Company Overview
| Stock Name | Brii-B |
|---|---|
| Stock Code | 02137 |
| Company Full Name | To be extracted |
| Industry | Healthcare |
| Principal Activities | 我們是一家總部位於中國及美國的生物技術公司，致力於促進中國及全球就重大傳染病（如HBV、HIV、MDR/XDR革蘭氏陰性菌感染）及其他具有重大公共衛生負擔的疾病（如CNS疾病）的療法，通過將內部藥物研發與授權引進相結合的業務模式來實現願景。 |
| Listing Date | 2021-07-13 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國 北京海淀區 永泰莊北路1號 中關村東升國際科學園 7號樓3層 郵編100192 |
| Business Address (Hong Kong) | 香港 皇后大道東183號 合和中心54樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | briibio.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 22.25 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 11,125 |
| Par Value | To be extracted |
| Offer Period | 2021-06-30 to 2021-07-06 |
| Global Offering Shares | 111,580,000 shares |
| HK Public Offer Shares (Initial) | 11,158,000 shares (10.0%) |
| Public Offer Lots (Initial) | 22,316lots (Pool A11,158lots，Pool B11,158lots) |
| International Placing Shares (Initial) | 100,422,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 706,200,926 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 47.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,482,655,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 11,125 |
| 2 lots | 1,000 | HK$ 22,250 |
| 3 lots | 1,500 | HK$ 33,375 |
| 4 lots | 2,000 | HK$ 44,500 |
| 5 lots | 2,500 | HK$ 55,625 |
| 6 lots | 3,000 | HK$ 66,750 |
| 7 lots | 3,500 | HK$ 77,875 |
| 8 lots | 4,000 | HK$ 89,000 |
| 9 lots | 4,500 | HK$ 100,125 |
| 10 lots | 5,000 | HK$ 111,250 |
| 12 lots | 6,000 | HK$ 133,500 |
| 14 lots | 7,000 | HK$ 155,750 |
| 16 lots | 8,000 | HK$ 178,000 |
| 18 lots | 9,000 | HK$ 200,250 |
| 20 lots | 10,000 | HK$ 222,500 |
| 30 lots | 15,000 | HK$ 333,750 |
| 40 lots | 20,000 | HK$ 445,000 |
| 50 lots | 25,000 | HK$ 556,250 |
| 60 lots | 30,000 | HK$ 667,500 |
| 70 lots | 35,000 | HK$ 778,750 |
| 80 lots | 40,000 | HK$ 890,000 |
| 90 lots | 45,000 | HK$ 1,001,250 |
| 100 lots | 50,000 | HK$ 1,112,500 |
| 120 lots | 60,000 | HK$ 1,335,000 |
| 140 lots | 70,000 | HK$ 1,557,500 |
| 160 lots | 80,000 | HK$ 1,780,000 |
| 180 lots | 90,000 | HK$ 2,002,500 |
| 200 lots | 100,000 | HK$ 2,225,000 |
| 400 lots | 200,000 | HK$ 4,450,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 300,000 | HK$ 6,675,000 |
| 800 lots | 400,000 | HK$ 8,900,000 |
| 1,000 lots | 500,000 | HK$ 11,125,000 |
| 1,200 lots | 600,000 | HK$ 13,350,000 |
| 1,400 lots | 700,000 | HK$ 15,575,000 |
| 1,600 lots | 800,000 | HK$ 17,800,000 |
| 1,800 lots | 900,000 | HK$ 20,025,000 |
| 2,000 lots | 1,000,000 | HK$ 22,250,000 |
| 4,000 lots | 2,000,000 | HK$ 44,500,000 |
| 6,000 lots | 3,000,000 | HK$ 66,750,000 |
| 8,000 lots | 4,000,000 | HK$ 89,000,000 |
| 10,000 lots | 5,000,000 | HK$ 111,250,000 |
| 11,158 lots | 5,579,000 | HK$ 124,132,750 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 837.4M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +1028% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,712,970,603 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣1,283.5百萬元 |
| Period-End Cash Balance | 人民幣1,035.0百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | 約414百萬美元 |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2019 | 2020 |
|---|---|---|
