Overview
- Shares rose 24.7% in the first session, valuing the company at about HK$16.7 billion after pricing at HK$24.05 per share.
- The sale of 94.7 million shares raised roughly HK$2.3 billion, with Eli Lilly, Tencent and Temasek participating as cornerstone investors.
- Management says proceeds will support clinical R&D, development of new generative‑AI models and expansion of a robotic laboratory.
- The pipeline includes rentosertib, which showed positive Phase II results in China and has approval to begin Phase III there, with the start subject to a financial decision.
- In the first half of 2025, revenue fell 54% to $27.5 million and the company posted a $19.2 million net loss, while advancing licensing deals and research partnerships such as a November pact with Eli Lilly.