--- page 1 ---
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as
those defined in the prospectus dated March 13, 2025 (the “Prospectus ”) issued by VISEN Pharmaceuticals (the
“Company ”).
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. Potential investors should read the Prospectus for detailed information about the Company
and the Global Offering described below before deciding whether or not to invest in the Offer Shares. Any investment
decision in relation to the Offer Shares should be taken solely in reliance on the information in the Prospectus.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities
in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities
Act”) or securities law of any state or other jurisdiction of the United States and may not be offered, sold, pledged or
transferred within the United States, except in transactions exempt from, or not subject to, the registration requirements
of the U.S. Securities Act. There will be no public offer of the Offer Shares in the United States. The Offer Shares are
being offered and sold (1) solely to qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act
pursuant to an exemption from registration under the U.S. Securities Act and (2) outside the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act.
In connection with the Global Offering, Morgan Stanley Asia Limited, as the stabilizing manager, or any person acting
for it (the “Stabilizing Manager ”), on behalf of the Underwriters, may over-allocate or effect transactions with a view
to stabilizing or supporting the market price of the Shares at a level higher than that which might otherwise prevail
for a limited period after the Listing Date. However, there is no obligation on the Stabilizing Manager, or any person
acting for it, to conduct any such stabilizing action, which, if taken, will be conducted at the absolute discretion of the
Stabilizing Manager and may be discontinued at any time. Any such stabilizing activity is required to be brought to an
end on the 30th day after the last day for lodging applications under the Hong Kong Public Offering. Such stabilization
action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in compliance with
all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules
(Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong).
Potential investors should be aware that stabilizing action cannot be taken to support the price of the Shares for longer
than the stabilization period which begins on the Listing Date and is expected to expire on the 30th day after the last
day for lodging applications under the Hong Kong Public Offering. After this date, no further stabilizing action may be
taken, and demand for the Shares and the price of the Shares could fall.
Potential investors of the Offer Shares should note that the Joint Global Coordinators and the Overall Coordinators
(for themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate the Hong Kong
Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the section headed
“Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering – Hong Kong Underwriting
Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the
Listing Date (which is currently expected to be on Friday, March 21, 2025).


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VISEN Pharmaceuticals
維昇藥業
(incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the Global
Offering
: 11,385,000 Offer Shares (taking into
account the full exercise of the Offer Size
Adjustment Option and subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 4,554,000 Offer Shares (taking into
account the full exercise of the Offer Size
Adjustment Option and as adjusted after
reallocation)
Number of International Offer Shares : 6,831,000 Offer Shares (taking into
account the full exercise of the Offer Size
Adjustment Option, as adjusted after
reallocation and subject to the Over-
allotment Option)
Final Offer Price : HK$68.80 per Offer Share plus brokerage
of 1%, SFC transaction levy of 0.0027%,
Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%
Nominal value : US$0.0001 per Share
Stock code : 2561
Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
MORGAN STANLEY JEFFERIES
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
CLSA FUTU GUOYUAN SOOCHOW
Joint Lead Managers
(in alphabetical order)
PATRONS RUIBANG


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1


VISEN PHARMACEUTICALS / 维昇药业
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those
defined in the prospectus dated March 13, 2025 (the “Prospectus”) issued by VISEN Pharmaceuticals (the “Company”).

Warning: In view of high concentration of shareholding in a small number of Shareholders, Shareholders and
prospective investors should be aware that the price of the Shares could move substantially even with a small
number of Shares traded and should exercise extreme caution when dealing in the Shares.
SUMMARY

Company information
Stock code  2561
Stock short name  VISEN PHARMA-B
Dealings commencement date  March 21, 2025*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$68.80
Offer Price Range HK$68.44 – HK$75.28
Offer Price Adjustment exercised  No

Offer Shares and Share Capital*
Number of Offer Shares (taking into account the full
exercise of the Offer Size Adjustment Option)
11,385,000
Number of Offer Shares in Hong Kong Public Offering (taking
into account the full exercise of the Offer Size Adjustment
Option and as adjusted after reallocation)
4,554,000
Number of Offer Shares in International Offering (taking into
account the full exercise of the Offer Size Adjustment Option and
as adjusted after reallocation)
6,831,000
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
113,926,864
The number of Offer Shares above is determined after taking into account the additional Offer Shares issued
under the following Offer Size Adjustment Option

Offer Size Adjustment Option (Upsize Option)
Number of additional Shares issued under the
option
1,485,000
- Hong Kong Public Offering 594,000
- International Offering  891,000
The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company is issuing and
allotting 1,485,000 additional Offer Shares, representing approximately 15% of the total number of Offer Shares
initially available under the Global Offering, at the final Offer Price.

