BRIEF: GenFleet shares double in heavily oversubscribed IPO
Shares of biopharmaceutical firm GenFleet Therapeutics (Shanghai) Inc. (2595.HK) opened up 116% in their Hong Kong trading debut on Friday, and held on to the gains to close up more than double their IPO price at HK$44.06 by the midday break.
The company sold 89.24 million shares for HK$20.39 apiece. The portion of the offering for local Hong Kong investors was nearly 2,662-times oversubscribed, while the international offering was 38-times oversubscribed, raising net proceeds of HK$1.67 billion ($214 million).
GenFleet lost 510 million yuan in 2023 and 678 million yuan in 2024, as it spent heavily on product development and recorded big changes in the fair value of redemption liabilities on its equity shares. The red ink continued in the first four months of 2025, with the company reporting a 66.6 million yuan net loss during that time.
By Lau Chi Hang
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