counsel; Guotai Junan Finance as its compliance advisor; Frost & Sullivan as its industry advisor.