Over-allocation
No. of Offer Shares over-allocated  1,707,700
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases in the
secondary market at prices that do not exceed the Offer Price or through deferred delivery or a combination of
these means. In the event the Over-allotment Option is exercised, an announcement will be made on the Stock
Exchange’s website.


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2


Proceeds
Gross proceeds (Note)  HK$783.3 million
Less: Estimated listing expenses payable based on Final Offer
Price
HK$111.0 million
Net proceeds  HK$672.3 million

Note: Gross proceeds refers to the amount which the Company is entitled to receive, taking into account the full
exercise of the Offer Size Adjustment Option, and without taking into account the Over-allotment Option. For
details of the use of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” of the
Prospectus. In the event that the Over-allotment Option is exercised, the Company will adjust the allocation of the
net proceeds on a pro rata basis. During the Track Record Period, the listing expenses of RMB63.6 million has
been charged to the consolidated statements of profit or loss of the Company.

ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING

No. of valid applications  22,345
No. of successful applications  7,498
Subscription level  72.64 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Hong Kong Public
Offering
990,000
No. of Offer Shares reallocated from the International Offering
(clawback)
2,970,000
Final no. of Offer Shares under the Hong Kong Public Offering (taking
into account the full exercise of the Offer Size Adjustment Option and as
adjusted after reallocation)
4,554,000
% of Offer Shares under the Hong Kong Public Offering to the Global
Offering
40%

Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by identification number or www.eipo.com.hk/eIPOAllotment for
the full list of allottees.
INTERNATIONAL OFFERING

No. of placees  178
Subscription Level  1.65 times
No. of Offer Shares initially available under the International Offering  8,910,000
No. of Offer Shares reallocated to the Hong Kong Public Offering
(clawback)
2,970,000
Final no. of Offer Shares under the International Offering (taking into
account the full exercise of the Offer Size Adjustment Option and as
adjusted after reallocation)
6,831,000
% of Offer Shares under the International Offering to the Global
Offering
60%

The Directors confirm that, to the best of their knowledge, information and belief, save for ( a) a waiver from strict
compliance with Rules 9.09(b) and 10.04 of the Listing Rules and a consent under paragraph 5(2) of Appendix F1 to the
Listing Rules (the “Placing Guidelines”) granted by the Stock Exchange to permit the Company to allocate certain Offer
Shares in the International Offering to an Existing Shareholder and/or their close associates, and ( b) a waiver from


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3


strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph 5(2) of Appendix F1 to the Listing
Rules (the “Placing Guidelines”) granted by the Stock Exchange to permit the Company to allocate certain Offer Shares
in the International Offering to two Existing Shareholders and/or their close associates , (i) none of the Offer Shares
subscribed by the placees and the public have been financed directly or indirectly by the Company, any of the Directors,
chief executive of the Company,  the Controlling Shareholders, substantial Shareholders, existing Shareholders of the
Company or any of its subsidiaries or their respective close associates; and (ii) none of the placees and the public who
have purchased the Offer Shares are accustomed to taking instructions from  the Company, any of the Directors, chief
executive of the Company, Controlling Shareholders, substantial Shareholders, existing Shareholders of the Company
or any of its subsidiaries  or their respective close associates in relation to the acquisition, disposal, voting or other
disposition of Shares registered in his/her/its name or otherwise held by him/her/it.
The placees in the International Offering include the following:
Cornerstone Investors

Investor
No. of
Offer
Shares
allocated
% of Total Number of
Offer Shares Note 1
% of the
Company’s total
issued shares
immediately
following
completion of the
Global Offering
Note 2
Existing
shareholders or
their close
associates
AnkeBio (HongKong)
Co., Limited

