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GLOBAL OFFERING
Joint Bookrunner and Joint Lead Manager
Stock Code : 7630
(A joint stock company established in the People’s Republic of China with limited liability)
南京英派藥業股份有限公司
IMPACT Therapeutics, Inc
Joint Sponsors and Overall Coordinators
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers


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IMPORTANT: If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice.
IMPACT Therapeutics, Inc
ʮ̡
(A joint stock company established in the People’ s Republic of China with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the Global
Offering
: 41,977,000 H Shares (subject to the Over-
allotment Option)
Number of Hong Kong Offer Shares : 4,197,800 H Shares (subject to reallocation)
Number of International Offer Shares : 37,779,200 H Shares (subject to reallocation
and the Over-allotment Option)
Maximum Offer Price : HK$21.75 per H Share, plus brokerage of
1.0%, AFRC transaction levy of 0.00015%,
SFC transaction levy of 0.0027% and
Stock Exchange trading fee of 0.00565%
(payable in full on application in Hong
Kong dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 7630
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunner and Joint Lead Manager
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsib ility for the
contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss h owsoever arising from or in
reliance upon the whole or any part of the contents of this prospectus.
A copy of this prospectus, having attached thereto the documents specified in “Appendix V — Documents Delivered to the Registrar of Companies and Avai lable on Display,” has
been registered with the Registrar of Companies in Hong Kong as required by section 342C of the Companies (Winding Up and Miscellaneous Provisions) Or dinance. The Securities
and Futures Commission and the Registrar of Companies in Hong Kong take no responsibility as to the contents of this prospectus or any other documents r eferred to above.
The Offer Price is expected to be determined by agreement between the Overall Coordinators (for themselves and on behalf of the Underwriters) and our C ompany on the Price
Determination Date. The Price Determination Date is expected to be on or before Monday, May 11, 2026 (Hong Kong time). The Offer Price will not be more th an HK$21.75 per
Offer Share and is currently expected to be not less than HK$19.75 per Offer Share. If, for any reason, the Offer Price is not agreed by 12:00 noon on Monda y, May 11, 2026 (Hong
Kong time) between the Overall Coordinators (for themselves and on behalf of the Underwriters) and our Company, the Global Offering will not proceed a nd will lapse.
The Overall Coordinators (for themselves and on behalf of the Underwriters) may, with our consent, reduce the number of Offer Shares and/or the indica tive Offer Price
range below that stated in this prospectus at any time on or prior to the morning of the last day for lodging applications under the Hong Kong Public Offer ing. In such
case, an announcement will be published on the websites of the Stock Exchange at www.hkexnews.hk and our Company at www.impacttherapeutics.com , as soon as
practicable following the decision to make such reduction, and in any event not later than the morning of the last day for lodging applications under th e Hong Kong Public
Offering, and the offer will be canceled and relaunched at the revised number of Offer Shares and/or the revised indicative Offer Price range with a sup plemental
prospectus or a new prospectus. See “Structure of the Global Offering” and “How to Apply for Hong Kong Offer Shares” for details.
The obligations of the Hong Kong Underwriters under the Hong Kong Underwriting Agreement to subscribe for, and to procure subscription for, the Hong K ong Offer Shares are
subject to termination by the Overall Coordinators (for themselves and on behalf of the Hong Kong Underwriters) if certain events occur prior to 8:00 a .m. on the Listing Date.
See “Underwriting” for details of such circumstances.
The Offer Shares have not been and will not be registered under the U.S. Securities Act or any U.S. state securities law and may not be offered, sold, pled ged or transferred within
the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S), except in transactions exempt from, or not subject to , the registration requirements
of the U.S. Securities Act and applicable U.S. state securities law. The Offer Shares are being offered and sold (i) in the United States to QIBs pursuan t to Rule 144A or another
available exemption from registration under the U.S. Securities Act, or (ii) outside the United States in offshore transactions in accordance with R egulation S.
ATTENTION
We have adopted a fully electronic application process for the Hong Kong Public Offering. We will not provide printed copies of this prospectus to the p ublic in relation to the
Hong Kong Public Offering. This prospectus is available on the websites of the Stock Exchange ( www.hkexnews.hk ) and our Company ( www.impacttherapeutics.com ). If you
require a printed copy of this prospectus, you may download and print from the website addresses above.
IMPORTANT
May 5, 2026


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IMPORTANT NOTICE TO INVESTORS:
FULLY ELECTRONIC APPLICATION PROCESS
We have adopted a fully electronic application process for the Hong Kong Public
Offering. We will not provide printed copies of this prospectus in relation to the Hong Kong
Public Offering.
This prospectus is available on the website of the Stock Exchange at www.hkexnews.hk
under the “ HKEXnews > New Listings > New Listing Information ” section and the website of
our Company at www.impacttherapeutics.com. If you require a printed copy of this
prospectus, you may download and print from the website addresses above.
To apply for the Hong Kong Offer Shares, you may use one of the following application
channels:
Application
Channel Platform Target Investors Application Time
White Form
eIPO service /H1118
www.eipo.com.hk Investors who would like
to receive a physical H
Share certificate. Hong
Kong Offer Shares
successfully applied for
will be allotted and
issued in your own
name.
From 9:00 a.m. on
Tuesday, May 5, 2026 to
11:30 a.m. on Friday,
May 8, 2026. The latest
time for completing full
payment of application
monies will be 12:00
noon on Friday, May 8,
2026.
HKSCC EIPO
channel /H1118/H1118/H1118/H1118
Y our broker or custodian
who is a HKSCC
Participant will submit
electronic application
instruction(s) on your
behalf through HKSCC’s
FINI system in
accordance with your
instruction.
Investors who would not
like to receive a physical
H Share certificate.
Hong Kong Offer Shares
successfully applied for
will be allotted and
issued in the name of
HKSCC Nominees,
deposited directly into
CCASS and credited to
your designated HKSCC
Participant’s stock
account.
Contact your broker or
custodian for the
earliest and latest time
for giving such
instructions, as this may
vary by broker or
custodian.
We will not provide any physical channels to accept any application for the Hong Kong
Offer Shares by the public. The contents of this prospectus are identical to the prospectus as
registered with the Registrar of Companies in Hong Kong pursuant to section 342C of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance.
If you are an intermediary , broker or agent , please remind your customers, clients or
principals, as applicable, that this prospectus is available online at the website addresses above.
See “How to Apply for Hong Kong Offer Shares” for further details of the procedures
through which you can apply for the Hong Kong Offer Shares electronically.
IMPORTANT
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Y our application must be for a minimum of 200 Hong Kong Offer Shares and in one of the
numbers set out in the table below. If you are applying through the White Form eIPO service,
you may refer to the table below for the amount payable for the number of Shares you have
selected. Y ou must pay the respective maximum amount payable on application in full upon
application for the Hong Kong Offer Shares. If you are applying through the HKSCC EIPO
channel, your broker or custodian may require you to pre-fund your application in such amount
as determined by the broker or custodian, based on the applicable laws and regulations in Hong
Kong. Y ou are responsible for complying with any such pre-funding requirement imposed by your
broker or custodian with respect to the Hong Kong Offer Shares you applied for.
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful
allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful
allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful
allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful
allotment
HK$ HK$ HK$ HK$
200 4,393.88 3,000 65,908.05 40,000 878,773.96 500,000 10,984,674.38
400 8,787.73 4,000 87,877.40 50,000 1,098,467.43 600,000 13,181,609.26
600 13,181.61 5,000 109,846.74 60,000 1,318,160.93 700,000 15,378,544.13
800 17,575.48 6,000 131,816.09 70,000 1,537,854.41 800,000 17,575,479.00
1,000 21,969.35 7,000 153,785.44 80,000 1,757,547.90 900,000 19,772,413.88
1,200 26,363.21 8,000 175,754.79 90,000 1,977,241.39 1,000,000 21,969,348.76
1,400 30,757.09 9,000 197,724.14 100,000 2,196,934.88 1,250,000 27,461,685.93
1,600 35,150.96 10,000 219,693.49 200,000 4,393,869.76 1,500,000 32,954,023.13
1,800 39,544.83 20,000 439,386.98 300,000 6,590,804.63 1,750,000 38,446,360.31
2,000 43,938.70 30,000 659,080.47 400,000 8,787,739.50 2,098,800
(1) 46,109,269.15
Notes:
(1) Maximum number of Hong Kong Offer Shares you may apply for.
(2) The amount payable is inclusive of brokerage, AFRC transaction levy, SFC transaction levy and the Stock
Exchange trading fee. If your application is successful, brokerage will be paid to the Exchange Participants
(as defined in the Listing Rules) and the SFC transaction levy, the Stock Exchange trading fee and AFRC
transaction levy are paid to the Stock Exchange (in the case of the SFC transaction levy, collected by the
Stock Exchange on behalf of the SFC; and in the case of the AFRC transaction levy, collected by the Stock
Exchange on behalf of the AFRC).
No application for any other number of the Hong Kong Offer Shares will be considered and
such application is liable to be rejected.
IMPORTANT
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Hong Kong Public Offering commences .......................... .9:00 a.m. on Tuesday,
May 5, 2026
Latest time for completing electronic applications
under the White Form eIPO service through the
designated website www.eipo.com.hk (2) .......................... 1 1:30 a.m. on Friday,
May 8, 2026
Application lists open (3) ....................................... 1 1:45 a.m. on Friday,
May 8, 2026
Latest time for completing payment of
White Form eIPO applications by effecting internet
banking transfer(s) or PPS payment transfer(s)
and giving electronic application instructions
to HKSCC
(4) ............................................ .12:00 noon on Friday,
May 8, 2026
If you are instructing your broker or custodian who is a HKSCC Participant to submit electronic
application instructions on your behalf through HKSCC’s FINI system in accordance with your
instruction to apply for the Hong Kong Offer Shares, you are advised to contact your broker or
custodian for the earliest and latest time for giving such instructions, as this may vary by broker or
custodian .
Application lists close (3) ..................................... .12:00 noon on Friday,
May 8, 2026
Expected Price Determination Date (5) .........................b y 12:00 noon on Monday,
May 11, 2026
Announcement of the final Offer Price, the level of indications
of interest in the International Offering, the level of
applications in the Hong Kong Public Offering and the basis
of allocation of the Hong Kong Offer Shares to be published
on the websites of the Stock Exchange at www.hkexnews.hk
and on the website of our Company at
www.impacttherapeutics.com no later than (6) ..................... 1 1:00 p.m. on Tuesday,
May 12, 2026
Results of allocations in the Hong Kong Public Offering (with successful applicants’ identification
document numbers, where appropriate) to be available through a variety of channels as described in the
section headed “How to Apply for Hong Kong Offer Shares — B. Publication of Results” in this
prospectus, including:
 in the announcement to be published on websites
of the Stock Exchange at www.hkexnews.hk
and our Company’s website at
www.impacttherapeutics.com (5) no later than ............... 1 1:00 p.m. on Tuesday,
May 12, 2026
 from the designated results of allocations website
at www.iporesults.com.hk (alternatively:
www.eipo.com.hk/eIPOAllotment ) with a
EXPECTED TIMETABLE (1)
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“search by ID” function ..............................1 1:00 p.m. on Tuesday,
May 12, 2026 to
12:00 midnight on Monday,
May 18, 2026
 from the allocation results telephone enquiry by
calling +852 2862 8555 between 9:00 a.m.
and 6:00 p.m. ........................................... o nW ednesday,
May 13, 2026, Thursday,
May 14, 2026, Friday,
May 15, 2026 and Monday,
May 18, 2026
Despatch of H Share certificates or deposit of the H Share
certificates into CCASS in respect of wholly or partially
successful applications pursuant to the Hong Kong
Public Offering on or before
(7) .........................................T uesday,
May 12, 2026
White Form e-Refund payment instructions/refund
cheques in respect of wholly or partially successful
applications (if applicable) or wholly or partially
unsuccessful applications to the Hong Kong Public Offering
to be dispatched or collected on or before
(8)(9) ............................W ednesday,
May 13, 2026
Dealings in the H Shares on the Stock Exchange
expected to commence at 9:00 a.m. on ..................................W ednesday,
May 13, 2026
Notes:
(1) All times refer to Hong Kong local time, except as otherwise stated.
(2) Y ou will not be permitted to submit your application under the White Form eIPO service through the designated
website at www.eipo.com.hk after 11:30 a.m. on the last day for submitting applications. If you have already
submitted your application and obtained an application reference number from the designated website prior to 11:30
a.m., you will be permitted to continue the application process (by completing payment of application monies) until
12:00 noon on the last day for submitting applications, when the application lists close.
(3) If there is/are a tropical cyclone warning signal number 8 or above, a “black” rainstorm warning and/or Extreme
Conditions in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Friday, May 8, 2026, the
application lists will not open or close on that day. Please see “How to Apply for Hong Kong Offer Shares — E.
Severe Weather Arrangements.”
(4) Applicants who apply for Hong Kong Offer Shares via HKSCC EIPO channel should see “How to Apply for Hong
Kong Offer Shares — A. Application for Hong Kong Offer Shares — 2. Application Channels.”
(5) The Price Determination Date is expected to be on or before Monday, May 11, 2026. If, for any reason, our Company
and the Overall Coordinators (for themselves and on behalf of the Underwriters) are unable to reach agreement on
the Offer Price on or before 12:00 noon on Monday, May 11, 2026, the Global Offering will not proceed and will
lapse.
(6) None of the website or any of the information contained on the website forms part of this prospectus.
(7) No temporary documents of title will be issued in respect of the Offer Shares. H Share certificates will only become
valid evidence of title at 8:00 a.m. on Wednesday, May 13, 2026, provided that (1) the Global Offering has become
unconditional in all respects and (2) the Underwriting Agreements have not been terminated in accordance with their
respective terms. Investors who trade H Shares prior to the receipt of H Share certificates or prior to the H Share
certificates becoming valid evidence of title do so entirely at their own risk.
EXPECTED TIMETABLE (1)
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(8) White Form e-Refund payment instructions/refund checks will be issued in respect of wholly or partially unsuccessful
applications pursuant to the Hong Kong Public Offering and also in respect of wholly or partially successful
applications in the event that the final Offer Price is less than the price payable per Offer Share on application. Part
of the applicant’s Hong Kong identity card number or passport number, or, if the application is made by joint
applicants, part of the Hong Kong identity card number or passport number of the first-named applicant, provided by
the applicant(s) may be printed on the refund check, if any. Such data would also be transferred to a third party for
refund purposes. Banks may require verification of an applicant’s Hong Kong identity card number or passport
number before encashment of the refund check. Inaccurate completion of an applicant’s Hong Kong identity card
number or passport number may invalidate or delay encashment of the refund check.
(9) Applicants being individuals who are eligible for personal collection must not authorize any other person to collect
on their behalf. Applicants being corporations which are eligible for personal collection must attend by their
authorized representatives bearing a letter of authorization from their corporation stamped with the corporation’s
chop. Both individuals and authorized representatives of corporations (if applicable) must produce, at the time of
collection, evidence of identity acceptable to our Company’s H Share Registrar at the time of collection. Any
uncollected H Share certificates and/or refund cheques will be dispatched by ordinary post, at the applicants’ risk, to
the addresses specified in the relevant applications.
Applicants who have applied for Hong Kong Offer Shares through HKSCC EIPO channel should refer to the section
headed “How to Apply for Hong Kong Offer Shares — D. Despatch/Collection of H Share Certificates and Refund
of Application Monies” for details.
Applicants who have applied through the White Form eIPO service and paid their applications monies through single
bank accounts may have refund monies (if any) despatched to the bank account in the form of White Form e-Refund
payment instructions. Applicants who have applied through the White Form eIPO service and paid their application
monies through multiple bank accounts may have refund monies (if any) despatched to the address as specified in
their application instructions in the form of refund checks by ordinary post at their own risk.
Further information is set out in the section headed “How to Apply for Hong Kong Offer Shares — D.
Despatch/Collection of H Share Certificates and Refund of Application Monies.”
The above expected timetable is a summary only. Y ou should see “Structure of the Global Offering”
and “How to Apply for Hong Kong Offer Shares” for details of the structure of the Global Offering,
including the conditions of the Global Offering, and the procedures for application for the Hong Kong
Offer Shares.
If the Global Offering does not become unconditional or is terminated in accordance with its terms,
the Global Offering will not proceed. In such a case, our Company will make an announcement as soon
as practicable thereafter.
EXPECTED TIMETABLE (1)
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IMPORTANT NOTICE TO PROSPECTIVE INVESTORS
This prospectus is issued by our Company solely in connection with the Hong Kong Public
Offering and the Hong Kong Offer Shares and does not constitute an offer to sell or a solicitation
of an offer to buy any security other than the Hong Kong Offer Shares offered by this prospectus
pursuant to the Hong Kong Public Offering. This prospectus may not be used for the purpose of
making, and does not constitute, an offer or invitation in any other jurisdiction or in any other
circumstances. No action has been taken to permit a public offering of the Hong Kong Offer Shares
in any jurisdiction other than Hong Kong and no action has been taken to permit the publication
of this prospectus in any jurisdiction other than Hong Kong. The distribution of this prospectus for
purposes of a public offering and the offering and sale of the Hong Kong Offer Shares in other
jurisdictions are subject to restrictions and may not be made except as permitted under the
applicable securities laws of such jurisdictions pursuant to registration with or authorization by
the relevant securities regulatory authorities or an exemption therefrom.
You should rely only on the information contained in this prospectus to make your investment
decision. The Hong Kong Public Offering is made solely on the basis of the information contained
and the representations made in this prospectus. We have not authorized anyone to provide you
with information that is different from what is contained in this prospectus. Any information or
representation not contained nor made in this prospectus must not be relied on by you as having
been authorized by our Company, the Joint sponsors, the Overall Coordinators, the Sponsor-
Overall Coordinator , the Capital Market Intermediaries, the Joint Global Coordinators, the Joint
Bookrunners, the Joint Lead Managers, the Underwriters, any of our or their respective affiliates,
directors, officers, employees, advisors, agents or representatives, or any other persons involved
in the Global Offering.
Page
Contents ........................................................... v i i
Summary .......................................................... 1
Definitions ......................................................... 1 4
Glossary of Technical Terms ............................................ 2 2
Forward-Looking Statements ............................................ 3 3
Risk Factors ........................................................ 3 4
Waivers and Exemption ................................................ 6 7
Information about this Prospectus and the Global Offering ...................... 7 3
Directors and Parties Involved in the Global Offering .......................... 7 7
Corporate Information ................................................ 7 9
Industry Overview ................................................... 8 0
Regulatory Overview .................................................. 1 0 1
History, Development and Corporate Structure ............................... 1 1 6
Business ........................................................... 1 4 1
CONTENTS
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Financial Information ................................................. 2 3 6
Share Capital ....................................................... 2 5 9
Substantial Shareholders ............................................... 2 6 2
Directors and Senior Management ........................................ 2 6 4
Cornerstone Investors ................................................. 2 7 4
Future Plans and Use of Proceeds ........................................ 2 8 2
Underwriting ....................................................... 2 8 6
Structure of the Global Offering ......................................... 2 9 3
How to Apply for Hong Kong Offer Shares ................................. 2 9 9
Appendix I Accountants’ Report ................................ I - 1
Appendix II Unaudited Pro Forma Financial Information .............. II-1
Appendix III Summary of Articles of Association ..................... III-1
Appendix IV Statutory and General Information ..................... I V - 1
Appendix V Documents Delivered to the Registrar of Companies and
Available on Display .............................. V - 1
CONTENTS
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This summary aims to give you an overview of the information contained in this prospectus.
As this is a summary, it does not contain all the information that may be important to you. You
should read the whole document before you decide to invest in the Hong Kong Offer Shares. There
are risks associated with any investment. Some of the particular risks in investing in the Hong
Kong Offer Shares are set out in the section headed “Risk Factors” in this prospectus. You should
read that section carefully before you decide to invest in the Hong Kong Offer Shares. In particular ,
we are a biotechnology company seeking a listing on the Main Board of the Stock Exchange under
Chapter 18A of the Listing Rules on the basis that we are unable to meet the requirements under
Rule 8.05 (1), (2) or (3) of the Listing Rules. There are unique challenges, risks and uncertainties
associated with investing in companies such as ours. In addition, the Core Product is the product
for the purpose of satisfying the eligibility requirements under Chapter 18A of the Listing Rules
and Chapter 2.3 of the Guide, and the applicant may continue to incur substantial costs and
expenses in relation to R&D activities for the Core Product, and the Core Product may not be
successfully developed or marketed. Your investment decision should be made in light of these
considerations.
OVERVIEW
Founded in 2009, we are a commercial-stage biotechnology company focused on advancing
synthetic lethality (SL)-based precision anti-cancer therapies globally, delivering innovative treatments
to address the unmet medical needs of cancer patients. As of the Latest Practicable Date, our pipeline
consisted of (i) one self-developed Core Product, senaparib, which has been commercialized in China in
January 2025 as a first-line (1L) maintenance therapy for ovarian cancer (OC) across all patient
populations regardless of mutation status and is also being evaluated for additional indications, including
as monotherapy in advanced OC patients with breast cancer susceptibility gene (BRCA) mutations who
have received at least second-line (2L) standard systemic therapy, with Phase II completed, as
combination therapy in small cell lung cancer (SCLC) patients in Phase II, and as combination therapy
in PARP inhibitor-treated OC patients in Phase Ib and (ii) eleven other self-developed drug candidates
(including four clinical-stage and seven preclinical candidates), encompassing emerging modalities such
as novel antibody-drug conjugates (ADCs) and degrader candidates.
WE MAY NOT BE ABLE TO SUCCESSFULLY DEVELOP AND/OR MARKET OUR CORE
PRODUCT FOR ADDITIONAL INDICATIONS.
SYNTHETIC LETHALITY
SL describes a situation in which simultaneous defects in two pathways lead to cell death, whereas
a defect in either pathway alone does not. Compared to conventional cancer treatment modalities,
SL-based therapies offer several inherent advantages, including the ability to address “undruggable”
targets and resistance and create synergistic combination therapies. SL strategies can be applied in
combination with existing standard of care to enhance efficacy, as well as with emerging modalities such
as ADCs and radionuclide-drug conjugates (RDCs), to improve precision, reduce off-target toxicity, and
expand the therapeutic window. SL represents a clinically validated and high-potential frontier in
oncology. The PARP1/2 inhibitors have validated SL as a powerful therapeutic approach, demonstrating
both clinical efficacy and strong commercial traction. The potential of the SL field is reflected in the
growing industry momentum, driven by the identification of new SL pairs in cancer cells, such as A TR,
USP1, PKMYT1, PRMT5 and MA T2A, and further accelerated by increasing investment across the
sector.
OUR PIPELINE
The pipeline chart below summarizes the development status of our drug candidates as of the Latest
Practicable Date:
SUMMARY
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Product Target Modality
Route of
Administration Indication Therapy
Pre-
clinical IND Phase I Phase II Phase III
NDA/
MAA
Commercial
Rights
Last Completed &
Upcoming Milestones Regulatory Authority Partners
IMP4297
Senaparib PARP1/2 Small Molecule Oral
OC (1L
maintenance)* Monotherapy • Approval in Jan 2025 NMPA (China)
OC (1L maintenance) Monotherapy  MAA submission accepted in Aug 2025
 Approval in 2H2026 EMA (EU)
OC (3L+, BRCAmut) Monotherapy  Study completion in Dec 2024
 Approval in 1H2027 NMPA (China)
SCLC Combo with TMZ  Phase I completion in Sep 2021
 Phase II data read-out in 2H2026 NMPA (China)/FDA (US)
OC (PARP-treated) Combo with
IMP9064
 Phase I initiation in Dec 2025
 Phase Ib data read-out in 2H2026 NMPA (China)/FDA (US)
IMP1734 PARP1 Small Molecule Oral
Advanced Solid
Tumors
& BC
Monotherapy  Phase I interim read-out in Jun 2025
 Phase II data read-out in 2H2026 NMPA (China)
Prostate Cancer Combo with
Abiraterone
 Phase I initiation in Dec 2024
 Phase I primary completion in 2H2026 NMPA (China)
OC & BC Combo with
Paclitaxel
 Phase I initiation in Jan 2025
 Phase I primary completion in 2H2026 NMPA (China)
IMP9064 ATR Small Molecule Oral
Advanced Solid
Tumors Monotherapy  Phase I interim read-out in Sep 2024
 Phase II completion in 2H2026 NMPA (China)/FDA (US)
OC
(PARP-treated)
Combo with
Senaparib
 Phase I initiation in Dec 2025
 Phase Ib data read-out in 2H2026 NMPA (China)/FDA (US)
IMP1707 PARP1
CNS-penetrant Small Molecule Oral Advanced Solid
Tumors Monotherapy  Phase I FPI in May 2025
 Phase I data read-out in 2H2026 NMPA (China)
IMP7068 WEE1 Small Molecule Oral Advanced Solid
Tumors Monotherapy  Phase I completion in May 2024
 Phase II initiation in 2H2026 NMPA (China)/FDA (US)
IMP22 PKMYT1/
WEE1 Small Molecule Oral Advanced Solid
Tumors Monotherapy  IND in 2H2026 -
IMP25 DHX9 Small Molecule Oral Advanced Solid
Tumors Monotherapy  IND in 2H2026 -
IMP08 ATM Small Molecule Oral Advanced Solid
Tumors Monotherapy  IND in 2H2026 -
IMP13 USP1 Small Molecule Oral Advanced Solid
Tumors Monotherapy  IND in 2027 -
IMP10 CHK1/2 Small Molecule Oral Advanced Solid
Tumors Monotherapy  IND in 2H2027 -
IMP27 KAT6A PROTAC Oral Advanced Solid
Tumors Monotherapy  IND in 2H2027 -
IMP32 CEACAM5 ADC Intravenous
Injection
Advanced Solid
Tumors Monotherapy  IND in 2H2027 -
ͩSenaparib has been approved for marketing by the National Medical Products Administration (NMPA) of China in January 2025.
IND = Investigational New Drug
NDA = New Drug Application
= ODD - Orphan Drug Designation
Core Product
Key Product
China Clinical Trials
Global/overseas Clinical Trials
(10)
(11)
(11)
FLAMES Study
SABRINA Study (Pivotal Study)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
(8)
(9)
FLAMES Study(1)
Development Phases Exempted from Clinical Trials
SUMMARY
–2–


--- page 12 ---
Notes:
* Senaparib has been approved for marketing by the National Medical Products Administration (NMPA) of China in January 2025.
(1) In June 2019, we submitted the clinical trial designs for both the SABRINA and FLAMES studies with the preliminary Phase I data to the CDE, which conf irmed no objection to the commencement
of both studies in China in September 2019. Given the favorable Phase I results, the CDE accepted the Phase II SABRINA study for 3L+ BRCA
mut OC as the pivotal trial without requiring a subsequent
Phase III confirmatory study, and permitted us to proceed directly from Phase I to the Phase III FLAMES study for 1L maintenance therapy in OC without re quiring a Phase II study. We held a rapporteur
meeting with the European Medicines Agency (EMA) in May 2025 to discuss the submission strategy for senaparib. Following this meeting, we submitted t he Marketing Authorisation Application
(MAA) based on the FLAMES study as the pivotal trial, supported by two Phase I studies and the Phase II SABRINA study. The MAA was accepted by the EMA in Aug ust 2025 and is currently
under review.
(2) Global trial conducted in the United States, Australia, South Korea and Greater China
(3) Global trial conducted in the United States, Australia and Greater China
(4) Global trial conducted in the United States, Australia, Europe, South Korea and China
(5) Global trial conducted in the United States, Australia, Europe, South Korea and China
(6) Global trial conducted in the United States, Australia, Europe, South Korea and China
(7) Global trial conducted in the United States, Australia and Greater China
(8) Global trial conducted in the United States, Australia and China
(9) Global trial conducted in the United States and Greater China
(10) We entered into a contract sales services agreement with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd. (ʮ̡) (“Zhongmei Huadong”, a wholly owned subsidiary of
Huadong Medicine Co., Ltd. (ʮ̡) (“Huadong Medicine”) (SZ.000963), for the commercialization of senaparib in China. For details, see “Business — Our Material Collaboration
and Licensing Arrangements — Contract Sales Services Agreement with Huadong Medicine”
(11) We granted Eikon Therapeutics an exclusive license to develop, register, manufacture and commercialize IMP1734 and IMP1707 outside Greater Ch ina. See “Business — Our Material Collaboration
and Licensing Arrangements — Collaboration Agreement with Eikon Therapeutics”
(12) All the other drugs currently used in the combination therapies under exploration (i.e., temozolomide, abiraterone, paclitaxel) are generic d rugs procured on an arm’s length basis solely for clinical
trial purposes, with no collaboration or co-development arrangements with their manufacturers. If needed, we can switch to other manufacturers, su bject to completing the process required by clinical
protocols.
SUMMARY
–3–


--- page 13 ---
Core Product
Senaparib (IMP4297) is a self-developed PARP1/2 inhibitor with a compelling clinical profile,
demonstrating favorable progression-free survival (PFS) outcome and poised for global and multi-
indication expansion. It has already been commercialized, following its approval as 1L maintenance
therapy for OC “all-comers” in China in January 2025. For details of earlier R&D of senaparib, see
“Business — Our Pipeline — Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with a
Compelling Clinical Profile — Earlier R&D relating to senaparib.”
Senaparib’s compelling clinical profile is rooted in its molecular structure with novelty and
differentiation, and further evidenced by its clinical results. In its Phase III registrational trial as
maintenance treatment following 1L chemotherapy in patients with advanced OC in China, published in
Nature Medicine , senaparib demonstrated a statistically significant and clinically meaningful
improvement in PFS. Senaparib is also well tolerated with differentiated safety profile. In addition, the
clinical results of the FLAMES study suggested that the management of treatment-related toxicity can
be achieved by dose reduction (100, 80, 60, 40 mg) without compromising efficacy, which aligns with
the wide therapeutic window demonstrated in its preclinical and Phase I studies. Collectively, these
findings suggest that the high potency, good tolerability and wide therapeutic window of senaparib allow
for tumor exposure to higher doses. For details of senaparib’s clinical results, see “Business — Our
Pipeline — Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with a Compelling Clinical
Profile — Summary of Clinical Trials.”
We are actively advancing the clinical and regulatory development of senaparib globally and across
multiple indications. In Europe, our Marketing Authorisation Application (MAA) was formally accepted
by the European Medicines Agency (EMA) in August 2025, with approval expected in the second half
of 2026. In parallel, we are also pursuing life cycle management for senaparib and exploring combination
therapy opportunities. To further expand the therapeutic potential of senaparib, we plan to explore
combinations of it with emerging modalities such as ADCs and RDCs.
Senaparib is approved and commercialized as 1L maintenance therapy for OC “all-comers.” OC is
one of the most lethal malignancies affecting women, with a mortality rate that ranks among the highest
for female cancers. A defining feature of OC is its high degree of cell instability, particularly the
prevalence of homologous recombination deficiency (HRD). This molecular vulnerability is a key driver
of disease progression and a critical target for therapeutic intervention. 1L maintenance therapy
represents the largest and most broadly applicable treated population within the overall OC patient pool.
In 2024, the targeted patient population for OC 1L maintenance therapy was 182.0 thousand globally and
41.7 thousand in China. According to Frost & Sullivan, 1L OC maintenance therapy drug sales account
for approximately 60-65% of the overall OC drug market globally and 65-70% in China. The market size
for 1L OC maintenance treatment reached US$4.1 billion globally and RMB3.2 billion in China in 2024,
and is expected to reach US$9.1 billion globally and RMB10.8 billion in China by 2033. Meanwhile,
senaparib is under clinical development for multi-indication expansion, including as monotherapy in 3L+
BRCA
mut OC and as combination therapy with TMZ in SCLC. For details on the incidence of 3L+
BRCA mut OC and SCLC globally and in China, as well as the corresponding drug markets in these
regions, see “Industry Overview — Global PARP1/2 Inhibitor Market — Market Opportunities for
PARP1/2 Inhibitors.”
We have continuously refined our clinical development strategy for senaparib to align with
evolving treatment paradigms and market dynamics. As part of this process, certain programs were
delayed or discontinued for strategic reasons rather than safety or efficacy concerns. For details, see
“Business — Our Pipeline — Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with a
Compelling Clinical Profile — Earlier R&D relating to senaparib.”
Since approval of senaparib in January 2025, we have made meaningful progress in the
commercialization of this drug. Senaparib has already been included in several China and international
national OC and oncology treatment guidelines, and is recommended for treatment of 1L maintenance
therapy for OC “all-comers.” See “Business — Our Collaboration and Commercialization” for details of
these guidelines.
SUMMARY
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--- page 14 ---
We have built a scalable and capital-efficient commercialization infrastructure through strategic
partnerships and robust internal capabilities. In China, we are executing a go-to-market strategy in
collaboration with Zhongmei Huadong Pharmaceutical Co., Ltd. (ʮ̡)
(“Zhongmei Huadong”), a wholly owned subsidiary of Huadong Medicine Co., Ltd. (ࠢ
ʮ̡) (“Huadong Medicine”) (SZ.000963), one of the country’s leading pharmaceutical companies.
Complementing our partnership with Zhongmei Huadong, our in-house commercial team spans
marketing, medical affairs, supply chain management, CMC management, and business development,
supported by a strong distributor network and a growing pool of cross-functional talent. In 2025, we
generated revenue from product sales of RMB20.2 million from sales of senaparib, with a gross profit
of RMB18.7 million and a gross profit margin of 92.2%. Senaparib has been reimbursable for 1L
maintenance therapy for OC “all-comers” since January 1, 2026, which we believe will significantly
broaden patient access and accelerate uptake across all regions, especially key clinical regions. The retail
price for senaparib after NRDL inclusion is RMB4,650 per box.
Key Products
IMP1734
IMP1734 is a self-developed highly potent, next-generation PARP1 selective inhibitor, currently
being evaluated as monotherapy and as combination therapies in a global Phase I/II trial for advanced
solid tumors. By selectively targeting PARP1 while sparing PARP2, PARP1 selective inhibitors offer a
more refined therapeutic approach with improved safety, particularly reduced hematologic toxicity. This
enhanced tolerability and broader therapeutic window allow for higher dosing and more flexible
combination strategies, potentially enabling use in indications previously inaccessible to PARP1/2
inhibitors. IMP1734 has shown over 648-fold selectivity for PARP1 over PARP2, translating to lower
hematologic toxicity, improved safety, high exposure, and broad opportunities to combine with other
anti-tumor agents.
In Phase I dose escalation portion, IMP1734 monotherapy shows a favorable pharmacokinetics
(PK) profile and is well tolerated with mostly low-grade AEs that are manageable and/or self-limiting.
We are also investigating IMP1734 in multiple combination regimens, with cohorts evaluating IMP1734
in combination with Abiraterone and Prednisone and with Paclitaxel currently ongoing. We expect to
complete dose escalation parts of these cohorts in the second half of 2026. We entered into a global
partnership with Eikon Therapeutics to advance IMP1734 and IMP1707. See “— Our Material
Collaboration and Licensing Arrangement — Collaboration Agreement with Eikon Therapeutics.” For
details of IMP1734’s clinical results, see “Business — Our Pipeline — Key Products — IMP1734.”
IMP9064
IMP9064 is the first A TR selective inhibitor advanced into clinical stage in China, currently being
evaluated as monotherapy and as combination therapies in a global Phase I/II trial for advanced solid
tumors. In Phase I dose escalation portion, IMP9064 monotherapy shows a favorable safety profile and
is well-tolerated under intermittent dosing. The Phase II portion is ongoing to further explore the efficacy
and safety of IMP9064 as monotherapy for advanced endometrial carcinoma, with trial completion
expected in the second half of 2026. We are also evaluating IMP9064 in combination with senaparib in
cohorts for OC and pancreatic cancer following IND approval from the NMPA for this study in
September 2025. For details of IMP9064’s clinical results, see “Business — Our Pipeline — Key
Products — IMP9064.”
Other Pipeline Assets
IMP1707 is a central nervous system (CNS)-penetrant, PARP1 selective inhibitor, and notably, one
of the few PARP1 selective inhibitors capable of crossing the blood-brain barrier. IMP1707 has achieved
complete tumor regression in brain cancer models and is currently being evaluated in a Phase I trial. In
addition, IMP1707 penetrates the brain with a Kp
uu of 0.5 in both mouse and rat, a level suggesting
therapeutic relevance and results in complete tumor regression in a brain cancer model. These results
confirmed that IMP1707 demonstrates favorable brain penetration and exhibits high efficacy in brain
cancer models. For details of IMP1707’s clinical results, see “Business — Our Pipeline — Other Pipeline
Assets — IMP1707.”
