Lei Jianping on May 18
Sunho Biologics, Inc. (hereinafter referred to as "Sunho Biologics", stock code: "02898") recently launched a roadshow and is expected to be listed on the Hong Kong Stock Exchange on May 24, 2024.
Shenghe Biotech issued 3,415,200 shares at an issue price of HK$13.5, raising a net proceeds of HK$392 million.
Shenghe Biotech has entered into a cornerstone investment agreement with Nanjing Jingkai Future Technology Industry Investment Partnership (Limited Partnership) (Jingkai Future), under which Jingkai Future has agreed to subscribe or procure its designated entities to subscribe at the Offer Price subject to certain conditions for a possible aggregate amount of US$5.4 million (approximately HK$42.2 million).
Based on the issue price, Shenghe Biotech is valued at HK$2.115 billion.
The annual loss is 133 million
Shenghe Biopharma is a biopharmaceutical company dedicated to the discovery, development and commercialization of first-in-class/best-in-class biologics that modulate the immune microenvironment by directly modulating the innate and adaptive immune systems.
Since its inception in 2018, SunhoBiologics has built fully integrated, end-to-end in-house R&D capabilities covering all key biologics development functions, including discovery, antibody and protein engineering, process development, preclinical pharmacology studies, clinical development, and Good Manufacturing Practice ("GMP") manufacturing.
According to the prospectus, Shenghe Bio's other income in 2022 and 2023 will be 13.795 million yuan and 21.005 million yuan respectively; The losses during the period were 51.99 million yuan and 133 million yuan respectively.
As of December 31, 2023, Shenghe Biotech held cash and cash equivalents of 125 million yuan.
Last year, 210 million was raised
The executive directors of Shenghe Biotech are Zhang Feng, Dr. Yin Liusong and Ms. Jiang Xiaoling; The non-executive director is Fan Rongkui, and the independent non-executive directors are Chen Xiangrong, Ms. Feng Lan and Shi Luwen.
On May 31, 2023, Shenghe Biotech entered into a share subscription agreement with Huzhou Yifeng AXA Venture Capital Partnership (Limited Partnership) (Yifeng AXA), Huzhou Yifeng Anhe Venture Capital Partnership (Limited Partnership) (Yifeng Anhe), SunhoWisdom, Zhang Feng, Sunho Stellar, and No5XJR.
Accordingly, Alpha AXA agreed to subscribe for 5,833.33 Shares at a consideration of $140 million, while Alpha Harvest agreed to subscribe for 2,916.67 Shares at a consideration of $70 million. Shenghe Biotech received a total of 210 million yuan in financing this time.
After the completion of the share subscription on 2 August 2023, Shenghe Biotech is owned by SunhoWisdom, Sunho Stellar, No5XJR, Yifeng AXA and Yifeng Anhe approximately 74.89%, 5.11%, 5.11%, 9.93% and 4.96% respectively.
The cost per share is 12 yuan, and the post-investment valuation is 1.41 billion yuan.
IPO前，张峰可通过SunhoFortune、Innovalue Investments、Sunho Wisdom、No5XJR以及Sunho Stellar行使公司约85.11%的投票权。
Before the IPO, Zhang Feng's Sunho Wisdom held 71.83% of the shares, Zhang Feng's No5XJR held 4.9%, Sunho Stellar held 4.9% of the shares, Yifeng AXA held 9.52% of the shares, Yifeng Anhe held 4.76% of the shares, and Beijing Yuehe held 4.09% of the shares.
Immediately following the completion of the Global Offering, Zhang Feng will be able to exercise approximately 63.83% of the Company's voting rights. As a result, Zhang Feng, Sunho Fortune, Innovalue Investments, Sunho Wisdom, No5XJR and SunhoStellar will be regarded as a group of controlling shareholders under the Listing Rules.
In addition, Sunho Stellar holds 3.83% of the shares, Yifeng AXA holds 7.45% of the shares, Yifeng Anhe holds 3.72% of the shares, and Beijing Yuehe holds 3.2% of the shares.
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