3,092,000  27.2% 2.7% No
Suzhou Harvest
International Co., Limited

1,836,700  16.1% 1.6% No
Vivo Plenilune IX
Limited Note 3

1,030,700  9.1% 0.9% Yes
WuXi Biologics
HealthCare Venture

1,030,700  9.1% 0.9% No
Reynold Lemkins Group
(Asia) Limited

412,200  3.6% 0.4% No
Total 7,402,300 65.0% 6.5%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option.
2. Only taking into account the Shares allocated to the relevant investors under the Global Offering ,
assuming the Over-allotment Option is not exercised, and no Shares are issued pursuant to the Post-IPO
Share Award Scheme.
3. Vivo Plenilune IX Limited (“Vivo Capital”) is an existing Shareholder and has entered into a cornerstone
investment agreement with the Company. For further details of the cornerstone investment, please refer
to the section headed “Cornerstone Investors” of the Prospectus. As such, i mmediately following
completion of the Global Offering, assuming the Over-allotment Option is not exercised, and no Shares
are issued pursuant to the Post -IPO Share Award Scheme , Vivo Capital will hold 37,167,064 Shares,
representing 32.62% of the Company’s total issued Shares.


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4


Allotees with Waivers/Consents Obtained


Investor
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 1
% of the Company’s
total issued shares
immediately following
completion of the
Global Offering Note 2  Relationship
Allotees with waiver from strict compliance with Rules 9.09 and 10.04 of the Listing Rules and consent
under paragraph 5(2) of the Placing Guidelines in relation to subscription for Shares by Existing
Shareholder and/or their close associates Note 3
Vivo Plenilune IX
Limited
1,030,700  9.1% 0.9% An Existing
Shareholder and a
Cornerstone Investor
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 5(2) of the Placing Guidelines in relation to subscription for Shares by Existing Shareholders
Note 4
Sofinnova Venture
Partners IX, L.P.
(“Sofinnova”)
282,500  2.48% 0.25% An Existing
Shareholder
HSG Growth VI
Holdco F LTD.
(“HongShan Growth”)
33,900  0.30% 0.03% An Existing
Shareholder
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option.
2. Only taking into account the Shares allocated to the relevant investors under the Global Offering ,
assuming the Over-allotment Option is not exercised, and no Shares are issued pursuant to the Post-IPO
Share Award Scheme.
3. The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance with
Rules 9.09(b) and 10.04 of the Listing Rules and consent under paragraph 5(2) of the Placing Guidelines
in relation to subscription for Shares by Existing Shareholder and/or their close associates . The
allocation of Offer Shares to Vivo Plenilune IX Limited as a cornerstone investor is in compliance with
all the conditions under the consent granted by the Stock Exchange. Please refer to the “Waivers and
Exemption” section in the Prospectus for further details.
4. For details of the waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 5(2) of the Placing Guidelines in relation to subscription for Offer Shares by two existing
Shareholders, please refer to the section headed “Others / Additional Information” in this announcement.

Allottees who are customer(s) or client(s) / supplier(s) of the Company

Investor
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 1
% of the Company’s
total issued shares
immediately following
completion of the
Global Offering Note 2  Relationship
Wuxi Biologics
Healthcare Venture
1,030,700  9.1% 0.9% Supplier of the
Company
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option.
2. Assuming the Over-allotment Option is not exercised, and no Shares are issued pursuant to the Post-IPO


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5



Investor
No. of
Offer
Shares
allocated
% of Total Number
of Offer Shares Note 1
% of the Company’s
total issued shares
immediately following
completion of the
Global Offering Note 2  Relationship
Share Award Scheme.

LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of total issued Shares
after the Global
Offering subject to lock-
up undertakings upon
Listing Note 1
Last day subject to the lock-up
undertakings
Ascendis Pharma
Endocrinology
Division A/S Note 4
20,568,182 18.05% September 20, 2025Note 2
(First Six-Month Period)
March 20, 2026Note 3
(Second Six-Month Period)
Ascendis Pharma
Growth Disorders
A/S Note 4
7,713,068 6.77% September 20, 2025Note 2
(First Six-Month Period)
March 20, 2026Note 3
(Second Six-Month Period)
Ascendis Pharma
Bone Diseases A/S
Note 4
12,855,114 11.28% September 20, 2025Note 2
(First Six-Month Period)
March 20, 2026Note 3
(Second Six-Month Period)
Vivo Plenilune IX
Limited Note 5
36,136,364 31.72% September 20, 2025Note 2
(First Six-Month Period)
March 20, 2026Note 3
(Second Six-Month Period)
Total 77,272,728 67.82%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option and assuming no Shares are issued pursuant to the Post-IPO Share Award Scheme.