SUMMARY
–5–


--- page 15 ---
We also have a broad clinical-stage and pre-IND stage assets targeting key SL targets such as
WEE1, PKMYT1/WEE1, DHX9, A TM, USP1, and CHK1/2, as well as emerging modalities such as novel
ADC and degrader candidates.
OUR R&D PLATFORM
Our profound understanding of SL is driven by an integrated R&D platform. From discovery to
commercialization, we challenge convention to deliver transformative cancer therapies where they are
needed most.
Our integrated, self-developed R&D platform is powered by three core strengths, as illustrated in
the diagram below: science-driven target selection, which identifies opportunities to improve patient
outcomes through novel mechanisms; an elite drug research ensemble, which enables efficient and
optimized molecular design; and emerging technology platforms, including a linker-payload platform for
ADC, especially dual-payload ADC based on SL, and a target degrader platform encompassing
Proteolysis Targeting Chimeras (PROTACs) and molecular glues, which together support a
multidimensional approach to cancer target engagement.
We have established a systematic translational research framework designed to enhance the success
rate of our preclinical candidates and accelerate their progression into clinical development. Our
integrated R&D capabilities span from early discovery to clinical-stage development, enabling seamless
transitions and efficient decision-making. We adopt a targeted development strategy to evaluate drug
sensitivity across diverse cancer types, leveraging methodologies from target selection to assay design.
Additionally, we utilize PDX models to identify predictive biomarkers and refine therapeutic strategies,
ensuring our pipeline is guided by clinically relevant insights and optimized for patient outcomes. Our
clinical development strategy leverages our integrated R&D capabilities by combining biological insight,
competitive landscape analysis and operational efficiency. We prioritize indications and combinations
where our compounds can deliver the greatest patient benefit, as exemplified by selecting 1L
maintenance therapy for OC “all-comers” as senaparib’s first indication based on strong clinical data. We
execute through a fast-to-Proof-of-Concept (PoC) approach to rapidly validate clinical potential and
mitigate early risks, and a fast-to-market strategy to accelerate timelines, including advancing select
candidates directly from Phase I to Phase III.
OUR STRENGTHS
We believe the following strengths have contributed to our success and differentiated us from our
competitors: (i) dedicated player at the forefront of synthetic lethality, a validated and high-potential
field; (ii) our Core Product, senaparib, a PARP 1/2 inhibitor approved in China with a compelling clinical
profile and the potential to unlock commercial and clinical value in China and globally; (iii) a leading
developer of next-generation PARP1 selective inhibitors with global clinical validation; (iv) broad and
deep synthetic lethality pipeline of differentiated drug candidates covering multiple critical targets
beyond PARP , suggesting huge synergistic potential; (v) a profound understanding of science,
empowered by a highly effective R&D platform to bring forward the innovation in synthetic lethality;
and (vi) a seasoned management team with a proven track record, supported by a world-class scientific
advisory board and industry-leading investors.
OUR STRATEGIES
We intend to capitalize on our competitive strengths by pursuing the following strategies: (i)
unlock the full-cycle value of senaparib as the cornerstone of our growth through commercialization,
indication expansion, and global development; (ii) enhance our synthetic lethality capabilities by
strategically developing our pipeline; (iii) maximize the value of pipeline assets through global
partnerships; and (iv) invest in R&D to expand innovation frontiers and maintain a competitive edge.
SUMMARY
–6–


--- page 16 ---
RESEARCH AND DEVELOPMENT
Research and development serves as a cornerstone of our business strategy, supporting our ability
to foster innovation, advance pipeline assets, and maintain a competitive edge in the global
pharmaceutical market. We conduct research and development activities primarily through our in-house
scientific and development teams, supplemented by contract research organizations (CROs) and site
management organization (SMOs) engaged from time to time to support preclinical research and clinical
trials. As of December 31, 2025, our R&D team comprises 58 professionals with extensive experience
in oncology drug discovery and development. The core members leading senaparib R&D have 10 to 20
years of specialized experience in oncology and synthetic lethality, with proven track records in
advancing oncology drug candidates from discovery through clinical development. In addition, we have
established strategic partnerships to accelerate pipeline development across key global markets, enhance
our clinical execution capabilities, and facilitate long-term sustainable growth. For details, see “Business
— Research and Development.”
In 2024 and 2025, costs and expenses in relation to R&D activities incurred for our Core Product
were RMB81.7 million and RMB85.7 million, respectively, accounting for 42.0% and 46.6% of our total
costs and expenses in relation to R&D activities for the corresponding years. In 2024 and 2025, our R&D
expenses accounted for 81.3% and 68.9% of our total operating expenses (which equals the sum of R&D
expenses, administrative expenses and selling and distribution expenses), respectively.
OUR EARLY RESEARCH AND DEVELOPMENT ACTIVITIES
Since our establishment in 2009, we have focused on oncology drug discovery, identifying
preclinical candidates across multiple inhibitor programs before selecting senaparib as our lead PARP1/2
inhibitor in 2012. From 2012 to 2017, we dedicated efforts to preclinical research, CMC development,
IND-enabling studies and preparation for clinical trials of senaparib. For details, see “Business —
Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with a Compelling Clinical Profile —
Earlier R&D relating to senaparib.”
MATERIAL COLLABORATION AND LICENSING AGREEMENTS
In May 2023, we entered into a collaboration agreement, as amended (the “Eikon Agreement”) with
Eikon Therapeutics, Inc. (“Eikon”) with respect to IMP1734 and other PARP1 selective inhibitors
(IMP1707). Eikon, an Independent Third Party to us, is a biotechnology company that is advancing
breakthrough therapeutics through the purposeful integration of engineering and science, headquartered
in CA, the United States. For details, see “Business — Our Material Collaboration and Licensing
Arrangements — Collaboration Agreement with Eikon Therapeutics.”
In December 2023, we entered into a contract sales services agreement (as may be amended from
time to time, the “Huadong Agreement”) with Zhongmei Huadong with respect to the commercialization
of our Core Product. For details, see “Business — Our Material Collaboration and Licensing
Arrangements — Contract Sales Services Agreement with Huadong Medicine.”
MANUFACTURING
Our CMC team is responsible for, among other relevant functions, upstream and downstream
process development, formulation development, analytical method development and validation, GMP-
compliant manufacturing, quality control and quality assurance. Our CMC capabilities include chemical
process, formulation development, analytical sciences, and quality control and assurance. To date, our
manufacturing activities are conducted through a contract development and manufacturing organization
(CDMO) to support our drug development process. As of the Latest Practicable Date, we did not operate
any in-house manufacturing facilities. Our current CMC team possesses the necessary qualifications for
pharmaceutical production management under domestic and global regulatory requirements. For details,
see “Business — Manufacturing.”
SUMMARY
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--- page 17 ---
INTELLECTUAL PROPERTY
As of the Latest Practicable Date, we owned (including solely-owned and co-owned with Eikon)
(i) 23 granted patents in China, (ii) 19 granted patent in the United States, (iii) 29 granted patents in other
jurisdictions, and (iv) 158 pending patent applications, including 26 patent applications in China, 17
patent applications in the United States, 105 patent applications in other jurisdictions, and 10 patent
applications under the Patent Cooperation Treaty. Other than our co-ownership of patents with Eikon
regarding IMP1734 and IMP1707 pursuant to our agreement with Eikon, we have sole ownership of all
patents of our drug candidates. For details, see “Business — Our Material Collaboration and Licensing
Arrangements — Collaboration Agreement with Eikon Therapeutics.” As of the same date, for our Core
Product, we solely owned six granted patents in China, eight granted patents in the United States, 13
granted patents in other jurisdictions and 37 patent applications, including four patent applications in
China, five patent applications in the United States and 28 patent applications in other jurisdictions. For
details, see “Business — Intellectual Property.”
SUPPLIER AND PROCUREMENT
During the Track Record Period, our suppliers primarily consisted of CROs/SMOs and CDMOs.
Purchases from our five largest suppliers in 2024 and 2025 were RMB92.6 million and RMB67.8 million,
respectively, representing 57.1% and 53.2% of our total purchases for the same years. Purchases from our
single largest supplier in 2024 and 2025 were RMB31.8 million and RMB36.5 million, respectively,
representing 19.6% and 28.5% of our total purchases for the same years. We select our suppliers based
on quality, costs, delivery standards, industry reputation and other factors. We believe that we maintain
strong and stable relationships with our major suppliers. For details, see “Business — Supplier and
Procurement.”
CUSTOMERS
During the Track Record Period, our revenue was derived from out-licensing revenue and the sales
of pharmaceutical products. In 2024 and 2025, revenue generated from our five largest customers for
each year amounted to RMB33.5 million and RMB36.3 million, representing approximately 100.0% and
94.9% of our total revenue for the same years, respectively. Revenue generated from our largest customer
for each year amounted to RMB33.5 million and RMB18.0 million, representing approximately 100.0%
and 47.1% of our total revenue for the same years, respectively. For details, see “Business —
Customers.”
COMPETITION
While we are confident that our research and development capabilities allow us to establish a
favorable position in industry, we face competition from both international and domestic
biopharmaceutical companies, as well as specialty pharmaceutical and biotechnology firms of varying
sizes. Such competition may limit the anticipated market size for senaparib, our Core Product, and could
therefore negatively affect our anticipated growth. The current treatment paradigm for OC follows a
similar structure in both the United States and China, with 1L therapy typically involving cytoreductive
surgery followed by platinum-based chemotherapy. For patients who respond to initial treatment,
maintenance therapy with PARP1/2 inhibitors has become SoC. Combination strategies such as
combining PARP inhibitors with A TR inhibitors are also being actively explored to overcome drug
resistance that may eventually occur during PARP inhibitor treatment. The current treatment paradigm
for ES-SCLC consists of 1L platinum-based chemotherapy combined with immunotherapy, followed by
maintenance immunotherapy until disease progression. However, relapse occurs in the majority of
patients, and while several agents such as topotecan, lurbinectedin, tarlatamab and other chemotherapies
have been approved for 2L therapy, their efficacy remains modest. No established SoC exists for 3L and
beyond SCLC, highlighting the urgent need for more effective and better-tolerated treatment options. For
details, see “Industry Overview — Global PARP1/2 Inhibitor Market — Market Opportunities for
PARP1/2 Inhibitors.”
SUMMARY
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--- page 18 ---
We believe that the primary competitive factors in our markets include the identification of
promising targets, mechanisms, and pathways for drug development, molecule screening and design,
efficacy and safety of drug candidates, manufacturing efficiency, and commercialization development.
Any drug candidates successfully developed and commercialized by us will compete with existing drugs
or any new drugs that may become available in the future. For details, see “Business — Our Pipeline,”
“Business — Competition” and “Industry Overview.”
SUMMARY OF HISTORICAL FINANCIAL INFORMATION
The following tables set forth summary financial data from our financial information during the
Track Record Period, extracted from the Accountants’ Report as set out in Appendix I to this prospectus.
The summary financial data set forth below should be read together with, and is qualified in its entirety
by reference to, our financial statements in this prospectus, including the related notes. Our consolidated
financial information was prepared in accordance with the HKFRS Accounting Standards.
Summary of Consolidated Statements of Profit or Loss and Other Comprehensive Income
The following table sets forth a summary of our consolidated statements of profit or loss and other
comprehensive income for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
Cost of sales /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,555) (1,571)
Gross profit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,992 36,680
Other income and gains, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,364 8,288
Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(194,807) (183,674)
Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(42,431) (69,135)
Selling and distribution expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,503) (13,842)
Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(55,558) (68,663)
Other expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3,809) (5,577)
Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,752) (295,923)
Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3) (1)
Loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,755) (295,924)
Other comprehensive income:
Other comprehensive (loss)/income that may be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations /H1118 (339) 58
Other comprehensive (loss)/income for the year, net of
tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(339) 58
Total comprehensive loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(255,094) (295,866)
Our net loss increased from RMB255.1 million in 2024 to RMB295.9 million in 2025, mainly due
to (i) an increase in administrative expenses, mainly attributable to an increase in share-based payments
arising from increases in the number and value of share incentives granted in 2025 and an increase in
listing expenses in connection with the Global Offering, and (ii) an increase in finance costs, mainly
attributable to an increase in interest expenses on redemption liabilities in connection with the ordinary
shares with preferred rights issued to our investors.
In 2024 and 2025, we incurred R&D expenses of RMB194.8 million and RMB183.7 million,
respectively. The decrease of our R&D expenses from 2024 to 2025 was primarily due to a decrease of
RMB49.3 million in clinical service fees which was mainly attributable to (i) the completion of the
primary study of the Phase III registrational trial of senaparib as maintenance treatment following 1L
chemotherapy in patients with advanced OC in China, (ii) the completion of the Phase I trial of IMP7068
SUMMARY
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--- page 19 ---
in patients with recurrent advanced/metastatic solid tumors and (iii) our shift of certain clinical programs
towards in-house development, under which clinical management and clinical operational activities
previously outsourced to CROs were performed internally, resulting in lower service-related
expenditures. Specifically, beginning in 2025, core study-level functions, including study-level
management, vendor management, domestic site management, medical monitoring and electronic Trial
Master File (eTMF) management, have been undertaken in-house. This in-house operating model lowers
overall expenditures by eliminating CRO mark-ups, improving resource utilization across multiple
studies and enhancing direct operational control, thereby reducing change orders, delays and other cost
drivers associated with fully outsourced models.
Summary of Consolidated Statements of Financial Position
The following table sets forth a summary of our consolidated statements of financial position as of
the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,508 11,544
Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118374,386 322,978
Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111889,529 104,790
Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118284,857 218,188
Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118299,365 229,732
Total non-current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,043,655 1,187,623
Net liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(744,290) (957,891)
Our net current assets decreased from RMB284.9 million as of December 31, 2024 to RMB218.2
million as of December 31, 2025, primarily attributable to (i) an increase in other payables and accruals
of RMB26.8 million, and (ii) a decrease of financial assets at fair value through profit or loss of
RMB110.1 million, partially offset by a decrease of trade payables of RMB18.0 million.
Our net liabilities increased from RMB744.3 million as of December 31, 2024 to RMB957.9
million as of December 31, 2025, mainly reflecting changes in equity comprising the loss for the year
of RMB295.9 million, partially offset by capital injection from shareholders of RMB19.5 million and
recognition of equity-settled share-based payments of RMB62.8 million. See Consolidated Statements of
Changes in Equity included in the Accountants’ Report set out in Appendix I to this prospectus for
details. The preferential rights of the financial instruments would be terminated upon Listing and the
financial liability would then be reclassified to equity, resulting in the change from a net liabilities
position to a net assets position. See “Financial Information — Discussion of Certain Selected Items from
the Consolidated Statements of Financial Position” for details.
Summary of the Consolidated Statements of Cash Flows
The following table sets forth a summary of our cash flows for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
Net cash used in operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(81,311) (95,880)
Net cash (used in)/generated from investing activities /H1118/H1118/H1118/H1118(109,854) 112,816
Net cash generated from financing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118148,332 13,469
Net (decrease)/increase in cash and cash equivalents /H1118/H1118/H1118/H1118/H1118(42,833) 30,405
Effect of foreign exchange rate changes, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,637 (1,993)
Cash and cash equivalents at beginning of the year /H1118/H1118/H1118/H1118/H1118271,318 230,122
Cash and cash equivalents at end of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534
SUMMARY
–1 0–


--- page 20 ---
We experienced net operating cash outflows in 2025, which was primarily attributable to a loss
before tax of RMB295.9 million, adjusted for non-cash and non-operating items. Adjustments for such
non-cash and non-operating items primarily included (i) positive adjustments, which primarily included
finance costs of RMB68.7 million, equity-settled share-based payment expense of RMB62.8 million and
increase in other payables and accruals of RMB105.5 million, and (ii) negative adjustments, which
primarily included an increase in inventories of RMB22.6 million and a decrease in trade payables of
RMB18.0 million.
We experienced net operating cash outflows in 2024, which was primarily attributable to a loss
before tax of RMB254.8 million, adjusted for non-cash and non-operating items. Adjustments for such
non-cash and non-operating items primarily included (i) positive adjustments, which primarily included
finance costs of RMB55.6 million and an increase in other payables and accruals of RMB97.7 million,
and (ii) negative adjustments, which primarily included an increase in inventories of RMB4.4 million.
We also recorded net investing cash outflows in the same year, which was mainly due to purchase of
financial assets at fair value through profit or loss of RMB555.0 million, partially offset by redemption
of financial assets at fair value through profit or loss of RMB446.8 million.
Our cash burn rate refers to the average monthly amount of (i) net cash used in operating activities,
(ii) lease payments, and (iii) capital expenditures. We had cash and cash equivalents of RMB258.5
million as of December 31, 2025. We estimate that we will receive net proceeds of approximately
HKD741.5 million, equivalent to RMB650.0 million, assuming an average monthly cash burn rate going
forward of approximately 2.7 times the level observed for the years ended December 31, 2024 and
December 31, 2025, and for the one month ended January 31, 2026, we estimate that we will be able to
maintain our financial viability for 55 months, or if we do not take into account of the estimated net
proceeds from the Listing, we estimate that we will be able to maintain our financial viability for 15
months assuming that there is no cash outflow arising from the financial liabilities on redemption rights
under this circumstance. We will continue to monitor our cash flows from operations closely and expect
to raise additional financing.
RISK FACTORS
Our business faces risks including those set out in the section headed “Risk Factors.” As different
investors may have different interpretations and criteria when determining the significance of a risk, you
should read the “Risk Factors” section in its entirety before you decide to invest in our Company. Some
of the major risks that we face include: (i) we may not be able to fully realize the potential of senaparib
and successfully advance its clinical development for additional indications as we planned; (ii) we face
intense competition and rapid technological change, and our competitors may develop therapies that are
similar, more advanced, or more effective than ours. This could adversely affect our financial condition
and hinder our ability to successfully commercialize our drug candidates; (iii) clinical drug development
involves a lengthy and expensive process with uncertain outcomes and results of earlier studies and trials
may not be predictive of future trial results; (iv) if our drug candidates fail to demonstrate safety and
efficacy to the satisfaction of regulatory authorities or do not otherwise produce positive results, we may
incur additional costs or experience delays in completing, or ultimately be unable to complete, the
development and commercialization of our drug candidates; (v) if we are unable to benefit from the sales
network of our third-party collaborator, or effectively manage our in-house sales team, our ability to
generate revenue from sales of senaparib and our business, financial condition, results of operations and
prospects may be materially and adversely affected; (vi) if we are unable to obtain and maintain adequate
patent and other intellectual property protection for our drug candidates, or if the scope of such
intellectual property rights obtained is not sufficiently broad, third parties may compete directly against
us, and our ability to successfully develop and commercialize any of our drug candidates would be
materially adversely affected; (vii) we currently rely on, and may continue to rely on a single CDMO for
the manufacturing of senaparib and other CDMOs for our drug candidates during clinical development.
If such third party fails to deliver sufficient quantities of quality products, our business could be harmed;
(viii) we have incurred net losses since our inception and expect that we will continue to incur net losses
for the foreseeable future and we may not be able to generate sufficient revenue to achieve or maintain
profitability. Potential investors may lose substantially all their investments in us given the high risks
involved in our business; and (ix) we had net operating cash outflow during the Track Record Period and
we may need additional financing to fund our operations.
SUMMARY
–1 1–


--- page 21 ---
OUR PRE-IPO INVESTORS
Since our establishment, we have conducted seven rounds of Pre-IPO Investments with aggregate
proceeds amounting to approximately RMB1.5 billion. Our Pre-IPO Investors include investors focusing
on investment in biotech and healthcare industry, including among others, LA V USD, Shanghai Liyi,
Decheng IMPACT Limited (“Decheng”), WuXi AppTec Fund and China Summit. Decheng is our
Sophisticated Investor, holding approximately 8.53% of the total issued share capital of our Company
upon the completion of the Global Offering assuming the Over-allotment Option is not exercised. For
further details regarding the key terms of the Pre-IPO Investments, including the identity and background
of our Pre-IPO Investors, see “History, Development and Corporate Structure — Pre-IPO Investments.”
DIVIDENDS
We do not currently have a formal dividend policy or a pre-determined dividend payout ratio.
Investors should not purchase our ordinary shares with the expectation of receiving cash dividends. Any
future determination to pay dividends will be made at the discretion of our Directors and may be based
on a number of factors, including our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that our Directors may deem
relevant. As advised by our PRC Legal Adviser, we may not have sufficient or any distributable profits
to make dividend distributions to our Shareholders in a given year, in view of our accumulated losses,
or even if we become profitable as we will only be able to declare or pay dividends out of our
distributable profits until (i) the accumulated losses are covered by our after-tax profits, and (ii)
sufficient statutory and other reserves are drawn in accordance with the relevant laws, regulations and
our constitutional documents. In light of our accumulated losses as disclosed in this prospectus, it is
unlikely that we will be eligible to pay dividends out of our profits in the foreseeable future. For details,
see “Financial Information — Dividend.”
THE GLOBAL OFFERING
This prospectus is published in connection with the Hong Kong Public Offering as part of the
Global Offering. The Global Offering comprises (subject to reallocation and the Over-allotment Option):
(i) the Hong Kong Public Offering of 4,197,800 H Shares (subject to reallocation as mentioned below)
for subscription by the public in Hong Kong as described in “Structure of the Global Offering — The
Hong Kong Public Offering;” and (ii) the International Offering of 37,779,200 H Shares (subject to
reallocation and the Over-allotment Option as mentioned below) in the United States to QIBs in reliance
on Rule 144A or another available exemption from the registration requirements of the U.S. Securities
Act and outside the United States in offshore transactions in accordance with Regulation S.
Investors may apply for the Hong Kong Offer Shares under the Hong Kong Public Offering or
apply for or indicate an interest for the International Offer Shares under the International Offering, but
may not do both. The Offer Shares will represent approximately 15.2% of the enlarged issued share
capital of the Company immediately after completion of the Global Offering, assuming the Over-
allotment Option is not exercised. If the Over-allotment Option is exercised in full, the Offer Shares will
represent approximately 17.1% of the enlarged issued share capital of the Company immediately after the
completion of the Global Offering.
OFFERING STATISTICS
All statistics in the following table are based on the assumptions that (i) the Global Offering has
been completed and 41,977,000 Offer Shares are issued pursuant to the Global Offering; (ii) the
Over-allotment Option is not exercised; and (iii) 276,165,130 Offer Shares are issued and outstanding
following the completion of the Global Offering.
Based on an Offer
Price HK$19.75
per Offer Share
Based on an Offer
Price HK$21.75
per Offer Share
Market capitalization of the H Shares following the
completion of the Global Offering (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
HK$5,454
million
HK$6,007
million
Unaudited pro forma adjusted consolidated net tangible
assets per H Share (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118HK$2.83 HK$3.12
SUMMARY
–1 2–


--- page 22 ---
Notes:
(1) The calculation of market capitalization of is based on 276,165,130 H Shares, comprising 41,977,000 H shares to be
issued upon the Global Offering and 234,188,130 H shares converted from Unlisted Shares, expected to be in issue
immediately upon completion of the Global Offering.
(2) The unaudited pro forma adjusted consolidated net tangible assets per Share is arrived at after making the adjustments
referred to in “Appendix II — Unaudited Pro Forma Financial Information” and on the basis that 276,165,130 Shares
in issue immediately following the completion of the Global Offering without taking into account any Shares which
may be issued upon exercise of the Over-allotment Option.
LISTING EXPENSES
Listing expenses to be borne by us are estimated to be approximately HK$89.9 million (including
underwriting commission, assuming an Offer Price of HK$20.75 per Share, being the mid-point of the
indicative Offer Price range of HK$19.75 to HK$21.75 per Share), which represent 10.3% of the gross
proceeds from the Global Offering, assuming no Shares are issued pursuant to the Over-allotment Option.
The above listing expenses are comprised of (i) underwriting-related expenses of HK$40.1 million, and
(ii) non-underwriting-related expenses of HK$49.8 million, including (a) the Joint Sponsors’ expenses of
HK$7.8 million, (b) the legal advisors’ expenses of HK$29.1 million, (c) the reporting accountants’
expenses of HK$4.3 million, and (d) other fees and expenses of HK$8.6 million. During the Track
Record Period, we incurred listing expenses of HK$25.8 million, HK$19.5 million of which was charged
to our consolidated statements of profit or loss, and HK$6.3 million of which was attributable to the issue
of Shares and will be deducted from equity. We expect to incur additional listing expenses of
approximately HK$64.1 million after the Track Record Period, approximately HK$22.6 million of which
is expected to be charged to our consolidated statements of profit or loss, and approximately HK$41.5
million of which is attributable to the issue of Shares and will be deducted from equity upon Listing. The
listing expenses above are the latest practicable estimate for reference only, and the actual amount may
differ from this estimate.
USE OF PROCEEDS
We estimate that we will receive net proceeds from the Global Offering of approximately HK$781
million, after deducting estimated underwriting commissions, fees and expenses payable by us in
connection with the Global Offering, assuming an Offer Price of HK$20.75 per H Share, being the
mid-point of the indicative Offer Price range of HK$19.75 to HK$21.75 per H Share, and assuming the
Over-allotment Option is not exercised. We currently intend to apply the net proceeds from the Global
Offering as follows: (a) Approximately 51%, or HK$398.37 million, will be used to fund the ongoing and
planned clinical development, regulatory approval as well as commercialization of our Core Product,
senaparib; (b) Approximately 31%, or HK$242.15 million, will be used to fund the ongoing clinical
development of our Key Products, IMP1734 and IMP9064; (c) Approximately 8%, or HK$62.49 million,
will be used to fund the research and development activities for our other pipeline assets, IMP1707,
IMP7068, IMP22, IMP25, IMP08, IMP13 and IMP10; (d) Approximately 8%, or HK$62.49 million, will
be used to fund the development of our R&D platforms and to expand our drug pipeline; and (e)
Approximately 2%, or HK$15.62 million, will be used for working capital and other general corporate
purposes.
RECENT DEVELOPMENTS
Senaparib has been reimbursable since January 1, 2026, following its inclusion in the NRDL for
1L maintenance therapy for OC “all comers”, which will significantly broaden patient access and
accelerate uptake across all regions, especially key clinical regions. We expect that we will record a net
loss in 2026, primarily due to continued R&D expenditures as we advance our preclinical and clinical
development programs, as well as interest expenses on redemption liabilities, share-based payments, and
listing expenses in connection with the Listing.
COVID-19 did not have any material impact on our Company’s business operations or clinical
development activities during the Track Record Period and up to the Latest Practicable Date.
Our Directors confirm that, as of the date of this prospectus, there has been no material adverse
change in our financial and trading positions or prospects since December 31, 2025, being the date on
which our latest unaudited consolidated financial statements were prepared, and there has been no event
since December 31, 2025 and up to the date of this prospectus which would materially affect the
information in the Accountants’ Report.
SUMMARY
–1 3–


--- page 23 ---
In this prospectus, unless the context otherwise requires, the following terms and expressions
shall have the meanings set out below. Certain other terms are explained in “Glossary of Technical
Terms.”
“Accountants’ Report” the accountants’ report of our Group set out in Appendix I to
this prospectus
“affiliate(s)” with respect to any specified person, any other person, directly
or indirectly, controlling or controlled by or under direct or
indirect common control with such specified person
“AFRC” Accounting and Financial Reporting Council of Hong Kong
“Articles of Association” or
“Articles”
the articles of association of our Company adopted by special
resolution on September 23, 2025 with effect from the Listing
Date, as amended, supplemented or otherwise modified from
time to time, a summary of which is set out in “Appendix III —
Summary of Articles of Association”
“associate(s)” has the meaning ascribed to it under the Listing Rules
“Audit Committee” the audit committee of our Board
“Board” or “Board of Directors” the board of Directors of our Company
“Boundless” Boundless Creek LLC, a Delaware limited liability company
established on April 10, 2023, an employee incentive platform
of the Company
“Business Day” a day on which banks in Hong Kong are generally open for
normal business to the public and which is not a Saturday,
Sunday or public holiday in Hong Kong
“Capital Market Intermediaries” the capital market intermediaries named in “Directors and
Parties Involved in the Global Offering”
“CCASS” Central Clearing and Settlement System established and
operated by HKSCC
“CEO” the chief executive officer of our Group
“China” or “PRC” the People’s Republic of China and, for the purpose of this
prospectus and for geographical reference only, unless the
context otherwise requires, excludes Hong Kong, the Macau
Special Administrative Region of the PRC and Taiwan
“close associate(s)” has the meaning ascribed to it under the Listing Rules
“Companies Ordinance” Companies Ordinance (Chapter 622 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from
time to time
“Companies (Winding Up and
Miscellaneous Provisions)
Ordinance”
Companies (Winding Up and Miscellaneous Provisions)
Ordinance (Chapter 32 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to
time
DEFINITIONS
–1 4–


--- page 24 ---
“Company” IMPACT Therapeutics, Inc (ʮ̡), a
joint stock limited company established in the PRC on June 25,
2025, or, where the context requires, its predecessor, Nanjing
Impact Therapeutics Co. Ltd (ʮ̡), a
limited liability company established in the PRC on June 10,
2009
“Compliance Advisor” Rainbow Capital (HK) Limited
“connected person(s)” has the meaning ascribed to it under the Listing Rules
“connected transaction(s)” has the meaning ascribed to it under the Listing Rules
“core connected person(s)” has the meaning ascribed to it under the Listing Rules
“Core Product” has the meaning ascribed thereto under Chapter 18A of the
Listing Rules, which is the product for the purpose of satisfying
the eligibility requirements under Chapter 18A of the Listing
Rules and Chapter 2.3 of the Guide for New Listing Applicants;
for the purpose of this prospectus, our Core Product refers to
senaparib (IMP4297)
“Corporate Governance Code” Corporate Governance Code set out in Appendix C1 to the
Listing Rules
“CSDC” China Securities Depositary and Clearing Corporation Limited
(ப΂ʮ̡)
“CSRC” China Securities Regulatory Commission ( ʕ਷ᗇՎ္ຖ၍ଣ
ึ)
“Decheng” Decheng IMPACT Limited, a limited liability company
incorporated under the laws of Hong Kong on May 23, 2018,
the Sophisticated Investor of our Company
“Director(s)” the director(s) of our Company
“Dr. Cai” Dr. Sui Xiong CAI ( ᇹ༹ඪ), our scientific founder, executive
Director and CEO
“Dr. Tian” Dr. Y e Edward TIAN ( ͞௉), our scientific founder, executive
Director, executive vice president and chief scientific officer
“EIT Law” Enterprise Income Tax Law of the PRC ( ʕശɛ͏΍ձ਷Ά
), as amended, supplemented or otherwise
modified from time to time
“Employee Incentive Platform” Wanquandao, Qianxishan and Boundless, the platforms
established for the purpose of our Employee Incentive Scheme
“Employee Incentive Scheme” the employee incentive scheme of our Company approved and
adopted by our Board on January 26, 2025, a summary of the
principal terms of which is set out in “Appendix IV — Statutory
and General Information — D. Employee Incentive Scheme”
“Extreme Conditions” the occurrence of “extreme conditions” as announced by any
government authority of Hong Kong due to serious disruption
of public transport services, extensive flooding, major
landslides, large-scale power outage or any other adverse
conditions before Typhoon Signal No. 8 or above is replaced
with Typhoon Signal No. 3 or below
DEFINITIONS
–1 5–


--- page 25 ---
“FINI” Fast Interface for New Issuance, a digital platform operated by
HKSCC that is mandatory for admission to trading and, where
applicable, the collection and processing of specified
information on subscription in and settlement for all new
listings in Hong Kong
“Frost & Sullivan” Frost & Sullivan (Beijing) Inc., Shanghai Branch Co., our
industry consultant, an independent market research and
consulting company
“Frost & Sullivan Report” the report commissioned by our Company and independently
prepared by Frost & Sullivan, a summary of which is set out in
“Industry Overview”
“General Rules of HKSCC” the General Rules of HKSCC as may be amended or modified
from time to time and where the context so permits, shall
include the HKSCC Operational Procedures
“Global Offering” the Hong Kong Public Offering and the International Offering
“Group,” “we” or “us” our Company and our subsidiaries from time to time
“Guide” the Guide for New Listing Applicants issued by the Stock
Exchange, as amended, supplemented or otherwise modified
from time to time
“H Share(s)” ordinary share(s) in the share capital of our Company with a
nominal value of RMB1.00, which will be listed and traded on
the Stock Exchange
“H Share Registrar” Computershare Hong Kong Investor Services Limited
“HK$” or “Hong Kong dollar” Hong Kong dollar, the lawful currency of Hong Kong
“HKFRS” Hong Kong Financial Reporting Standards, Hong Kong
Accounting Standards and the related interpretations issued by
the Hong Kong Institute of Certified Public Accountants
“HKSCC” Hong Kong Securities Clearing Company Limited, a wholly-
owned subsidiary of Hong Kong Exchanges and Clearing
Limited
“HKSCC EIPO ” the application for the Hong Kong Offer Shares to be issued in
the name of HKSCC Nominees and deposited directly into
CCASS to be credited to your designated HKSCC Participant’s
stock account through causing HKSCC Nominees to apply on
your behalf, including by instructing your broker or custodian
who is a HKSCC Participant to give electronic application
instructions via FINI to apply for the Hong Kong Offer Shares
on your behalf
“HKSCC Nominees” HKSCC Nominees Limited, a wholly-owned subsidiary of
HKSCC
“HKSCC Operational Procedures” the operational procedures of HKSCC, containing the practices,
procedures and administrative or other requirements relating to
HKSCC’s services and the operations and functions of CCASS,
FINI or any other platform, facility or system established,
operated and/or otherwise provided by or through HKSCC, as
from time to time in force
DEFINITIONS
–1 6–


--- page 26 ---
“HKSCC Participant” a participant admitted to participate in CCASS as a direct
clearing participant, a general clearing participant or a
custodian participant;
“Hong Kong” the Hong Kong Special Administrative Region of the PRC
“Hong Kong Offer Shares” 4,197,800 H Shares initially offered by our Company for
subscription pursuant to the Hong Kong Public Offering
(subject to reallocation described in “Structure of the Global
Offering”)
“Hong Kong Public Offering” the offering of the Hong Kong Offer Shares for subscription by
the public in Hong Kong at the Offer Price (plus brokerage,
AFRC transaction levy, SFC transaction levy and Stock
Exchange trading fee) on and subject to the terms and
conditions described in “Structure of the Global Offering”
“Hong Kong Underwriters” the underwriters listed in “Underwriting — Hong Kong
Underwriters,” being the underwriters of the Hong Kong Public
Offering
“Hong Kong Underwriting
Agreement”
the underwriting agreement dated May 4, 2026 relating to the
Hong Kong Public Offering entered into by, among others, our
Company, the Overall Coordinators and the Hong Kong
Underwriters as further described in “Underwriting —
Underwriting Arrangements — Hong Kong Public Offering —
Hong Kong Underwriting Agreement”
“independent third party(ies)” entity(ies) or person(s) who is/are not connected person(s) of
our Company or our subsidiaries within the meaning of the
Listing Rules
“International Offer Shares” 37,779,200 H Shares initially offered by our Company pursuant
to the International Offering (subject to reallocation descried in
“Structure of the Global Offering”), together with any
additional H Shares which may be allotted and issued pursuant
to the exercise of the Over-allotment Option
“International Offering” the conditional placing of the International Offer Shares by the
International Underwriters at the Offer Price (plus brokerage,
AFRC transaction levy, SFC transaction levy and Stock
Exchange trading fee) (i) outside the United States in offshore
transactions in reliance on Regulation S or (ii) in the United
States to QIBs in reliance on Rule 144A or another available
exemption from the registration requirements under the U.S.
