Good News on Listing | Frost & Sullivan Assists King Pharma Technology (Shanghai) Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (2595.HK)

Jinfang Medicine Technology (Shanghai) Co., Ltd. (hereinafter referred to as 'Jinfang Medicine') successfully listed on September 19, 2025. The company plans to issue 89,240,000 H shares, including 7,760,000 shares for Hong Kong residents and 81,480,000 shares for international investors. The offering price is HK$20.39 per share, raising approximately HK$1.7 billion in net proceeds.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of June 30, 2025), from January to June 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 29 (accounting for 71% of the market share), 60 (accounting for 67% of the market share), and 164 (accounting for 69% of the market share) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication experience with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.

• The company is a new drug development company located in China, with a global perspective, operations both domestically and internationally, and has already obtained approval for its first innovative drug. It focuses on the development of new treatment regimens for oncology (covering various treatment lines of solid tumors) as well as autoimmune and inflammatory diseases.

   

• The company's core product GFH925 (also known as fulzerasib) is available in Dabert in China^®The launch of the brand-name drug is China's first approved KRAS G12C selective inhibitor, featuring good safety and efficacy characteristics, as well as considerable market potential.

   

• The company has established a diverse portfolio of innovative RAS-targeting candidates based on its in-depth understanding of the RAS family members and experience gained in developing drug designs, molecular mechanisms, and CMC for GFH925. It has become one of the companies globally with the most comprehensive portfolio of innovative drugs to address RAS proteins. In addition, the company has established a diversified pipeline product portfolio, including RIPK1 kinase inhibitors, bispecific antibodies targeting GDF15 and IL-6, autoimmune and inflammatory disease drugs, and potential therapies for cachexia.

   

• The company possesses a robust R&D capability driven by a comprehensive technology platform, as well as differentiated CMC expertise to accelerate drug development and promote cost control. It maximizes pipeline value through diversified collaborations.

   

• The company has a senior leadership team in drug discovery and development, with experience in successfully launching drugs for the first time on the market. Members possess strong technical expertise in every key aspect of drug development processes, covering from early discovery to clinical development and CMC. The company has efficiently integrated its team into a proprietary development system that covers the entire process from research and development to commercialization.

Cancer causes about 1 million deaths globally each year, making it a major cause of death worldwide. In 2024, there were 21.3 million new cancer cases globally, and it is estimated that by 2033, there will be an additional 26.0 million new cancer cases. Among the top ten cancer types with the highest incidence rates globally in 2024, lung cancer, breast cancer, and colorectal cancer are the top three cancers by incidence rate worldwide. As of 2024, lung cancer, colorectal cancer, and thyroid cancer are the three most prevalent cancers in China.

The global oncology drug market has experienced significant expansion and is expected to continue growing. The global oncology drug market grew from $143.5 billion in 2019 to $253.3 billion in 2024, with a compound annual growth rate of 12.0%. It is expected to further grow to $596.7 billion by 2033, with a compound annual growth rate of 10.0% from 2024 to 2033. The oncology drug market in Greater China has also grown rapidly in recent years. The scale increased from $26.4 billion in 2019 to $35.9 billion in 2024, with a compound annual growth rate of 6.3%. It is expected to further grow to $114.1 billion by 2033, with a compound annual growth rate of 13.7% from 2024 to 2033.

In recent years, the number of approved cancer innovative therapies globally has been increasing. Compared with currently available treatments, innovative drugs with better efficacy and/or fewer adverse reactions are expected to continue emerging. The following chart shows the expansion history and forecast of the global and Greater China oncology drug markets.

Due to the high incidence of NSCLC, CRC, and pancreatic cancer, as well as the significant proportion of patients with unresectable tumors and/or advanced stages, the global oncology drug market for treating these cancers has a huge market size and growth potential. The following figures show the historical and forecasted market sizes for these three cancer types from 2019 to 2033.