2. In accordance with the relevant Listing Rule/guidance materials, the required lock -up for the First Six -
Month Period ends on September 20, 2025. A Controlling Shareholder may dispose of or transfer Shares
after the indicated date provided that such Controlling Shareholder will not cease to be a Controlling
Shareholder.

3. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the Second Six-
Month Period ends on March 20, 2026.

4. Ascendis Pharma A/S, through its wholly-owned subsidiaries, Ascendis Pharma Endocrinology Division,
Ascendis Pharma Growth Disorders and Ascendis Pharma Bone Diseases (collectively, “Ascendis
Subsidiaries”), immediately after the completion of the Global Offering taking into account the Offer Size
Adjustment Option and assuming the Over -allotment Option is not exercised and no Shares are issued
under the Post-IPO Share Award Scheme, Ascendis Pharma A/S, through the Ascendis Subsidiaries, will
be indirectly interested in 41,136,364 Shares in the Company, representing approximately 36.11% of the
Shares in the Company.

5. Vivo Plenilune IX Limited is a wholly-owned subsidiary of Vivo Capital Fund IX (Cayman), L.P., which is


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6


Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of total issued Shares
after the Global
Offering subject to lock-
up undertakings upon
Listing Note 1
Last day subject to the lock-up
undertakings
in turn controlled by its general partner, Vivo Capital IX (Cayman), LLC.  As such, under the SFO, Vivo
Capital IX (Cayman), LLC. and Vivo Capital Fund IX (Cayman), L.P. are deemed to be interested in the
total number of Shares held by Vivo Plenilune IX Limited. Immediately after the completion of the Global
Offering (assuming the Over-allotment Option is not exercised and no Shares are issued pursuant to the
Post-IPO Share Award Scheme), Vivo Capital will be interested in 32.14% of the total issued share capital
of our Company (excluding any Shares that may be subscribed by Vivo Capital under the Global Offering).

Vivo Capital is also a cornerstone investor of the Company and has been permitted to subscribe for such
number of shares at the Offer Price in an aggregate investment amount of US$ 9.12 million (or
approximately HK$70.9 million) (exclusive of brokerage, SFC transaction levy, Stock Exchange trading
fee and AFRC transaction levy). Th e above interest of Vivo Capital in the Company excludes any Offer
Shares that may be subscribed by Vivo Capital, under the Global Offering pursuant to the cornerstone
investment agreement. For more information on this subscription, see the se ction headed “Cornerstone
Investors” of the Prospectus.


Cornerstone Investors
 Name
Number of Shares
held in the
Company subject
to lock-up
undertakings
upon Listing
% of shareholding
in the Company
subject to lock-up
undertakings upon
Listing (assuming
the Over-allotment
Option is not
exercised) Note 1
Last day subject to the lock-up
undertakings Note 2
AnkeBio (HongKong) Co., Limited  3,092,000  2.7% September 20, 2025
Suzhou Harvest International Co.,
Limited
1,836,700  1.6% September 20, 2025
Vivo Plenilune IX Limited (Note 3) 1,030,700  0.9% September 20, 2025
WuXi Biologics HealthCare Venture  1,030,700  0.9% September 20, 2025
Reynold Lemkins Group (Asia)
Limited
412,200  0.4% September 20, 2025
Total 7,402,300 6.5%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option, and assuming no Shares are issued pursuant to the Post-IPO Share Award Scheme.

2. Each of the Cornerstone Investors shall not dispose of any of the Offer Shares acquired in the Global Offering
during the period of six months from and including the Listing Date save for certain limited circumstances
pursuant to the relevant Cornerstone Investment Agreements. For details, please refer to the section headed
“Cornerstone Investors – Restrictions on the Cornerstone Investors” of the Prospectus.

3. Vivo Plenilune IX Limited is an existing Shareholder of the Company, and the above number of Shares held
by Vivo Plenilune IX Limited does not take into account the Shares held by it prior to the Global Offering.