Securities Act, in each case on and subject to the terms and
conditions of the International Underwriting Agreement, as
further described in “Structure of the Global Offering — The
International Offering”
“International Underwriters” the international underwriters who are expected to enter into
the International Underwriting Agreement to underwrite the
International Offering
“International Underwriting
Agreement”
the underwriting agreement relating to the International
Offering expected to be entered into on or around the Price
Determination Date by, among others, our Company, the
Overall Coordinators and the International Underwriters as
further described in “Underwriting — Underwriting
Arrangements — The International Offering”
DEFINITIONS
–1 7–


--- page 27 ---
“Joint Bookrunners” the joint bookrunners named in “Directors and Parties Involved
in the Global Offering”
“Joint Global Coordinators” the joint global coordinators named in “Directors and Parties
Involved in the Global Offering”
“Joint Lead Managers” the joint lead managers named in “Directors and Parties
Involved in the Global Offering”
“Joint Sponsors” the joint sponsors named in “Directors and Parties Involved in
the Global Offering”
“Latest Practicable Date” April 26, 2026, being the latest practicable date for the purpose
of ascertaining certain information contained in this prospectus
prior to its publication
“Listing” the listing of the H Shares on the Main Board of the Stock
Exchange
“Listing Date” the date expected to be on or around Wednesday, May 13, 2026
on which the H Shares are listed and from which dealings
therein are permitted to commence on the Main Board of the
Stock Exchange
“Listing Rules” the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited, as amended, supplemented or
otherwise modified from time to time
“Model Code” Model Code for Securities Transactions by Directors of Listed
Issuers set out in Appendix C3 to the Listing Rules
“MOF” Ministry of Finance of the PRC (௅)
“MOFCOM” Ministry of Commerce of the PRC ( ʕശɛ͏΍ձ਷ਠਕ௅)
“NDRC” National Development and Reform Commission of the PRC ( ʕ
ึ)
“Nomination Committee” the nomination committee of our Board
“Offer Price” the final price per Offer Share in Hong Kong dollar (exclusive
of brokerage of 1.0%, AFRC transaction levy of 0.00015%,
SFC transaction levy of 0.0027% and Stock Exchange trading
fee of 0.00565%) at which the Offer Shares are to be subscribed
for or purchased pursuant to the Global Offering, to be
determined as described in “Structure of the Global Offering —
Pricing and Allocation”
“Offer Share(s)” the Hong Kong Offer Share(s) and/or the International Offer
Share(s), as the context may require
DEFINITIONS
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“Over-allotment Option” the option granted by our Company to the International
Underwriters, exercisable by the Overall Coordinators (for
themselves and on behalf of the International Underwriters)
pursuant to the International Underwriting Agreement to
require our Company to allot and issue up to an aggregate of
6,296,400 additional H Shares at the Offer Price (plus
brokerage, AFRC transaction levy, SFC transaction levy and
Stock Exchange trading fee), representing approximately 15%
of the Offer Shares initially available under the Global
Offering, to cover over-allocations in the International
Offering, if any, the details of which are set out in “Structure of
the Global Offering — Over-allotment Option”
“Overall Coordinators” the overall coordinators named in “Directors and Parties
Involved in the Global Offering”
“Overseas Listing Trial Measures” Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies ( ྤʫΆุྤ̮೯БᗇՎ
), as amended, supplemented or
otherwise modified from time to time
“PBOC” People’s Bank of China ( ʕ਷ɛ͏ვБ), the central bank of the
PRC
“PRC Company Law” Company Law of the PRC (), as
amended, supplemented or otherwise modified from time to
time
“PRC Legal Advisor” JunHe LLP , our legal advisor as to PRC law
“Pre-IPO Investment(s)” the investment(s) in our Company by the Pre-IPO Investors, the
details of which are set out in “History, Development and
Corporate Structure”
“Pre-IPO Investor(s)” the investor(s) making investments in our Company prior to the
Global Offering, the details of which are set out in “History,
Development and Corporate Structure”
“Price Determination Date” the date, expected to be on or before Monday, May 11, 2026
(Hong Kong time) on which the Offer Price is determined
“prospectus” this prospectus being issued in connection with the Hong Kong
Public Offering
“Qianxishan” Hangzhou Qianxishan Biopharmaceutical Technology
Partnership (Limited Partnership) (ҦΥ
ྫΆุ(Υྫ)), a limited partnership established under the
laws of the PRC on April 27, 2023, an employee incentive
platform of our Company
“QIB(s)” qualified institutional buyer(s) within the meaning of Rule
144A
“Regulation S” Regulation S under the U.S. Securities Act
“Remuneration Committee” the remuneration committee of our Board
“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC
“Rule 144A” Rule 144A under the U.S. Securities Act
DEFINITIONS
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“SAFE” State Administration of Foreign Exchange of the PRC ( ʕശɛ
̮ි၍ଣ҅)
“SAIC” State Administration of Industry and Commerce of the PRC ( ʕ
၍ଣᐼ҅), the function of which
has now been merged into the SAMR
“SAMR” State Administration for Market Regulation of the PRC ( ʕശɛ
̹ఙ္ຖ၍ଣᐼ҅)
“SASAC” State-owned Assets Supervision and Administration
Commission of the State Council ( ਷ਕ৫਷Ϟ༟ପ္ຖ၍ଣ։
ึ)
“SFC” Securities and Futures Commission of Hong Kong
“SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong), as amended, supplemented or otherwise modified
from time to time
“Shanghai-Hong Kong Stock
Connect”
a securities trading and clearing links program developed by
the Stock Exchange, the Shanghai Stock Exchange, HKSCC
and the CSDC for mutual market access between Hong Kong
and Shanghai
“Share(s)” ordinary share(s) in the share capital of our Company with a
nominal value of RMB1.00 each, comprising Unlisted Share(s)
and H Share(s)
“Shareholder(s)” holder(s) of the Share(s)
“Shenzhen-Hong Kong Stock
Connect”
a securities trading and clearing links program developed by
the Stock Exchange, the Shenzhen Stock Exchange, HKSCC
and the CSDC for mutual market access between Hong Kong
and Shenzhen
“Single Largest Group of
Shareholders”
refers to Dr. Yi Shi, LA V Enterprise, LA V Innovation, LA V
Integra and LA V Impetus, details of which are set out in
“History, Development and Corporate Structure —
Relationship with the Single Largest Group of Shareholders”
“Sophisticated Investor(s)” has the meaning ascribed to it under Chapter 2.3 of the Guide
“Sponsor-Overall Coordinator” the sponsor-overall coordinator named in “Directors and Parties
Involved in the Global Offering”
“STA” State Taxation Administration of the PRC ( ʕശɛ͏΍ձ਷਷
೼ਕᐼ҅)
“Stabilizing Manager” Goldman Sachs (Asia) L.L.C.
“State Council” State Council of the PRC ( ʕശɛ͏΍ձ਷਷ਕ৫)
“Stock Exchange” The Stock Exchange of Hong Kong Limited, a wholly-owned
subsidiary of Hong Kong Exchanges and Clearing Limited
“subsidiary(ies)” has the meaning ascribed to it under the Listing Rules
“substantial Shareholder(s)” has the meaning ascribed to it under the Listing Rules
DEFINITIONS
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“Takeovers Code” the Codes on Takeovers and Mergers and Share Buy-backs
issued by the SFC, as amended, supplemented or otherwise
modified from time to time
“Track Record Period” the period comprising the two years ended December 31, 2024
and 2025
“treasury Share(s)” has the meaning ascribed to it under the Listing Rules
“U.S.” or “United States” the United States of America, its territories, possessions and all
areas subject to its jurisdiction
“U.S. dollar” or “US$” United States dollar, the lawful currency of the United States
“U.S. Securities Act” United States Securities Act of 1933 and the rules and
regulations promulgated thereunder, as amended, supplemented
or otherwise modified from time to time
“Underwriter(s)” the Hong Kong Underwriter(s) and/or the International
Underwriter(s), as the context may require
“Underwriting Agreement(s)” the Hong Kong Underwriting Agreement and/or the
International Underwriting Agreement, as the context may
require
“Unlisted Share(s)” ordinary share(s) in the share capital of our Company with a
nominal value of RMB1.00 each, which is/are not listed or
traded on any stock exchange
“Wanquandao” Hangzhou Wanquandao Biopharmaceutical Technology
Partnership (Limited Partnership) (ҦΥ
ྫΆุ(Υྫ)), a limited partnership established under the
laws of the PRC on April 20, 2023, an employee incentive
platform of the Company
“White Form eIPO ” the application for the Hong Kong Offer Shares to be issued in
the applicant’s own name submitted online through the
designated website of the White Form eIPO Service Provider
at www.eipo.com.hk
“White Form eIPO Service
Provider”
Computershare Hong Kong Investor Services Limited
“%” per cent
DEFINITIONS
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This glossary contains definitions of certain technical terms used in this prospectus in
connection with us and our business. These may not correspond to standard industry definitions
and may not be comparable to similar terms adopted by other companies.
“1L” first-line, with respect to any disease, the first line treatment,
which is the treatment regimen or regimens that are generally
accepted by the medical establishment for initial treatment
“2L” second-line, with respect to any disease, the therapy or
therapies that are given when 1L treatments do not work, or
stop working
“3L” third-line, with respect to any disease, the therapy or therapies
that are given when both 1L and 2L treatments do not work, or
stop working
“ADC” antibody-drug conjugates
“AE” adverse event, any untoward medical occurrence in a patient or
subject receiving a drug or other pharmaceutical product in a
clinical trial and which does not necessarily have a causal
relationship with the treatment
“all-comer” in the context of cancer treatment, refers to a treatment which
can be used for all patients, regardless of a particular biomarker
status
“ALT” alanine aminotransferase, a liver enzyme that is released in the
blood where liver cells are damaged; the blood test for ALT is
used to diagnose liver disorders
“API” active pharmaceutical ingredient
“AST” aspartate transaminase, an enzyme found in cells throughout
the body but mostly in the heart and liver; the blood test for
AST is used to detect or monitor liver damage
“A TM” ataxia telangiectasia mutated kinase
“A TR” ataxia telangiectasia and Rad3-related kinase
“AUC” area under the curve, a pharmacokinetic parameter that
measures the body’s exposure to a drug, i.e., how much of the
drug reaches a person’s bloodstream over a given period of time
after a dose is administered
“BC” breast cancer
“BER” base excision repair, a pathway that corrects damage from
oxidation, deamination and alkylation
GLOSSARY OF TECHNICAL TERMS
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“BICR” Blinded Independent Central Review, a process used in clinical
trials to ensure the objectivity and accuracy of data analysis
“BID” bis in die, which means twice a day
“biomarker” a naturally occurring molecule, gene, or characteristic by which
a particular pathological or physiological process, disease, etc.
can be identified
“BRCA” breast cancer susceptibility gene, of which there are two types,
i.e., BRCA1 and BRCA2. BRCA are tumor suppressor genes
that encode proteins responsible for repairing damage.
Deleterious BRCA mutations contribute to an increased risk of
various types of cancers such as breast cancer and ovarian
cancer
“BRCA
mut” BRCA mutation, BRCA carrying mutation in the breast cancer
susceptibility genes BRCA1 or BRCA2
“BRCAwt” BRCA wild type, the wild type of BRCA1 or BRCA2
“CDMO” contract development and manufacturing organization
“CDX” cell line-derived xenograft, a preclinical cancer research model
in which human cancer cell lines are implanted into
immunocompromised mice to study tumor growth, drug
efficacy, and therapeutic responses
“cell line” a population of cells which descend from a single cell and
contain the same biological makeup, thereby producing the
same proteins. The productivity of a cell line determines the
cost of manufacturing, and the quality of a cell line is directly
related to the quality of the relevant biologics
“cGMP” current Good Manufacturing Practices
“chemotherapy” or “chemo” a drug treatment that uses cytotoxic chemicals to kill fast-
growing cells in a patient’s body. It is most often used as a
cancer treatment because cancer cells grow and multiply much
faster than most other cells in the body
“CHK1/2” Checkpoint Kinase Proteins 1 and 2
“CI” confidence interval, a statistical range used to estimate the true
value of a population parameter
“clinical benefit rate” the percentage of patients with advanced or metastatic cancer
who achieved a complete response, partial response, and stable
disease while on a therapeutic intervention in clinical trials of
antitumor agents
“C
max” maximum plasma concentration, a pharmacokinetic parameter
that measures the highest concentration of a drug in the blood,
cerebrospinal fluid, or target organ after a dose is given
GLOSSARY OF TECHNICAL TERMS
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“CMC” chemistry, manufacturing and controls, processes used in drug
development lifecycle to ensure that pharmaceutical and
biopharmaceutical drug products are consistently effective, safe
and high quality for consumers
“CNS” central nervous system, the part of the nervous system
consisting primarily of the brain and spinal cord
“cohort” a group of patients as part of a clinical trial who share a
common characteristic or experience within a defined period
and who are monitored over time
“combination therapy” or “combo” a treatment that uses more than one medication or modality
“CR” complete response, the disappearance of all signs of cancer in
response to treatment
“CRC” colorectal cancer
“CRO” contract research organization
“CSCO” Chinese Society of Clinical Oncology
“CSO” contract sales organization
“CT” computed tomography, a type of medical imaging technique
“cytokine” a broad category of small proteins that are important in cell
signaling, whose release has an effect on the behavior of cells
expressing corresponding receptors
“cytotoxic” toxic to living cells
“DCR” disease control rate, the total proportion of patients who
demonstrate a response to treatment, equal to the sum of
complete responses, partial responses, and stable disease
“DHX9” DExH-Box Helicase 9, an RNA helicase involved in the
processing of pre-mRNA during transcription
“DoR” duration of response, the length of time that a tumor continues
to respond to treatment without the cancer growing or
spreading
“dose escalation” a type of study where different doses of an agent (e.g. a drug)
are tested against each other to establish which dose works best
and/or is least harmful
“dose expansion” a type of study that enrolls additional participants to typically
further evaluate efficacy, safety, tolerability, pharmacokinetics,
and pharmacodynamics
GLOSSARY OF TECHNICAL TERMS
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“DLT” dose-limiting toxicity, toxicities of a drug or other treatment
that are serious enough to prevent an increase in dose or level
of that treatment
“ECG” electrocardiogram, a technique used to record the electrical
activity of the heart through repeated cardiac cycles
“ECOG performance status” a standard criteria developed by the Eastern Cooperative
Oncology Group (ECOG) for measuring how the disease
impacts a patient’s daily living abilities. ECOG performance
status ranges from 0 to 5, with 0 representing that the patient is
fully active, able to carry on all pre-disease performance
without restriction, and 5 representing the death of the patient
“EMA” the European Medicines Agency
“ESMO” European Society for Medical Oncology
“ES-SCLC” extensive-stage small cell lung cancer
“FANC” genes that encode Fanconi anemia complementation group
proteins. Fanconi anemia is a rare genetic disorder associated
with hematological disorders and solid tumor predisposition
“FDA” the United States Food and Drug Administration
“first-in-human” the initial clinical trials conducted in human subjects after
preclinical research and animal testing
“FLAMES study” the Phase III registrational trial of senaparib as maintenance
treatment following 1L chemotherapy in patients with advanced
OC in China (NCT04169997)
“GCP” good clinical practice
“GMP” Good Manufacturing Practice
“Grade” term used to refer to the severity of adverse events
“head-to-head trial” a trial designed to evaluate an investigational medicine
compared to an existing standard of care
“HER2” human epidermal growth factor receptor 2
“HR” hormone receptor
“HRD” homologous recombination deficiency, a phenotype that is
characterized by the inability of a cell to effectively repair
double-strand breaks using the HRR pathway
“HRP” homologous recombination proficiency, which refers to the
ability of a cell or tumor to successfully repair double-strand
breaks using the HRR pathway
GLOSSARY OF TECHNICAL TERMS
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“HRR” homologous recombination repair, a repair mechanism that
enables template-dependent, high-fidelity repair of complex
damage
“IC
50” the half maximal inhibitory concentration, which is a measure
of the potency of a substance in inhibiting a specific biological
or biochemical function. The lower the IC
50 value, the more
potent the substance
“IgG” Immunoglobulin G, the most common type of antibody found in
blood circulation, which plays an essential role in immune
system
“IL” interleukin, a type of cytokine that are expressed and secreted
by white blood cells (leukocytes) and various other cells within
the body
“immune checkpoint inhibitor(s)” or
“ICI(s)”
a type of immunotherapy that blocks proteins called immune
checkpoints, which prevent the immune system from attacking
the cancer cells
“immunotherapy” a type of therapy that involves the immune system to help the
body fight cancer, infection, and other diseases
“in vitro ” Latin for “within the glass”, studies using components of an
organism that have been isolated from their usual biological
surroundings
“in vivo ” Latin for “within the living”, studies in vivo are those in which
the effects of various biological or chemical substances are
tested on whole, living organisms, as opposed to a partial or
dead organism, or those done in vitro
“IND” investigational new drug or investigational new drug
application
“inhibitor” a substance that binds to and decreases the activity of a specific
enzyme or protein, thereby regulating biological processes and
often used therapeutically to block disease-related pathways
“IRC” an independent review committee
“ITT population” intention-to-treat population, the set of all randomised subjects
in a randomised trial
“KOL(s)” key opinion leader(s)
“Kp
uu” the unbound brain-to-plasma concentration ratio, a critical
parameter for evaluating the brain penetration of CNS-targeted
compounds, reflecting the ratio of unbound drug concentration
in the brain to that in the plasma
“leukemia” cancer of the body’s blood-forming tissues, including the bone
marrow and the lymphatic system
GLOSSARY OF TECHNICAL TERMS
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“linker” one of the core components of an ADC. A linker connects the
antibody and payload via chemical bonds
“linker-payload” In ADCs, a linker-payload refers to a therapeutic agent that
consists of a highly toxic drug (the payload) connected to a
chemical structure (the linker) designed to be attached to an
antibody
“MAA” Marketing Authorisation Application, an application made to a
European regulatory authority for approval to market medicine
within the European Union
“MAD” maximum administered dose
“MAH” marketing authorization holder, an individual or entity that
holds the license/legal authorization to market and distribute a
pharmaceutical product in a specific jurisdiction
“mCRPC” metastatic castration-resistant prostate cancer
“median DoR” or “mDoR” median duration of response, the length of time that a tumor
continues to respond to treatment without the cancer growing or
spreading
“median OS” or “mOS” median overall survival, the median of the length of time that
a patient with a specific disease is still alive
“median PFS” or “mPFS” median progression free survival, the median of the length of
time during and after the treatment that a patient lives without
the disease getting worse
“melanoma” a form of skin cancer that arises when pigment-producing cells,
also known as melanocytes, mutate and become cancerous
“metastatic” in reference to any disease, including cancer, disease producing
organisms or malignant or cancerous cells transferred to other
parts of the body by way of the blood or lymphatic vessels or
membranous surfaces
“MNC” multinational companies
“monotherapy” or “mono” therapy that uses a single drug to treat a disease or condition
“MRI” magnetic resonance imaging, a type of medical imaging
technique
“MTD” maximum tolerated dose, the highest dose of a drug or
treatment that does not cause unacceptable side effects
“NDA” new drug application
“NMPA” National Medical Products Administration of China
GLOSSARY OF TECHNICAL TERMS
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“NR” not reached
“NSCLC” non-small cell lung cancer
“OC” ovarian cancer
“ODD” orphan drug designation, a designation granted by the FDA to
a drug or biological product which prevents, diagnoses or treats
a rare disease or condition, qualifying the sponsors for certain
incentives
“oncology” a branch of medicine that deals with tumors, including the
study of their development, diagnosis, treatment, and
prevention
“ORR” overall response rate or objective response rate, the proportion
of patients with a complete response or partial response to
treatment
“OS” overall survival, a length of time that a patient with a specific
disease is still alive, used as a measurement of a drug’s
effectiveness
“payload” one of the core components of an ADC. Payloads are
conventionally highly active and cytotoxic molecules attached
to an antibody via a chemical linker. Noncytotoxic payloads
have recently emerged as novel ADC strategies for oncology
and non-oncology indications
“PARP” poly (ADP-ribose) polymerase, a family of proteins involved in
a number of cellular processes, mostly involving replication
and transcriptional regulation, which plays an essential role in
cell survival in responses to damage
“PARP1” the most abundant enzyme in the PARP family, primarily
responsible for detecting and repairing single-strand break to
maintain cell viability
“PARP1 selective inhibitor(s)” inhibitors that selectively target PARP1
“PARP1/2 inhibitor(s)” inhibitors that target both PARP1 and PARP2
“PARP2” a less abundant enzyme in the PARP family, involved in repair
and damage response, with a focus on both single-strand and
double-strand break. PARP2 can partially take over repair
functions when PARP1 is inhibited
“pCHK1” phosphorylated CHK1
“PD” pharmacodynamics, the study of how a drug affects an
organism, which, together with pharmacokinetics, influences
dosing, benefit, and adverse effects of the drug
“PDX model” patient-derived xenograft model
GLOSSARY OF TECHNICAL TERMS
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“PFS” progression free survival, the length of time during and after
the treatment that a patient lives without the disease getting
worse
“Phase I trial” a study in which a drug is introduced into healthy human
subjects or patients with the target disease or condition and
tested for safety, dosage tolerance, absorption, metabolism,
distribution, excretion, and if possible, to gain an early
indication of its effectiveness
“Phase Ib trial” a subset of Phase I clinical trials that further explores the safety
and preliminary efficacy of a new treatment, often in a slightly
larger group of patients, and may include initial assessments of
dosage and treatment effects
“Phase II trial” a study in which a drug is administered to a limited patient
population to identify possible adverse effects and safety risks,
preliminarily evaluate the efficacy of the product for specific
targeted diseases, and determine dosage tolerance and optimal
dosage
“Phase III trial” a study in which a drug is administered to an expanded patient
population, generally at geographically dispersed clinical trial
sites, in well-controlled clinical trials to generate enough data
to statistically evaluate the efficacy and safety of the product
for approval, to provide adequate information for the product’s
labeling
“PK” pharmacokinetics, a measurement of how fast and how
completely a drug is absorbed into animal or human body,
including the distribution, metabolism, and excretion of drugs
in animal or human body
“PKMYT1” protein kinase membrane associated tyrosine/threonine 1, a
membrane-associated kinase that negatively regulates the
G2/M transition of the cell cycle by phosphorylating and
inactivating cyclin-dependent kinase 1
“placebo” any dummy medical treatment administered to the control
group in a controlled clinical trial in order that the specific and
non-specific effects of the experimental treatment can be
distinguished
“platinum-based chemotherapy” chemotherapy containing platinum complexes, which is used to
treat multiple types of cancers
“PoC” proof-of-concept
“PR” partial response, defined as at least a 30% but less than 100%
decrease in the size of a tumor or the extent of cancer in the
body in response to treatment
GLOSSARY OF TECHNICAL TERMS
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“preclinical study” a study or program testing a drug on non-human subjects, to
gather efficacy, toxicity, pharmacokinetics and safety
information and to decide whether the drug is ready for clinical
trials
“primary endpoint” the main outcome measure used in a clinical trial to determine
the effect of a treatment, reflecting the primary objective of the
study, such as overall survival or disease progression
“PROTAC” proteolysis targeting chimera, an emerging therapeutic entity
designed to degrade target proteins by hijacking the ubiquitin-
proteasome system
“QD” quaque die, which means once a day
“QT” a measurement made on an electrocardiogram used to assess
some of the electrical properties of the heart
“QTcF” QT Interval Corrected Using Fridericia’s Formula, a calculation
used to assess the heart’s electrical activity, particularly in the
context of medication effects on heart rhythm
“radiotherapy” a treatment that uses high energy to kill malignant cancer cells
or other benign tumor cells
“RDC” radionuclide drug conjugate, a novel form of drug conjugates
composed of an antibody linked to a radionuclide, a radioactive
isotope, via a chemical linker
“RECIST” Response Evaluation Criteria in Solid Tumors, a set of
published rules that define when tumors in cancer patients
improve (“respond”), stay the same (“stabilize”), or worsen
(“progress”) during treatment with a focus on measuring tumor
size and its progress over time to assess treatment
effectiveness. The criteria were published in February 2000 by
an international collaboration including the European
Organization for Research and Treatment of Cancer, National
Cancer Institute of the United States, and the National Cancer
Institute of Canada Clinical Trials Group. Now the majority of
clinical trials worldwide evaluating cancer treatments for
objective response in solid tumors use RECIST. These criteria
were developed and published in February 2000, and
subsequently updated in 2009
“registrational trial” the clinical trial or study to demonstrate clinical efficacy and
safety evidence required before submission for drug marketing
approval
“RP2D” recommended phase 2 dose, typically the highest dose with
acceptable toxicity, usually defined as the dose level that
produces around 20% of dose-limiting toxicity
“SABRINA study” the Phase II trial of senaparib monotherapy for patients with
BRCA
mut recurrent platinum-sensitive OC in China
(NCT04089189)
GLOSSARY OF TECHNICAL TERMS
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“SAE” serious adverse event, any medical occurrence in human drug
trials that, at any dose, results in death; is life-threatening;
requires inpatient hospitalization or prolongs existing
hospitalization; results in persistent or significant
disability/incapacity; may cause a congenital anomaly/birth
defect; or requires intervention to prevent permanent
impairment or damage
“SCLC” small cell lung cancer
“secondary endpoint” an additional outcome measure in a clinical trial used to
evaluate the effects of a treatment, providing supplementary
information on efficacy and safety, such as quality of life or
biomarker changes
“SL” synthetic lethality
“SMO” site management organization, an organization that provides
clinical trial related services to medical device companies
having adequate infrastructure and staff to meet the
requirements of the clinical trial protocol
“solid tumor” an abnormal mass of tissue that usually does not contain cysts
or liquid areas. Solid tumors may be benign (not cancer), or
malignant (cancer). Different types of solid tumors are named
for the type of cells that form them
“SD” stable disease, refers to cancer that is neither decreasing at least
30% nor increasing at least 20% in the size of a tumor or in the
extent of cancer in the body in response to treatment in
oncology, according to RECIST
“standard of care” or “SoC” treatment accepted by medical experts as proper for a certain
type of disease and widely used by healthcare professionals
“TEAE” treatment-emergent adverse event, either an adverse event that
starts after the initiation of the study medication or one that
existed before study medication but worsened in severity after
the initiation of study medication
“TGA” Therapeutic Goods Administration of Australia
“therapeutic window” the range of drug dosages that can treat disease effectively
without having toxic effects, or the time interval during which
a particular therapy can be given safely and effectively
“T
max” time to reach C max
“TMZ” temozolomide, an oral alkylating agent for the treatment of
newly diagnosed glioblastoma multiforme and refractory
anaplastic astrocytoma
“TNBC” triple-negative breast cancer
GLOSSARY OF TECHNICAL TERMS
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“TRAE” treatment-related adverse event, an adverse event that, in the
investigator’s opinion, may have been caused by the study
medication with reasonable possibility
“TTR” time to response, the time from the start of treatment to the first
objective tumor response (tumor shrinkage of /H1135030%) observed
for patients who achieved a complete response or partial
response
“USC” uterine serous carcinoma
“USP1” ubiquitin-specific protease 1, a deubiquitinating enzyme
involved in damage response
“WEE1” a tyrosine kinase that inhibits the activation of CDK1 and
CDK2 to maintain normal cell cycle by regulating initiation of
replication, known to be overexpressed in many cancer types
“wild type” a strain, gene, or characteristic which prevails among
individuals in natural conditions, as distinct from an atypical
mutant type
“xenograft model” in the xenograft model, human cancer cells are implanted in an
immunodeficient mouse. Subsequently a drug or drug
combination is administered
GLOSSARY OF TECHNICAL TERMS
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This prospectus contains forward-looking statements and information that relate to our current
expectations and views of future events. These forward-looking statements are contained principally in
“Summary,” “Risk Factors,” “Industry Overview,” “Business,” “Financial Information” and “Future
Plans and Use of Proceeds.” These statements relate to events that involve known and unknown risks,
uncertainties and other factors, including those listed in “Risk Factors,” which may cause our actual
results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
In some cases, these forward-looking statements can be identified by words or phrases such as
“may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions. These forward-looking statements include,
among other things, statements relating to: the ability of our clinical trials to demonstrate positive results;
the timing, progress and results of preclinical studies and clinical trials for drug candidates that we may
develop; the timing, scope and likelihood of regulatory filings and approvals; our ability to develop and
advance our current pipeline programs into, and successfully complete, clinical trials; our
commercialization strategy; the size of the market opportunity for our Core Product and drug candidates;
our operations and business prospects; our financial condition and performance, debt levels and capital
needs; our capital expenditure plan; our ability to maintain good relationships with our CRO, CSO and
other business partners; future developments, trends and conditions (including economic, political and
business conditions) in the industries and markets in which we operate or plan to operate; changes to the
regulatory environment in the industries and markets in which we operate; the actions and developments
of our competitors; the ability of third parties to perform in accordance with contractual terms and
specifications; our ability to retain senior management and key personnel and recruit qualified staff; our
ability to control or reduce costs; our ability to control risks; our dividend policy; changes or volatility
in interest rates, foreign exchange rates, equity prices or other rates or prices, including those pertaining
to the PRC and the industry and markets in which we operate; and capital market developments.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of
which are beyond our control. In addition, these forward-looking statements reflect our current views
with respect to future events and are not a guarantee of future performance. Actual outcomes may differ
materially from the information contained in the forward-looking statements as a result of a number of
factors, including, without limitation, the risk factors set out in “Risk Factors.”
The forward-looking statements contained in this prospectus relate only to events or information
as of the date on which the statements are made. Except as required by law, we undertake no obligation
to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or to reflect the occurrence
of unanticipated events. Y ou should read this prospectus completely and with the understanding that our
actual future results or performance may be materially different from what we expect. In this prospectus,
statements of, or references to, our intentions or those of any of our Directors are made as of the date
of this prospectus. Any of these intentions may change in light of future development.
FORW ARD-LOOKING STATEMENTS
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An investment in our H Shares involves significant risks. You should carefully consider all
of the information in this prospectus, including the risks and uncertainties described below, as well
as our financial statements and the related notes, before deciding to invest in our H Shares. The
following is a description of what we consider to be our material risks. Any of the following risks
could have a material adverse effect on our business, financial condition, results of operations and
growth prospects. In any such an event, the market price of our H Shares could decline, and you
may lose all or part of your investment. Additional risks and uncertainties not presently known to
us or that we currently deem immaterial also may impair our business operations. These factors
are contingencies that may or may not occur , and we are not in a position to express a view on the
likelihood of any such contingency occurring. The information given is as of the Latest Practicable
Date unless otherwise stated, will not be updated after the date hereof, and is subject to the
cautionary statements in the section headed “Forward-looking Statements” in this prospectus.
KEY RISKS RELATING TO OUR BUSINESS, BUSINESS OPERATIONS,
COMMERCIALIZATION, INTELLECTUAL PROPERTY RIGHTS AND FINANCIAL
POSITION
We may not be able to fully realize the potential of senaparib and successfully advance its clinical
development for additional indications as we planned.
We have received the regulatory approval for senaparib as 1L maintenance therapy for OC
“all-comers” in China and we are actively advancing senaparib’s clinical and regulatory progress
globally and across various indications. In Europe, our MAA was formally accepted in August 2025, with
approval expected in the second half of 2026. We are also pursuing life cycle management for senaparib
and exploring combination therapy opportunities, including a global Phase Ib/II trial of senaparib with
temozolomide (TMZ) for small cell lung cancer (SCLC), which has received Orphan Drug Designation
(ODD) from the FDA, and another Phase Ib/II trial combining senaparib with A TR inhibitor IMP9064,
our Key Product, for OC. During the process, we may require additional resources to enhance our
existing research and development capabilities. If we fail to successfully implement these strategies, we
may not be able to fully realize the potential of senaparib. The successful development of senaparib for
additional indications depends on factors that could be out of our control, including initial safety and
efficacy results, resource availability, and the emergence of new SL pathways. We may fail to identify
additional therapeutic opportunities, which could materially and adversely affect our growth, pipeline
expansion, and business prospects.
We face intense competition and rapid technological change, and our competitors may develop
therapies that are similar, more advanced, or more effective than ours. This could adversely affect
our financial condition and hinder our ability to successfully commercialize our drug candidates.
We face competition from major multinational and emerging pharmaceutical and biotechnology
companies worldwide. Our competitors include large biopharmaceutical companies currently marketing
drugs or pursuing development for the same indications as ours. Some competitive products use similar
scientific approaches; others are based on entirely different approaches. Failure to differentiate our drug
candidates or secure robust IP protection may result in market share loss or legal challenges. See
“Industry Overview” for competitive market descriptions. Many competitors have significantly greater
financial, technical, and human resources than we do in R&D, clinical trials, regulatory approvals,
manufacturing, and marketing. Competition may intensify due to advances in new or disruptive
technologies. Competitors may develop safer, more effective, more convenient, or less expensive drugs.
Competitors may also obtain regulatory approvals faster, establishing stronger market positions and
potentially rendering our drug candidates obsolete before we recover development costs. Mergers and
acquisitions may concentrate more resources among fewer competitors. Smaller companies may also
prove significant competitors through collaborative arrangements with larger companies. Third parties
compete with us in recruiting personnel, establishing clinical trial sites, enrolling patients, and acquiring
complementary technologies.
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Clinical drug development involves a lengthy and expensive process with uncertain outcomes.
As of the Latest Practicable Date, our pipeline comprised of one commercial-stage, four
clinical-stage and seven pre-IND stage assets, representing one of the most comprehensive and advanced
SL portfolios in China and worldwide, according to Frost & Sullivan. For details of our pipeline and
clinical development of our drug candidates, see “Business — Our Pipeline.” Clinical trials are
expensive, difficult to implement, take years to complete, and have uncertain outcomes. Failure can occur
at any time. We may experience events that delay or prevent regulatory approvals, including: regulators
may not authorize us or our investigators to commence a clinical trial or conduct a clinical trial at a
prospective trial site; clinical trials of our drug candidates may produce negative or inconclusive results,
and we may decide, or regulators may require us, to conduct additional clinical trials or abandon drug
development programs; the patient enrolment may be insufficient or slower than we anticipate or patients
may drop out or fail to return for post-treatment follow-up at a higher rate than anticipated; our CROs
may fail to comply with regulatory requirements or meet their contractual obligations; the number of
patients required for clinical trials of our drug candidates may be larger than we anticipate; drug
candidates may lack meaningful clinical responses or expose participants to unacceptable health risks;
regulators may require suspension or termination of clinical research for non-compliance; the costs of
clinical trials of our drug candidates may be substantially higher than anticipated; supply or quality of
drug candidates or trial materials may be insufficient; and drug candidates may cause adverse events
(AEs) or have undesirable side effects, causing trial suspension or termination.
Delays or discontinuations may increase development costs or require strategic reprioritization.
Changes in treatment paradigms, competitive dynamics, or clinical evidence may require trial
modifications or termination. For example, we discontinued our Phase II trial for prostate cancer
maintenance therapy and our Phase I/Ib combination study with Junshi’s PD-1 antibody (JS001) before
patient enrollment to optimize resource allocation in light of economic considerations and emerging
third-party clinical data. We also revised the anticipated NDA submission timeline for senaparib as 3L
OC treatment from 2022 to 2027 due to slower-than-anticipated patient enrollment resulting from shifts
in treatment standards toward earlier lines of therapy. Delays in regulatory submissions may reduce our
commercial opportunity in affected indications. Significant delays or discontinuations in clinical trials
could also allow our competitors to bring drugs to market before we do and impair our ability to
commercialize our drug candidates, which may have an adverse effect on our business and results of
operations.
If our drug candidates fail to demonstrate safety and efficacy to the satisfaction of regulatory
authorities or do not otherwise produce positive results, we may incur additional costs or
experience delays in completing, or ultimately be unable to complete, the development and
commercialization of our drug candidates.
Before obtaining regulatory approval, we must conduct extensive clinical trials demonstrating
safety and efficacy. If results are not positive or raise safety concerns: we may be delayed in or not obtain
regulatory approval; we may be required to add labeling statements or create medication guides; we may
be required to develop risk evaluation and mitigation strategies; we may not obtain regulatory approval
for all the proposed indications as intended; and we may face restrictions on drug distribution or use,
liability for patient injuries, or be unable to obtain reimbursement. AEs in our trials or trials of similar
products, and resulting publicity, could decrease the perceived benefit of our drug candidates, result in
product liability claims, and affect patient recruitment or trial completion.
If we are unable to benefit from the sales network of our third-party collaborator, or effectively
manage our in-house sales team, our ability to generate revenue from sales of senaparib and our
business, financial condition, results of operations and prospects may be materially and adversely
affected.
