Juncell Therapeutics Files for Hong Kong IPO with Post-Money Valuation of RMB 2.137 Billion

▎Armstrong

On December 10, 2025, Juncell Therapeutics' HKEX IPO application was accepted, and the prospectus was officially published.

Juncell Therapeutics was founded in 2019 and is committed to developing innovative cell therapies for solid tumors, particularly TIL therapy. Its lead pipeline product, GC101, is a differentiated TIL therapy that does not require high-intensity lymphodepletion or IL-2 administration in clinical use. It is expected to file for marketing approval in 2026 and has the potential to become China's first approved TIL therapy. Subsequent TIL pipelines utilize engineered modifications, which are expected to further enhance efficacy.

Since its establishment, Juncell Therapeutics has undergone multiple rounds of financing, including the completion of a C-round financing of 137 million yuan in November 2025, with a pre-investment valuation of 2 billion yuan and a post-investment valuation of 2.137 billion yuan.

The latest equity structure of Juncell Therapeutics is as follows: Yuanhe Origin holds 13.81%, Kaitai Capital holds 9.13%, and Fure Investment holds 5.23%.

Summary

GC101 Melanoma Pivotal Phase II Clinical Trial Only Requires Enrollment of 79 Patients, with PFS as the Primary Endpoint. The Last Patient Enrollment is Expected to Be Completed in the First Quarter of 2026. The Plan Is to Submit an NDA in 2026, and It May Become China's First Marketed TIL Therapy.