CF PharmTech (Ticker: 2652 HK) is a China-based pharmaceutical company specializing in the R&D, manufacturing and commercialization of inhalation drugs for respiratory diseases. The company is set to list on the Hong Kong Stock Exchange on October 8, 2025, offering 41.2 million H-shares at HK$14.75 per share, raising approximately HK$607.7 million (US$78 million).

According to the prospectus, CF PharmTech’s flagship product, CF017, a budesonide inhalation suspension (for the treatment of bronchial asthma), accounted for over 90% of its revenues from 2022–2025 and reached 16% of China’s budesonide inhalation drug market by sales volume in 2024. The company has secured six product approvals from the NMPA and FDA, including CF018 (for allergic rhinitis) and GW006 (for COPD). With over 20 product candidates in development, CF PharmTech aims to expand its presence across China, the U.S., Europe and emerging markets.