We obtained the marketing approval for senaparib as 1L maintenance therapy for OC “all-comers”
in China in January 2025. Following this approval, we entered into a contract sales services agreement
with Zhongmei Huadong for the commercialization of senaparib in China, pursuant to which we granted
Zhongmei Huadong an exclusive right to market, sell, and promote senaparib in China. See “Business
— Our Material Collaboration and Licensing Arrangements — Contract Sales Services Agreement with
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Huadong Medicine.” In addition, we entered into a global partnership with Eikon Therapeutics to
advance IMP1734 and IMP1707. See “Business — Our Material Collaboration and Licensing
Arrangement — Collaboration Agreement with Eikon Therapeutics.” We aim to collaborate with leading
biopharmaceutical companies with SL expertise, large-scale manufacturing capabilities, and established
commercial infrastructure for the commercialization of senaparib and our future approved drugs. We may
pursue additional collaborative arrangements for sales and marketing of other drug candidates, if
approved, though there can be no assurance such arrangements will be successful. Collaboration risks
include: partners may lack effective sales and marketing capabilities or not prioritize our products; we
may have limited control over marketing activities, resulting in suboptimal execution; actual revenue
may fall short of expectations; agreements may be terminated on short notice due to strategic shifts,
competitive pressures, or other factors; partners may fail to make expected payments, impacting our
financial planning; loss of control over IP rights could limit commercial value capture; disagreements
may lead to delays, litigation, or termination; anticipated synergies may not materialize or may be offset
by increased costs; if collaboration is terminated, we may not find a suitable replacement; and we face
competition in securing suitable third parties for sales and marketing.
Our collaboration and licensing agreements with certain third parties, including Huadong Medicine
and Eikon, establish a joint steering committee (“JSC”) with decision-making authority relating to the
performance of the collaboration agreements. The JSC makes decisions by voting. If a deadlock in voting
occurs, the JSC would be unable to render a decision. Though our collaboration agreements provide
alternative decision-making mechanisms upon such deadlock, such as negotiation by the parties’ senior
executives, the deadlock may cause delay, disruption or loss of good faith in the parties’ collaboration.
Moreover, the alternative decision-making mechanisms may still be unable to resolve the parties’
differences. In that case, the third party may have the final decision-making authority in the jurisdiction
where the third party has acquired rights to the subject product candidate, such as under the collaboration
with Eikon, such that the final decision may favor the third party but not us. In addition, any
disagreement with our collaboration partner may cause delay, disruption or loss of good faith in the
parties’ collaboration.
If we are unable to obtain and maintain adequate patent and other intellectual property protection
for our drug candidates, or if the scope of such intellectual property rights obtained is not
sufficiently broad, third parties may compete directly against us, and our ability to successfully
develop and commercialize any of our drug candidates would be materially adversely affected.
Our success depends largely on protecting our proprietary technologies and drug candidates
through patents and other IP rights. Any failure to obtain or maintain such protection could materially
adversely affect our business. We seek patent protection by filing applications, relying on trade secrets
and regulatory protection. In particular, we have sought patents in China, the United States and various
other jurisdictions for our Core Product, Key Products and other drug candidates. See “Business —
Intellectual Property.” However, patent prosecution is expensive, time-consuming, and complex. We may
not be able to file, prosecute, maintain, or enforce all necessary patents at reasonable cost. Patentability
requirements differ across jurisdictions. Many jurisdictions have compulsory licensing laws or limit
patent enforceability against government entities, which could diminish patent value. If we or any of our
licensors are forced to grant licenses to third parties, our competitive position may be materially
impaired.
Patents may be invalidated or denied due to prior art, lack of novelty, obviousness, or procedural
deficiencies. We may fail to identify patentable aspects of our R&D in time. Despite non-disclosure
agreements, parties may breach and disclose output before patent filing. Under “first-to-file” systems, we
may lose priority to earlier third-party applications. We focus on protecting IP in China, the United
States, and other target markets. Worldwide protection would be prohibitively expensive. Patent
protection varies by-claim and jurisdiction. Laws in certain jurisdictions do not protect IP to the same
extent as our target markets. Additionally, competitors may use our technologies in jurisdictions where
our IPs are not protected to develop competing products and export them to other markets.
Many companies have encountered significant problems protecting IP rights in these jurisdictions,
where legal systems do not favor enforcement of patents, trade secrets, and other IP protection,
particularly for biotechnology products. This could make it difficult for us to stop infringement or
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misappropriation of our IP rights, or the marketing of competing drugs in violation of our proprietary
rights. Enforcement proceedings in foreign jurisdictions could result in substantial costs, divert
management attention, risk invalidation or narrow interpretation of our patents, and provoke third-party
claims against us. We may not prevail in any lawsuits we initiate, and any damages awarded may not be
commercially meaningful. Accordingly, our efforts to enforce IP rights worldwide may be inadequate to
obtain a commercial advantage from the IP we develop or license. In addition, under PRC patent law
(), any organization or individual that applies for a patent in a foreign
country for an invention or utility model accomplished in China is required to report to the China
National Intellectual Property Administration (the “CNIPA”), for confidentiality examination. Otherwise,
if an application is later filed in China, the patent right will not be granted. Any of the foregoing could
have a material adverse effect on our competitive position, business, financial condition, results of
operations and prospects.
We rely on third-party service providers, for the development, manufacturing and
commercialization of our drug candidates. If these third parties fail to perform their contractual
duties, deliver products of required quality, or meet expected timelines, our clinical development,
regulatory approval and commercialization may be adversely affected.
We work with CROs, contract development and manufacturing organizations (CDMOs), CSOs, site
management organizations (SMOs), and other third parties to support preclinical research, clinical trials,
manufacturing, and product commercialization under our oversight. We remain responsible for ensuring
studies comply with applicable protocols, regulations, and scientific standards, and that clinical trials are
conducted in accordance with Good Clinical Practice (GCP) and Good Manufacturing Practices (GMP).
Non-compliance may render clinical data or manufactured products unreliable, require additional trials,
or delay regulatory approvals.
Specifically, we currently outsource our manufacturing activities to a globally recognized CDMO
with extensive expertise in research, development, and production. If the collaboration with the CDMO
were to terminate, there can be no assurance that we would be able to enter into arrangements with
alternative CDMOs on a timely basis or on commercially favourable terms, which could adversely affect
the manufacturing of our drug candidates. We may collaborate with other CDMOs based on our needs
in the future. Reliance on third-party manufacturers would generally expose us to the following risks:
inability to produce sufficient quantities or quality of drug candidates, regulatory non-compliance,
substandard products leading to trial failures or reputational harm, potential exposure to liability, and
disruption due to supply shortages or unforeseen events. Product quality also depends on the
effectiveness of our quality control systems, production processes, equipment reliability, and staff
training. Although we are working with our CDMO to improve documentation and quality procedures,
we cannot guarantee that deviations from quality standards will not occur. Any significant failure in
quality control could jeopardize cGMP compliance, harm our reputation, and materially affect our
business.
At the same time, we also cooperate with Zhongmei Huadong for CSO services for the
commercialization and marketing of senaparib in China. Disruptions in this relationship could affect key
marketing and sales initiatives, delay revenue generation, and weaken our competitive position. While
we may engage additional CSOs in the future, there can be no assurance that such arrangements would
fully mitigate these risks or be established on terms comparable to our current collaboration. For further
details, see “— If we are unable to benefit from the sales network of our third-party collaborator, or
effectively manage our in-house sales team, our ability to generate revenue from sales of senaparib and
our business, financial condition, results of operations and prospects may be materially and adversely
affected.”
In addition, if relationships with other third-party providers, including CROs, SMOs, and other
third-party providers, deteriorate or terminate, switching to or engaging alternative service providers
could require significant time and cost, and these third parties may not devote sufficient resources to our
programs. Any failure to perform contractual duties, meet timelines, or maintain product or data quality
could delay clinical trials, regulatory approvals, or commercialization, and materially impact our
business, financial condition, and results of operations.
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We have incurred net losses since our inception and expect that we will continue to incur net losses
for the foreseeable future and we may not be able to generate sufficient revenue to achieve or
maintain profitability. Potential investors may lose substantially all their investments in us given
the high risks involved in our business.
Investment in pharmaceutical development is highly risky, requiring substantial upfront capital
with significant risk that candidates fail to gain approval or become commercially viable. For 2024 and
2025, we incurred losses of RMB254.8 million, and RMB295.9 million, respectively. Substantially all
losses resulted from R&D programs and administrative expenses. Potential investors may lose
substantially all their investments. We expect significant expenses and losses to continue. Our expenses
will increase as we: advance clinical trials and preclinical studies; pursue regulatory approvals in
additional jurisdictions and indications; launch and market approved drug candidates; initiate new drug
candidate studies; build commercialization capabilities and attract skilled personnel; maintain, protect,
expand, and enforce our IP portfolio; and acquire or in-license drug candidates, IP assets, and
technologies.
In addition, we will incur costs associated with operating as a public company. The size of our
future net losses will depend, in part, on our ability to generate revenues from senaparib, the number and
scope of our drug development programs, the cost of commercializing any approved drugs, and the
timing and amount of payments under collaboration arrangements. Even if we achieve profitability in the
future, we may not be able to sustain it, which could impair our ability to raise capital, maintain R&D
efforts, expand our business, or continue operations. Any decline in our Company’s value could cause
you to lose all or part of your investment.
We had net operating cash outflow during the Track Record Period and we may need additional
financing to fund our operations.
During the Track Record Period, we financed operations primarily through equity financings,
licensing, collaboration, and senaparib sales. We recorded a net cash outflow from operating activities
of RMB81.3 million and RMB95.9 million for 2024 and 2025. As we commercialize senaparib and
expand our pipeline, we expect significant expenditures for R&D, regulatory affairs, and sales and
marketing. Our existing resources may be insufficient to fund expanded operations. We will require
further funding. Our future funding requirements will depend on many factors, including: clinical trial
progress, timing, scope, costs, and enrollment ability; regulatory approval outcomes, timing, and costs;
discovery and early development progress and costs; commercialization preparation and product launch
funding requirements; manufacturing requirements for clinical development and commercialization;
selling and marketing costs for senaparib and future approved candidates; timing of milestones and
royalty payments from collaborations; pipeline development requirements; and headcount growth and
associated costs. Adequate additional funding may not be available on acceptable terms. If unable to raise
capital when needed, we may need to delay or terminate R&D programs and commercialization efforts,
which could materially adversely affect our business.
RISKS RELATING TO THE DEVELOPMENT OF OUR DRUG CANDIDATES
We may not be able to identify, discover or develop new drug candidates, or to identify additional
therapeutic opportunities for our drug candidates to maintain or expand our drug pipeline.
We cannot guarantee success in identifying potential drug candidates. Drug candidates we identify
may have harmful side effects or characteristics making them unmarketable or unlikely to receive
approval. Some candidates are technically challenging to develop and manufacture. Research programs
require substantial technical, financial, and human resources. Our programs may initially show promise
but fail for various reasons, including: research methodology may prove insufficient; potential candidates
may show adverse effects or other characteristics indicating unlikely efficacy; and it may take greater
resources to identify opportunities or develop candidates, limiting portfolio diversification. We cannot
assure that we will identify new drug candidates or therapeutic opportunities. We may focus efforts on
candidates that ultimately prove unsuccessful.
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If we encounter delays or difficulties in enrolling patients in our clinical trials, our clinical
development activities could be delayed or adversely affected.
The successful completion of clinical trials depends on enrolling a sufficient number of eligible
patients who remain through the trial’s conclusion. We may be unable to initiate or continue trials if we
cannot identify and enroll enough patients, or if enrollment is delayed due to competition or other factors,
which could significantly delay clinical development. Enrollment difficulties may arise from: total size
and nature of the patient population; trial design and eligibility criteria; study population size
requirements for analysis of the trial’s primary endpoints; disease severity; resources to facilitate timely
enrollment; physician referral practices; patient proximity to trial sites; ability to recruit qualified
investigators; investigator and site recruitment efforts to screen and recruit eligible patients; perceptions
of drug advantages and side effects compared to alternatives; ability to obtain and maintain patient
consents; risk that enrolled patients will not complete trials; and availability of similar approved
therapies. Our clinical trials may compete with other trials in the same therapeutic areas, reducing the
number and types of patients available. Some patients who might otherwise enroll in our trials may
choose competitor trials instead. Because the pool of qualified investigators and trial sites is limited, we
may conduct trials at sites also used by competitors, further reducing patient availability. Even if
enrollment targets are met, enrollment delays may increase costs and affect timing or outcomes,
adversely affecting drug candidate development.
AEs caused by our drugs could interrupt, delay or halt clinical trials, delay or prevent regulatory
approval, limit the commercial profile of an approved label, or result in significant negative
consequences following any regulatory approval.
Our drugs are novel cancer therapeutics. AEs or side effects may not be fully understood and may
arise after longer observation periods. AEs from our drugs or combination therapies could cause
significant negative consequences, including but not limited to: regulatory authorities could interrupt,
delay, or halt clinical trials; we may suspend or alter drug development or marketing; regulators may
order us to cease further development or deny approval if AE severity or prevalence is unacceptable;
regulators may withdraw approvals or revoke licenses; regulators may require additional warnings on the
label of an approved drug or impose limitations on an approved drug; we may be required to develop or
modify risk evaluation mitigation strategies; we may be required to conduct post-marketing studies; we
could face litigation and liability for patient harm from our drug candidates; patient enrollment may be
insufficient or patient dropout rates may increase; clinical trial costs may substantially exceed
expectations; products may become less competitive; we could be required to recall drugs and face
liability; and our reputation may suffer. Any of these events could prevent us from achieving or
maintaining market acceptance of the particular drug candidate, and could significantly harm our
business, results of operations and prospects.
We may allocate our limited resources to the development of a specific drug candidate or
indication, potentially overlooking others drug candidates and indications that may later
demonstrate greater commercial potential or a higher probability of success.
We may forgo or delay opportunities that may later prove more valuable. Spending on current
programs may not yield commercially viable products. If we do not accurately evaluate commercial
potential, we may relinquish valuable rights through licensing when it would have been more
advantageous to retain them, or allocate resources to less promising areas. This could materially
adversely affect our business.
The data and information that we gather or rely on in our research and development process could
be inaccurate or incomplete.
We and our collaboration partners collect, aggregate, process, and analyze data from our
preclinical, clinical and other R&D programs. Data in the pharmaceutical industry is often fragmented,
inconsistent in format, and incomplete, making quality of such data subject to challenge. We may
discover material data issues and errors when monitoring and auditing our data. Mistakes in the capture,
input, or analysis of data could materially harm our ability to advance drug candidate development and
damage our business, prospects, and reputation.
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We manage and submit data to governmental entities to obtain necessary regulatory approvals.
These processes and submissions are governed by complex data processing and validation policies and
regulations. Notwithstanding such policies and regulations, interim, top-line or preliminary data from our
clinical trials that we announce or publish from time to time may change as more patient data become
available and are subject to audit and verification procedures that could result in material changes. We
may be exposed to liability if a customer, court, or government agency concludes that our storage,
handling, submission, delivery, or display of health information or other data was wrongful or erroneous.
Uninsured or under-insured claims could harm our business, financial condition, and results of
operations. Even unsuccessful claims could result in substantial costs and diversion of management
attention.
In addition, we rely on third parties (including CROs and SMOs) to monitor and manage data for
some of our preclinical and clinical programs and control only certain aspects of their activities. If these
third parties do not meet our standards for data accuracy or completeness, study data may be
compromised, and our reliance on them does not relieve us of regulatory responsibilities.
Our relationships with certain principal investigators, KOLs, leading hospitals and other industry
experts may affect the clinical development and marketing of senaparib and our other drug
candidates.
Our relationships with principal investigators, KOLs, and leading hospitals are vital to our research
and development and marketing activities. However, we cannot assure you that we will be able to
maintain or strengthen our clinical collaborations and relationships with any of them, or that our efforts
to maintain or strengthen such relationships will yield the successful development and marketing of new
products. These industry participants may leave their roles, change their business or practice focus,
choose to no longer cooperate with us or cooperate with our competitors instead. Even if these industry
participants may continue to collaborate with us, the market insights and perceptions they provide, on
which we rely during our research and development efforts, could be inaccurate, potentially resulting in
the development of drugs with limited commercial appeal. Failure to develop new drugs or maintain
these collaborations may materially adversely affect our business.
RISKS RELATING TO COMMERCIALIZATION OF OUR DRUG CANDIDATES
Senaparib and our future approved drugs may fail to achieve the degree of market acceptance by
physicians, patients, third-party payers and others in the medical community necessary for
commercial success, and the actual market size of our drug candidates might be smaller than
expected.
The commercial success of senaparib and our other drug candidates depends on market acceptance.
They may fail to gain sufficient acceptance by physicians, patients, third-party payers, and the medical
community. Market acceptance will depend on factors including: approved clinical indications;
perceptions of safety and efficacy by physicians, hospitals, and patients; efficacy and safety of our drug
candidates; the potential and perceived advantages of our drug candidates over alternative treatments; the
competitive positioning of our drug candidates; the prevalence and severity of any side effects; product
labelling or product insert requirements of regulatory authorities; limitations or warnings contained in the
labelling approved by regulatory authorities; timing of market introduction versus competitors; cost
compared to alternatives; coverage, reimbursement, and pricing availability; patient willingness to pay
out-of-pocket; convenience and ease of administration; and effectiveness of sales and marketing efforts.
If senaparib and our future approved drugs do not achieve adequate acceptance, sales will suffer. Even
if products achieve acceptance, new products or technologies may erode it over time.
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We may explore opportunities to commercialize senaparib or other drug candidates globally, which
may expose us to risks relating to conducting business in international markets, including political
and economic instability and changes in diplomatic and trade relationships, which may materially
and adversely affect our business and results of operations.
A central component of our growth strategy involves expanding our presence in international
markets. Expanding internationally involves risks, including: political, cultural, or economic condition
changes; unexpected law and regulatory changes; international operations may increase expenses or
divert management attention; economic weakness, inflation, or political instability; compliance burdens
with diverse foreign laws; inadequate IP protection in certain jurisdictions; anti-corruption and
anti-bribery law enforcement; trade- protection measures, export restrictions, and penalties; longer
payment cycles, collection difficulties, and adverse tax treatment; local tax consequences; and adverse
currency exchange rate changes. We are subject to general geopolitical risks in foreign countries
including political instability and diplomatic changes, which could cause revenue declines and materially
adversely affect our business.
Our sales efforts may be hindered by pricing regulations or other cost-containment policies aimed
at reducing healthcare expenditures, potentially exposing us to pricing and volume constraints and
adversely affect our business, financial condition and results of operations.
Regulatory requirements for approvals, pricing, and reimbursement vary widely by jurisdiction.
Successful commercialization will depend partly on reimbursement availability from government
authorities, private health insurers, and other organizations. In jurisdictions such as China and the United
States, the pricing of drugs and biologics is typically subject to governmental control, which can take
considerable time even after obtaining regulatory approval. With the trend of cost containment in the
global healthcare industry, government authorities and these third-party payers have attempted to control
costs by limiting coverage and the amount of reimbursement for particular medications. For instance, the
Ministry of Human Resources and Social Security of China or provincial or local human resources and
social security authorities, together with other government authorities, regularly review the inclusion or
removal of drugs from the National Reimbursement Drug List (the “NRDL”) (ͦ፽),
or provincial or local medical insurance catalogues for the Provincial Reimbursement Drug List (the
“PRDL”) (ͦ፽), as well as the reimbursement tier classification of drugs. Both factors
affect the amounts reimbursable to program participants for their purchases of those drugs. Senaparib has
been included in the NRDL and reimbursable for 1L maintenance therapy for OC “all-comers” since
January 1, 2026. However, there can be no assurance that senaparib will be included in the NRDL or
PRDL for its other indications in the future, or that any of our future approved drugs will be included
in the NRDL or the PRDL. Products included in the NRDL or the PRDL are typically generic and
essential drugs. The PRC government has implemented significant reforms of the pharmaceutical
industry in recent years and may enforce additional measures in the future which may adversely affect
our pricing strategy drugs. If we fail in our efforts to have senaparib included in the NRDL or PRDL for
its other indications in the future, or to have other approved drugs included in the NRDL or the PRDL,
as applicable, our revenue from commercial sales of such products will be highly dependent on patient
self-payment, which can make our products less competitive. Even if our drug candidates have already
obtained regulatory approval, any adverse pricing limitations may hinder our ability to recoup our
investment in one or more drug candidates.
In addition, third-party payers are increasingly requiring predetermined discounts from list prices
and challenging prices charged for medical products. We cannot be sure that reimbursement will be
available for senaparib and any future approved drugs we commercialize or, if available, at what level.
Reimbursement may impact demand for or price of any approved drugs we commercialize. Obtaining or
maintaining reimbursement may be particularly difficult because of higher prices often associated with
drugs administered under physician supervision. If reimbursement is not available or is available only at
limited levels, we may not be able to successfully commercialize any drug candidates we develop.
There may be significant delays in obtaining reimbursement for approved drugs, and coverage may
be more limited than approved purposes. Moreover, reimbursement eligibility does not imply payment
in all cases or at rates that cover our costs. Interim payments for new drugs may be insufficient and may
not be made permanent. Payment rates may vary by drug use and clinical setting, may be based on
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payments for lower-cost reimbursed drugs, and may be incorporated into existing payments for other
services. Net prices may be reduced by mandatory discounts or rebates from government healthcare
programs or private payers and by any future weakening of laws restricting drug imports from
lower-priced countries. Our inability to promptly obtain coverage and profitable payment rates from
government-funded and private payers for senaparib and any future approved drugs could materially
adversely affect our business and financial condition.
In addition to government pricing regulation, pharmaceutical product prices typically decline over
the product life due to factors such as centralized tender processes and increased competition from
substitutes. This competition may arise from price adjustments by pharmaceutical companies, whether
voluntary or driven by government regulations or policies, or from importation of competing products
from countries with lower prices due to government price controls or other market dynamics. Prices of
senaparib and our other drug candidates, if approved, may be susceptible to such pricing pressure. If
prices of senaparib and our other drug candidates, if approved, decline due to government pricing
regulation, emergence of substitute products or other market factors, we may not be able to mitigate the
adverse effects without incurring substantial expenses to improve our drugs, which could materially and
adversely affect our business and profitability.
Lack of third-party combination drugs may materially and adversely affect our clinical
development.
Our drug candidates may be administered in combination with third-party drugs. Trial results and
sales may be affected by the availability of these drugs, over which we generally have no influence. If
combination drugs are discontinued or become prohibitively expensive, we may not find alternatives
timely, adversely affecting our clinical development.
Guidelines, recommendations, and studies published by various organizations could disfavor our
approved drugs products.
Government agencies, professional societies, and other organizations may publish guidelines or
studies that affect our drugs. Negative publications could decrease use, sales, and revenue. Third-party
guidelines could also undermine our education efforts, adversely affecting our business and reputation.
RISKS RELATING TO OUR INTELLECTUAL PROPERTY RIGHTS
We may be involved in lawsuits to protect or enforce our intellectual property, or defend against
infringement and other claims alleged by third parties, which could be expensive, time consuming
and unsuccessful, and delay us from developing or commercializing our drug candidates.
Competitors or other third parties may infringe our or our licensors’ patent rights or misappropriate
or otherwise violate our IP rights. To counter such infringement or unauthorized use, litigation may be
necessary to enforce or defend our IP rights, protect our trade secrets or determine the validity and scope
of IP rights. Such litigation could be expensive and time-consuming and, even if resolved in our favor,
could distract management and technical personnel from their responsibilities. We may not prevail in any
lawsuits we initiate, and any damages awarded may not be commercially meaningful. Claims we assert
could provoke counterclaims alleging we infringe, others’ IP rights. Many competitors can dedicate
substantially greater resources to enforce and defend their IP rights. Accordingly, we may not be able to
prevent third parties from infringing or misappropriating our IP rights. An adverse litigation result could
put our patents at risk of being invalidated, held unenforceable, or interpreted narrowly. Furthermore,
given the substantial discovery required in IP litigation, some of our confidential information could be
compromised. Even if we ultimately prevail or settle early, such litigation could burden us with
substantial unanticipated costs.
Moreover, we may not detect third parties’ patent infringement. Even if detected, we may choose
not to pursue litigation or settlement. If we later sue for infringement, the third party may have legal
defenses available due to the delay between detection and suit that could make it impossible to enforce
our patents against that party.
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Although we believe we have conducted patent prosecution in accordance with the duty of candor
and in good faith, the outcome of legal assertions of invalidity and unenforceability is unpredictable. We
cannot be certain that there is no invalidating prior art of which we, our collaboration partner, our or their
patent counsel, and the patent examiner were unaware during prosecution. If a defendant prevails on
invalidity or unenforceability, we could lose patent protection on our drug candidates, allow third parties
to commercialize our drug candidates and compete directly with us without payment, or be required to
obtain license rights from the prevailing party. Even if a defendant does not prevail, our patent claims
may be construed in a manner limiting our ability to enforce them.
Moreover, if the breadth or strength of our patent protection is threatened, it could dissuade
companies from collaborating with us to license, develop, or commercialize our drug candidates.
Additionally, while we are not currently experiencing any claims challenging inventorship of our
patents or ownership of our IP , we may in the future be subject to claims that former employees,
collaboration partners, or other third parties have an interest in our owned, out-licensed, or in-licensed
patents, patent applications, trade secrets, or other IP as an inventor or co-inventor. Inventorship disputes
may arise from conflicting obligations of employees, collaboration partners, consultants, or others
involved in developing our drug candidates or technology. Litigation may be necessary to defend against
claims challenging inventorship. If we fail in defending such claims, we may pay monetary damages and
lose valuable IP rights, such as exclusive ownership of or right to use IP important to our drug candidates.
Even if successful, litigation could result in substantial costs and distraction to management. Any of the
foregoing could materially adversely affect our competitive position, business, financial condition,
results of operations, and prospects.
The scope of our patent protection may be uncertain. Our current or any future patents may be
challenged and invalidated even after issuance, which would materially adversely affect our ability
to successfully commercialize our drugs and drug candidates.
The patent position of pharmaceutical and biopharmaceutical companies is generally highly
uncertain, involving complex legal and factual questions, and has been the subject of much litigation. As
a result, the issuance, scope, validity, enforceability, and commercial value of our patent rights are highly
uncertain. Our pending patent applications may not be issued as patents, and even if they do, they may
not be issued with claim scopes that provide meaningful protection or competitive advantage. The
coverage of claims in a patent application can be significantly reduced before issuance, and claim scope
can be reinterpreted after issuance due to changes in patent laws or their interpretation in China, the
United States, and other jurisdictions. Any patents we own or in-license may be challenged, narrowed,
circumvented, or invalidated by third parties. We cannot predict whether our current or future patent
applications will be issued in any particular jurisdiction or whether any issued patents will provide
sufficient protection from competitors.
The issuance of a patent is not conclusive as to its inventorship, scope, validity or enforceability,
and our patent rights may be challenged in the courts or patent offices in China, the United States and
other jurisdictions. We may be subject to a third-party submission of prior art to the U.S. Patent and
Trademark Office (the “USPTO”) challenging the validity of one or more claims of our owned or licensed
patents. Such submissions may also be made prior to a patent’s issuance, precluding the granting of a
patent based on one of our owned or licensed pending patent applications. We may become involved in
opposition, derivation, revocation, re-examination, post-grant review, inter partes review, or interference
proceedings or similar proceedings in foreign jurisdictions challenging our patent rights or the patent
rights of others. In addition, a third party may claim that our owned or licensed patent rights are invalid
or unenforceable in litigation. An adverse determination in any such proceeding or litigation could put
our patents at risk of being interpreted narrowly, invalidated, or ruled unenforceable, allowing third
parties to commercialize products similar to ours and compete directly with us without payment, or result
in our inability to commercialize drug candidates without infringing third-party patent rights. Moreover,
we may have to participate in interference proceedings declared by the USPTO to determine priority of
invention or in post-grant challenge proceedings, such as oppositions in a foreign patent office, that
challenge our priority of invention or other features of patentability. Such challenges may result in loss
of patent rights, loss of exclusivity, or patent claims being narrowed, invalidated, or held unenforceable,
any of which could limit our ability to stop others from using or commercializing similar products, or
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limit the duration of patent protection for our drug candidates. Such proceedings may also result in
substantial costs and require significant time from our scientists and management, even if the eventual
outcome is favorable. Consequently, we cannot predict whether our technology or drug candidates will
be protectable or remain protected by valid and enforceable patents. Competitors or other third parties
may be able to circumvent our patents by developing similar or alternative technologies or products in
a non-infringing manner.
Despite the measures we have taken to obtain patent protection for our drug candidates and
technologies, any of our issued patents could be challenged or invalidated. For example, if we initiate
legal proceedings to enforce a patent, the defendant could counterclaim that our patent is invalid or
unenforceable. In patent litigation in the United States, defendant counterclaims alleging invalidity or
unenforceability are commonplace. Grounds for a validity challenge include failure to meet statutory
requirements such as lack of novelty, obviousness, lack of written description, or non-enablement.
Grounds for an unenforceability assertion include allegations that someone connected with prosecution
withheld material information or made misleading statements. Third parties may also raise similar claims
before administrative bodies in China, the United States, or other jurisdictions, even outside of litigation,
through mechanisms such as ex parte re-examination, inter partes review, post-grant review, interference
proceedings, derivation, invalidation, revocation, and equivalent proceedings in foreign jurisdictions.
The outcome of legal assertions of invalidity and unenforceability is unpredictable and could result in
revocation or amendment of our patents such that they no longer adequately protect our drug candidates.
Additionally, patent rights we own or license may be subject to a reservation of rights by third
parties, which may lead to a loss of rights or unenforceability of relevant patents. Any of the foregoing
could materially adversely affect our competitive position, business, financial condition, results of
operations, and prospects.
The life of patent protection is limited, and third parties could develop and commercialize products
similar or identical to ours and compete directly against us after the expiration of our patent rights,
if any, and our ability to successfully commercialize any drugs would be materially adversely
affected.
Although various adjustments and extensions may be available, patent life and protection are
limited. For example, the expiration of a patent is generally 20 years from the date of application for
inventions in China and generally 20 years from the earliest date of filing of the first non-provisional
patent application to which the patent claims priority in the United States. Even if we obtain patent
protection for an approved drug, it may face generic or biosimilar competition once the patent expires.
Manufacturers of generic or biosimilar drugs may challenge the scope, validity, or enforceability of our
patents, and we may not succeed in enforcing or defending those patent rights. As a result, we may not
be able to develop or market the relevant product exclusively, materially adversely affecting potential
sales of that drug. Upon expiration of our issued patents or patents that may issue from our pending
applications, we will not be able to assert such patent rights against potential competitors, and our
business and results of operations may be adversely affected.
Given the time required for development, testing, and regulatory review, patents protecting drug
candidates might expire before or shortly after commercialization. As a result, our patents and patent
applications may not provide sufficient rights to exclude others from commercializing products similar
or identical to ours. Moreover, some of our patents and patent applications are, or may be, co-owned with
third parties. If we cannot obtain an exclusive license to such co-owners’ interests, they may license their
rights to our competitors, who could market competing products. In addition, we may need co-owner
cooperation to enforce such patents, which may not be provided to us. Any of the foregoing could
materially adversely affect our competitive position, business, financial condition, results of operations,
and prospects.
Although we may believe we qualify for certain patent term extensions, there is no guarantee that
relevant authorities, such as the FDA and USPTO or their equivalents in other jurisdictions, will agree.
These authorities may deny our requests for extensions or grant shorter extensions than anticipated.
Depending on the timing, duration, and specifics of any FDA marketing approval for our drug candidates,
one or more of our U.S. patents may be eligible for a limited extension under the Drug Price Competition
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and Patent Term Restoration Act of 1984, or the Hatch-Waxman Amendments. These provisions allow for
up to five years of patent term extension to compensate for time lost during FDA regulatory review, but
cannot extend the remaining term of a patent beyond a total of 14 years from the date of drug approval.
However, we may not be granted an extension due to failure to exercise due diligence during testing or
regulatory review, failure to apply within applicable deadlines or prior to patent expiration, or failure to
satisfy other requirements. Moreover, the extension term or scope of protection could be less than
requested. For in-licensed patents, we would need the licensor’s cooperation to pursue extensions. If we
cannot obtain extensions or if extensions are shorter than requested, competitors may obtain approval of
competing products following our patent expiration, reducing our revenue.
The Hatch-Waxman Amendments also have a process for patent linkage, pursuant to which the
FDA will stay approval of certain follow-on applications during the pendency of litigation between the
follow-on applicant and the patent holder or licensee, generally for a period of 30 months. The,
Hatch-Waxman Amendments also provide statutory exclusivities that can prevent submission or approval
of certain follow-on marketing applications. For example, federal law provides a five-year period of
exclusivity within the United States to the first applicant to obtain approval of a new chemical entity and
three years of exclusivity protecting certain innovations to previously approved active ingredients where
the applicant was required to conduct new clinical investigations to obtain approval for the modification.
Similarly, the U.S. Orphan Drug Act provides seven years of market exclusivity for certain drugs to treat
rare diseases, where the FDA designates the drug candidate as an orphan drug and the drug is approved
for the designated orphan indication. These provisions, designed to promote innovation, can prevent
competing products from entering the market for a certain period of time after the FDA grants marketing
approval for the innovative product.
Similarly, on October 17, 2020, the Standing Committee of the National People’s Congress of the
PRC (“SCNPC”) enacted an amendment to the PRC Patent Law, which took effect on June 1, 2021. The
amendment to the PRC Patent Law provides that, among others, the owner of the patent for an innovative
new drug that has been granted the marketing authorization in China is entitled to request the Patent
Administration Department under the State Council to grant a patent term extension of up to five years,
in order to compensate the time required for the regulatory approval for the commercialization of such
innovative new drug; provided that, the patent term of such innovative new drug shall not exceed a total
of 14 years from the date of drug approval. However, we may be denied such extensions due to various
factors, such as lack of due diligence during testing or regulatory review, missing application deadlines,
applying after the relevant patent has expired, or failing to meet other applicable requirements.
If we cannot obtain patent term extensions, or if extensions are shorter than requested, competitors
may obtain approval of competing products following our patent expiration. Any of the foregoing could
materially adversely affect our competitive position, business, financial condition, results of operations,
and prospects.
Our patent protection depends on compliance with various procedural, document submission, fee
payment and other requirements imposed by governmental patent agencies, which could be
reduced or eliminated for non-compliance with these requirements.
Application fees, maintenance fees, renewal fees, annuity fees, and other governmental fees on
issued patents and pending patent applications are due in several stages over a patent’s lifetime to the
CNIPA, USPTO, and other patent agencies. These agencies also require compliance with procedural,
documentary, fee payment, and other provisions during the patent application process, and we mainly
rely on outside counsel and other professionals to help us comply with such requirements. Although an
inadvertent lapse can often be cured by payment of a late fee or other means, non-compliance can result
in abandonment, loss of priority, or lapse of the patent or patent application, resulting in partial or
complete loss of patent rights in the relevant jurisdiction. Non-compliance events include failure to
respond to official actions within prescribed time limits, non-payment of fees, and failure to properly
submit formal documents. In any such event, competitors might be able to enter the market, which would
materially adversely affect our competitive position, business, financial condition, results of operations,
and prospects.
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Issued patents covering one or more of our drug candidates or technologies could be found invalid
or unenforceable if challenged in court.
Competitors may infringe our patent rights or otherwise violate our IP rights. To counter
infringement or unauthorized use, litigation may be necessary to enforce or defend our IP rights, to
protect our trade secrets or to determine the validity and scope of our own IP rights or the proprietary
rights of others. This can be expensive and time-consuming. Any claims that we assert against perceived
infringers could provoke counterclaims alleging that we infringe their IP rights. Many competitors can
dedicate substantially greater resources to enforce and/or defend their IP rights than we can. Accordingly,
we may not be able to prevent third parties from infringing or misappropriating our IP . An adverse
litigation results could put our patent at risk of being invalidated, held unenforceable or interpreted
narrowly. Furthermore, because of the substantial amount of discovery required in IP litigation, some of
our confidential information could be compromised. Defendant counterclaims alleging invalidity or
unenforceability are commonplace. Third parties may also raise similar claims before administrative
bodies in China or abroad, even outside of litigation. Such proceedings could result in revocation or
amendment of our patents so they no longer protect our drugs or drug candidates. The outcome of legal
assertions of invalidity and unenforceability is unpredictable. We, our patent counsel, and the patent
examiner could have been unaware of invalidating prior art during prosecution. If a defendant prevails
on invalidity or unenforceability, we would lose at least part, and perhaps all, of the patent protection on
our drugs or drug candidates, which could materially adversely impact our business.
Intellectual property and other laws and regulations are developing, which could diminish the value
of patents in general, thereby impairing our ability to protect our drug candidates.