RAS is a family of proteins with guanosine triphosphate (GTP)ase activity, cycling between an 'active' state (bound to guanosine triphosphate [GTP]) and an 'inactive' state (bound to diphosphoguanosine [GDP]). RAS proteins regulate various signal transduction pathways and play a role in the cascade control of cellular processes, including cell proliferation and division.

The three RAS genes that encode protein isoforms are KRAS, Harvey Ras ("HRAS"), and neuroblastoma Ras ("NRAS"). KRAS is one of the most common mutated oncogenes in human cancer, accounting for about 75% of all oncogenic RAS subtypes. KRAS mutations are detected in approximately 90% of pancreatic cancers, 30% to 40% of colorectal cancers ("CRC"), and 15% to 20% of lung cancer patients. These mutations are often associated with resistance to targeted therapies and poor efficacy in cancer patients.

With the continuous market penetration of commercial KRAS G12C inhibitor drugs and the development of new drugs, the global market for KRAS G12C inhibitor drugs is expected to grow rapidly from $489.1 million in 2024 to $3.4907 billion by 2033, with a compound annual growth rate of 24.4%.

The global market size for KRAS G12C inhibitor drugs used to treat NSCLC increased from $0.90 billion in 2021 to $4.647 billion in 2024, with a compound annual growth rate of 72.8% during this period. It is expected to continue growing to $27.576 billion by 2033, with a compound annual growth rate of 21.9% starting from 2024. In 2024, the global market size for KRAS G12C inhibitor drugs used to treat CRC was $0.245 billion, which is expected to continue growing to $7.33 billion by 2033, with a compound annual growth rate of 45.9% starting from 2024.

In 2024, the market size of KRAS G12C inhibitor drugs for the treatment of NSCLC in Greater China was $0.131 billion, and it is expected to continue growing to $5.598 billion by 2033, with a compound annual growth rate of 51.7% starting from 2024. The market for KRAS G12C inhibitor drugs for the treatment of CRC in Greater China is expected to expand and grow by 2027, with a market size estimated at $0.043 billion in 2027 and expected to continue growing to $0.874 billion by 2033.

The following figure shows the historical and forecasted market size of global KRAS G12C inhibitor drugs from 2021 to 2033.

The KRAS G12D mutation accounts for about 29% of all KRAS mutations and is the most common variant in human cancers. KRAS G12D mutations are particularly prevalent in pancreatic cancer (about 35%), CRC (about 12%), and NSCLC (about 4%). Compared with the KRAS G12C mutation, the KRAS G12D mutation causes more significant disruption of GTPase activity in vivo, resulting in a higher proportion of active KRAS bound to GTP in tumor cells.

With the future commercialization of related drug pipelines, the global KRAS G12D inhibitor drug market is expected to increase from $81.8 million in 2027 to $1.2046 billion in 2033, with a compound annual growth rate of 56.6%. The KRAS G12D inhibitor drug market in Greater China is expected to grow from $12.3 million in 2027 to $164 million in 2033, with a compound annual growth rate of 54.0%.

The global market for pancreatic cancer KRAS G12D inhibitor drugs is expected to increase from $81.8 million in 2027 to $1.0239 billion in 2033, with a compound annual growth rate of 52.4% during this period. The market in Greater China for pancreatic cancer KRAS G12D inhibitor drugs is expected to grow from $12.3 million in 2027 to $139.4 million in 2033, with a compound annual growth rate of 49.9% during this period.

The following figure shows the global market size forecast for KRAS G12D inhibitor drugs from 2027 to 2033.