--- page 9 ---
7


Other Existing Shareholders
Name
Number of Shares held in
the Company subject to
lock-up undertakings
upon Listing
% of shareholding in
the Company subject to
lock-up undertakings
upon Listing (assuming
the Over-allotment
Option is not exercised)
Note 1
Last day subject to the
lock-up undertakings Note 2
Sofinnova Venture Partners
IX, L.P. Note 3
5,227,273 4.59% September 17, 2025
HSG Growth VI Holdco F
LTD. Note 3
4,090,909 3.59% September 17, 2025
Worldwide Healthcare
Trust PLC
1,454,546 1.28% September 17, 2025
OrbiMed Genesis Master
Fund, L.P.
181,818 0.16% September 17, 2025
OrbiMed New Horizons
Master Fund, L.P.
181,818 0.16% September 17, 2025
Sherpa Healthcare Fund I,
L.P.
1,363,636 1.20% September 17, 2025
Sherpa Healthcare Co-
Investment Fund, L.P.
454,546 0.40% September 17, 2025
Cormorant Private Healthcare
Fund III, LP
824,945 0.72% September 17, 2025
Cormorant Global Healthcare
Master Fund, LP
248,400 0.22% September 17, 2025
CRMA SPV, L.P. 17,564 0.02% September 17, 2025
HBM Healthcare Investments
(Cayman) Ltd.
681,818 0.60% September 17, 2025
Cosmic Clover Limited 590,909 0.52% September 17, 2025
Logos Opportunities Fund II
LP
590,909 0.52% September 17, 2025
CRF Investment Holdings
Company Limited
454,545 0.40% September 17, 2025
VP EIP NUS LIMITED 2,375,500 2.09% September 17, 2025
VP EIP US LIMITED 1,530,000 1.34% September 17, 2025
VPP LU LIMITED 5,000,000 4.39% September 17, 2025
Total 25,269,136 22.18%
Notes:

1. Taking into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over -
allotment Option, and assuming no Shares are issued pursuant to the Post-IPO Share Award Scheme.
2. Each of the above existing Shareholders has entered into a deed of lock-up undertaking in favor of the Company,
the Joint Sponsors and the Overall Coordinators pursuant to which certain lock -up restrictions have been
imposed on its Shares during the period  ending on the date that is 180 days from the Listing Date. For details,
please refer to the section headed “Underwriting – Lock-up Undertakings of All Existing Shareholders” of the
Prospectus.
3. The numbers of Shares held by Sofinnova Venture Partners IX, L.P. and HSG Growth VI Holdco F LTD. do not
take into account the Shares to be subscribed by them in the Global Offering. The Company has applied to the
Stock Exchange, and the Stock Exchange has granted, a waiver from the strict compliance with Rule 10.04 of the
Listing Rules and a consent under paragraph 5(2) of the Placing Guidelines to permit the Company to allocate
such Offer Shares in the International Offering to Sofinnova and HongShan Growth. For details, please refer to
the section headed “Others / Additional Information” in this announcement.


--- page 10 ---
8


PLACEE CONCENTRATION ANALYSIS
Placees*
Number of Shares
allotted

Allotment as % of
International Offering
(taking into account the full
exercise of the Offer Size
Adjustment Option and
assuming no exercise of the
Over-allotment Option)


Allotment as % of
International Offering
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over -
allotment Option is
exercised in full)
Allotment as % of total
Offer Shares (taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Allotment as % of total Offer
Shares (taking into account the full
exercise of the Offer Size
Adjustment Option and  assuming
the Over-allotment Option is
exercised in full)
Number of
Shares held upon Listing

% of total issued share capital
upon Listing (taking into account
the full exercise of the Offer Size
Adjustment Option and assuming
no exercise of the Over -allotment
Option)

% of total issued share capital upon
Listing (taking into account the full
exercise of the Offer Size
Adjustment Option and  assuming
the Over-allotment Option is
exercised in full)
Top 1  3,092,000  45.26% 36.21% 27.16% 23.62%  3,092,000  2.71% 2.67%
Top 5  7,402,300  108.36% 86.69% 65.02% 56.54%  43,538,664  38.22% 37.65%
Top 10  8,242,800  120.67% 96.53% 72.40% 62.96%  49,606,437  43.54% 42.90%
Top 25  8,494,000  124.34% 99.48% 74.61% 64.88%  53,948,546  47.35% 46.65%

Notes
* Ranking of placees is based on the number of Shares allotted to the placees.
* The above percentages assume no Shares are issued pursuant to the Post-IPO Share Award Scheme.

SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders*
Number of Shares
allotted

Allotment as % of
International Offering
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming no exercise
of the Over-allotment
Option)


Allotment as % of
International Offering
(taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over -
allotment Option is
exercised in full)
Allotment as % of total
Offer Shares (taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Allotment as % of total Offer
Shares (taking into account the full
exercise of the Offer Size
Adjustment Option and  assuming
the Over-allotment Option is
exercised in full)
Number of
Shares held upon Listing

% of total issued share capital
upon Listing (taking into account
the full exercise of the Offer Size
Adjustment Option and assuming
no exercise of the Over -allotment
Option)

% of total issued share capital upon
Listing (taking into account the full
exercise of the Offer Size
Adjustment Option and  assuming
the Over-allotment Option is
exercised in full)
Top 1  -     -     -     -     -     41,136,364  36.11% 35.57%


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9


Top 5  1,347,100  19.72% 15.78% 11.83% 10.29%  92,938,010  81.58% 80.37%
Top 10  6,275,800  91.87% 73.50% 55.12% 47.93%  103,878,573  91.18% 89.83%
Top 25  8,422,600  123.30% 98.64% 73.98% 64.33%  110,964,463  97.40% 95.96%

Notes
* Ranking of Shareholders is based on the number of Shares held by the Shareholders upon Listing.
* The percentages presented above assume no Shares are issued pursuant to the Post-IPO Share Award Scheme.


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10


BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 22,345 valid applications
made by the public will be conditionally allocated on the basis set out below:

BASIS OF ALLOTMENT FOR PRESS ANNOUNCEMENT
    APPROXIMATE
    PERCENTAGE
ALLOTTED
NO. OF
SHARES
NO. OF
VALID
  OF THE TOTAL NO.
OF
APPLIED
FOR
APPLICATI
ONS
 BASIS OF ALLOTMENT / BALLOT SHARES APPLIED
FOR
   POOL A
100 10,312  647 out of 10,312 to receive 100 Shares 6.27%
200 2,140  268 out of 2,140 to receive 100 Shares 6.26%
300 1,152  216 out of 1,152 to receive 100 Shares 6.25%
400 634  158 out of 634 to receive 100 Shares 6.23%
500 893  278 out of 893 to receive 100 Shares 6.23%
600 512  191 out of 512 to receive 100 Shares 6.22%
700 225  97 out of 225 to receive 100 Shares 6.16%
800 232  114 out of 232 to receive 100 Shares 6.14%
900 138  76 out of 138 to receive 100 Shares 6.12%
1,000 1,581  967 out of 1,581 to receive 100 Shares 6.12%
1,500 483  443 out of 483 to receive 100 Shares 6.11%
2,000 544  100 Shares plus 120 out of 544 to receive additional
100 Shares 6.10%
2,500 290  100 Shares plus 152 out of 290 to receive additional
100 Shares 6.10%
3,000 665  100 Shares plus 551 out of 665 to receive additional
100 Shares 6.10%
3,500 133  200 Shares plus 17 out of 133 to receive additional
100 Shares 6.08%
4,000 325  200 Shares plus 140 out of 325 to receive additional
100 Shares 6.08%
4,500 75  200 Shares plus 55 out of 75 to receive additional 100
Shares 6.07%
5,000 395  300 Shares plus 13 out of 395 to receive additional
100 Shares 6.07%
6,000 169  300 Shares plus 108 out of 169 to receive additional
100 Shares 6.07%
7,000 110  400 Shares plus 27 out of 110 to receive additional
100 Shares 6.06%
8,000 81  400 Shares plus 68 out of 81 to receive additional 100
Shares 6.05%
9,000 49  500 Shares plus 21 out of 49 to receive additional 100
Shares 6.03%
10,000 499  600 Shares plus 9 out of 499 to receive additional 100
Shares 6.02%
20,000 210  1,200 Shares plus 7 out of 210 to receive additional
100 Shares 6.02%
30,000 131  1,800 Shares plus 2 out of 131 to receive additional
100 Shares 6.01%


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11


40,000 51  2,400 Shares plus 2 out of 51 to receive additional 100
Shares 6.01%
50,000 45  3,000 Shares plus 2 out of 45 to receive additional 100
Shares 6.01%
60,000 64  3,600 Shares plus 5 out of 64 to receive additional 100
Shares 6.01%
 22,138  Total number of Pool A successful applicants:
7,291