Our success depends on obtaining, maintaining, enforcing, and defending IP , particularly patents.
Obtaining and enforcing patents in the pharmaceutical industry involves technological and legal
complexity and is costly, time-consuming and inherently uncertain. Changes in patent laws or their
interpretation may increase uncertainties and costs surrounding patent prosecution, diminish our ability
to protect our inventions, obtain, maintain, defend, and enforce our IP rights and affect the value of our
IP or narrow the scope of our patent rights.
In China, IP laws are constantly evolving to improve IP protection. For instance, the amendment
to the PRC Patent Law, effective June 1, 2021, allows holders of invention patents for new drugs, once
granted marketing authorization in the PRC, to apply to the patent administration department under the
State Council for a patent term extension of up to five years. This extension is intended to compensate
for the time consumed by regulatory review and approval processes. However, the total remaining patent
term for such a drug post-approval must not exceed 14 years. As a result, our PRC patents may qualify
for term extensions, potentially prolonging protection of our drug candidates. However, third-party
patents may also be extended, which could impact our ability to commercialize drug candidates without
infringement risk. The duration of any extension remains uncertain. If commercialization is significantly
delayed, emerging technologies and competing products may diminish our competitiveness.
In recent years, both the U.S. Supreme Court and the U.S. Court of Appeals for the Federal Circuit
have issued a series of precedential rulings that, in certain contexts, have narrowed the scope of patent
protection or diminished the rights of patent holders. These developments have introduced uncertainty
regarding our ability to secure patents and cast doubt on the long-term value of patents once granted.
Future legislative or regulatory actions by the U.S. Congress, federal courts, the USPTO, or equivalent
authorities in other jurisdictions could further change patent laws in unpredictable ways, potentially
undermining our ability to obtain, enforce, or defend our patents. Changes in patent laws, regulations,
or enforcement practices in other jurisdictions could similarly impair our ability to secure new patents
or defend those we currently own or license.
If our trademarks and trade names are not adequately protected, then we may not be able to build
brand recognition in our markets of interest and our business may be adversely affected.
We currently have trademark applications pending, which may be subject to governmental or
third-party objections that could prevent registration. We cannot assure you that pending or future
trademark applications will be approved. During registration proceedings, we may receive rejections that
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we are unable to overcome. In addition, in proceedings before the USPTO and in proceedings before
comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose
pending trademark applications and to seek to cancel registered trademarks. Opposition or cancellation
proceedings may be filed against our trademarks, and our trademarks may not survive such proceedings.
If we are unsuccessful in obtaining trademark protection for our primary brands, we may be required to
change our brand names, which could materially adversely affect our business. As our drug candidates
mature and obtain regulatory approval, our reliance on trademarks to differentiate us from competitors
will increase. If we cannot prevent third parties from adopting, registering, or using trademarks and trade
dress that infringe or dilute our trademark rights, or engaging in unfair competition, our business could
be materially adversely affected. Our trademarks or trade names may be challenged, infringed,
circumvented, or declared generic, or determined to infringe other marks. We may be unsuccessful in
protecting our trademarks and trade names, which we need to build name recognition among potential
partners or customers. Competitors may adopt trade names or trademarks similar to ours, impeding our
ability to build brand identity and potentially causing market confusion. We could also face trademark
infringement claims from owners of trademarks that incorporate variations of our trademarks or trade
names. If we are unable to establish name recognition based on our trademarks and trade names we may
not be able to compete effectively. Our efforts to enforce or protect our proprietary rights related to
trademarks, trade secrets, domain names, copyrights, or other IP may be ineffective and could result in
substantial costs and diversion of resources. Any of the foregoing could materially adversely affect our
competitive position, business, financial condition, results of operations, and prospects.
If we are unable to protect the confidentiality of our trade secrets and confidential information, our
business and competitive position will be harmed. We may be subject to claims that our employees,
consultants or advisers have wrongfully used or disclosed alleged trade secrets of their former
employers, and we may be subject to claims asserting ownership of what we regard as our own
intellectual property.
In addition to our issued patents and pending patent applications, we rely on trade secrets and
confidential information, including unpatented know-how, technology and other proprietary information,
to maintain our competitive position and to protect our drug candidates. However, we may not be able
to prevent unauthorized disclosure or use of our proprietary information, and monitoring such breaches
is inherently difficult. Breaches of confidentiality agreements may result in the loss of trade secrets,
enabling third parties to compete with our technologies. Moreover, we cannot guarantee that all relevant
parties have executed such agreements, and enforcement of trade secret misappropriation claims can be
costly, time-consuming, and uncertain. If a competitor lawfully obtains or independently develops similar
information, we may have no legal recourse to prevent its use.
Furthermore, many of our employees, consultants, and advisors, including senior management,
were previously employed at other pharmaceutical companies, including competitors. Some of these
individuals executed proprietary rights, non-disclosure, and non-competition agreements in connection
with such previous employment. Despite our efforts to prevent use of third-party proprietary information,
we may face claims alleging misappropriation of IP from former employers. We are not aware of any
threatened or pending claims related to these matters, but litigation may be necessary to defend against
such claims in the future. If we fail in defending such claims we may pay monetary damages, lose
valuable IP rights, or be required to obtain licenses that may not be available on commercially reasonable
terms or at all. Even if successful, such litigation may disrupt operations and hinder our ability to retain
or recruit key personnel, adversely affecting our drug development and commercialization efforts.
In addition, while we typically require employees, consultants, and contractors involved in the
conception or development of IP to execute assignment agreements, we may be unsuccessful in executing
such agreements with each party who develops IP that we regard as our own. Even when we obtain
assignment agreements, the assignment may not be self-executing or the agreements may be breached,
resulting in ownership claims. Additionally, individuals may have pre-existing or competing obligations
to third parties, such as academic institutions, making an agreement with us ineffective in perfecting
ownership of inventions developed by that individual. If we fail in prosecuting or defending such claims,
we may pay monetary damages and lose valuable IP rights. Even if successful, such litigation could result
in substantial costs and distraction.
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Moreover, our trade secrets and other proprietary or confidential information may become known,
be independently developed by third parties, or be misused by collaborators or others to whom we
disclose such information. Although we seek to preserve the integrity and confidentiality of our data and
trade secrets through physical security of our premises and electronic security of our IT systems,
unauthorized parties may attempt to copy aspects of our products or obtain information we regard as
proprietary without our consent. As a result, we may be unable to sufficiently protect our trade secrets
and proprietary information.
We may face claims by former employees, consultants, or other third parties asserting ownership
rights in our owned or licensed patents or patent applications. Adverse determinations may result in loss
of exclusivity or freedom to operate, or in patent claims being narrowed, invalidated, or held
unenforceable, limiting our ability to prevent others from using or commercializing similar technology
without payment, or limiting patent protection duration. Such challenges may also prevent us from
developing or commercializing drug candidates without infringing third-party rights. Threatened patent
protection could dissuade companies from collaborating with us.
Intellectual property rights do not necessarily protect us from all potential threats.
IP rights have limitations and may not adequately protect our business. For example, others may
make similar products not covered by our patents; we may not have been the first to make inventions
covered by our issued patents and pending patent applications; we may not have been the first to file
patent applications; others may independently develop similar technologies without infringing our IP;
pending applications may not lead to issued patents; issued patents may not provide competitive
advantage or may be invalidated; competitors may conduct R&D in unprotected jurisdictions and develop
competitive products; we may not develop additional patentable technologies; others’ patents may harm
our business; and we may choose not to file patents for trade secrets, allowing third parties to patent
similar IP . Any of these events could materially adversely affect our business.
RISKS RELATING TO MANUFACTURING OF OUR APPROVED DRUG OR DRUG
CANDIDATES
If we fail to meet the growing demand for senaparib and our future approved drugs by ensuring
that we have adequate manufacturing capacity through our cooperation with CDMOs, or if we are
unable to successfully manage our anticipated growth or to precisely anticipate market demand,
our business could suffer.
Manufacturing operations are subject to potential disruptions including equipment failure,
non-compliance, raw material issues, technology changes, and natural or man-made events. If
manufacturing encounters delays, senaparib and other drug candidate supply would be limited, affecting
development, commercialization, sales, and profitability. To meet anticipated demand, we must scale up
production through CDMO cooperation. If unable to do so economically, or if we cannot find third-party
suppliers, we may not be able to offer senaparib or other approved drugs in sufficient quantity.
We may not be able to maintain effective quality control over our approved drugs or drug
candidates.
The quality of senaparib and our other drug candidates used for R&D, will depend on the
effectiveness of our quality control and quality assurance, which in turn depends on factors such as the
robustness of the production processes of our products, the quality and reliability of equipment used, the
capabilities of the CDMOs we engage and our ability to ensure they adhere to our quality control and
quality assurance protocols. We establish and operate comprehensive quality control quality assurance
procedures in accordance with the regulations and guidelines in China, the United States and Europe. See
“Business — Quality Control.” However, we cannot assure you that such procedures will be effective in
consistently preventing and resolving deviations from our quality standards or that our standard operating
procedures will be complete or updated at all times, or that our CDMOs will strictly adhere to these
procedures. Any significant failure or deterioration of these procedures could render our approved drugs
unsuitable, result in audit gaps, harm reputation, and adversely affect our business.
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We depend on a stable and adequate supply of quality materials, and research and development
equipment from our suppliers, and price increases or interruptions of such supply could have an
adverse impact on our business.
We rely on a stable and sufficient supply of raw materials, components, and equipment to support
our R&D, manufacturing, and commercialization activities. During the Track Record Period, purchases
from our five largest suppliers for 2024 and 2025 were RMB92.6 million and RMB67.8 million,
respectively, representing 57.1% and 53.2% of our total purchases for the same years. Purchases from our
single largest supplier for 2024 and 2025 were RMB31.8 million and RMB36.5 million, respectively,
representing 19.6% and 28.5% of our total purchases for the same years. See “Business — Suppliers and
Procurement” for details. Our reliance on third-party suppliers exposes us to supply chain risks. As we
transition to commercial-scale production of senaparib, our demand for such inputs will increase
significantly. However, there is no assurance that our existing suppliers will have the capacity or
willingness to meet our evolving requirements. Any delay or disruption in the supply of materials or
equipment, whether due to capacity constraints, logistical issues, or other factors, could adversely affect
our clinical development timelines, regulatory approval processes, and ability to meet market demand.
We are exposed to rising material costs, which may not be recoverable through price adjustments,
adversely affecting profitability. Suppliers may fail to maintain quality standards. We cannot guarantee
timely identification of deficiencies. Substandard supplies may disrupt R&D, impair manufacturing,
expose us to liability, and materially adversely affect our business.
If our business partners fail to maintain the necessary licenses for the development, manufacturing
and commercialization of senaparib and our future approved drugs, our business could be
materially affected.
Our business partners, such as CROs, SMOs, CDMOs, and suppliers, on whom we rely to develop,
manufacture, market, sell, and distribute senaparib and our other drug candidates, may be required to
obtain and maintain necessary permits, licenses and certificates. Our business partners may also be
subject to regular inspections, examinations, inquiries or audits by regulatory authorities, and an adverse
outcome may result in the loss or non-renewal of relevant permits, licenses and certificates. If our
business partners fail to maintain or renew material permits, licenses and certificates, our ability to
conduct business could be materially impaired. Any changes in the standards used by governmental
authorities to renew or reassess our business partners’ licenses, permits and certifications, as well as new
regulations that may restrict our business partners’ operations, may decrease our revenue and increase our
costs.
RISKS RELATING TO OUR FINANCIAL POSITION AND NEED FOR ADDITIONAL CAPITAL
We historically incurred net liabilities, which may continue into the foreseeable future and expose
us to liquidity risk.
We recorded net liabilities of RMB744.3 million and RMB957.9 million as of December 31, 2024
and 2025, respectively. While we believe we have sufficient working capital to fund our current
operations, we expect that we may have net liabilities and experience net cash outflows from operating
activities for the foreseeable future. A net liabilities position can expose us to the risk of shortfalls in
liquidity. This in turn would require us to seek adequate financing from sources such as external debt,
which may not be available on terms favorable or commercially reasonable to us or at all. If we are
unable to maintain adequate working capital or obtain sufficient equity or debt financings to meet our
capital needs, we may be unable to continue our operations according to our plans and be forced to scale
back our operations, which may have a material adverse effect on our business.
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We are subject to credit risk with respect to our prepayments, other receivables and other assets.
As of December 31, 2024 and 2025, we had prepayments, other receivables and other assets of
RMB31.7 million and RMB30.9 million, respectively, which primarily consisted of prepayments,
deposits and other receivables. We may be exposed to credit risk associated with our counterparties and
may not be able to recover or utilize all our prepayments, other receivables and other assets due to a
variety of factors that are outside of our control. If the relationship between us and any of our
counterparties is terminated or deteriorated, or if our counterparties experience financial or operational
difficulties, the recoverability of our receivables may be negatively affected, which may have a material
and adverse effect on our business, financial condition and results of operations.
We conduct assessments on the recoverability of prepayments, other receivables and other assets
based on, among others, business rationality, our historical settlement records, our relationship with
relevant counterparties, payment terms and ageing analysis, current economic trends and to a certain
extent, the larger economic and regulatory environment, which involve the use of various judgments,
assumptions and estimates by our management. However, there is no assurance that our expectations or
estimates will be entirely accurate, as we are not in control of all the underlying factors affecting such
prepayments, other receivables and other assets. Therefore, if we are not able to recover the prepayments,
other receivables and other assets as scheduled, our financial position and results of operations may be
adversely affected.
Our financial performance and results of operations may be adversely affected by fair value
changes of our financial assets at FVTPL.
As of December 31, 2024, and 2025, we recorded financial assets at FVTPL of RMB110.1 million
and nil, respectively. Our financial assets at FVTPL represented investments in wealth management
products issued by banks, with expected annual return rates ranging from 0.65% to 2.60%. As these
wealth management products were not traded in active market, their fair values were determined based
on the expected rate of return on our investment. The valuation involves the exercise of professional
judgment and the use of certain bases, assumptions and unobservable inputs. For more details about the
fair value estimation, please see Note 20 to the Accountants’ Report in Appendix I to this prospectus. As
a result, such treatment of carrying amounts of our financial assets measured at FVTPL may cause
significant volatility in or materially and adversely affect our period-to-period earnings, financial
condition, and results of operations.
We have incurred and may continue to incur share-based payments. The issuance of restricted
shares or other share-based awards may cause dilution to our existing Shareholders and may affect
the market price of our H Shares.
We have established share incentive platforms for the benefit of our employees as remuneration for
their services provided to us and to incentivize and reward the eligible persons who have contributed to
the success of our Company. See “History, Development and Corporate Structure — Employee Incentive
Scheme.” For the years ended December 31, 2024 and 2025, we incurred share-based payments of
RMB8.3 million and RMB62.8 million, respectively. To further incentivize our employees to contribute
to us, we may grant additional share-based compensation in the future. Issuance of additional Shares with
respect to such share-based compensation may dilute the shareholding percentage of our existing
Shareholders and could result in a decline in the value of our H Shares. Expenses incurred with respect
to such share-based compensation may also increase our operating expenses and negatively affect our
financial performance.
We have historically received government grants and subsidies for our research and development
activities and enjoyed preferential tax treatment during the Track Record Period. Expiration of, or
changes to, these incentives or policies or our failure to satisfy any condition for these incentives
would have an adverse effect on our results of operations.
We recorded government grants of RMB0.8 million and RMB1.2 million for 2024 and 2025,
respectively. See “Financial Information — Description of Selected Components of Consolidated
Statements of Profit or Loss and Other Comprehensive Income — Other Income and Gains, Net.”
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Government grants mainly represent various financial supports provided by the local governments in the
PRC for our R&D activities and business operation. There are no unfulfilled conditions relating to these
government grants. As of the Latest Practicable Date, our Company and two subsidiaries of us in
mainland China are qualified as high and new technology enterprise and was subject to income tax at a
preferential tax rate of 15%. Although we expect to continuously benefit from government grants and
preferential tax treatment, the local government authorities have the discretion to determine the timing,
amount and criteria of such financial incentives. We generally do not have the ability to influence local
government authorities in making these decisions. Local authorities may decide to reduce or eliminate
incentives at any time. In addition, some of the government financial incentives are granted on a project
basis and subject to the satisfaction of certain conditions, including compliance with the applicable
financial incentive agreements and completion of the specific projects therein. We cannot guarantee that
we will satisfy all relevant conditions, and if we fail to do so, we may be deprived of all or part of the
incentives, which may adversely affect our business, financial condition and results of operations.
Our future investments, potential acquisitions or strategic partnerships, may increase our capital
requirements, cause dilution to our Shareholders, and/or cause us to incur debt or assume
contingent liabilities and subject us to other risks.
We may acquire businesses, products, technologies, or enter strategic partnerships. Any such
transaction may involve risks including but not limited to: increased operating expenses and cash
requirements; assumption of additional indebtedness or contingent liabilities; retention issues, loss of key
personnel, and business relationship uncertainty; risks related to counterparty business prospects; equity
securities issuance; integration challenges for operations, IP , products, and personnel; management
attention diversion from existing programs; inability to generate sufficient revenue to offset acquisition
costs; and accounting principle changes affecting investment recognition. Acquisitions may require
equity issuance causing shareholder dilution, new debt obligations, one-time costs, or intangible assets
with future amortization expenses. We may face challenges identifying appropriate targets, impeding
growth or access to essential technologies.
Fluctuations in exchange rates of the Renminbi could result in foreign currency exchange losses.
The Renminbi has fluctuated against the Hong Kong dollar, U.S. dollar, European dollar and other
currencies and is affected by, among other things, changes in China’s political and economic conditions
and China’s foreign exchange policies. Substantially all of our costs are denominated in RMB and most
of our financial assets are also denominated in RMB. However, our proceeds from the Global Offering
will be denominated in Hong Kong dollars. Any significant change in the exchange rates of the Hong
Kong dollar against RMB may materially and adversely affect the value of and any dividends payable
on, our H Shares in Hong Kong dollars. An appreciation of RMB against the Hong Kong dollar would
also result in foreign currency translation losses for financial reporting purposes when we translate our
Hong Kong dollar denominated financial assets into RMB. Conversely, if we decide to convert our RMB
into Hong Kong dollars for the purpose of making payments for dividends on our H Shares or for other
business purposes, appreciation of the Hong Kong dollar against RMB would have a negative effect on
the Hong Kong dollar amount available to us.
Disruptions in the financial markets and economic conditions could affect our ability to raise
capital.
Global economic conditions may deteriorate due to credit market instability, financial crises,
volatility, reduced liquidity, ratings downgrades, and declining valuations. Government interventions to
stabilize financial systems may not be effective. Adverse conditions could materially impair our ability
to raise capital on acceptable terms. In addition, geopolitical tensions, such as the ongoing Russo-
Ukrainian conflict, unrest and terrorist threats in the Middle East, and other regional instabilities,
continue to contribute to global financial market uncertainty. It remains unclear whether these challenges
will be resolved or contained, or what long-term impact they may have on global political and economic
stability. Our business could be adversely affected due to the foregoing geopolitical tensions and regional
instabilities.
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RISKS RELATING TO OUR GENERAL OPERATIONS
Our success depends on our key senior management members and our ability to attract, train,
motivate and retain highly skilled personnel.
Our success depends on attracting, retaining, and motivating highly qualified management,
clinical, and scientific personnel. We rely on senior management and key employees. Loss of any such
individuals could delay or hinder R&D programs and adversely affect business operations. Although we
have not encountered significant difficulties in recruiting and retaining qualified personnel, we may face
such challenges in the future. Competition for skilled professionals is intense and the qualified pool is
limited. Departure of senior management or key personnel, whether or not they join competitors, may
disrupt drug development and adversely affect our business. We will need to hire additional employees
as we expand commercialization and may not be able to attract them on acceptable terms.
If we fail to effectively manage our anticipated growth or execute on our growth strategies, our
business, financial condition, results of operations and prospects could suffer.
Our future performance depends on effectively managing growth and implementing long-term
strategies. Growth may divert management attention from day-to-day activities. Pursuing strategies will
continue to require substantial capital and resources. Managing growth requires identifying promising
candidates, coordinating new facilities and teams, successful hiring and training, and effective financial
and quality control. If we fail to expand as expected, we may face capacity constraints. We cannot assure
you we will execute strategies effectively, and failure could adversely affect our business.
We may become subject to litigation, legal disputes, claims, administrative proceedings or other
administrative measures, which may divert our management’s attention, result in costs, liabilities
and damages to our reputation.
We may be involved in lawsuits, claims, or proceedings arising in ordinary course or from
regulatory enforcement. Litigation can be expensive, lengthy, and disruptive, requiring extensive
management attention and resources, regardless of merit. Matters initially not material may escalate.
Additionally, we rely on collaborations with third parties for the development and commercialization of
our approved drugs or drug candidates, and actions taken by our partners may result in claims or
litigation against them for infringement of third-party rights, which may expose us to potential liabilities
through our association with such business partners. Our insurance might not cover claims brought
against us, provide sufficient payments, or continue on acceptable terms. Claims outside indemnification
arrangements or exceeding coverage could result in unanticipated liability. An unfavorable resolution
could materially adversely affect our business and reputation.
Any failure to obtain or renew certain approvals, licenses, permits and certificates required for our
business may materially and adversely affect our business, financial condition and results of
operations.
We are required to obtain and maintain various approvals, licenses, permits and certificates from
relevant authorities to operate our business and construct our facilities. Some of these approvals, permits,
licenses and certificates are subject to periodic renewal and/or reassessment. Failure to obtain or renew
them may result in enforcement actions or cessation orders. If new regulations require previously
unnecessary approvals, there is no assurance we will obtain them. Failure could adversely affect our
business.
Product liability claims or lawsuits against us could result in expensive and time-consuming
litigation, payment of substantial damages and increases in our insurance rates.
We face inherent product and professional liability risk from clinical testing and
commercialization. We may be sued if our drug candidates cause or are perceived to cause injury. Claims
may allege manufacturing defects, design defects, failure to warn, negligence, strict liability, or breach
of warranties. If we cannot successfully defend ourselves against the claims, we may incur substantial
liabilities. Even successful defense requires significant resources. Regardless of outcome, liability claims
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may result in: decreased demand and injury to reputation; withdrawal of trial participants and inability
to continue trials; regulatory investigations; defense costs and management diversion; substantial
monetary awards to trial participants or patients; product recalls, withdrawals, or marketing restrictions;
revenue loss and insurance exhaustion; inability to commercialize approved drugs; and decline in H
Share market price. We have purchased clinical trial liability insurance and product liability insurance.
However, risks remain that actual liabilities may exceed coverage limits or that insurance may not cover
all potential claims. We may be unable to maintain adequate coverage at reasonable cost. If successful
claims exceed insured liabilities, our assets may be insufficient and business operations could be
impaired.
Increased labor costs could result in exceeding expenses, slow our growth and negatively affect our
ability to operate efficiently.
Our operations rely on employee expertise. Average labor costs in the biopharmaceutical industry
have continued to rise amid intense competition for talent. We cannot assure you that there will be no
further increase in labor cost, which may adversely affect our operations and financial condition. In
addition, share options and other share-based incentives granted under our existing or future share-based
incentive plans could adversely affect our costs and our results of operations.
Our operations are relatively labor-intensive and require technical skills. We have implemented
initiatives to attract, retain, and motivate qualified staff. Our business may be adversely affected by labor
shortages, rising costs, employee turnover, or changes in labor laws and regulations. Any of these factors
could lead to significantly higher operating expenses and negatively impact our results of operations. In
addition, we may face labor disputes with employees from time to time, which could result in settlement
payments and operational disruptions. Such disputes may also damage our reputation, making it more
difficult to attract and retain qualified personnel. Any of the foregoing could materially and adversely
affect our business, financial condition, and prospects.
We have limited insurance coverage, and any claims beyond our insurance coverage may result in
our incurring substantial costs and a diversion of resources, which may negatively impact our R&D
progress and overall operations.
We maintain insurance policies required under the laws of the jurisdictions in which we operate,
as well as based on our assessment of operational needs and industry practice. As required by PRC
regulations, we participate in various government statutory employee benefit plans, including social
insurance (pension, medical, unemployment, work-related injury, and maternity insurance) and housing
funds. Our principal insurance policies cover liabilities in our human clinical trials for the development
of our clinical-stage drug candidates. We also purchase supplemental medical insurance for employees
in addition to statutory social insurance. See “Business — Insurance.” However, our insurance coverage
may be insufficient to cover claims we may have. Any liability or damage to or caused by our facilities
or personnel beyond our insurance coverage could result in substantial financial costs and diversion of
management resources, which could materially and adversely affect our business operations, financial
condition, and prospects.
We may be subject to additional contributions of social insurance and housing provident fund and
late payments and fines imposed by relevant governmental authorities.
Under PRC laws and regulations, we are required to make contributions for the social insurance
and housing provident funds for the benefit of our employees. As advised by our PRC Legal Advisor, if
an employer fails to make social insurance contributions at a rate and based on an amount prescribed by
the law, or at all, we may be ordered by social insurance contributions collection institutions to rectify
the non-compliance and pay the required contributions within a stipulated deadline and be subject to a
late payment fee of up to 0.05% per day. If the employer still fails to rectify the failure to make social
insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to
three times of the amount overdue. In addition, an employer that has not made housing provident fund
contributions at a rate and based on an amount prescribed by the law, or at all, may be ordered by the
housing provident fund management center to rectify the noncompliance and pay the required
contributions within a stipulated deadline. If the employer still fails to rectify the failure to make housing
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provident contributions within the stipulated deadline, it may be subject to the court’s compulsory
enforcement. Furthermore, in light of the Article 19 of Interpretation (II) of the Supreme People’s Court
on Issues Concerning the Application of Law in the trial of Labor Dispute Cases (the “New Judicial
Interpretation”), promulgated on July 31, 2025, and effective as of September 1, 2025, if an employer
and an employee agree or the employee undertakes that social insurance contributions are not required
to be paid, the People’ Court shall deem such agreement or undertaking invalid. Furthermore, where an
employer fails to pay social insurance contributions in accordance with the laws, and the employee seeks
to terminate the labor contract and claims economic compensation from the employer pursuant to Item
(3) of Article 38 of the PRC Labor Contract Law, the People’ Court shall support such claims, in which
case, the employer remains liable for paying economic compensation to the employee. See “Regulatory
Overview — Laws and Regulations on Labor, Social Insurance and Housing Provident Funds” for details.
During the Track Record Period, we have made full contributions of social insurance and housing
provident fund in accordance with the relevant PRC laws and regulations. If in the future we become
subject to investigations related to non-compliance with labor laws and are imposed severe penalties or
incur significant legal fees in connection with labor law disputes or investigations, our business, financial
condition and results of operations may be adversely affected.
We are subject to risks associated with our leased properties.
We have leased certain properties in China for use as office space and management
accommodation. Pursuant to the Measures for Administration of Lease of Commodity Properties ( ਠ
), which was promulgated by the Ministry of Housing and Urban-Rural
Development of the PRC (ண௅) on December 1, 2010 and became
effective on February 1, 2011, both lessors and lessees are required to file the lease agreements for
registration and obtain property leasing filing certificates for their leases. If the filing is not made, the
governmental authorities may require that the filing be made within a stated period of time, failing which
they may impose a fine ranging from RMB1,000 to RMB10,000 for each agreement that has not been
properly filed, at the discretion of the relevant authority.
As of the Latest Practicable Date, we had not registered two lease agreements with the relevant
government authorities, although we were not subject to any penalties arising from non-registration.
There can be no assurance that lessors will cooperate in completing the filings. We cannot assure you that
we will not be subject to penalties or requests from local authorities to fulfill registration requirements,
which may increase our costs. If any of our leases is terminated or becomes unenforceable as a result of
third-party challenges, we would need to seek alternative properties and incur relocation costs. Any
relocation could disrupt our operations and adversely affect our business, financial condition, and results
of operations. Furthermore, we may face difficulties renewing our leases on commercially acceptable
terms or at all. Our inability to enter into new leases or renew existing leases on acceptable terms could
materially and adversely affect our business and results of operations.
Negative publicity and allegations involving us, our Shareholders, Directors, officers, employees
and business partners may affect our reputation and, as a result, our brand, business, financial
condition and results of operations may be negatively affected.
Our reputation and customer perception are critical. Any negative publicity concerning us, our
affiliates, Shareholders, Directors, officers, employees, or business partners, even if untrue, could
adversely affect our reputation and business. Non-compliance with laws, lawsuits, or regulatory
investigations involving these parties may cause negative publicity. We may need to spend significant
time and incur substantial costs responding to allegations. Referrals and word of mouth contribute to our
ability to establish partnerships. Negative publicity could adversely affect our ability to maintain or
attract collaboration partners.
Our internal information technology systems, or those used by our business partners, may fail or
suffer security breaches.
Despite the implementation of security measures, our IT systems and those of our current and
future CROs, consultants and other service providers are vulnerable to damage from computer viruses,
unauthorized access, cyber-attacks, natural disasters, terrorism, war and telecommunication and
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electrical failures. Such events could materially disrupt our R&D and commercialization programs. Data
loss could delay regulatory approvals and significantly increase costs. Any disruption or security breach
resulting in data loss or disclosure of confidential information could incur liability and delay
development.
Business disruptions could seriously harm our future revenue and financial condition and increase
our costs and expenses.
Our operations and those of business partners could be subject to natural or man-made disasters or
business interruptions. We rely on CROs for conducting research and development of our drug candidates
and CDMO for the manufacturing of senaparib and our other drug candidates for clinical development,
and they may be affected by such interruptions. Damage or extended interruption to facilities due to fire,
disaster, power loss, communications failure, or other events could cause us to cease or delay
development or commercialization. Our insurance might not cover all losses.
We face risks related to natural disasters, acts of war or terrorism, health epidemics, other
outbreaks of contagious diseases or other factors beyond our control.
Our operations may be exposed to natural disasters, health epidemics (such as swine flu, SARS,
COVID-19), shortages of power, water, or fuel, IT system failures, and geopolitical risks including wars
or terrorism. Any such factors could adversely affect business sentiment, cause uncertainties in regions
where we operate, and materially adversely impact our business.
RISKS RELATING TO LA WS AND REGULATIONS
All material aspects of the research, development, manufacturing and commercialization of
senaparib and our other drug candidates are heavily regulated. Any failure to comply with relevant
laws and regulations may adversely affect our business, financial condition, results of operations
and prospects.
All jurisdictions where we develop and commercialize our drug candidates regulate these activities
in great depth and detail. Differences in specific requirements and enforcement practices in these
jurisdictions may result in a more complex and costly compliance burden for companies operating across
multiple regions.
The process of obtaining regulatory approvals and maintaining compliance with applicable laws
requires substantial time and financial resources. Recently enacted and future legislation may increase
the difficulty and cost of securing regulatory approvals of, and commercialize, our drug candidates, and
affect prices and reimbursement levels we may obtain. Changes in government regulations or practices
relating to the pharmaceutical industry, such as a relaxation in regulatory requirement, or simplified
approval procedures, which would lower the entry barrier for potential competitors, or an increase in
regulatory requirement that make compliance more difficult, could adversely affect us.
Failure to comply with applicable requirements at any time during drug development, the approval
process, or after approval may subject us to administrative or judicial sanctions, including refusal to
approve pending applications, withdrawal of approval, license revocation, clinical holds, product
seizures, suspension of production or distribution, injunctions, fines, refusals of government contracts,
restitution, disgorgement of profits, or civil or criminal penalties.
The regulatory approval processes for the marketing and distribution of biopharmaceutical
products are time-consuming and inherently unpredictable. If we are not able to obtain, or
experience delays in obtaining required regulatory approvals for our drug candidates in our
targeted markets, our business may be materially and adversely affected.
The time required to obtain approval by the NMPA, the FDA, the EMA and other comparable
regulatory authorities is inherently unpredictable but typically takes 10-15 years following
commencement of preclinical studies and clinical trials. We cannot guarantee regulatory approvals for
our drug candidates. Drug candidates could fail to receive approval for reasons including: failure to begin
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or complete trials due to disagreements with regulators; failure to pass GCP or cGMP inspections; failure
of clinical sites to pass regulatory audits; manufacturing deficiencies at third-party facilities; preclinical
and clinical data rendered insufficient due to approval policy changes; failure to incorporate required
technological advancements; and clinical sites or investigators deviating from protocols or dropping out.
Regulators may require additional information, analyses, reports, data, or studies to support
approval, which may delay or prevent approval. Even if approved, regulators may approve fewer
indications than requested, require post-marketing trials, or approve with undesirable indications. Any of
these could harm our drug candidates’ commercial prospects.
Regulatory requirements and guidance are subject to change, potentially requiring protocol
amendments, resubmissions, and increased costs. Policies of NMPA, FDA, EMA, and other comparable
regulatory authorities may evolve, and additional legislation may limit or delay approvals. Failure to
adapt to changes could result in loss of approvals and materially adversely affect our commercialization
ability and profitability.
Our drug candidates will be subject to ongoing or additional regulatory obligations and continued
regulatory review, which may result in significant additional expense, and we may be subject to
penalties and other negative consequences if we fail to comply with regulatory requirements.
Senaparib and any future approved drugs will be subject to ongoing or additional regulatory
requirements for manufacturing, labelling, packaging, storage, advertising, promotion, record-keeping,
and post-marketing studies. We are and will be subject to continual review and inspections for
compliance. Following approval, we will be subject to ongoing regulatory obligations including
submission of safety and post-marketing reports, product registration updates, and continued cGMP and
GCP compliance. Regulators may impose additional conditions such as Risk Evaluation and Mitigation
Strategy (REMS) or equivalent programs. We must continue to devote significant resources to
compliance across manufacturing, production, and quality control. The regulatory landscape continues
evolving. If we fail to adapt or maintain compliance, we may lose regulatory approvals, materially
adversely affecting our commercialization ability and profitability.
The pharmaceutical industry is highly regulated and developments in the laws and regulations in
the biopharmaceutical industry may result in additional compliance risks and costs.
The biopharmaceutical industry faces evolving legislative and regulatory changes, including
cost-containment measures that may reduce coverage and reimbursement for newly approved drugs.
These developments could adversely affect our ability to commercialize drug candidates profitably.
Emerging policy trends and shifting regulatory frameworks may also affect the future sales, margins, and
overall prospects of our pipeline.
In particular, the PRC government has introduced a series of new laws and regulations in recent
years aimed at enhancing the affordability of oncology drugs and curbing their potential overuse. For
example, in December 2020, the National Health Commission (“NHC”) issued the Notice on the
Temporary Measures Regulating the Clinical Use of Oncology Drugs (ᑗґᏐ͜
ج(༊Б)), followed in June 2021 by more detailed guidance titled the Measurement
Criteria for the Reasonable Clinical Use of Oncology Drugs (2021 V ersion) (ᑗґΥଣᏐ
ᅺ(2021وthe “Oncology Drug Guidance”). Under this guidance, several factors will be
considered to evaluate whether the oncology drugs, especially “restricted class drugs,” are under
reasonable use by the medical institutions, in terms of usage rate and amount, among other criteria. The
Oncology Drug Guidance stipulates that anti-tumor drugs may be designated as “restricted class drugs”
if they exhibit characteristics such as a poor safety profile, complex clinical administration requirements,
recent market entry, or prohibitively high pricing. Senaparib is not a “restricted class drug” as of the date
of the prospectus. If our other drug candidates are classified as “restricted class drugs” upon
commercialization, demand from medical institutions and patients may decline, which could negatively
impact their marketing and commercial prospects. These regulatory developments, including any future
healthcare reform measures, may lead to stricter prescription and coverage standards, new reimbursement
mechanisms, and increased downward pressure on drug pricing.
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Interpretations of applicable laws and regulations may vary across regions and are subject to
change as new guidance is issued. We must understand and monitor the interpretation and
implementation of relevant laws and regulations in a timely manner or risk non-compliance. Amendments
in laws, regulations, and policies, as well as changes in their interpretation and implementation, may
increase our compliance costs, delay or prevent the successful development or commercialization of our
drug candidates, or reduce the benefits available to us from developing and manufacturing drugs in our
markets. We expect the regulatory framework in China regarding the pharmaceutical industry to continue
to evolve. Any failure by us or our business partners to maintain compliance with applicable laws and
regulations or obtain and maintain required licenses and permits may result in the suspension or
termination of our business activities in China.
Negative results from off-label use of our future approved drugs could materially harm our
business reputation, product brand name and financial condition and expose us to liability.