Frost & Sullivan, with 64 years of global consulting experience and a dedicated 27-year service to the booming Chinese market, uses a global perspective to help clients accelerate their business growth and achieve industry-leading benchmarks in terms of growth, innovation, and leadership. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided financing, financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Health160 (2656.HK), Yinnuo Medicine (2591.HK), Zhonghuiyuantong (2627.HK), Dongyang Medicine (6887.HK), Weilizhibo (9887.HK), Bokang Shiyun (2592.HK), Yunzhisheng (9678.HK), TEDA Medicine (3880.HK), Baize Medical (2609.HK), Yaojie Ankang (2617.HK), Jiangsu Hengrui Medicine (1276.HK), Mire (2629.HK), Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Medicine Group (NASDAQ:AAPG), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinosi (688710.SH), Jingta Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahé (2453.HK), WuXi AppTec (2268.HK), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotec (6990.HK), LaiKai Medicine (2105.HK), Lüzhú Biotech (2480.HK), Meis Health (2415.HK), PHECR, Zhongjin Medical (NASDAQ:ZJYL), Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bo'an Biotech (6955.HK), Sidi (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai (2291.HK), Jianshi Biotech (9877.HK), JCARE.SW, Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Bao'osatu (2315.HK), Zhiyun Health (9955.HK), Mein Gene (6667.HK), PRE.NASDAQ, Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Baxin Anhuan (2185.HK), Yonghe Medical (2279.HK), Kailaiying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopai (2137.HK), Canopy (2162.HK), Chaoyuju Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Pharmacy (UPC.NASDAQ), Saiseng Pharmaceutical (6600.HK), Zhaoyan New Drug (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceuticals (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Xin Tong (2160.HK), Jiaosisi Pharmaceutical (1167.HK), Hepbrium Pharmaceuticals (2142.HK), JD Health (6618.HK), Deqi Pharmaceutical (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), Siasun Pharmaceutical (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Oukang Weishi (1477.HK), Yongtai Biotech (6978.HK), Haipure Pharmaceuticals (9989.HK), Kuaipo Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabot Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), Cornerstone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Galle Pharmaceutical (1672.HK), WuXi AppTec (2269.HK), China Resources Medicine (3320.HK), Yajichen Scientific Research Pharmaceutical (2633.HK), HCM.NASDAQ, Genscript Biotech (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board (STAR Market) in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading STAR Market-listed companies in the industry, including Hanbang Technology (688755.SH), Zhongyan Co., Ltd. (688716.SH), Optics Technology Group Co., Ltd. (688450.SH), Jinghe Integration Co., Ltd. (688249.SH), Wuxi Rilian Co., Ltd. (688531.SH), Maolai Optical Co., Ltd. (688502.SH), Kangwei Century (688426.SH), Jinkang Protein Co., Ltd. (688137.SH), Novogene Biologics Inc. (688428.SH), Aopuima Biotechnology Co., Ltd. (688293.SH), MicroPort Neurosurgery (688351.SH), Mengke Pharmaceutical Co., Ltd. (688373.SH), Yifang Biotechnology Co., Ltd. (688382.SH), Jicui Pharmaceutical Co., Ltd. (688046.SH), Haichuang Pharmaceutical Co., Ltd. (688302.SH), Rongchang Biotechnology Co., Ltd. (688331.SH), Rendu Biotechnology Co., Ltd. (688193.SH), Shouyao Holdings Co., Ltd. (688197.SH), Heyuan Biotechnology Co., Ltd. (688238.SH), Yaxin Security Technology Co., Ltd. (688225.SH), Xidi Microelectronics Co., Ltd. (688173.SH), Mawei Biotechnology Co., Ltd. (688062.SH), Yahong Medicine Co., Ltd. (688176.SH), BeiGene (688235.SH), Jiameng Medical Group Co., Ltd. (688246.SH), Dizhe Pharmaceutical Co., Ltd. (688192.SH), Novozyme (688105.SH), Chengda Biotechnology Co., Ltd. (688739.SH), Geke Microelectronics Co., Ltd. (688728.SH), Huaxi Biotechnology Co., Ltd. (688363.SH), Junshi Biosciences Inc. (688180.SH), Zhejiang Genomics Co., Ltd. (688266.SH), BeiGene (688177.SH), Shenzhou Cells Biotechnology Co., Ltd. (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's health industry, and build a healthy future.