Jinfo Pharmaceutical successfully listed on the Hong Kong Stock Exchange, raising up to $268 million to expand its innovative cancer treatment pipeline.

Target Company Overview

On September 19, 2025, Panlin Capital's early-stage project, Jinfo Pharmaceutical, made its debut on the main board of the Hong Kong Stock Exchange under the stock code 2595.HK. Initially issued shares amounted to $233 million, which could increase to $268 million following the exercise of the overallotment option, marking the largest fundraising in the Hong Kong stock market for the 18A sector since 2022. The company attracted nine cornerstone investors for its IPO, including well-known names such as RTW Capital, OrbiMed, TruMed, UBS Asset Management (Singapore) Ltd., Vivo Capital, and others, with cornerstone subscriptions totaling $100 million. CITIC Securities acted as the sole sponsor of the IPO.

Industry Overview in China

The pharmaceutical industry in China has experienced significant growth over the past decade, moving towards innovation-driven development. The market is now increasingly characterized by a shift from generic drugs to original drug research and development, especially in the oncology sector where unmet clinical needs remain substantial. This progression aligns with national policies aimed at boosting innovation, evidenced by an increase in R&D investments by pharmaceutical companies.

China's oncology therapeutics market is projected to become one of the largest globally, attributing to the rise in cancer incidences and the demand for advanced treatment options. As a