Pharmaceutical products may only be marketed for approved indications and uses and must be used
in accordance with the approved label. However, products may be subject to off-label use, meaning to
prescribing a drug for an indication, dosage, or dosage form inconsistent with its approved labeling.
Although regulatory authorities actively enforce laws prohibiting promotion of off-label use, we cannot
prevent healthcare providers from prescribing our products outside their approved scope. Off-label use
may result in reduced or no therapeutic effect and could lead to adverse drug reactions, generating
negative publicity, damaging our brand reputation, and adversely affecting our commercial operations,
financial condition, and the market price of our H Shares. Off-label use may also expose us to legal
liability and regulatory scrutiny, potentially delaying clinical trials or jeopardizing future regulatory
approvals for our drug candidates. Any of the foregoing could materially and adversely impact our
business and prospects.
If we or our business partners fail to comply with environmental, health and safety laws and
regulations, we could be liable for damages or become subject to fines or penalties or other negative
consequences that could have a material and adverse effect on the success of our business.
We and our business partners are subject to extensive environmental, health, and safety laws and
regulations in the jurisdictions where we operate, including requirements governing the treatment and
discharge of pollutants and the use, handling, and disposal of toxic and hazardous substances. Failure to
comply may result in rectification orders, substantial fines, penalties, monetary damages, or suspension
of operations, any of which could materially and adversely affect our business, financial condition,
results of operations, and prospects. We cannot assure that the CDMOs we work with will fully comply
with regulatory requirements or obtain all necessary approvals for their manufacture facilities in a timely
manner, or at all. Delays or failures in complying with regulatory requirements or securing approvals
may impact our ability to develop, supply, and commercialize our drug candidates as planned. We rely
on third parties to conduct R&D and production activities at their facilities, which involve hazardous
materials and may generate hazardous waste. We cannot completely eliminate the risk of accidental
contamination, biological or chemical hazards, or personal injury at these facilities. Such incidents may
subject third parties to compensation liabilities and clean-up costs not fully covered by insurance or
indemnification. These incidents could also cause reputational damage, facility closures, and supply
chain disruptions. Moreover, regulatory requirements may evolve and more stringent laws may be
adopted, increasing compliance the complexity and cost. We may not be able to predict or absorb the
financial burden associated with such changes. Any of these developments could materially and
adversely affect our business, financial condition, results of operations, and prospects.
We are subject to stringent privacy laws, information security policies and contractual obligations
related to data privacy and security, and we may be exposed to risks related to our management
of the medical data of subjects enrolled in our clinical trials and other personal or sensitive
information.
We and the CROs we engage routinely receive, collect, process, store, transmit, and maintain
medical data, treatment records, and other personal or sensitive information of clinical trial subjects. As
a result, we are subject to data protection and privacy laws, regulations, and standards at local, national,
and international levels, as well as contractual obligations governing the collection, use, retention,
protection, disclosure, and transfer of personal data. These legal frameworks continue to evolve, often
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resulting in heightened scrutiny, stricter enforcement, and increased compliance costs. Failure to comply
with applicable data and privacy requirements could lead to regulatory enforcement actions, which could
damage our reputation and materially and adversely affect our business, financial condition, results of
operations, and prospects.
Regulatory authorities in China have implemented and are considering a number of legislative and
regulatory proposals concerning data protection. For example, PRC Cyber Security Law ( ʕശɛ͏΍
), which became effective in June 2017, created China’s first national-level data
protection for “network operators”, which may include all organizations in China that provide services
over the internet or another information network. On June 10, 2021, the Standing Committee of the
National People’s Congress (NPCSC) promulgated the PRC Data Security Law ( ʕശɛ͏΍ձ਷ᅰኽ
), effective on September 1, 2021, which imposes data security and privacy protection
obligations on entities and individuals which carry out data activities, and introduces a data classification
and hierarchical protection system. On August 20, 2021, the NPCSC promulgated the PRC Personal
Information Protection Law (), effective on November 1, 2021,
which further detailed the general rules and principles on personal information processing and further
increased the potential liability of personal information processor. See “Regulatory Overview — Laws
and Regulations on Information Security and Data Privacy.” Compliance with newly enacted laws and
regulations may significantly increase our operational costs or necessitate changes to our business
practices that could materially and adversely affect our operations. Furthermore, if PRC regulators
determine that we are not in compliance with these legal requirements, we could face fines, suspension
orders, or other regulatory and disciplinary actions.
Such data protection and privacy laws and regulations generally require clinical trial sponsors and
operators and their personnel to protect the privacy of their enrolled subjects and prohibit unauthorized
disclosure of personal information. If such institutions or personnel divulge the subjects’ private or
medical records without their consent, they will be held liable for damage caused thereby. For example,
our and our collaboration partner’s information technology systems could be breached through hacking
activities, and personal information could be leaked due to theft or misuse of personal information arising
from misconduct or negligence. In addition, our clinical trials involve multi-party collaboration, we
cannot guarantee that our collaboration partners or their personnel will consistently adhere to our or their
data privacy management standards.
Furthermore, any change in such laws and regulations could affect our ability to use medical data
and subject us to liability for the use of such data for previously permitted purposes. Any failure to
protect the confidentiality of subjects’ medical records and personal data, or any restriction on or liability
as a result of our use of medical data, could have a material adverse effect on our business, financial
condition and results of operations. For laws and regulations related to the privacy and security of
personal information in China, see “Regulatory Overview — Laws and Regulations on Information
Security and Data Privacy.”
We are subject to registration, review and other requirements of the regulatory authorities for
cross-border sales or licensing of technology as well as operations related to data safety, and we
may face risks from transferring our scientific data abroad or using human genetic resources we
collected.
China has implemented regulatory measures governing the import and export of technology and
software products. Under the Regulations of the PRC on Administration of Imports and Exports of
Technologies ( ʕശɛ͏΍ձ਷Ҧஔආ̈ɹ၍ଣૢԷ), promulgated by the State Council and
amended in November 2020, technology import and export is broadly defined to include, among other
things, the transfer or licensing of patents and know-how, as well as the provision of technology-related
services. Depending on the nature of the relevant technology, such activities may require either approval
from or registration with the relevant PRC governmental authorities. In the future, we may enter into
agreements with CROs in the United States to provide technical support for the development of
individual drug candidates. Such arrangements may be deemed to constitute the import of technology
under the applicable regulations and, as a result, would require registration with the relevant PRC
authorities.
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Regulations of the PRC on the Administration of Human Genetic Resources ( ʕശɛ͏΍ձ਷ɛ
ᗳ፲ෂ༟๕၍ଣૢԷ) (the “HGR Regulation”) which was promulgated on May 28, 2019 and further
amended on March 10, 2024, stipulates that in order to obtain marketing authorization for relevant drugs
and medical devices in China, no approval is required in international clinical trial cooperation using
China’s human genetic resource (“HGR”) at clinical institutions without export of HGR materials.
However, the two parties shall file the type, quantity and usage of the HGR to be used. It is possible that
these laws may be interpreted and applied in a manner that is inconsistent with our practices, potentially
resulting in confiscation of HGR samples and associated data and administrative fines.
Complying with all applicable laws, regulations, standards and obligations relating to data privacy,
security, and transfers may cause us to incur substantial operational costs or require us to modify our data
processing practices and processes. Non-compliance could result in proceedings against us by data
protection authorities, governmental entities or others, including class action privacy litigation in certain
jurisdictions, which would subject us to significant awards, fines, penalties, judgments and negative
publicity, and may otherwise materially and adversely affect our business, financial condition and results
of operations. We may not be able to respond quickly or effectively to regulatory, legislative and other
developments, and these changes may in turn impair our ability to offer our existing or planned drug
candidates or increase our cost of doing business. In addition, if our practices are not consistent or
viewed as not consistent with legal and regulatory requirements, including changes in laws, regulations
and standards or new interpretations or applications of existing laws, regulations and standards, we may
become subject to audits, inquiries, whistleblower complaints, adverse media coverage, investigations,
loss of export privileges, severe criminal or civil sanctions and reputational damage. Any of the foregoing
could have a material adverse effect on our competitive position, business, financial conditions, results
of operations and prospects.
If we are unable to obtain or maintain approval from the NMPA, the FDA, the EMA and other
comparable regulatory authorities for our drug candidates to be eligible for an expedited
registration pathway as innovative or breakthrough therapy, the time and cost we incur to obtain
regulatory approvals may increase.
We may seek approval from regulatory authorities such as the NMPA, the FDA, the EMA, and other
comparable agencies to pursue expedited registration pathways for our drug candidates, including
designations such as Breakthrough Therapy or Fast Track. These programs are intended to accelerate the
development and review of drug candidates that are innovative or that treat serious or life-threatening
conditions and offer meaningful therapeutic advantages over existing therapies. The NMPA ’s
Breakthrough Therapy Designation, for example, is intended to facilitate and expedite the development
and review of an investigational drug to treat a serious disease or condition when preliminary clinical
evidence indicates that the drug has demonstrated substantial improvement over current therapies.
Similarly, the FDA may facilitate the development and expedite the review of pharmaceutical products
that are intended for the treatment of a serious or life-threatening condition for which there is no effective
treatment and which demonstrate the potential to address medical need for the condition.
Even if we decide to pursue or submit any applications for accelerated approvals or any other form
of expedited development, review or approvals, there can be no assurance that the regulatory authorities
will consider granting Fast Track Designation, Breakthrough Therapy Designation or other expedited
review programs for our existing or future drug candidates. Similarly, there can be no assurance that,
after receiving feedback from the regulatory authorities, we will continue to pursue or apply for
accelerated approvals or any other form of expedited development, review or approvals, even if we
initially decide to do so. Furthermore, there can be no assurance that such a submission or application
will be accepted for filing, or that any expedited development, review or approvals will be granted on
a timely basis, or at all. In addition, expedited registration pathways may contain certain conditions
related to use restrictions for certain patient populations, warnings, precautions or contraindications, or
may be subject to burdensome post-approval study or risk management requirements. Any failure to
obtain accelerated approvals or any other form of expedited development, review or approvals for our
drug candidates and/or any future changes to current policies and approvals with respect to the expedited
registration pathways of our drug candidates could result in a longer period of time prior to the
commercialization of such drug candidate, an increase in the development expenses for such drug
candidate and an adverse impact on our competitive position in the market.
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We and our collaboration partners may be directly or indirectly subject to applicable anti-
kickback, false claims laws, physician payment transparency laws, fraud and abuse laws or similar
healthcare and security laws and regulations in China and other jurisdictions, which could, in the
event of non-compliance, expose us to criminal sanctions, civil penalties, contractual damages,
reputational harm and diminished profits and future earnings.
Healthcare providers, physicians and others play a primary role in recommending and prescribing
any products for which we obtain regulatory approval. Our operations may be subject to various fraud
and abuse laws of such jurisdictions, including, without limitation, the PRC Anti-Unfair Competition
Law (), the PRC Criminal Law (), the
Federal Anti-Kickback Statute and the Federal False Claims Act, and physician payment sunshine laws
and regulations, as we have entered commercialization stage for senaparib and may obtain approval from
the NMPA, the FDA, the EMA, or other comparable regulatory authorities for our other drug candidates
and begin to commercialize those drugs in China, the United States or other applicable jurisdictions.
These laws may impact, among other things, our proposed sales, marketing and education programs.
Violations of fraud and abuse laws may result in criminal and/or civil sanctions. Penalties vary across
jurisdictions. For instance, in the United States, these may include penalties, fines and/or exclusion or
suspension from federal and state healthcare programs such as Medicare and Medicaid and debarment
from contracting with the U.S. government. In addition, private individuals have the ability to bring
actions on behalf of the U.S. government under the Federal False Claims Act as well as under the false
claims laws of several states.
Governmental authorities could conclude that our business practices may not comply with current
or future statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws
and regulations. Law enforcement authorities are increasingly focused on enforcing fraud and abuse
laws, and some of our practices may be challenged under these laws. Efforts to ensure that our business
arrangements with third parties comply with applicable healthcare laws and regulations will involve
substantial costs. If any such actions are instituted against us, and if we are not successful in defending
ourselves or asserting our rights, those actions could result in the imposition of civil, criminal and
administrative penalties, damages, disgorgement, monetary fines, possible exclusion from participation
in governmental healthcare programs, contractual damages, reputational harm, diminished profits and
future earnings, and curtailment of our operations, any of which could adversely affect our ability to
operate our business and have a significant impact on our businesses and results of operations.
Furthermore, if any of the physicians or other providers or entities with whom we expect to do business
are found to be not in compliance with applicable laws, they may be subject to criminal, civil or
administrative sanctions, including exclusions from government-funded healthcare programs, which may
also adversely affect our business.
In addition, we are subject to similar healthcare laws in other jurisdictions, some of which may be
broader in scope than others and may apply to healthcare services reimbursed by any source, which may
include not only governmental payers, but also private insurers. See “Risks Relating to Laws and
Regulations — The pharmaceutical industry is highly regulated and developments in the laws and
regulations in the biopharmaceutical industry may result in additional compliance risks and costs.”
We may be subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic
sanctions, and similar laws and regulations. Non-compliance with such laws and regulations,
whether by us or third parties, can subject us to administrative, civil, and criminal penalties or
other consequences, any of which could adversely affect our business, financial condition, results
of operations and prospect.
We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic
sanctions, and similar laws and regulations in various jurisdictions where we conduct activities,
including the U.S. Foreign Corrupt Practices Act (“FCPA”), and other anti-corruption laws and
regulations. The FCPA prohibits us and our Directors, officers, employees, and business partners acting
on our behalf, including agents, from corruptly offering, promising, authorizing, or providing anything
of value to a “foreign official” for the purposes of influencing official decisions or obtaining or retaining
business or otherwise obtaining favorable treatment. The FCPA also requires companies to make and
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keep books, records, and accounts that accurately reflect transactions and dispositions of assets and to
maintain a system of adequate internal accounting controls. A violation of these laws or regulations could
adversely affect our business, financial condition, results of operations, and prospects.
In the ordinary course of business, we have direct or indirect interactions with officials and
employees of government agencies and state-owned affiliated entities, which may expose us to a number
of compliance-related risks and regulatory scrutiny. In addition, we may be exposed to fraud, bribery or
other misconduct committed by our Directors, officers, employees, principal investigators, consultants
and commercial partners that could subject us to financial losses and sanctions imposed by government
authorities.
Although we have implemented procedures and controls to monitor compliance with applicable
laws and regulations, these measures may not be sufficient to prevent reckless or criminal acts by our
personnel or third parties such as principal investigators, consultants, commercial partners, independent
contractors. During the Track Record Period and up to the Latest Practicable Date, we were not aware
of any instances of fraud, bribery, or other misconduct involving employees and other third parties that
had any material and adverse impact on our business and results of operations. However, we cannot
assure you that there will not be any such instances in future. We may be unable to prevent, detect or
deter all such instances of misconduct, even though we consider our internal control policies and
procedures to be adequate. Any such misconduct and/or non-compliance, whether previously undetected
or occurring in the future, could have a material adverse effect on our business, financial performance,
and reputation. We may be subject to claims, fines or suspension of our operations. Negative publicity
arising from actual or alleged misconduct by our Directors, officers, employees, or commercial partners
could also adversely affect our reputation, sales activities, or the trading price of our H Shares.
Furthermore, certain countries or organizations, including the United States, the European Union,
the United Nation, the United Kingdom, and Australia, have imposed economic sanctions through
executive orders, legislation, or other governmental measures, which target certain countries, regions or
targeted industry sectors, groups of companies or persons, and/or organizations within such countries and
regions. Sanctions laws and regulations are continually evolving, with new individuals and entities
regularly being added to the list of sanctioned persons. New requirements or restrictions may be
introduced, increasing regulatory scrutiny over our business, particularly in relation to our international
expansion plans. If any of our future activities are deemed to violate applicable sanctions, our business
and reputation could be materially and adversely affected.
RISKS RELATING TO DOING BUSINESS IN THE JURISDICTIONS WHERE WE MAINLY
OPERATE
Changes in the political relationships between the PRC and other countries and international trade
policies, may adversely affect our business operations.
We are focusing our activities in China while pursuing global opportunities. Our business is
therefore subject to constantly changing international economic, regulatory, social and political
conditions, and local conditions in those foreign countries and regions. As a result, China’s political
relationships with those foreign countries and regions may affect our development of drug candidates and
the commercialization of senaparib and other drug candidates, upon approval, in foreign countries.
The U.S. government has made statements and taken actions that may result in changes to U.S. and
international trade policies toward China. It remains uncertain what further measures, if any, may be
introduced by the United States or other governments in relation to international trade agreements, tariffs
on goods imported into the United States, tax policies affecting global commerce, or other trade-related
matters. For example, on February 21, 2025, U.S. President Donald J. Trump issued a memo entitled the
“America First Investment Policy” (the “America First Memo”), outlining the ongoing review and
consideration of potential new or expanded restrictions on U.S. outbound investment in the PRC in
sectors such as semiconductors, artificial intelligence, quantum, biotechnology, hypersonics, aerospace,
advanced manufacturing, and directed energy. The America First Memo also contemplates potential
restrictions on investments in publicly traded securities by pension funds, university endowments and
other limited partner investors. While we remain at an early stage of commercializing senaparib,
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escalating trade and political tensions or unfavorable government policies may undermine the
competitive position of our approved drugs or adversely impact the clinical development and
commercialization of our other drugs overseas.
In addition, rising geopolitical friction, increased regulatory scrutiny, or adverse policy shifts may
affect our current and future relationships with Shareholders and business partners, the provision of
research and development and other services, the supply of materials and products, the recruitment of
scientists and R&D personnel, and the import or export of raw materials used in drug development. Such
developments may also prevent us from generating revenue from senaparib, our future approved drugs
and other drug candidates in certain markets. If new tariffs, policies, legislation, or regulations are
introduced, or if existing trade agreements are renegotiated, these changes could have a material adverse
effect on our business, financial condition, results of operations, and prospects.
In particular, the United States government’s attitude towards Chinese service providers in
pharmaceutical and biotechnology industries may directly or indirectly affect our business operations.
The United States has recently passed legislation, namely the BIOSECURE Act (the “ BIOSECURE
Act”), to prohibit U.S. federal executive agencies from procuring or obtaining any biotechnology
equipment or service produced or provided by a “biotechnology company of concern”, or entering into
or renewing a contract, loan, or grant with an entity that uses such biotechnology service or equipment.
For details, see “Regulatory Overview — Overview of Laws and Regulations in the United States —
Recently Passed Law by the U.S. Government: The BIOSECURE Act”.
On October 9, 2025, the U.S. Senate passed a revised version of the BIOSECURE Act as an
amendment to the National Defense Authorization Act (“ NDAA ”) for the year of 2026. The final version
of the NDAA containing this legislative language was passed by the Senate and House of Representatives
and signed into law by President Trump on December 18, 2023. The Act prohibits the U.S. Government
from procuring or obtaining biotechnology equipment or services produced or provided by a
“biotechnology company of concern” (“ BCC”); entering into, extending, or renewing government
contracts with an entity that directly or indirectly (e.g., via a subcontractor) uses biotechnology
equipment or services from a BCC in performance of that federal contract; and/or issuing grants or loans
to purchase, obtain, or use biotechnology equipment or services produced by a BCC. The Act also
prohibits U.S. government loan and grant recipients from using federal loan or grant money to enter into
contracts with entities that use equipment from BCCs in the performance of any federal prime contract
or subcontract. Companies designated as a BCC include those that are identified on the U.S. Department
of Defense’s annual List of Chinese Military Companies, also known as the 1260H List, and the U.S.
Government also has the ability to designate entities as BCCs through a separate designation process.
There is no guarantee that the legislation would not apply to or impact certain biotechnology
equipment or services that we procure or use. As a result, any continued use of such biotechnology
equipment or services provided or produced could affect our ability to continue our development or the
third parties that we may contract with, which may, in turn, affect our business operations. Moreover,
because the provisions remain subject to change, the potential scope, timing and impact of any final
legislation are uncertain and could be more restrictive than currently anticipated.
Consequently, we may need to re-evaluate or adjust our established supply chains now that the
BIOSECURE Act has become law. The need to re-evaluate our supply chain contracts may impose
additional costs and operational complexities on our business, including, among other things, an
examination and potential modification to existing personnel and expertise, and examination of our
existing contracts, and a re-assessment of our current suppliers in order to identify possible alternative
sources of supply. We may not be able to identify alternative sources of supply with competitive prices
and terms and satisfactory quality in a timely manner, and any disruption to our established supply chains
may lead to delays in procurement, production, and delivery, all of which could have a material adverse
effect to our business, financial condition and results of operation.
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Y ou may experience difficulties in effecting service of legal process, enforcing foreign judgments or
bringing original actions in China against us or our management.
We are a joint stock company incorporated in China. In addition, most of our Directors and senior
management personnel reside within mainland China. Therefore, it may be difficult for investors to
directly effect service of legal process upon us or our Directors and senior management personnel in the
PRC.
On January 18, 2019, the Supreme People’s Court of PRC and the government of Hong Kong
Special Administrative Region entered into the Arrangement on Reciprocal Recognition and Enforcement
of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong
Special Administrative Region (τ
ર) (the “New Arrangement”), which seeks to establish a mechanism with further clarification on and
certainty for recognition and enforcement of judgments in a wider range of civil and commercial matters
between Hong Kong Special Administrative Region and mainland China. Under the New Arrangement,
a judgment rendered by a Hong Kong court can generally be recognized and enforced in mainland China
even if the parties in the dispute do not enter into a choice of court agreement in writing. However, we
cannot guarantee that all judgments made by Hong Kong courts will be recognized and enforced in
mainland China, as whether a specific judgment will be recognized and enforced is still subject to a
case-by-case examination by the relevant court in accordance with the New Arrangement.
Holders of our H Shares and dividends on our H Shares may be subject to PRC income tax
obligations.
Under the current PRC tax laws and regulations, non-PRC resident individuals and non-PRC
resident enterprises are subject to different tax obligations with respect to the dividends paid to them by
us and the gains realized upon the sale or other disposition of our H Shares.
According to the Individual Income Tax Law of the PRC () and
the Implementation Regulations for the Individual Income Tax Law of the PRC (ɛ
ૢԷ), both came into effect on January 1, 2019, the tax applicable to non-PRC resident
individuals is proportionate at a rate of 20% for any dividends obtained from within China or gains on
transfer of shares and shall be withheld and paid by the withholding agent.
According to the Enterprise Income Tax Law of the PRC (),
which was last revised and implemented on December 6, 2024, and the Implementation Regulations for
the Enterprise Income Tax Law of the PRC (ૢԷ), which was
last revised and implemented on January 20, 2025, if a non-resident enterprise has no presence or
establishment within China, or if it has established a presence or establishment but the income obtained
has no actual connection with such presence or establishment, it shall pay an enterprise income tax on
its income derived from within China with a reduced rate of 10%. Pursuant to the Arrangement between
the Mainland and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes on Income (the “Arrangements”) executed on
August 21, 2006, the PRC Government may levy taxes on the dividends paid by PRC companies to Hong
Kong residents in accordance with the PRC laws, but the levied tax (in the case the beneficial owner of
the dividends are not companies directly holding at least 25% of the equity interest in the company
paying the dividends) shall not exceed 10% of the total dividends. Pursuant to the Arrangements,
dividends paid by PRC resident enterprises to Hong Kong residents can be taxed either in Hong Kong
or in accordance with the PRC laws. However, if the beneficial owner of the dividends is a Hong Kong
resident, the tax charged shall not exceed: (i) 5% of the total amount of dividends if the Hong Kong
resident is a company that directly owns at least 25% of the capital of the PRC resident enterprise paying
dividends; (ii) otherwise, 10% of the total amount of dividends.
Based on the foregoing, non-PRC resident holders of our H Shares should be aware that they may
be obligated to pay PRC income tax on the dividends and gains realized through sales or transfers by
other means of the H Shares. The actual applicable tax rate will depend on the shareholder’s tax residency
status and the preferential treatment available under any applicable tax treaty between China and the
shareholder’s country/region of residence.
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Regulations on currency conversion and regulations on the remittance of Renminbi into and out of
China may affect our ability to pay dividends and meet other financial obligations, and may affect
the value of your investment.
The convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of
currency into and out of China are subject to PRC foreign exchange regulations. A substantial majority
of our future revenue is expected to be denominated in Renminbi, and we will need to convert Renminbi
into foreign currencies to pay dividends, if any, to holders of our H Shares. Shortages in the availability
of foreign currency may affect our ability to remit sufficient foreign currency to pay dividends or other
obligations, or otherwise satisfy our foreign currency-denominated liabilities.
Under China’s current foreign exchange regulations, foreign exchange transactions under the
current account conducted by us do not require prior approval from the State Administration of Foreign
Exchange (“SAFE”). However, we are required to present relevant supporting documentation and
conduct such transactions through designated foreign exchange banks in China that are licensed to carry
out foreign exchange business. Approval from the appropriate government authorities is required when
Renminbi is converted into foreign currency and remitted out of China to pay capital expenses, such as
the repayment of loans denominated in foreign currencies. If we are unable to obtain sufficient foreign
currency under the current foreign exchange regulations to meet our foreign currency needs, we may not
be able to pay dividends in foreign currencies to our Shareholders. Furthermore, there is no assurance
that new regulations will not be introduced in the future that could further affect the remittance of
Renminbi into or out of China.
RISKS RELATING TO THE GLOBAL OFFERING
No public market currently exists for our H Shares, and an active trading market for our H Shares
may not develop and the market price for our H Shares may decline or became volatile.
No public market currently exists for our H Shares. The Offer Price for our H Shares to the public
was the result of negotiations between our Company and the Global Coordinators (for themselves and on
behalf of the Underwriters) and the Offer Price may differ significantly from the market price of the H
Shares following the Global Offering. We have applied for the listing of and permission to deal in our
Offer Shares on the Stock Exchange. A listing on the Stock Exchange, however, does not guarantee that
an active and liquid trading market for the H Shares will develop, or if it does develop, that it will be
sustained following the Global Offering, or that the market price or trading volume of the H Shares will
not decline following the Global Offering.
The price and trading volume of our H Shares may be volatile, which could lead to substantial
losses to investors who purchase our H Shares in the Global Offering.
The price and trading volume of our H Shares may be subject to significant volatility in response
to various factors beyond our control, including general securities market conditions in Hong Kong and
elsewhere. The business performance and share price of other companies in similar businesses may also
affect our H Shares. In addition to market and industry factors, our H Share price and trading volume may
be highly volatile due to business-specific factors and changes in the regulatory environment, such as
clinical trial results, regulatory approval outcomes, fluctuations in our revenue, earnings, cash flows,
investments and expenditures, relationships with suppliers, key personnel changes, competitor actions,
or regulatory developments affecting the pharmaceutical industry and healthcare. Moreover, the
securities market has from time to time experienced significant price and volume volatility unrelated to
the operating performance of the underlying companies. Shares of other Stock Exchange-listed
companies with significant operations in China have experienced price volatility, and our H Shares may
be subject to price changes not directly related to our performance. These broad market and industry
fluctuations may materially and adversely affect the market price and trading volume of our H Shares.
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Future sales or perceived sales of our H Shares in the public market, especially by our Directors,
executive officers and substantial Shareholders, could materially adversely affect the price of our
H Shares.
Prior to the Global Offering, there has not been a public market for our H Shares. Future sales or
perceived sales by existing Shareholders after the Global Offering could significantly decrease the
prevailing market price of our H Shares. Only a limited number of H Shares will be available for sale
or issuance immediately after the Global Offering due to contractual and regulatory restrictions.
Nevertheless, after these restrictions lapse or are waived, future sales of significant amounts of our H
Shares in the public market, or the perception that such sales may occur, could significantly decrease the
prevailing market price of our H Shares and impair our ability to raise equity capital in the future.
Y ou will incur immediate and significant dilution if the Offer Price is higher than the net tangible
book value per Share, and may experience further dilution if we issue additional H Shares or other
equity securities in the future.
If the Offer Price is higher than the net tangible asset value per Share immediately prior to the
Global Offering, purchasers of our H Shares in the Global Offering will experience an immediate dilution
in pro forma net tangible asset value, while our existing Shareholders will receive an increase in pro
forma adjusted net tangible assets per Share.
In addition, we may finance future cash needs through public or private offerings, debt financings,
collaboration and licensing arrangements, or other funding sources. Our Shareholders may experience
dilution if we issue more securities in the future. New shares or share-linked securities issued by us may
confer rights and privileges that take priority over those conferred by the H Shares. We may also seek
additional capital due to favorable market conditions or strategic considerations even if we have
sufficient funds for current or future operating plans. To the extent we raise additional capital through
the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms
may include liquidation or other preferences that adversely affect your rights as a holder of our H Shares.
Additional indebtedness or issuance of certain equity securities could result in increased fixed payment
obligations and restrictive covenants, such as limitations on our ability to incur additional debt, issue
additional equity, or acquire or license intellectual property rights, and other operating restrictions that
could adversely impact our business. Issuance of additional equity securities, or the possibility of such
issuance, may cause dilution if we issue additional H Shares at a price lower than the net tangible asset
value per Share, and may cause the market price of our H Shares to decline.
Because we do not expect to pay dividends in the foreseeable future after the Global Offering, you
must rely on price appreciation of our H Shares for a return on your investment.
We currently intend to retain most, if not all, of our available funds and future earnings after the
Global Offering to fund development and commercialization of our pipeline drug candidates. As a result,
we do not expect to pay cash dividends in the foreseeable future. Y ou should not rely on an investment
in our H Shares as a source for future dividend income.
Our Board has complete discretion as to whether to distribute dividends. There can be no assurance
that future dividends will be declared or paid. Even if our Board decides to declare and pay dividends,
the timing, amount, and form of future dividends will depend on our results of operations and cash flow,
capital requirements and surplus, distributions received from our subsidiaries, financial condition,
contractual restrictions, and other factors deemed relevant by our Board. Accordingly, the return on your
investment in our H Shares will likely depend entirely upon future price appreciation. There is no
guarantee that our H Shares will appreciate in value after the Global Offering or even maintain the
purchase price. Y ou may not realize a return on your investment and may lose your entire investment.
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Any conversion of our Unlisted Shares into H Shares in the future could increase the number of our
H Shares in the market and negatively impact the market price of our H Shares.
Our Unlisted Shares may be converted into H Shares upon completion of necessary procedures and
listed or traded on an overseas stock exchange, provided that all requisite filings with the CSRC are
completed beforehand. Such conversion may result in a larger pool of H Shares being traded, which could
affect pricing dynamics. However, under the PRC Company Law, shares issued prior to a public offering
are subject to a one-year lock-up period from the date of listing. Accordingly, following completion of
required filings, our Unlisted Shares may be eligible for trading as H Shares on the Stock Exchange one
year after this Global Offering. The increase in market supply of our H Shares at that time could
negatively impact their market price.
The industry facts, statistics and forecasts in this prospectus that were obtained from various
government publications have not been independently verified.
Certain facts, forecasts, and statistics in this prospectus relating to the pharmaceutical industry are
obtained from official government publications. However, we cannot guarantee the quality or reliability
of such source materials. Due to possibly flawed or ineffective collection methods or discrepancies
between published information and factual information and other problems, the statistics in this
prospectus relating to the pharmaceutical industry in and outside China may be inaccurate and you should
not place undue reliance on it. Moreover, these facts, forecasts and statistics involve risk and
uncertainties and are subject to change based on various factors and should not be unduly relied upon.
There can be no assurances that they are stated or compiled on the same basis or with the same degree
of accuracy, as may be the case in other countries.
Forward-looking information in this prospectus is subject to risks and uncertainties.
This prospectus contains forward-looking statements using terminology such as “believe,”
“expect,” “estimate,” “aim,” “intend,” “will,” “may,” “plan,” “consider,” “anticipate,” “seek,” “should,”
“could,” “would,” and similar expressions. Y ou are cautioned that reliance on any forward-looking
statement involves risks and uncertainties and that assumptions underlying such statements could prove
inaccurate, rendering the forward-looking statements incorrect. The inclusion of forward-looking
statements in this prospectus should not be regarded as representations or warranties that our plans and
objectives will be achieved and should be considered in light of various important factors, including
those set forth in this section. Subject to the requirements of the Listing Rules, we do not intend to
publicly update or revise the forward-looking statements in this prospectus, whether as a result of new
information, future events, or otherwise. Accordingly, you should not place undue reliance on any
forward-looking information. All forward-looking statements in this prospectus are qualified by
reference to this cautionary statement.
Y ou should read the entire prospectus carefully and we strongly caution you not to place any
reliance on any information contained in press articles or other media coverage regarding us, our
business, our Shareholders and management team, our industries, our H Shares and the Global
Offering.
Subsequent to the date of this prospectus but prior to completion of the Global Offering, there may
be press and media coverage regarding us and the Global Offering, which may contain financial
information, projections, valuations, and other forward-looking information. We have not authorized the
disclosure of any such information in the press or media and do not accept responsibility for its accuracy
or completeness of such press articles or other media coverage. We make no representation as to the
appropriateness, accuracy, completeness, or reliability of any projections, valuations, or other forward-
looking information about us. To the extent such statements are inconsistent with or conflict with
information contained in this prospectus, we disclaim responsibility for them. Accordingly, prospective
investors are cautioned to make investment decisions solely on the basis of information contained in this
prospectus. By applying to purchase our H Shares in the Global Offering, you will be deemed to have
agreed not to rely on any information other than that contained in this prospectus.
RISK FACTORS
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In preparation for the Listing, we have sought the following waivers from strict compliance with
the relevant provisions of the Listing Rules and exemption from strict compliance with the Companies
(Winding Up and Miscellaneous Provisions) Ordinance.
W AIVER IN RELATION TO MANAGEMENT PRESENCE IN HONG KONG
Pursuant to Rules 8.12 and 19A.15 of the Listing Rules, an issuer must have a sufficient
management presence in Hong Kong. This normally means that at least two of its executive directors
must be ordinarily resident in Hong Kong.
The headquarters, senior management and business operations of our Group are primarily based,
managed and conducted outside Hong Kong. As our executive Directors and senior management play
very important roles in our business operations, we consider that it is in the best interest of our Company
for them to be based in the place where our Group has significant operations. As such, our Company does
not, and will not for the foreseeable future, have a sufficient management presence in Hong Kong for the
purpose of satisfying the requirement under Rules 8.12 and 19A.15 of the Listing Rules.
Accordingly, we have applied to the Stock Exchange for, and the Stock Exchange has granted us,
a waiver from strict compliance with Rules 8.12 and 19A.15 of the Listing Rules. We will ensure that
there is an effective channel of communication between us and the Stock Exchange by way of the
following arrangements:
(a) we have appointed Dr. Cai and Ms. Yip Chui Mei (“ Ms. Yip ”), our joint company secretary,
as our authorized representatives pursuant to Rule 3.05 of the Listing Rules. Our authorized
representatives will act as our principal channel of communication with the Stock Exchange.
They will be readily contactable by phone, email, and/or facsimile to promptly deal with
enquiries from the Stock Exchange and will also be available to meet with the Stock
Exchange to discuss any matter within a reasonable period of time upon request of the Stock
Exchange. Our Company will also inform the Stock Exchange promptly in respect of any
change in our authorized representatives;
(b) when the Stock Exchange wishes to contact our Directors on any matter, our authorized
representatives will have all necessary means to contact all of our Directors (including our
independent non-executive Directors) promptly at all times. We have provided the Stock
Exchange with contact details of all Directors to facilitate communication with the Stock
Exchange. Furthermore, to the best of our knowledge and information, all Directors who do
not ordinarily reside in Hong Kong possess or can apply for valid travel documents to visit
Hong Kong and can meet with the Stock Exchange within a reasonable period upon request
of the Stock Exchange; and
(c) we have appointed Rainbow Capital (HK) Limited as our Compliance Advisor upon the
Listing pursuant to Rule 3A.19 of the Listing Rules for a period commencing on the Listing
Date and ending on the date on which we comply with Rule 13.46 of the Listing Rules in
respect of our financial results for the first full financial year commencing after the Listing
Date. The Compliance Advisor will have access at all times to our authorized representatives,
Directors and senior management, and will act as an additional channel of communication
with the Stock Exchange when our authorized representatives are not available.
W AIVER IN RESPECT OF JOINT COMPANY SECRETARIES
Pursuant to Rules 3.28 and 8.17 of the Listing Rules, the company secretary of an issuer must be
an individual who, by virtue of his or her academic or professional qualifications or relevant experience,
is, in the opinion of the Stock Exchange, capable of discharging the functions of company secretary.