| Other income and gains, net | 20,800 | 84,508 |
| Administrative expenses | -63,000 | -107,690 |
| Net finance costs | -1,250 | -1,650 |
| Profit before tax | -570,750 | -1,336,600 |
| Profit for the year | -550,740 | -1,453,820 |
| Profit attributable to owners | -554,760 | -1,463,880 |
Balance Sheet
| Item | 2019 | 2020 |
|---|---|---|
| Cash and cash equivalents | 874,958 | 936,946 |
| Total current assets | 974,858 | 1,958,568 |
| Total assets | 991,848 | 1,970,568 |
| Total current liabilities | 188,058 | 694,508 |
| Total liabilities | 1,570,858 | 3,737,568 |
| Total equity | -577,009 | -1,863,568 |
| Equity attributable to owners | -582,006 | -1,563,868 |
Cash Flow Statement
| Item | 2019 | 2020 |
|---|---|---|
| Net cash from operating activities | -378,066 | -454,836 |
| Net cash from investing activities | -152,072 | -263,472 |
| Net cash from financing activities | 546,052 | 777,308 |
| Net increase in cash | 16,704 | 62,906 |
| Depreciation of PP&E | 2,813 | 4,828 |
| Depreciation of right-of-use assets | 4,680 | 8,023 |
| Amortisation of intangible assets | 0 | 1,358 |
| Purchase of PP&E | -24,147 | 0 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 22.95 |
|---|---|
| First Day Open | HK$ 21.4 |
| First Day Change | 3.15% |
| First Day Volume | 67365100.0 |
| First Day Turnover | 1507880000.0 |
| Use of Proceeds | 1、55%（約1,283.6百萬港元）將劃撥至HBV功能性治愈項目；
2、15%（約350.1百萬港元）預期將劃撥至HIV項目，用于為BRII-778和BRII-732正在進行及計劃的臨床試驗及登記備案準備提供資金；
3、15%（約350.1百萬港元）將劃撥至MDR/XDR革蘭氏陰性菌感染項目；
4、5%（約116.7百萬港元）將用于為BRII-296正在進行及計劃的臨床試驗及登記備案準備提供資金；
5、10%（約233.4百萬港元）將劃撥至我們的早期階段管線、業務發展計劃、營運資金及一般企業用途。 |
Underwriting Syndicate
Overall Coordinators (3)
Joint Bookrunners (3)
Joint Lead Managers (3)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | AIHC Master Fund | 77,619,125 HKD | — | 3.13% | — | 6 months | 2022-01-13 |
| 2 | Athos Asia Event Driven Master Fund | 38,804,000 HKD | — | 1.56% | — | 6 months | 2022-01-13 |
| 3 | Boyu Capital Opportunities Master Fund | 38,804,000 HKD | — | 1.56% | — | 6 months | 2022-01-13 |
| 4 | Invesco Advisers, Inc. | 310,509,875 HKD | — | 12.51% | — | 6 months | 2022-01-13 |
| 5 | Sage Partners Master Fund | 38,804,000 HKD | — | 1.56% | — | 6 months | 2022-01-13 |
| 6 | SCC Growth V Holdco Q, Ltd. | 15,519,375 HKD | — | 0.63% | — | 6 months | 2022-01-13 |
| 7 | Springhill Master Fund Limited | 77,619,125 HKD | — | 3.13% | — | 6 months | 2022-01-13 |
| 8 | The Valliance Fund | 38,804,000 HKD | — | 1.56% | — | 6 months | 2022-01-13 |
| 9 | UBS Asset Management (Singapore) Ltd. | 271,694,750 HKD | — | 10.94% | — | 6 months | 2022-01-13 |
| 10 | 加皇环球资产管理(亚洲)有限公司 | 232,879,625 HKD | — | 9.38% | — | 6 months | 2022-01-13 |
| 11 | 有鱼环球有限公司 | 38,804,000 HKD | — | 1.56% | — | 6 months | 2022-01-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Zhi HONG | — |
| Company Secretary | 李安康、何詠紫 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 緊隨全球發售完成後，Boyu Capital Group Holdings Ltd.持股15.86%，Booming Passion Limited持股14.98%，6 Dimensions Capital, L.P.持股14.24%，ARCH Venture Partners IX, LLC持股12.80%，虞鋒持股8.45%，SC China Holding Limited持股8.29%，YF Bright Insight Limited持股7.58%，Invesco Advisers, Inc.持股5.16%。 |
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