Company Overview
| Stock Name | Edding Genor |
|---|---|
| Stock Code | 06998 |
| Company Full Name | To be extracted |
| Industry | Healthcare |
| Principal Activities | 我們為一間正在進入商業化階段的生物製藥公司，專注於腫瘤及自身免疫藥物的研發及商業化。 |
| Listing Date | 2020-10-07 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海浦東新區張衡路1690號3號樓 |
| Business Address (Hong Kong) | 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 | genorbio.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 24.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 12,000 |
| Par Value | To be extracted |
| Offer Period | 2020-09-23 to 2020-09-28 |
| Global Offering Shares | 119,881,000 shares |
| HK Public Offer Shares (Initial) | 11,989,000 shares (10.0%) |
| Public Offer Lots (Initial) | 23,978lots (Pool A11,989lots，Pool B11,989lots) |
| International Placing Shares (Initial) | 107,892,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 481,091,508 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 50.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 2,877,144,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 12,000 |
| 2 lots | 1,000 | HK$ 24,000 |
| 3 lots | 1,500 | HK$ 36,000 |
| 4 lots | 2,000 | HK$ 48,000 |
| 5 lots | 2,500 | HK$ 60,000 |
| 6 lots | 3,000 | HK$ 72,000 |
| 7 lots | 3,500 | HK$ 84,000 |
| 8 lots | 4,000 | HK$ 96,000 |
| 9 lots | 4,500 | HK$ 108,000 |
| 10 lots | 5,000 | HK$ 120,000 |
| 12 lots | 6,000 | HK$ 144,000 |
| 14 lots | 7,000 | HK$ 168,000 |
| 16 lots | 8,000 | HK$ 192,000 |
| 18 lots | 9,000 | HK$ 216,000 |
| 20 lots | 10,000 | HK$ 240,000 |
| 30 lots | 15,000 | HK$ 360,000 |
| 40 lots | 20,000 | HK$ 480,000 |
| 50 lots | 25,000 | HK$ 600,000 |
| 60 lots | 30,000 | HK$ 720,000 |
| 70 lots | 35,000 | HK$ 840,000 |
| 80 lots | 40,000 | HK$ 960,000 |
| 90 lots | 45,000 | HK$ 1,080,000 |
| 100 lots | 50,000 | HK$ 1,200,000 |
| 120 lots | 60,000 | HK$ 1,440,000 |
| 140 lots | 70,000 | HK$ 1,680,000 |
| 160 lots | 80,000 | HK$ 1,920,000 |
| 180 lots | 90,000 | HK$ 2,160,000 |
| 200 lots | 100,000 | HK$ 2,400,000 |
| 400 lots | 200,000 | HK$ 4,800,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 300,000 | HK$ 7,200,000 |
| 800 lots | 400,000 | HK$ 9,600,000 |
| 1,000 lots | 500,000 | HK$ 12,000,000 |
| 1,200 lots | 600,000 | HK$ 14,400,000 |
| 1,400 lots | 700,000 | HK$ 16,800,000 |
| 1,600 lots | 800,000 | HK$ 19,200,000 |
| 1,800 lots | 900,000 | HK$ 21,600,000 |
| 2,000 lots | 1,000,000 | HK$ 24,000,000 |
| 3,000 lots | 1,500,000 | HK$ 36,000,000 |
| 4,000 lots | 2,000,000 | HK$ 48,000,000 |
| 5,000 lots | 2,500,000 | HK$ 60,000,000 |
| 6,000 lots | 3,000,000 | HK$ 72,000,000 |
| 7,000 lots | 3,500,000 | HK$ 84,000,000 |
| 8,000 lots | 4,000,000 | HK$ 96,000,000 |
| 9,000 lots | 4,500,000 | HK$ 108,000,000 |
| 10,000 lots | 5,000,000 | HK$ 120,000,000 |
| 11,000 lots | 5,500,000 | HK$ 132,000,000 |
| 11,989 lots | 5,994,500 | HK$ 143,868,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 4.1B |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +121% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 11,546,196,192 |
|---|---|
| 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523.0百萬元 |
| Period-End Cash Balance | 人民幣253.5百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2018 | 2019 |