Our Company had appointed Ms. Yip and Ms. Yifan HAN (“ Ms. Han ”) as our joint company
secretaries. Ms. Yip is an associate of The Hong Kong Chartered Governance Institute and The Chartered
Governance Institute in the United Kingdom, and therefore meets the qualification requirements under
Note 1 to Rule 3.28 of the Listing Rules and is in compliance with Rule 8.17 of the Listing Rules.
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Ms. Han has been responsible for maintaining shareholder relations, managing financing activities,
and overseeing our Group’s capital market operations since June 2023. She has extensive experience in
auditing, mergers and acquisitions and investor relations within healthcare and biopharmaceutical
sectors, but presently does not possess any of the qualifications under Rules 3.28 and 8.17 of the Listing
Rules. While Ms. Han may not be able to solely fulfill the requirements of the Listing Rules, our
Company believes that it would be in the best interests of our Company and the corporate governance
of our Company to appoint Ms. Han as our joint company secretary due to her thorough understanding
of the internal administration and business operations of our Group.
Accordingly, while Ms. Han does not possess the formal qualifications required of a company
secretary under Rule 3.28 of the Listing Rules, we have applied to the Stock Exchange for, and the Stock
Exchange has granted, a waiver from strict compliance with the requirements under Rules 3.28 and 8.17
of the Listing Rules such that Ms. Han may be appointed as a joint company secretary of our Company.
Pursuant to paragraphs 13 and 15 of Chapter 3.10 of the Guide, the waiver will be for a fixed period of
time (“ Waiver Period ”) and on the following conditions: (i) the proposed company secretary must be
assisted by a person who possesses the qualifications or experience as required under Rule 3.28
(“Qualified Person ”) and is appointed as a joint company secretary throughout the Waiver Period; and
(ii) the waiver can be revoked if there are material breaches of the Listing Rules by the issuer. The waiver
is valid for an initial period of three years from the Listing Date, and is granted on the condition that Ms.
Yip, as a joint company secretary of our Company, will work closely with, and provide assistance to, Ms.
Han in the discharge of her duties as a joint company secretary and in gaining the relevant company
secretary experience as required under Rule 3.28 of the Listing Rules and to become familiar with the
requirements of the Listing Rules and other applicable Hong Kong laws and regulations. Given Ms. Yip’s
professional qualifications and experience, she will be able to explain to both Ms. Han and our Company
the relevant requirements under the Listing Rules. Ms. Yip will also assist Ms. Han in organizing Board
meetings and Shareholders’ meetings of our Company as well as other matters of our Company which
are incidental to the duties of a company secretary. She is expected to work closely with Ms. Han, and
will maintain regular contact with Ms. Han, the Directors and the senior management of our Company.
The waiver will be revoked immediately if Ms. Yip ceases to provide assistance to Ms. Han as a joint
company secretary for the three-year period after the Listing or where there are material breaches of the
Listing Rules by our Company. In addition, Ms. Han will comply with the annual professional training
requirement under Rule 3.29 of the Listing Rules and will enhance her knowledge of the Listing Rules
during the three-year period from the Listing.
In the course of preparation of the Listing, Ms. Han attended a training session on the respective
obligations of the Directors and senior management and our Company under the relevant Hong Kong
laws and the Listing Rules provided by our Company’s Hong Kong legal adviser, and has been provided
with the relevant training materials. Our Company will further ensure that Ms. Han has access to the
relevant training and support that would enhance her understanding of the Listing Rules and the duties
of a company secretary of an issuer listed on the Stock Exchange, and to receive updates on the latest
changes to the applicable Hong Kong laws, regulations and the Listing Rules. Furthermore, both Ms. Yip
and Ms. Han will seek and have access to advice from our Company’s Hong Kong legal and other
professional advisers as and when required. Our Company has appointed Rainbow Capital (HK) Limited
as the Compliance Adviser upon our Listing pursuant to Rule 3A.19 of the Listing Rules, which will act
as our Company’s additional channel of communication with the Stock Exchange, and provide
professional guidance and advice to our Company and its joint company secretaries as to compliance with
the Listing Rules and all other applicable laws and regulations. Prior to the end of the three-year period,
the qualifications and experience of Ms. Han and the need for ongoing assistance of Ms. Yip will be
further evaluated by our Company. We will liaise with the Stock Exchange to enable it to assess whether
Ms. Han, having benefited from the assistance of Ms. Yip for the preceding three years, will have
acquired the skills necessary to carry out the duties of company secretary and the “relevant experience”
within the meaning of Note 2 to Rule 3.28 of the Listing Rules so that a further waiver will not be
necessary.
Please refer to the section headed “Directors and Senior Management” in this prospectus for further
information regarding the qualifications of Ms. Yip and Ms. Han.
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EXEMPTION FROM STRICT COMPLIANCE WITH SECTION 342(1)(B) OF THE COMPANIES
(WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE IN RELATION TO
PARAGRAPH 27 OF PART I AND PARAGRAPH 31 OF PART II OF THE THIRD SCHEDULE TO
THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE
Pursuant to section 342(1)(b) of the Companies (Winding Up and Miscellaneous Provisions)
Ordinance, the prospectus must state the matters specified in Part I of the Third Schedule to the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (the “ Third Schedule ”) and set out
the reports specified in Part II of the Third Schedule.
Pursuant to paragraph 27 of Part I of the Third Schedule, the prospectus must specify a statement
as to the gross trading income or sales turnover (as may be appropriate) of the company during each of
the three financial years immediately preceding the issue of the prospectus including an explanation of
the method used for the computation of such income or turnover and a reasonable breakdown between
the more important trading activities.
Pursuant to paragraph 31 of Part II of the Third Schedule, the prospectus must set out a report by
the auditors of the company with respect to (i) profits and losses of the company for each of three
financial years immediately preceding the issue of the prospectus and (ii) assets and liabilities of the
company at the last date of each of the three financial years immediately preceding the issue of the
prospectus.
Pursuant to section 342A(1) of the Companies (Winding Up and Miscellaneous Provisions)
Ordinance, the SFC may issue, subject to such conditions (if any) as the SFC thinks fit, a certificate of
exemption from compliance with the relevant requirements under the Companies (Winding Up and
Miscellaneous Provisions) Ordinance if, having regard to the circumstances, the SFC considers that the
exemption will not prejudice the interest of the investing public and compliance with any or all of those
requirements would be irrelevant or unduly burdensome, or would otherwise be unnecessary or
inappropriate.
Pursuant to Rule 4.04(1) of the Listing Rules, the consolidated results of the issuer and its
subsidiaries in respect of each of the three financial years immediately preceding the issue of the listing
document or such shorter period as may be acceptable to the Stock Exchange must be included in the
accountants’ report to its prospectus.
Pursuant to Rule 18A.06 of the Listing Rules, a biotech company must comply with Rule 4.04 of
the Listing Rules modified so that references to “three financial years” or “three years” in Rule 4.04 shall
instead reference to “two financial years” or “two years,” as the case may be.
Accordingly, we have applied to the SFC for an exemption from strict compliance with the
requirements under section 342(1)(b) of the Companies (Winding Up and Miscellaneous Provisions)
Ordinance in relation to paragraph 27 of Part I and paragraph 31 of Part II of the Third Schedule on the
following grounds:
(a) the Company is a commercial-stage, innovation-driven biotechnology company focused on
advancing synthetic lethality (SL)-based precision anti-cancer therapies globally, delivering
innovative treatments to address the unmet medical needs of cancer patients, and falls within
the scope of biotech company as defined under Chapter 18A of the Listing Rules;
(b) the Accountants’ Report for the two years ended December 31, 2024 and 2025 has been
disclosed in this document and set out in Appendix I to this document in accordance with
Rule 18A.06 of the Listing Rules;
(c) Given that our Company is only required to disclose its financial results for each of the two
financial years ended December 31, 2024 and 2025 under Chapter 18A of the Listing Rules,
strict compliance with section 342(1)(b) of the Companies (Winding Up and Miscellaneous
Provisions) Ordinance in relation to the requirements of paragraph 27 of Part I and paragraph
31 of Part II of the Third Schedule would be unnecessary in the circumstances of the
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Company. The revenue for the year ended December 31, 2023 was solely derived from
out-licensing revenue, which is milestone-driven. In 2024, apart from the out-licensing
revenue, an immaterial amount of product sales revenue was generated from non-recurring
sales of clinical trial materials provided to the Company’s collaboration partner under the
same licensing agreement. In 2025, the Company started generating revenue from product
sales following the commercial launch of senaparib in China. The existing Track Record
Period already captures the critical commercialization inflection point in 2025. As the earlier
year 2023 does not contain any product sales and is not reflective of the Company’s
commercial-stage operations, its inclusion would not provide meaningful information to
public investors.
(d) notwithstanding that the financial results set out in this document are only for the two years
ended December 31, 2024 and 2025 in accordance with Chapter 18A of the Listing Rules,
other information required to be disclosed under the Listing Rules and the Companies
(Winding Up and Miscellaneous Provisions) Ordinance has been adequately disclosed in this
document pursuant to the relevant requirements; and
(e) our Company and the Joint Sponsors are of the view that the Accountants’ Report covering
the two years ended December 31, 2024 and 2025 included in this prospectus have already
provided potential investors with adequate and reasonably up-to-date information in the
circumstances to form a view on our Company’s track record and financing trend. In addition,
our Directors confirm that all information which is necessary for the investing public to make
an informed assessment of the activities, assets and liabilities, financial position, trading
position, management and prospects of our Group has been included in this prospectus.
Therefore, the waiver and exemption would not prejudice the interests of the investing
public.
The SFC has granted us a certificate of exemption under section 342A of the Companies (Winding
Up and Miscellaneous Provisions) Ordinance from strict compliance with section 342(1)(b) of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance in relation to paragraph 27 of Part I
and paragraph 31 of Part II of the Third Schedule on the conditions that:
(a) the particulars of the exemption are disclosed in this prospectus; and
(b) this prospectus will be issued on or before May 5, 2026.
CONSENT AND W AIVER IN RESPECT OF ALLOCATION OF H SHARES TO CERTAIN
EXISTING SHAREHOLDERS AND/OR THEIR CLOSE ASSOCIATES
Paragraph 1C of Appendix F1 to the Listing Rules provides that no allocations will be permitted
to the existing shareholders of the applicant or their close associates, whether in their own names or
through nominees unless the conditions set out in Rules 10.03 and 10.04 of the Listing Rules are fulfilled,
without the prior written consent of the Stock Exchange.
Rule 9.09 (b) of the Listing Rules provides that there must be no dealing in the securities for which
listing is sought by any core connected person of the issuer, in the case of a new applicant, from four
clear business days before the expected hearing date until the listing is granted.
Rule 10.04 of the Listing Rules provides that a person who is an existing shareholder of the issuer
may only subscribe for or purchase any securities for which listing is sought which are being marketed
by or on behalf of a new applicant either in his or its own name or through nominees if the conditions
in rules 10.03(1) and (2) are fulfilled.
Chapter 4.15 of the Guide For New Listing Applicants (the “ Guide ”) provides that the Stock
Exchange will consider giving consent for allocations of shares to existing shareholders or their close
associates, if the relevant conditions and principles set out therein are satisfied and followed.
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Paragraph 18 of Chapter 2.3 of the Guide provides that the applicant must apply for, and the Stock
Exchange will ordinarily grant a related Rule 9.09 waiver if allocations of shares of a biotech company
will be made to a core connected person.
As further described in the section headed “Cornerstone Investors” in this prospectus, each of
following entities has entered into a cornerstone investment agreement as a cornerstone investor
(“Cornerstone Investor ”) with the Company, the Joint Sponsors, and the Overall Coordinators to
subscribe for the Offer Shares:
(i) Worldwide Healthcare Partners LLC (“ WWHCP ”), our Cornerstone Investor, is also an
existing shareholder of our Company (“ Existing Shareholder ”). Exome Asset GP LLC, a
Delaware limited liability company, serves as the managing member of WWHCP . WWHCP
is held by more than 30 limited partners and none of the limited partners hold 30% or more
interests in this fund. Exome Asset Management LLC, a Delaware limited liability company,
is the investment manager of WWHCP . Exome Holdco LLC is the ultimate beneficial owner
of Exome Asset GP LLC and Exome Asset Management LLC. Exome Asset GP LLC also
serves as the managing member of Emerging Markets Healthcare Partners LLC (“ EMH”),
which is another Existing Shareholder of the Company. Exome Asset Management LLC is
also the investment manager of EMH. As of the Latest Practicable Date, WWHCP owns
approximately 0.14% of the total number of issued Shares of the Company. Exome Asset
Management LLC, through WWHCP and EMH, in aggregate owns approximately 0.39% of
the total number of issued Shares of the Company as of the Latest Practicable Date.
(ii) LA V Star Limited (“ LA V Star”), our Cornerstone Investor, is wholly owned by LA V Fund
VI, L.P . (“ LA V Fund VI ”). LA V Star Opportunities Limited (“ LA V Star Opportunities ”),
our Cornerstone Investor, is wholly owned by LA V Fund VI Opportunities, L.P . (“ LA V
Opportunities ”). LA V Star and LA V Star Opportunities are within a group of offshore
investment vehicles, the investments of which are denominated in U.S. dollar, controlled by
Dr. Yi Shi (“ Dr. Shi ”). As disclosed in section headed “History, Development and Corporate
Structure”, each of LA V Innovation Hong Kong Co., Limited, LA V Enterprise Hong Kong
Limited, LA V Impetus Limited and LA V Integra Limited (together, “ LA V USD ”) is an
Existing Shareholder of the Company. LA V USD are within a group of offshore investment
vehicles, the investments of which are denominated in U.S. dollar, controlled by Dr. Shi
(“LA V USD Group ”). Therefore, LA V Star and LA V Star Opportunities are the close
associate (as defined under Rule 1.01 of the Listing Rules) (“ Close Associate ”) of LA V USD,
the Existing Shareholders. As of the Latest Practicable Date, LA V USD owns approximately
15.62% of the total number of issued Shares of the Company. LA V USD is currently the
Single Largest Group of Shareholders of the Company and a core connected person, under
Rule 1.01 of the Listing Rules, of the Company; and
(iii) Huang River Investment Limited (“ Huang River ”), our Cornerstone Investor, is wholly
owned by Tencent Holdings Limited (“ Tencent Holdings ”) Prosper High Holding Limited
(“Prosper High ”), our Cornerstone Investor, is wholly owned TPP Fund II, L.P ., whose
general partner is TPP GP II, Ltd., which is in turn ultimately controlled by Tencent Holdings.
As disclosed in section headed “History, Development and Corporate Structure”, Guangxi
Tencent V enture Investment Co., Ltd. (ʮ̡)( “ Tencent ”), the
Existing Shareholder of our Company, is ultimately controlled by Tencent Holdings.
Therefore, each of Huang River and Prosper High is considered a wholly-owned subsidiary
of Tencent Holdings and is the Close Associate of Tencent. As of the Latest Practicable Date,
Tencent owns approximately 6.66% of the total number of issued Shares of the Company.
We have applied to the Stock Exchange for, and the Stock Exchange has granted to us, a consent
under paragraph 1C (2) of Appendix F1 and a waiver from strict compliance from the requirements under
Rule 9.09(b) and Rule 10.04 of the Listing Rules to permit H Shares in the International Offering to be
placed to the Existing Shareholders and their Close Associates to participate in the Global Offering as
a cornerstone investor on the following basis as set out in Paragraph 18 of Chapter 2.3 and Chapter 4.15
of the Guide, subject to the conditions as follows:
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(a) the Company will comply with the public float requirement under Rule 19A.13A of the
Listing Rules and the free float requirement under Rule 19A.13C of the Listing Rules;
(b) no preference in allocation has been, nor will be, given to WWHCP , LA V Star, LA V Star
Opportunities, Huang River, and Prosper High or its respective close associate(s) by virtue
of their relationship with the Company other than the preferential treatment of assured
entitlement at the Offer Price under a cornerstone investment and the terms of the cornerstone
investment agreement with WWHCP , LA V Star, LA V Star Opportunities, Huang River, and
Prosper High or its respective close associate(s) are substantially the same as the other
cornerstone investment agreements following the principles set out in Chapters 2.3 and 4.15
of the Guide;
(c) the Shares to be subscribed by and allocated to WWHCP , LA V Star, LA V Star Opportunities,
Huang River, and Prosper High under the Global Offering will be at the same Offer Price and
on substantially the same terms, or no more favorable than, the terms of the other cornerstone
investors (including being subject to a lock-up period of six months from the Listing Date)
and WWHCP , LA V Star, LA V Star Opportunities, Huang River, and Prosper High shall pay
and settle in full the consideration for the relevant Offer Shares before dealings commence
on the Listing Date;
(d) each of the Company, the Joint Sponsors and the Overall Coordinators has provided the Stock
Exchange with written confirmations in accordance with Chapters 2.3 and 4.15 of the Guide;
and
(e) the relevant information in respect of the allocation to WWHCP , LA V Star, LA V Star
Opportunities, Huang River, and Prosper High as Cornerstone Investors are disclosed in this
Prospectus and will be disclosed in the allotment results announcement.
For further information, please refer to the section headed “Cornerstone Investors” in this
Prospectus.
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DIRECTORS’ RESPONSIBILITY FOR THE CONTENTS OF THIS PROSPECTUS
This prospectus, for which our Directors (including any proposed Director who is named as such
in this prospectus) collectively and individually accept full responsibility, includes particulars given in
compliance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance, the Securities
and Futures (Stock Market Listing) Rules (Chapter 571V of the Laws of Hong Kong) and the Listing
Rules for the purpose of giving information to the public with regard to us. Our Directors, having made
all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information
contained in this prospectus is accurate and complete in all material respects and not misleading or
deceptive, and there are no other facts, the omission of which would make any statement herein or this
prospectus misleading.
CSRC FILING
On March 26, 2026, the CSRC issued a notification on the completion of the PRC filing procedures
for the Global Offering and the Listing.
INFORMATION ABOUT THE GLOBAL OFFERING AND LISTING
This prospectus is published solely in connection with the Hong Kong Public Offering which forms
part of the Global Offering.
The Hong Kong Offer Shares are offered solely on the basis of the information contained and
representations made in this prospectus and on the terms and subject to the conditions set out herein. No
person is authorized to give any information in connection with the Global Offering or to make any
representation not contained in this prospectus, and any information or representation not contained
herein must not be relied upon as having been authorized by our Company, the Joint Sponsors, the
Overall Coordinators, the Sponsor-Overall Coordinator, the Capital Market Intermediaries, the Joint
Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Underwriters, any of our or
their respective affiliates, directors, officers, employees, advisors, agents or representatives, or any other
parties involved in the Global Offering.
Neither the publication of this prospectus nor any subscription or acquisition made under it shall,
under any circumstances, constitute a representation that there has been no change or development
reasonably likely to involve a change in our affairs since the date of this prospectus or imply that the
information contained in this prospectus is correct as of any date subsequent to the date of this
prospectus.
The Listing is sponsored by the Joint Sponsors and the Global Offering is managed by the Overall
Coordinators. Pursuant to the Hong Kong Underwriting Agreement, the Hong Kong Public Offering is
fully underwritten by the Hong Kong Underwriters on the terms and conditions therein. The International
Offering is expected to be fully underwritten by the International Underwriters and subject to the terms
and conditions of the International Underwriting Agreement. Fur details of the Underwriters and the
underwriting arrangements, see “Underwriting.”
For details of the structure of the Global Offering, including its conditions and the arrangements
relating to the Over-allotment Option and stabilization, see “Structure of the Global Offering.” For
procedures to apply for the Hong Kong Offer Shares, see “How to Apply for Hong Kong Offer Shares.”
Dealings in the H Shares on the Stock Exchange are expected to commence on Wednesday, May
13, 2026. The H Shares will be traded in board lot of 200 H Shares each. The stock code of the H Shares
is 7630.
RESTRICTIONS ON OFFER AND SALE OF THE OFFER SHARES
No action has been taken to permit a public offering of the Offer Shares outside Hong Kong or the
publication of this prospectus in any jurisdiction other than Hong Kong. Accordingly, and without
limitation to the following, this prospectus may not be used for the purposes of, and does not constitute,
INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING
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an offer or invitation in any jurisdiction or in any circumstances where such an offer or invitation is not
authorized or to any person to whom it is unlawful to make such an offer or invitation. The publication
of this prospectus and the offer and sales of the Offer Shares in other jurisdictions are subject to
restrictions and may not be made except as permitted under the applicable securities laws of such
jurisdictions pursuant to registration with or authorization by the relevant securities regulatory
authorities or an exemption therefrom. Each person acquiring the Hong Kong Offer Shares under the
Hong Kong Public Offering will be required to confirm, or be deemed by his or her acquisition of Hong
Kong Offer Shares to confirm, that he or she is aware of the restrictions on offers and sales of the Hong
Kong Offer Shares described in this prospectus. In particular, the Offer Shares have not been offered or
sold, and will not be offered or sold, directly or indirectly, in the PRC.
APPLICATION FOR THE LISTING OF H SHARES ON THE STOCK EXCHANGE
We have applied to the Stock Exchange for the listing of, and permission to deal in, the H Shares
to be converted from the Unlisted Shares and to be issued pursuant to the Global Offering (including any
H Shares which may be issued pursuant to the Over-allotment Option). Save as aforesaid, no part of our
Shares is listed or dealt in on any other stock exchange, and no such listing or permission to list is being
or proposed to be sought in the near future.
Under section 44B(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance,
any allotment made in respect of any application will be invalid if the listing of, and permission to deal
in, the H Shares on the Stock Exchange is refused before the expiration of three weeks from the date of
the closing of the application lists, or such longer period (not exceeding six weeks) as may, within the
said three weeks, be notified to our Company by the Stock Exchange.
H SHARES WILL BE ELIGIBLE FOR ADMISSION INTO CCASS
Subject to the granting of listing of, and permission to deal in, the H Shares on the Stock Exchange
and our compliance with the stock admission requirements of HKSCC, the H Shares will be accepted as
eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the
Listing Date or any other date as determined by HKSCC. Settlement of transactions between participants
of the Stock Exchange is required to take place in CCASS on the second settlement day after any trading
day. All activities under CCASS are subject to the General Rules of HKSCC and the HKSCC Operational
Procedures in effect from time to time. All necessary arrangements have been made to enable the H
Shares to be admitted into CCASS. Investors should seek advice of their broker or other professional
advisors for details of the settlement arrangements as such arrangements may affect their rights and
interests.
H SHARE REGISTER AND STAMP DUTY
All H Shares issued pursuant to applications made in the Hong Kong Public Offering and the
International Offering will be registered on our H Share register of members to be maintained by our H
Share Registrar in Hong Kong. We will maintain our principal register of members at our registered
office in the PRC.
Dealings in the H Shares registered in our H Share register of members will be subject to Hong
Kong stamp duty. Investors should seek professional tax advice for details of Hong Kong stamp duty.
PROFESSIONAL TAX ADVICE RECOMMENDED
Potential investors in the Global Offering are recommended to consult their professional advisors
if they are in any doubt as to the tax implications of subscription for, purchase, holding, disposal of,
dealing in, or the exercise of any rights in relation to, the H Shares. None of our Company, the Joint
Sponsors, the Overall Coordinators, the Sponsor-Overall Coordinator, the Capital Market Intermediaries,
the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Underwriters, any of
our or their respective affiliates, directors, officers, employees, advisors, agents or representatives, or any
INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING
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other persons involved in the Global Offering accepts responsibility for any tax effects on, or liabilities
of, any person resulting from the subscription for, purchase, holding, disposal of, dealing in, or the
exercise of any rights in relation to, the H Shares.
REGISTRATION OF SUBSCRIPTION, PURCHASE AND TRANSFER OF H SHARES
We have instructed our H Share Registrar, and our H Share Registrar has agreed, not to register the
subscription, purchase or transfer of any H Shares in the name of any particular holder unless and until
such holder delivers a signed form to our H Share Registrar in respect of those H Shares bearing
statements to the effect that the holder:
(a) agrees with us and each of our Shareholders, and we agree with each Shareholder, to observe
and comply with the PRC Company Law, the Overseas Listing Trial Measures and our
Articles of Association;
(b) agrees with us, each of our Shareholders, Directors, managers and officers, and we, acting for
ourselves and for each of our Directors, managers and officers, agree with each of our
Shareholders, to refer all differences and claims arising from our Articles of Association or
any rights or obligations conferred or imposed by the PRC Company Law or other relevant
laws and administrative regulations concerning our affairs to arbitration, and any reference
to arbitration shall be deemed to authorize the arbitration tribunal to conduct hearings in open
session and to publish its award, which arbitration shall be final and conclusive;
(c) agrees with us and each of our Shareholders that the H Shares are freely transferable by the
holders thereof; and
(d) authorizes us to enter into a contract on his or her behalf with each of our Directors, managers
and officers whereby such Directors, managers and officers undertake to observe and comply
with their obligations to our Shareholders as stipulated in our Articles of Association. People
applying for or purchasing H Shares under the Global Offering are deemed, by making
application or purchase, to have represented that they are not associates of any of our
Directors or existing Shareholders or a nominee of any of the foregoing.
DIVIDENDS PAYABLE TO HOLDERS OF H SHARES
Unless determined otherwise by our Company, dividends payable in Hong Kong dollars in respect
of the H Shares will be paid to the Shareholders as recorded on our H Share register of members in Hong
Kong and sent by ordinary post, at the Shareholders’ risk, to the registered address of each Shareholder.
According to the China Securities Depository and Clearing Corporation Limited Shenzhen
Branch’s Guide to the Program for “Full Circulation” of H Shares (ப΂ʮ̡ଉ
έʱʮ̡H) promulgated by the Shenzhen Branch of CSDC on September 20,
2024 and effective from September 23, 2024, cash dividends to domestic investors of H-share “full
circulation” program shall be distributed through the CSDC.
INFORMATION ON THE CONVERSION OF UNLISTED SHARES INTO H SHARES
Our Company has applied for the conversion of 234,188,130 Unlisted Shares held by our existing
Shareholders into H Shares. See “History, Development and Corporate Structure” and “Share Capital” for
details of our existing Shareholders and their respective interests in our Company and relevant
procedures for the conversion of Unlisted Shares into H Shares. Such H Shares to be converted from
Unlisted Shares are restricted from trading for a period of one year after the Listing. The relevant filing
procedure in relation to the conversion of Unlisted Shares into H Shares has been completed on
March 26, 2026.
INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING
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LANGUAGE
If there is any inconsistency between the English version of this prospectus and the Chinese
translation of this prospectus, the English version of this prospectus shall prevail unless otherwise stated.
For ease of reference, the names of Chinese laws and regulations, government authorities, institutions,
natural persons or entities have been included in this prospectus in both the Chinese and English
languages. In the event of any inconsistency, the Chinese version shall prevail.
ROUNDING
Certain amounts and percentage figures included in this prospectus may have been subject to
rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic
aggregation of the figures preceding them.
EXCHANGE RATE CONVERSION
Solely for your convenience, this prospectus contains conversion among certain amounts
denominated in Renminbi, Hong Kong dollar and U.S. dollar at specified rates.
Unless otherwise specified, the conversion of Renminbi to Hong Kong dollar, of Renminbi to U.S.
dollar and of Hong Kong dollar to U.S. dollar, and vice versa, in this prospectus was made at the
following rates:
RMB0.8767 to HK$1.00
RMB6.8674 to US$1.00
HK$7.8336 to US$1.00
No representation is made that any amounts denominated in Renminbi, Hong Kong dollar or U.S.
dollar can be or could have been at the relevant dates converted at the above rates or any other rates or
at all.
INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING
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DIRECTORS
Name Address Nationality
Executive Directors
Dr. Sui Xiong CAI ( ᇹ༹ඪ) 3623 Berryfield court, San Diego, California
92130, U.S.
American
Dr. Y e Edward TIAN ( ͞௉) 1711 Gilmore Avenue, Winona, MN 55987,
U.S.
American
Ms. Ning MA ( ৵ྐྵ) Room 503, Building 10, No. 9 Y ushu Road,
Jiangning District, Nanjing, Jiangsu Province,
China
Chinese
Non-executive Directors
Dr. Cong XU (ᑋ) Room 1003, No. 7, Lane 688, Huangjincheng
Road, Changning District, Shanghai, China
Chinese
Dr. Qiang XU 2000 Blue Oak CT, Danville, California 94506,
U.S.
American
Mr. Tao LIU ( ᄎᏹ) Room 102, No. 19, Lane 266, Dongxiu Road,
Pudong New Area, Shanghai, China
Chinese
Independent Non-executive Directors
Dr. Edward Ming GUO (׼5810 Aster Meadows Place, San Diego, CA
92130, U.S.
American
Mr. Chi Hung SIU ( ጽқඪ) A2, 28/F, Timber House, 74 Waterloo Road, Ho
Man Tin, Hong Kong
Chinese
Dr. Liming SHAO (׼No. 220 Handan Road, Y angpu District,
Shanghai, China
Chinese
For further details of our Directors, see “Directors and Senior Management.”
DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING
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PARTIES INVOLVED IN THE GLOBAL OFFERING
Joint Sponsors, Overall
Coordinators, Sponsor-
Overall Coordinator,
Joint Global
Coordinators,
Joint Bookrunners,
Joint Lead Managers and
Capital Market
Intermediaries
Goldman Sachs (Asia) L.L.C.
68/F, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong
China International Capital Corporation Hong Kong Securities
Limited
29/F, One International Finance Centre, 1 Harbour View Street,
Central, Hong Kong
Joint Global Coordinator,
Joint Lead Manager and
Capital Market
Intermediary
CMB International Capital Limited
45/F Champion Tower, 3 Garden Road, Central, Hong Kong
Joint Bookrunner,
Joint Lead Manager and
Capital Market
Intermediary
Tiger Brokers (HK) Global Limited
23/F, Li Po Chun Chambers, 189 Des V oeux Road Central,
Hong Kong
Legal Advisors to our
Company
As to Hong Kong and United States law:
Cooley HK
35/F, Two Exchange Square, 8 Connaught Place, Central,
Hong Kong
As to PRC law:
JunHe LLP
26/F, HKRI Centre One, HKRI Taikoo Hui, 288 Shimen Road
(No. 1), Shanghai, PRC
Legal Advisors to the Joint
Sponsors and the
Underwriters
As to Hong Kong and United States law:
Kirkland & Ellis
26/F, Gloucester Tower, The Landmark, 15 Queen’s Road Central,
Central, Hong Kong
As to PRC law:
Tian Yuan Law Firm
Suite 509, Tower A, Corporate Square, 35 Financial Street, Xicheng
District, Beijing
Auditor and Reporting
Accountant
Ernst & Y oung
Certified Public Accountants
Registered Public Interest Entity Auditor
27/F, One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
Industry Consultant Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.
Suite 2504, Wheelock Square, 1717 Nanjing West Road, Shanghai,
PRC
Compliance Advisor Rainbow Capital (HK) Limited
Office No. 710, 7/F, Wing On House, 71 Des V oeux Road Central,
Central, Hong Kong
Receiving Bank CMB Wing Lung Bank Limited
45 Des V oeux Road Central, Central, Hong Kong
DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING
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Head Office and Principal Place of Business in
the PRC
27th Floor, New Bund Times Square,
399 West Haiyang Road, Pudong New District,
Shanghai, PRC
Registered Office No. 10 Xinghuo Road, Hi-Tech Development
Zone, Nanjing, Jiangsu Province, PRC
Principal Place of Business in Hong Kong 40/F, Dah Sing Financial Centre, 248 Queen’s
Road East, Wanchai, Hong Kong
Company’s Website www.impacttherapeutics.com/
(The information contained on this website does
not form part of this prospectus)
Joint Company Secretaries Ms. Yifan HAN ( ᒵɓɭ)
27th Floor, New Bund Times Square,
399 West Haiyang Road, Pudong New District,
Shanghai, PRC
Yip Chui Mei ( ໢ၯత) ACG, HKACG
40th Floor, Dah Sing Financial Centre,
248 Queen’s Road East, Wan Chai, Hong Kong
Authorized Representatives Dr. Sui Xiong CAI ( ᇹ༹ඪ)
27th Floor, New Bund Times Square,
399 West Haiyang Road, Pudong New District,
Shanghai, China
Yip Chui Mei ( ໢ၯత)
40th Floor, Dah Sing Financial Centre,
248 Queen’s Road East, Wan Chai, Hong Kong
Audit Committee Mr. Chi Hung Siu ( ጽқඪ) (Chairperson)
Mr. Tao LIU ( ᄎᏹ)
Dr. Edward Ming GUO (׼)
Nomination Committee Dr. Liming SHAO (׼)Chairperson)
Dr. Cong XU (ᑋ)
Dr. Edward Ming GUO (׼)
Mr. Chi Hung Siu ( ጽқඪ)
Ms. Ning MA ( ৵ྐྵ)
Remuneration Committee Dr. Edward Ming GUO (׼)Chairperson)
Mr. Chi Hung Siu ( ጽқඪ)
Dr. Qiang XU
H Share Registrar Computershare Hong Kong Investor Services
Limited
Shops 1712-1716, 17th Floor, Hopewell Centre,
183 Queen’s Road East, Wan Chai, Hong Kong
Principal Bank China Merchants Bank Co., Ltd.
Nanjing Jiangbei New District Branch
Room 120, Building 07, Jinshengtian Platinum
Palace, No. 26, Longhua Road,
Jiangpu Subdistrict, Pukou District, Nanjing,
Jiangsu Province, China
CORPORATE INFORMATION
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Certain information and statistics set out in this section have been extracted from various
official government publications, market data providers and an Independent Third Party source,
Frost & Sullivan. The report (the “Frost & Sullivan Report”) prepared by Frost & Sullivan and
cited in this prospectus was commissioned by us. We believe that the sources of this information
are appropriate sources for such information and have taken reasonable care in extracting and
reproducing such information. We have no reason to believe that such information is false or
misleading or that any fact has been omitted that would render such information false or
misleading. However , the information from official government publications has not been
independently verified by our Company, the Joint Sponsors, any of their respective directors,
employees, agents or advisers or any other person or party involved in the Global Offering, and
no representation is given as to its accuracy. Certain information and statistics contained herein
may not be consistent with other information and statistics compiled within or outside China. As
such, investors are cautioned not to place any undue reliance on the information, including
statistics and estimates, set forth in this section or similar information included elsewhere in this
document. For a discussion of the risks relating to our industry, please refer to the section headed
“Risk Factors.”
CANCER TREATMENT
Evolution of Cancer Treatment Paradigm
The evolution of cancer treatment has been a dynamic journey, shifting from non-specific systemic
approaches, such as chemotherapy and radiotherapy, which caused significant collateral damage to
healthy tissues, to highly precise, personalized therapies. Following insights from the Human Genome
Project in 2003, targeted therapies emerged in the late 1990s, selectively inhibiting molecular drivers of
cancer cell proliferation with reduced toxicity, though their use is often limited by drug resistance and
the absence of actionable targets. Over the past decade, immunotherapy has further reshaped treatment
by leveraging the patient’s immune system, with immune checkpoint inhibitors (ICIs) demonstrating
durable responses across multiple tumor types, yet many patients fail to respond or eventually relapse.
To address these limitations, new paradigms are focused on enhancing drug potency and selectivity,
introducing advanced platforms such as bispecific antibody-drug conjugates (ADCs), dual-payload
ADCs, and targeted protein degraders (e.g., PROTACs, molecular glues), and employing rational
combination regimens designed to simultaneously disrupt multiple pathways, prevent resistance, and
reduce relapse.
Small Molecule Oncology Targeted Drug Market
Small molecule drugs are low molecular weight organic compounds designed to bind to specific
biological targets, such as enzymes or receptors, often implicated in dysregulated signaling pathways.
Unlike biologics, they can be engineered for diverse mechanisms of action, including inhibition,
activation, or degradation of targets, making them highly versatile therapeutic agents.
Key Advantages
Most small molecule drugs are orally bioavailable, enhancing patient compliance. Their ability to
cross cell membranes allows them to reach intracellular targets, and distribution can be tailored for
systemic exposure or specific tissue targeting, such as brain penetration. Their relatively simple chemical
structures streamline manufacturing, delivery, and storage, resulting in lower production costs, faster
development timelines, and better scalability compared to biologics. Clinically, small molecule drugs are
used as monotherapies and in combination with chemotherapy, targeted agents, and immunotherapies,
producing synergistic effects that reverse immunosuppressive tumor microenvironments and enhance
antitumor efficacy.
