On September 28, GENFLEET-B declined 8.83% in regular trading to HKD 27.26, with turnover of approximately HKD 98.27 million. The drop nearly erased the gains triggered on September 23 when the company disclosed that its GFH375 plus cetuximab combination therapy was proposed for inclusion in the Breakthrough Therapy Designation list by China's CDE.

Multiple negative catalysts converged. On September 24, the company announced that non-executive director Tao Sha resigned due to personal work commitments, effective immediately. Additionally, a significant warehouse transfer was recorded on September 23, with approximately 24.59 million shares transferred out of China Securities Depository and Clearing Hong Kong, representing a transfer value of HKD 912 million or roughly 9.11% of the company's market capitalization.

The company's interim results also weighed on sentiment. First-half revenue fell approximately 52% year-over-year to RMB 42.47 million, primarily driven by a sharp decline in intellectual property licensing income from RMB 82.88 million to RMB 11.71 million. Research and development expenses rose 57.25% to RMB 192.5 million as pipeline expansion continued.

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