|---|---|---|
| Revenue | 6,882 | 13,039 |
| Cost of sales | -5,452 | -9,562 |
| Gross profit | 1,430 | 3,477 |
| Other income and gains, net | 11,206 | 4,082 |
| Administrative expenses | -22,285 | -89,367 |
| Operating profit | -282,606 | -520,572 |
| Net finance costs | -5,471 | -3,065 |
| Profit before tax | -288,077 | -523,637 |
| Income tax expense | 0 | -891 |
| Profit for the year | -288,077 | -522,746 |
| Profit attributable to owners | -288,077 | -522,082 |
Balance Sheet
| Item | 2018 | 2019 |
|---|---|---|
| Cash and cash equivalents | 125,158 | 253,520 |
| Trade and bills receivables | 581 | 0 |
| Inventories | 25,240 | 25,269 |
| Total current assets | 682,470 | 348,240 |
| Total assets | 987,661 | 732,835 |
| Total current liabilities | 99,659 | 360,124 |
| Total liabilities | 164,057 | 507,375 |
| Total equity | 823,604 | 225,460 |
| Equity attributable to owners | 823,604 | 218,986 |
Cash Flow Statement
| Item | 2018 | 2019 | 2020-03 |
|---|---|---|---|
| Net cash from operating activities | -253,394 | -110,529 | |
| Net cash from investing activities | -29,521 | -40,677 | |
| Net cash from financing activities | 346,931 | 278,543 | |
| Net increase in cash | 64,016 | 127,337 | |
| Purchase of PP&E | -27,637 | -20,593 | -6,060 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 27.95 |
|---|---|
| First Day Open | HK$ 29.2 |
| First Day Change | 16.46% |
| First Day Volume | 98372000.0 |
| First Day Turnover | 3027080000.0 |
| Use of Proceeds | 1、所得款項凈額的42%，或約1,131.4百萬港元，用于為我們核心產品的研發活動提供資金；
2、所得款項凈額的23%，或約619.6百萬港元，用于為我們其他主要產品的研發活動提供資金；
3、所得款項凈額的15%或約404.1百萬港元，用于撥付我們管線中其他候選藥物正在進行及計劃進行的臨床試驗、適應癥擴展及注冊備案籌備；
4、所得款項凈額的10%或約269.4百萬港元，用于為我們的藥物管線擴展提供資金；
5、所得款項凈額的10%或約269.4百萬港元作一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Overall Coordinators (3)
Joint Bookrunners (7)
Joint Lead Managers (7)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 3W Funds | 38,460,000 HKD | — | 1.34% | — | 6 months | 2021-04-07 |
| 2 | Aranda Investments Pte. Ltd. | 153,864,000 HKD | — | 5.35% | — | 6 months | 2021-04-07 |
| 3 | Athos Asia Event Driven Master Fund | 38,460,000 HKD | — | 1.34% | — | 6 months | 2021-04-07 |
| 4 | HHJH Holdings Limited | 269,256,000 HKD | — | 9.36% | — | 6 months | 2021-04-07 |
| 5 | Logos Global Master Fund LP | 76,920,000 HKD | — | 2.67% | — | 6 months | 2021-04-07 |
| 6 | Matrix Partners | 153,864,000 HKD | — | 5.35% | — | 6 months | 2021-04-07 |
| 7 | OrbiMed Funds | 192,324,000 HKD | — | 6.68% | — | 6 months | 2021-04-07 |
| 8 | PA Investment Funds SPC－ PA Special Opportunities Fund II SP | 76,920,000 HKD | — | 2.67% | — | 6 months | 2021-04-07 |
| 9 | Tudor Systematic Tactical Trading L.P. | 76,920,000 HKD | — | 2.67% | — | 6 months | 2021-04-07 |
| 10 | 太平洋资产管理有限责任公司 | 153,864,000 HKD | — | 5.35% | — | 6 months | 2021-04-07 |
| 11 | 万通保险国际有限公司 | 38,460,000 HKD | — | 1.34% | — | 6 months | 2021-04-07 |
| 12 | 香港泰格健康科技有限公司 | 169,248,000 HKD | — | 5.88% | — | 6 months | 2021-04-07 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 易清清 | — |
| Company Secretary | 蕭穎潔 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | HHJH Holdings Limited（29.02%）、高瓴資本管理有限公司（29.38%）、浙江康恩貝製藥股份有限公司（12.01%）、上海沃嘉生物技術有限公司/雲南沃森（7.81%）、Aranda Investments（6.32%）、上海昶諾企業管理合夥企業（有限合夥）（5.20%）等 |
|---|