   POOL B
70,000 76  4,600 Shares plus 35 out of 76 to receive additional
100 Shares 6.64%
80,000 10  5,300 Shares plus 1 out of 10 to receive additional 100
Shares 6.64%
90,000 8  5,900 Shares plus 6 out of 8 to receive additional 100
Shares 6.64%
100,000 37  6,600 Shares plus 13 out of 37 to receive additional
100 Shares 6.64%
150,000 20  9,900 Shares plus 11 out of 20 to receive additional
100 Shares 6.64%
200,000 12  13,200 Shares plus 9 out of 12 to receive additional
100 Shares 6.64%
250,000 4  16,600 Shares 6.64%
300,000 9  19,900 Shares plus 1 out of 9 to receive additional 100
Shares 6.64%
350,000 3  23,200 Shares plus 1 out of 3 to receive additional 100
Shares 6.64%
400,000 2  26,500 Shares plus 1 out of 2 to receive additional 100
Shares 6.64%
450,000 1  29,900 Shares 6.64%
495,000 25  32,800 Shares plus 8 out of 25 to receive additional
100 Shares 6.63%
 207  Total number of Pool B successful applicants:
207



As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants . Investors
should contact their relevant brokers for any inquiries.

COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that , except for the Listing Rules that have been waived  and/or in respect of which
consent has been obtained, the Company has complied with the Listing Rules and guidance materials in relation
to the placing, allotment and listing of the Company’s Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the public
(as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by them was the
same as the final Offer Price in ad dition to any brokerage, AFRC transaction levy, SFC transaction levy and
Stock Exchange trading fee payable.


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12


OTHERS / ADDITIONAL INFORMATION

Reallocation and Offer Size Adjustment Option

As the Hong Kong Public Offering has been over -subscribed 50 times or more but less than 100  times, the
reallocation as described in the section headed “Structure of the Global Offering – The Hong Kong Public
Offering – Reallocation” of the Prospectus has been applied.

The Offer Size Adjustment Option has been fully exercised, pursuant to which the Company is issuing and
allotting 1,485,000 additional Offer Shares, representing 15% of the total number of Offer Shares initially
available under the Global Offering, at the final Offer Price. The additional Offer Shares that would be allotted
and issued by the Company pursuant to the full exercise of the Offer Size Adjustment Option will be allocated
proportionality between the Hong Kong Public Offering and the International Offering following the
reallocation as described in the section headed “Structure of the Global Offering – The Hong Kong Public
Offering – Reallocation” of the Prospectus . Accordingly, the total number of Offer Shares finally available
under the Global Offering (taking into account the full exercise of the Offer Size Adjustment Option and before
any exercise of the Over -allotment Option) that would be allotted and issued b y the Company is 11,385,000
Offer Shares and the total issued share capital of the Company upon Listing (taking into account the full exercise
of the Offer Size Adjustment Option and before any exercise of the Over-allotment Option) will be 113,926,864
Shares.

As a result of the above, the final number of Offer Shares under the Hong Kong Public Offering is adjusted to
4,554,000 Shares, representing 40% of the total number of Offer Shares available under the Global Offering
(assuming the Over -allotment Option is not exercised), and the final number of Offer Shares under the
International Offering is adjusted to  6,831,000 Shares, representing 60% of the total number of Offer Shares
under the Global Offering (assuming the Over-allotment Option is not exercised).

Placing to Vivo Capital a with a waiver from the strict compliance with Rules 9.09(b) and 10.04 of the
Listing Rules and a prior consent under paragraph 5(2) of the Placing Guidelines

The Company has applied to the Stock Exchange, and the Stock Exchange has granted,  a waiver from strict
compliance with the requirements under Rule 10.04 and Rule 9.09(b) of, and a consent under paragraph 5(2) of
Appendix F1 to, the Listing Rules, to allow Vivo Capital to participate as a Cornerstone Investor in the Global
Offering to subscribe for the Shares to be issued by the Company under the International Offering. Please refer
to the section headed “Waivers and Exemption – Waiver from Strict Compliance with Rule 9.09(b) and Rule
10.04 of and Consent under Paragraph 5(2) of Appendix F1 to the Listing Rules in respect of Subscriptions of
Offer Shares by Existing Shareholder as a Cornerstone Investor” in the Prospectus for details.

Placing to existing Shareholders and/or their close associates with a waiver from the strict compliance
with Rule 10.04 of the Listing Rules and a prior consent under paragraph 5(2) of the Placing Guidelines

The Company has applied to the Stock Exchange, and the Stock Exchange has granted, a waiver from the strict
compliance with Rule 10.04 of the Listing Rules and a consent under paragraph 5(2) of the Placing Guidelines
to permit the Company to allocate such Offer Shares in the International Offering to two existing Shareholders
listed above. The allocation of Offer Shares to such existing Shareholders is in compliance with all the
conditions under the waiver/consent granted by the Stock Exchange, including but not limited to (i)  the
Company is a biotech company under Chapter 18A of the Listing Rules, and (ii) no preference in allocation was
given to such existing Shareholders; (iii) each of such existing Shareholders is not or will not be a core connected
person of the Company or its close associate upon Listing.

For details of the allocations of Offer Shares to existing Shareholders and/or their close associates, please refer
to the section headed “Allotment Results Details – International Offering – Allotees with Waivers/Consents
Obtained” in this announcement.


--- page 15 ---
13


DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited  and Hong Kong
Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
States (including its territories and possessions, any state of the United States and the District of Columbia).
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for
securities in the United States. The securities mentioned herein have not been, and will not be,  registered
under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”). The securities may
not be offered or sold in the United States except pursuant to an exemption from the registration
requirements of the U.S. Securities Act  and in compliance with any applicable state securities laws, or
outside the United States unless in compliance with Regulation S under the U.S. Securities Act. There will be
no public offer of securities in the United States.
The Offer Shares are being offered and sold (i) solely to qualified institutional buyers as defined in Rule 144A under
the U.S. Securities Act pursuant to an exemption from registration under the U.S. Securities Act and (ii) outside the
United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire,
purchase or subscribe for securities. This announcement is not a prospectus. Potential investors should read
the Prospectus dated March 13, 2025 issued by VISEN Pharmaceuticals  for detailed information about the
Global Offering described below before deciding whether or not to invest in the Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall Coordinators  (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations
under the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong
Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in the Prospectus
at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently  expected  to be on
March 21, 2025 ).


PUBLIC FLOAT
Immediately following the completion of the Global Offering,  after taking into account of the full exercise of
the Offer Size Adjustment Option and without taking into account of the Over -allotment Option, an aggregate
of 30,623,437 Shares or approximately 26.88% of the total issued share capital of the Company will be held in
the public hands. Therefore, the number of Shares in the public hands represents no less than 25% of the total
issued share capital of the Company, satisfying the minimum percentage requirement in compliance with Rule
8.08(1) of the Listing Rules. Based on the Offer Price of HK$68.80 per Share, the Company will have a market
capitalization of at least HK$375 million held by the public at the time of the Listing as required under Rule
18A.07 of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering, (i) no placee will,
individually, be placed more than 10% of the enlarged issued share capital of the Company immediately after
the Global Offering; (ii) there will not be any new substantial Shareholder immediately after the Global Offering;
(iii) the three largest public Shareholders do not hold more than 50% of the Shares held in the public hands at
the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iv) there will be at
least 300 Shareholders at the time of the Listing in compliance with Rule 8.08(2) of the Listing Rules.


--- page 16 ---
14


COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Friday, March 21, 2025 (Hong
Kong time), provided that the Global Offering has become unconditional and the right of termination described
in the paragraph headed “Underwriting – Underwriting Arrangements – Hong Kong Public Offering – Grounds
for Termination” in the Prosp ectus has not been exercised. Investors who trade the Shares on the basis of
publicly available allocation details prior to the receipt of Share certificates or  prior to the Share certificates
becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Friday, March 21, 2025
(Hong Kong time), it is expected that dealings in the Shares on the Stock Exchange will commence at 9:00 a.m.
on Friday, March 21, 2025 (Hong Kong time). The Shares will be traded in board lots of 100 Shares each, and
the stock code of the Shares will be 2561.

By order of the Board
VISEN Pharmaceuticals
             Mr. LU An -Bang
Executive Director and Chief Executive Officer
Hong Kong, March 20,  2025

As at the date of this announcement, the board of directors of the Company comprises (i) Mr. LU An -
bang as executive director; (ii) Mr. Michael Wolff JENSEN, Mr. Jan Mø ller MIKKELSEN, Mr. FU Shan,
Mr. Michael J. CHANG and Mr. CAO Yibo as non -executive directors; and (iii) Dr. YAO Zhengbin (Bing),
Mr. CHAN Peng Kuan and Ms. NI Hong as independent non -executive directors.