INDUSTRY OVERVIEW
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Comparisons of Small Molecule and Large Molecule Drugs
Features Small Molecule Drugs Large Molecule Drugs
Molecular weight < 1000 Da 1500-150000 Da
Structure Simple – accurate definition Complex – specific
Cell Permeability Easy Difficult
Blood brain barrier permeability Relatively easy Very difficult
Administration method Mainly oral Mainly injection
Method of drug absorption Mainly simple diffusion Mainly active transfer
Target Specificity Broad target range High specificity
Stability Generally stable Sensitive to temperature, pH
Immune Response Immunogenic stability Immunogenic potential
Current main category Signal transduction inhibitors Vaccines, proteins, antibodies, nucleic acids
Production Easy – chemical synthesis Difficult – biological production
Source: Frost & Sullivan Analysis
Small Molecule Drug Remains A Major Modality in Oncology . Despite the rapid growth of
biologics, small molecule drugs continue to dominate the oncology landscape. In 2024, small molecule
drugs accounted for about 60% of global pharmaceutical sales, underscoring their enduring relevance and
widespread clinical adoption. In terms of market performance, small molecule drugs held five of the top
ten positions among global oncology drugs by sales revenue in 2024. A similar trend was observed in
China, where five of the top ten oncology drugs were also small molecules. From a regulatory
perspective, as of June 30, 2025, the FDA had approved 96 novel small molecule targeted oncology
drugs, while the NMPA had approved 84. Between 2018 and 2024, one-third of all oncology drug
approvals by both agencies were small molecule targeted therapies.
Current Limitations and Future Innovation . Despite transforming cancer treatment, existing
small molecule drugs face significant limitations, including poor efficacy, off-target toxicity, and tumor
relapse due to acquired resistance.
 Drug Resistance: Nearly all small molecule targeted therapies eventually face resistance.
Mechanisms include increased drug efflux, reduced cellular uptake, target mutations,
pathway reprogramming, phenotypic remodeling, and reactivation of repair systems.
 Target Selectivity and Off-Target Toxicity: Many small molecules bind to unintended targets,
causing off-target toxicity, narrow therapeutic windows, and increased risk of adverse effects.
 “Undruggable” Targets: A number of key cancer drivers remain inaccessible to conventional
small molecule approaches due to structural or functional constraints, limiting therapeutic
reach.
To address these challenges, future efforts are focusing on:
 Optimizing Existing Targets: Designing next-generation inhibitors with higher affinity and
specificity to reduce off-target effects and overcome resistance.
 New Target Discovery: Leveraging advances in molecular diagnostics and cancer biology to
identify novel, actionable targets.
 Addressing the “Undruggable”: Employing indirect targeting strategies such as synthetic
lethality (SL) and targeted protein degradation (e.g., PROTACs) to address previously
inaccessible proteins.
 Multi-Targeted and Resistance-Resilient Agents: Developing compounds that simultaneously
inhibit multiple pathways to preempt resistance and improve response durability.
 Rational Combination Therapies: Designing synergistic regimens combining small
molecules with chemotherapy, immunotherapy, or other targeted agents (e.g., ADCs) to
enhance efficacy and overcome resistance.
INDUSTRY OVERVIEW
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A comprehensive drug discovery framework integrating biochemical and structural investigations,
SL strategies emerging modalities is essential to developing more effective, less toxic, and resistance-
resilient therapies.
SYNTHETIC LETHALITY: A V ALIDATED, HIGH-POTENTIAL FRONTIER IN ONCOLOGY
A Mechanism with Inherent Advantages
SL is an emerging therapeutic strategy that exploits cancer-specific vulnerabilities. It refers to a
phenomenon in which simultaneous impairment of two pathways leads to cell death, while defect of
either pathway alone is non-lethal. In oncology, SL-based drug discovery identifies SL pairs where a
cancer-driving mutation renders the tumor dependent on a second, otherwise non-essential pathway. By
targeting this partner pathway, SL therapies selectively eliminate cancer cells while sparing normal
tissues. This mechanism offers strategic advantages over conventional therapies:
 Targeting the “Undruggable”: SL enables indirect targeting of loss-of-function mutations,
such as tumor suppressor deletions, traditionally considered undruggable. By focusing on
functional SL partners, the druggable landscape expands, facilitating development of highly
selective therapies.
 Overcoming Resistance: SL can be used to bypass or delay resistance mechanisms by
exploiting alternative vulnerabilities in cancer cells, particularly those arising in response to
standard treatments.
 Synergistic Combinations: SL can enhance the efficacy of damage-inducing therapies, such
as chemotherapy and radiotherapy. By inhibiting damage response pathways through SL
mechanisms, combination regimens can be designed to amplify therapeutic effects. This
approach is increasingly integrated with advanced modalities such as ADCs and
radiopharmaceuticals (RDCs) to improve precision and expand the therapeutic window.
Growing Market Momentum and Industry Commitment
SL has emerged as a clinically validated and high-potential frontier in oncology, exemplified by the
success of PARP1/2 inhibitors such as olaparib (jointly developed and commercialized by AstraZeneca
and Merck), which demonstrated SL’s ability to selectively eliminate cancer cells while sparing healthy
tissue. Newer SL agents show improved safety profiles and broader therapeutic applicability. As
traditional small molecule drug discovery encounters limitations in addressing undruggable targets and
acquired resistance, industry focus is shifting toward SL-based strategies, driven by expanding
identification of SL pairs and rising investment. Leading pharmaceutical companies-including
AstraZeneca, Merck, Amgen, Novartis, GSK, Bayer, Bristol Myers Squibb, Merck KGaA, and
Gilead-have ramped up SL-focused R&D. This commitment is reflected in a vibrant transaction
landscape, with SL-related deals reaching approximately US$25 billion from 2019 to 2024 and upfront
payments exceeding US$5 billion.
Selected Recent SL-Related Deals
Asset Target Licensor
SYH2039 MAT2A CSPC
IDEAY A Biosciences
Beone US$150 mil US$1,835 mil
Licensee Upfront Payment Total Deal Value
HRS-1167
ISM3091
Werner Helicase
MAT2A Program
PARP1
USP1
WRN
MAT2A
Hengrui
Insilico Medicine
Merck KGaA
Exelixis
GSK
US$170 mil
US$80 mil
US$170 mil
US$1,550 mil
/
US$1,100 mil
Dec 2024
Posted Date
Oct 2023
Sep 2023
Jun 2020
IDE705 Pol θ
INDUSTRY OVERVIEW
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Market Size of Global and China’s SL-Based Drugs
Global Synthetic Lethality Drug Market, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion USD
Period
CAGR
Global China
2020-2024 15.6% 25.9%
2024-2029E 15.1% 23.3%
2029E-2033E 16.9% 15.8%
2.4 3.2 3.6 3.8 4.3 4.8 5.3 6.3 7.3
8.7
10.2
11.9
13.9
16.1
0.2 0.3 0.4 0.4 0.5 0.6 0.8 1.0 1.2 1.4 1.7 2.0 2.3 2.6
Global China
Source: Literature Review, Frost & Sullivan Analysis
High Combination Potential — Synergy to Existing and Emerging Treatments
The principle of SL extends far beyond monotherapy, offering a robust framework for designing
rational combination regimens that enhance anti-tumor efficacy. SL-based therapies exhibit strong
synergy with a wide range of treatment modalities, including chemotherapies, targeted agents, and
immunotherapies, and show mechanistic complementarity with emerging modalities such as ADCs and
RDCs.
Combination with Core MoA Representative Examples
Targeted DNA damage + repair blockadeADCs
RDCs
Immunotherapy
Radiation-induced DNA damage + DSB repair
inhibition
Immune activation via DNA damage-induced
neoantigens
Damage induction + repair inhibition (sensitization)SoC therapies
Other SL-based therapies
PARPi or ATRi + ADCs (DNA damage-inducing payloads)
PARPi + RDC
PARPi + anti-PD-1/PD-L1
PARPi + ATRi
PARPi + TMZ; ATRi + radiotherapy; PARPi + radiotherapy
Dual DDR pathway inhibition
The chart below sets forth examples of approved drugs and drug candidates that target these SL
pathways, as of the Latest Practicable Date*.
PARP1/2 Family DDR Kinases Other Novel Synthetic Lethality Targets
PARP-1/2
• ART4215
(Phase I)
IMP13
(Preclinical)
• BMS-
986504
(Phase II/III)
PARP-1 ATR WEE1 PKMYT1/
WEE1 POLθ USP1 PRMT5
Olaparib
Senaparib
Talazoparib
Pamiparib
Fluzoparib
Niraparib
Rucaparib
(Marketed)
IMP1734
IMP1707
HRS-1167
(Phase I/II)
IMP9064
(Phase I/II)
M1774
(Phase II)
IMP7068
(Phase I/II) IMP22
(Preclinical)
• AZD5305
(Phase III)
• AZD9574*
(Phase I/II)
• AZD6738
(Phase III)
• ZN-c3
(Phase II)
• SGR-3515
ACR-2316
(Phase I)
• KSQ-4279
(Phase I)
INDUSTRY OVERVIEW
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Notes:
* Only covers typical pathways, targets, and pipelines, which do not represent an exhaustive overview of all relevant exclusive
pipelines and mechanism in this field
** Pipeline designed to penetrate the blood-brain barrier
(1) drug candidates being developed by IMPACT
Sources: Literature Review, Frost & Sullivan Analysis
Market Drivers
Technology and Target Expansion : The SL drug market is experiencing significant expansion
driven by new target discovery beyond PARP inhibitors. Additional SL targets (e.g., A TR, WEE1) are
being actively developed, each offering distinct mechanisms to exploit cancer-specific vulnerabilities.
Advanced technology platforms including CRISPR-based screening and AI are accelerating target
identification and enabling more precise patient selection strategies. Furthermore, novel therapeutic
modalities such as PROTACs and ADCs provide new approaches to overcome drug resistance and target
previously challenging proteins involved in damage repair.
Clinical and Commercial V alidation : The success of PARP inhibitors, such as next-generation
PARP1 selective inhibitors, has validated the SL approach, establishing a proven pathway for future drug
development. These agents have shown clinical efficacy across multiple cancer types and generated
significant revenues, positioning SL as a cornerstone of precision oncology. Treatment paradigms have
shifted from later-line use to earlier-line maintenance and adjuvant settings, driving substantial market
expansion. Combination strategies pairing SL agents with other anticancer therapies are addressing
resistance and broadening patient populations, creating additional market opportunities. This clinical and
commercial validation underscores the considerable potential of SL therapeutics and reinforces
confidence in continued investment in next-generation programs.
Capital and Regulatory Support : Strong investment continues to sustain pipeline development in
SL therapeutics. Strategic partnerships between biotechnology companies and pharmaceutical partners
are accelerating clinical development and commercialization. Regulatory agencies have demonstrated
support for SL approaches through breakthrough therapy designations and fast-track pathways, reducing
development timelines and commercial risk. This supportive capital and regulatory environment creates
favorable conditions for sustained market growth and continued innovation in SL therapeutics.
Entry Barriers
Deep Mechanistic Insight into Disease Biology and Key Pathogenic Drivers: A comprehensive and
mechanistic understanding of disease pathogenesis is critical for identifying, selecting and validating of
SL targets. This entails mapping key cellular pathways, elucidating tumor-specific vulnerabilities, and
identifying central pathogenic drivers that can be therapeutically targeted.
Integrated Expertise in Biology and Chemistry: Organizations with both extensive compound
libraries and advanced biological capabilities are well positioned to drive SL innovation. The synergy
between high-throughput screening, compound optimization, and mechanistic biology enables rapid
development of therapeutic agents against novel SL targets, facilitating efficient translation of biological
discoveries into clinical therapies.
GLOBAL PARP1/2 INHIBITOR MARKET
Overview
PARP1/2 inhibitors are a class of targeted cancer therapies that exploit the concept of SL. PARP1/2
proteins play a critical role in damage repair, cell cycle regulation, and cellular survival. In cancer cells,
with defects in homologous recombination repair (HRR), such as BRCA mutations (BRCA
mut), PARP1/2
inhibitors block single-strand break repair, leading to damage accumulation and selective tumor cell
death while sparing normal cells. The SL interaction between PARP1/2 inhibition and BRCA
mut was first
demonstrated in 2005, laying the foundation for a new era of precision oncology. The first PARP1/2
inhibitor was approved in 2014, and PARP1/2 has since become a well-established therapeutic target.
Approved PARP1/2 inhibitors are primarily indicated for OC, with some further approvals in breast
cancer (BC), pancreatic cancer, and prostate cancer. Ongoing research and clinical trials suggest
expansion potential into additional tumor types, including glioblastoma (GBM), gastric cancer, and lung
cancer, supporting continued market evolution with opportunities for new indications, combination
therapies, and next-generation inhibitors.
INDUSTRY OVERVIEW
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Market Size of PARP1/2 Inhibitors
PARP1/2 inhibitors have achieved significantly faster market growth in China compared to
overseas markets, driven by structural factors. China remains in the market development stage, supported
by national medical insurance coverage, active product launches and market education by local
pharmaceutical companies, a large OC patient population, and rising diagnosis rates — all fueling rapid
penetration. In contrast, most major overseas markets are mature with high penetration, resulting in a
natural slowdown in growth. Globally, while PARP1/2 inhibitors might further expand into new
indications including small cell lung cancer (SCLC), metastatic colorectal cancer, metastatic castration-
sensitive prostate cancer (mCSPC), etc., in light of the ongoing indication expansion trials currently
under exploration, it is still expected that the PARP1/2 inhibitors market will remain dominant by OC.
Global PARP1/2 Inhibitors Market, 2020-2033E
1.0
1.2
0.2 0.3 0.4 0.4
2.4
2020 2021 2022 2023 2024
China US RoW Global
2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
1.4
1.5
3.2
1.5
1.6
3.6
1.7
1.7
3.8
1.9
1.8
0.5
4.3
2.2
2.0
0.6
4.8
2.4
2.1
0.8
5.3
2.7
2.3
0.9
5.8
2.9
2.4
1.1
6.4
3.1
2.5
1.2
6.9
3.4
2.7
1.4
7.4
3.6
2.8
1.5
7.9
3.9
2.9
1.6
8.4
4.2
3.0
1.6
8.8
Unit: Billion USD
At Wholesale Price Level
6.4%
10.0%
15.6%2020-2024
2024-2029E
2029E-2033E 7.8%
19.1%
25.9%
4.5%
6.8%
11.9%
7.3%
10.1%
17.2%
CAGR China US RoW Global
Note: RoW=rest of the world
Sources: IARC, Frost & Sullivan Analysis
PARP1/2 Inhibitors Market in China, 2020-2024
2020 2021 2022 2023 2024
OC CRPC Total
Unit: Billion RMB
2020-2024 25.9%
Period CAGR
1.4
1.4
2.2
2.2 0.5
2.3
2.8
0.6
2.5
3.1 0.7
3.0
3.6
Note: The projection of China’ s P ARP1/2 inhibitor market by therapeutic area is currently unavailable as most P ARP inhibitors in
China are still under simultaneous expansion across multiple indications, leading to high uncertainty in launch timing,
clinical prescribing patterns, and penetration for each indication.
Source: Frost & Sullivan Analysis
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Growth Drivers and Industry Trends
Expanding Indications: Initially approved for OC, PARP1/2 inhibitors have gained regulatory
approval for BC, prostate cancer, and pancreatic cancer. Clinical trials are investigating efficacy in
additional tumor types, including GBM, gastric cancer, and lung cancer, with potential for further label
expansion.
Advancement into Frontline Therapy: While currently used primarily as maintenance or post-
chemotherapy agents, PARP1/2 inhibitors are increasingly being evaluated for 1L treatment, including
adjuvant settings. Emerging data support their use as monotherapy and in combination with different
SoCs, demonstrating significant improvements in progression-free survival (PFS). This shift toward
earlier intervention could reshape treatment paradigms.
Combination Strategies to Overcome Resistance: Resistance to PARP inhibitors remains a
challenge, particularly in advanced-stage cancers. However, rational combination strategies show
promise in re-sensitizing tumors; co-administration with agents targeting resistance mechanisms, such as
ADCs, SL-based inhibitors, or ICIs, can restore drug sensitivity and enhance efficacy. These approaches
are critical for extending response durability and expanding the treatable patient population.
Niraparib was approved by the FDA in April 2020. In 2022, the FDA narrowed Niraparib’s 2L
maintenance therapy in OC from all-comers to BRCA-mutated patients only. In 2025, the FDA narrowed
Niraparib’s 1L maintenance therapy in OC from all-comers to HRD-positive (HRD+) patients only as the
overall survival was not statistically significant in HRP subgroup. However, the EMA and NMPA have
not adopted this approach and continue to base approval decisions on whether the primary endpoints of
the registrational trials were met in the primary analysis population, without requiring additional overall
survival benefit in every biomarker-defined subgroup. The EMA continues to emphasize the clinical
value of PFS in its evaluation of PARP inhibitors, while the NMPA has maintained a proactive review
stance, approving multiple PARP inhibitors for 1L maintenance therapy and supporting their inclusion in
clinical guidelines as recommended treatment options. Neither the EMA nor the NMPA has indicated any
intention to follow the FDA ’s approach or withdraw approvals for PARP inhibitors such as Niraparib that
remain approved in their jurisdictions. Moreover, clinical practice guidelines in China and the Europe
continue to recommend PARP inhibitor 1L maintenance therapy for OC all-comers, establishing a
regulatory pathway differentiated from that of the FDA.
Currently, we do not plan to submit an NDA to the FDA for senaparib. Our commercialization
strategy is focused on the China market under NMPA regulatory oversight and the Europe market under
EMA regulatory oversight. Given that neither the NMPA nor the EMA has indicated any change in its
regulatory approach to PARP inhibitor approvals and both continue to evaluate such products based on
achievement of primary endpoints in clinical trials, we believe that the FDA ’s regulatory decisions will
have limited direct impact on senaparib’s development, regulatory pathway, or commercial prospects in
China or Europe. Our ongoing clinical trials are designed to satisfy NMPA and EMA requirements and
to demonstrate primary endpoint achievement consistent with the regulatory frameworks that continue to
support PARP inhibitor approvals in these jurisdictions. Accordingly, the FDA ’s withdrawal decisions
will not have a material impact on the development of our Core Product and Key Products in the near
term.
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Entry Barriers
The PARP1/2 inhibitor field features high entry barriers across the entire value chain, from
molecular design to clinical development and regulatory approval. Success requires resolving class-effect
hematological toxicity, improving efficacy in homologous recombination deficiency populations,
meeting increasingly stringent regulatory expectations, and advancing differentiated combination-
therapy strategies amid rising competition. These challenges demand precise molecular optimization,
strong risk-management and biomarker capabilities, rigorous prospective trial designs, and deep
cross-domain mechanistic research.
Barrier Dimension Core Challenge Description Market Access Requirements
Technical R&D
Overcoming class-effect hematological
toxicity while maintaining antitumor
activity
• Demands precise molecular structure optimization
• Requires establishment of comprehensive risk
management protocols
Clinical Development Addressing efficacy limitations in homologous
recombination deficiency populations
• Requires establishment of precise patient selection systems
• Demands large-scale biomarker detection capabilities
Regulatory Approval Meeting increasingly stringent regulatory
evaluation standards
• Requires prospective clinical trial design
• Necessitates thorough risk-benefit assessment capabilities
Market Competition Advancing combination therapy development
from early stages
• Requires innovative combination therapy strategies
• Demands deep mechanistic research foundation
• Necessitates cross-domain R&D capabilities
Source: Literature Review, Frost & Sullivan Analysis
Competitive Landscape of PARP1/2 Inhibitors
As of the Latest Practicable Date, senaparib was one of the only three PARP1/2 inhibitors approved
in China as 1L maintenance therapy for OC “all-comers,” the largest addressable segment for OC. We
have in-house discovered and developed one of the most comprehensive and advanced SL franchises and
are one of only three companies with both commercial-stage PARP1/2 inhibitors and clinical-stage
next-generation PARP1 selective inhibitors worldwide.
Cancer/Stage Treatment Setting NMPA (China) EMA (EU)
Ovarian Cancer –1L
Maintenance All comers Senaparib (2025), Niraparib (2020),
Fluzoparib (2024) Niraparib (2020), Rucaparib (2022)
HRD+ Olaparib ± Bevacizumab (2022) Olaparib ± Bevacizumab (2019)
gBRCAm Olaparib (2019) Olaparib (2019)
Platinum-sensitive — Olaparib (2018)
Ovarian Cancer –
Late Lines
Platinum-sensitive
recurrence
Olaparib (2018), Fluzoparib (2021),
Niraparib (2019) Niraparib (2017), Rucaparib (2025)
≥3L (gBRCAm) Pamiparib (2021), Fluzoparib (2020) —
mCRPC HRRm/BRCA
(combo or mono)
Talazoparib + Enzalutamide (2024),
Olaparib + Abiraterone (2025),
Olaparib (2021)
Talazoparib + Enzalutamide (2024),
Olaparib + Abiraterone (2020),
Olaparib (2020)
Breast Cancer gBRCAm Olaparib (2025), Fluz oparib (2024) Olaparib (2022), Talazoparib (2024)
Pancreatic Cancer Maintenance
(gBRCA) — Olaparib (2020)
Endometrial Cancer Maintenance
(pMMR) — Olaparib + Durvalumab (2024)
Notes: Drugs (Producer) in alphabetical order as follows — Fluzoparib (Hengrui), Niraparib (Zai Lab), Olaparib (AstraZeneca),
Pamiparib (BeOne), Rucaparib (Pharma &), Senaparib (IMP ACT), Talazoparib (Pfizer)
mCRPC=metastatic prostate cancer , Only includes chemical originator , excluding generic drugs
Source: NMP A, EMA, Frost & Sullivan analysis
The following tables set forth the competitive landscapes of PARP1/2 inhibitors globally and in
China as of the Latest Practicable Date.
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Competitive Landscape of Global Marketed PARP1/2 inhibitors
Drug (INN/
Brand) Manufacturer First
Approval
Annual
Treatment Cost
Treatment
Schedule Sales (2024)
Market
Share
(2024)
Olaparib
(Lynparza)
AstraZeneca/
Merck 2014 (US) USD212.7 K (US) 300mg, twice
daily, oral
USD3,072
Mn ~72%
Niraparib
(Zejula) GSK 2017 (US) USD231.2 K (US)300mg, once
daily, oral
USD960.9
Mn ~22%
Rucaparib
(Rubraca)
Clovis
Oncology 2016 (US) USD227.1 K (US)600mg, twice
daily, oral
USD96.5
Mn ~2%
Talazoparib
(Talzenna) Pfizer 2018 (US) USD225.2 K (US)
0.5mg, once
daily, oral USD117.0
Mn ~3%1mg, once daily,
oral
Indication Line of
Therapy
BRCAm OC, gBRCAm metastatic
pancreatic adenocarcinoma 1L
OC, gBRCAm and HER2-metastatic
breast cancer, mCRPC with an HRRm
2L/2L+
BRCAm mCRPC, gBRCAm/ HER2-/
high-risk early breast cancer others
OC (All comers), gBRCAm OC 1L
BRCAm mCRPC others
BRCAm mCRPC 2L+
HRRm mCRPC 1L
gBRCAm/HER2-Negative locally
advanced/metastatic breast cancer others
Note: Annual drug costs are based on retail price in US.
Source: FDA , drugs.com, Frost & Sullivan analysis
Competitive Landscape of China Marketed PARP1/2 inhibitors
Drug (INN/
Brand) Manufacturer First
Approval
Annual
Treatment
Cost
Treatment Schedule Sales (2024)
Market
Share
(2024)
Olaparib*
(Lynparza)
AstraZeneca/
Merck 2018 RMB131.0 K300mg, twice daily, oral RMB1,968
Mn ~54%*
Niraparib
(Zejula)
GSK/Zai
Lab 2019
RMB106.3 K200mg, once daily, oral
300mg (for patients ≥77
kg*), once daily, oral
RMB1,461.8
Mn ~40%
RMB159.4 K300mg, once daily, oral
Talazoparib
(Talzenna) Pfizer 2024
RMB382.0 K*0.5mg, once daily, oral Not disclosed Not
available
Fluzoparib Hengrui 2020 RMB113.0 K150mg, twice daily, oral RMB178.4
Mn ~5%
Pamiparib BeiGene 2021 RMB117.4 K60mg, twice daily, oral RMB30.9 Mn ~1%
Senaparib IMPACT 2025 RMB113.2 K*100mg, once daily, oral not approved in 2024
Indication Line of
Therapy
HRD+ OC, BRCAm OC 1L
Platinum-sensitive OC 2L+
BRCAm mCRPC, BRCAm after
NHT failure mCRPC others
OC (All comers) 1L
Platinum-sensitive OC 2L+
HRRm mCRPC 1L
OC (All comers) 1L
Platinum-sensitive OC 2L
gBRCAm platinum-sensitive OC 3L+
gBRCAm OC 3L+
OC (All comers) 1L
RMB159.4 K
Notes: Annual drug costs are based on 2024 Chinese NRDL postprices in China.
* Olaparib was included in the 11th National Centralized V olume-Based Procurement (VBP) in 2025, and the originator drug
Lynparza did not win the bid. Its market share is expected to decline significantly in 2025.
* The proportion of female OC patients in China weighing /H1135077 kg is relatively low.
* Talazoparib has not been officially included in NRDL.
* Senaparib has been officially included in NRDL and covered by medical insurance effective January 1, 2026.
Source: NMP A, China pharmaceuticals bidding announcement, Frost & Sullivan analysis
Below is a summary of PFS of all approved PARP1/2 inhibitors (non head-to-head) for 1L
maintenance therapy for OC “all-comers”, the largest addressable segment for OC.
PARP1/2
Inhibitors Trial Name Duration of
Treatment
Progression-Free Survival (PFS)
All-Comers BRCAwt BRCAmut
Senaparib FLAMES 2 years
2 years
2 years
NR vs 13.6 m (HR 0.43) NR vs 12.9 m (HR 0.43) NR vs 15.6 m (HR 0.43)
Niraparib
Niraparib
Rucaparib
Fluzoparib
PRIMA (ex-China)
PRIME (China)
ATHENA-MONO
FZOCUS-1
3 years
3 years
13.8 vs 8.2 m (HR 0.62)
24.8 vs 8.3 m (HR 0.45)
20.2 vs 9.2 m (HR 0.52)
NR vs 11.1 m (HR 0.49)
10.9 vs 7.4 m (HR 0.69)
19.3 vs 8.3 m (HR 0.48)
Undisclosed
25.5 vs 8.4 m (HR 0.53)
22.1 vs 10.9 m (HR 0.40)
NR vs 10.8 m (HR 0.40)
NR vs 14.7 m (HR 0.40)
NR vs 14.9 m (HR 0.40)
Note: Clinical data are not from not head-to-head clinical trials, thus not directly comparable. NR = not reached; HRD =
homologous recombination deficient; HRp = homologous recombination proficient
Source: FDA, Frost & Sullivan analysis
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PARP1/2 inhibitors have the potential for be developed for additional indications such as metastatic
colorectal cancer, SCLC, NSCLC, endometrial cancer, GBM, mCSPC, Pancreatic cancer, and
cholangiocarcinoma. As of the Latest Practicable Date, eight Phase III trials and one Phase II trial are
being conducted on one or more of these indications globally, in which only HTMC0435 is under clinical
development in China.
Product (Company) Target Phase Treatment Indication First Post Date
Olaparib (AZ/MSD)
PARP1/2 III Olaparib±Bevacizumab Metastatic Colorectal
Cancer 2020-07-02
PARP1/2 III Olaparib±Pembrolizumab SCLC 2020-11-10
PARP1/2 III Olaparib±Pembrolizumab NSCLC 2020-05-08
PARP1/2 III Olaparib±Durvalumab* Endometrial Cancer 2020-02-13
Niraparib (GSK)
PARP1/2 III Niraparib+Temozolomide Glioblastoma 2024-04-29
PARP1/2 III Niraparib+Pembrolizumab NSCLC 2020-07-17
PARP1/2 III Niraparib+Abiraterone mCSPC* 2020-08-04
Talazoparib (Pfizer) PARP1/2 III Talazoparib+Enzalutamide mCSPC 2021-03-29
PARP1/2 II Mono Pancreatic Cancer,
Cholangiocarcinoma 2023-03-06HTMC0435 (Yidian
Pharmaceutical)
Notes: Only includes pipelines active within the past three years. excluding generics. Include the pipeline in phase II or approved.
Source: clinicaltrials.gov, CDE, Frost & Sullivan analysis
Market Opportunities for PARP1/2 Inhibitors
Ovarian Cancer
Overview
OC is one of the most lethal malignancies affecting women, with a mortality rate that ranks among
the highest for female cancers. A major contributor to this high fatality is the late-stage diagnosis of OC
— approximately 70% of patients are already at an advanced stage when first diagnosed. Despite initial
responsiveness to chemotherapy, relapse can eventually occur, underscoring the urgent need for more
effective and durable therapeutic options.
Globally, the incidence of OC is steadily rising from 2024 to 2033. Between 2020 and 2024, the
number of cases increased from 314,000 to 338,000 at an CAGR of 1.9%. This upward trend is expected
to continue, with incidence projected to reach 369,200 by 2029 at an CAGR of 1.8%, and further reach
393,200 by 2033 at an CAGR of 1.6%. In China, the number rose from 59,500 in 2020 to 62,300 in 2024,
and is expected to reach 64,600 by 2029, and 66,300 by 2033.
Prevalence of HRD and BRCAm in Ovarian Cancer
Overall Population
100%
HRD+
(~50%)
BRCAmut
(20-30%)
• The all-comer landscape encompassing both HRD+ and Homologous recombination-proficient
(HRP) patients, regardless of biomarker status, aligned with broader regulatory labeling.
• Genomic instability phenotype characterized by widespread DNA repair dysfunction and
chromosomal scars, includes both BRCAmut and BRCA wild-type patients with genomic instability;
eligible for restricted PARP inhibitor indications.
• Patients with germline or somatic BRCA1/2 mutations; the initial clinical focus for PARP inhibitor
approvals.
OC patients typically receive 1L systemic therapy upon diagnosis. Following completion of initial
treatment, patients who achieve complete or partial response generally enter the 1L maintenance phase
as part of the standard treatment paradigm. As such, 1L maintenance therapy represents the largest and
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most broadly applicable treated population within the overall OC patient pool. In 2024, the targeted
patient population for OC 1L maintenance therapy was 182.0 thousand globally and 41.7 thousand in
China. For 3L+ BRCA
mut OC in the same year, global incidence reached 11.9 thousand, with 2.2
thousand cases in China.
Market Size of Ovarian Cancer Drugs
Global Ovarian Cancer Drug Market, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion USD
2020-2024
2024-2029E
2029E-2033E
Period
8.1%
10.2%
9.6%
Global
CAGR
13.0%
15.6%
15.0%
China
3.7
0.4
4.0
0.6
4.4
0.6
4.8
0.7
5.3
0.7
5.9
0.7
6.5
0.8
7.1
1.0
7.8
1.2
8.6
1.4
9.3
1.5
10.1
1.7
10.9
1.9
11.7
2.2
Global China
Specific Ovarian Cancer Drug Market in China, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion RMB
Period
CAGR
1L OC
maintenance
3L+ BRCA
mutation
2020-2024 23.7% 34.1%
2024-2029E 16.1% 16.5%
2029E-2033E 13.5% 13.8%
1.4 1.9 2.4 2.8 3.2 3.5 4.1 5.0 5.9 6.8 7.7 8.6 9.7
11.2
0.1 0.1 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.7 0.8 0.9 1.0
1L OC maintenance 3L+ BRCA mutation OC
Source: Frost & Sullivan Analysis
Treatment Paradigm and Unmet Medical Needs
1L therapy typically involves cytoreductive surgery followed by platinum-based chemotherapy,
often in combination with a taxane such as paclitaxel. For patients who respond to initial treatment,
maintenance therapy with PARP1/2 inhibitors, such as olaparib, niraparib, rucaparib, or senaparib, has
become SoC. These agents have introduced precision medicine and SL strategies to the field,
significantly extending progression-free survival (PFS) to between 16 and over 40 months. This potential
for long-term dosing underscores the importance of the safety profile of PARP1/2 inhibitors. In contrast,
PD-(L)1 immunotherapies have demonstrated limited benefit in OC and are not widely adopted as SoC.
Within the treatment paradigm, maintenance therapy occupies a strategic position between
induction and adjuvant approaches. Unlike adjuvant therapy, which targets early-stage patients with
curative intent and fixed-duration regimens, maintenance therapy addresses advanced disease, aiming for
chronic management and prolonged remission. Its establishment as the 1L maintenance SoC in OC,
coupled with extended treatment duration and treatment in all-comers population, has made it a
significant driver of drug spending in this indication. Globally, PARP inhibitors dominate the OC market,
while in China, rapid uptake is supported by NRDL inclusion, local product launches, and rising
diagnosis rates.
Despite the effectiveness of PARP inhibitors, relapse can eventually occur. This has prompted
exploration of enhanced combination strategies to overcome drug resistance, such as pairing PARP
inhibitors with A TR inhibitors, which can synergistically block tumor cells’ backup repair mechanisms.
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Currently, there are multiple approved treatment options for OC across different therapeutic
classes. These treatment options offer distinct advantages and limitations. The following table sets forth
details of each approved treatment option:
1L
Drug Class Representative Drugs Marketed Core Mechanism
1L
Maintenance
Recurrent
• Platinum-based
chemo
• PARPi± Anti-
VEGF
• Chemo
• PARPi
± Anti-VEGF
PARPi
ADCs
Anti-VEGF
MEKi
Hormonal
Olaparib, Niraparib, Senaparib...
Mirvetuximab soravtansine
Bevacizumab
Avutometinib + Defactinib (co-pack)
Fulvestrant, Letrozole...
6
1
1
1
>10
DNA damage repair inhibition
Targeted cytotoxic delivery
VEGF pathway inhibition
Dual RAF/MEK + FAK inhibition
Estrogen signaling suppression
Note: LGSOC = low-grade serous ovarian cancer
Source: Literature Research, Frost & Sullivan Analysis
As of the Latest Practicable Date, there was no PARP1/2 inhibitor under Phase II or later stage for
OC and there were only 2 PARP-1 inhibitor candidates under Phase II or later stage for OC in China,
including our IMP1734 and HRS-1167 from Hengrui in collaboration with Merck KGaA. Both are orally
administered therapies undergoing Phase I/II evaluation with clinical trials started in February 2024.
IMP1734 is being assessed as a monotherapy and in combination settings, while HRS-1167 is being
developed specifically for combination therapy.
Small Cell Lung Cancer
Overview
Lung cancer remains the most common type of cancer and the leading cause of cancer-related death
worldwide, among which, small cell lung cancer (SCLC) accounts for roughly 15% of all lung cancer
cases. SCLC is most frequently diagnosed in individuals with a history of heavy smoking and is known
for its poor prognosis. SCLC has an overall five-year survival rate of only 7-9%. It grows rapidly and
metastasizes early, contributing to its high mortality rate. Because SCLC often presents without
symptoms and progresses quickly, the majority of patients are diagnosed at an advanced stage, commonly
referred to as the extensive stage, where the disease has already spread beyond the lungs.
Globally, the incidence of SCLC is steadily increasing. Between 2020 and 2024, the number of
cases rose from 351.1 thousand to 393.7 thousand, representing a CAGR of 2.9%. This upward trend is
expected to continue, with incidence projected to reach 449.9 thousand by 2029, at a CAGR of 2.7% from
2024 to 2029, and further to 496.3 thousand by 2033, at a CAGR of 2.5% from 2029 to 2033. In 2024,
the incidence of relapsed ES-SCLC reached 206.9 thousand globally and 94.7 thousand in China.
Market Size of SCLC Drugs
The global and China’s SCLC drug market is expected to experience steady growth, driven by
significant unmet demand for second-line and later-line treatments, as well as research and development
breakthroughs in combination therapies that enhance clinical efficacy and support broader drug adoption.
The chart below sets forth the growth of the global and China SCLC drug market.
Global Small Cell Lung Cancer Drug Market, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion USD
2020-2024
2024-2029E
2029E-2033E
Period
8.2%
9.5%
13.5%
Global
CAGR
17.1%
16.6%
13.8%
China
2.8
0.5
3.2
0.7
3.8
0.8
4.1
0.8
4.6
0.9
5.1
1.0
5.6
1.2
6.1
1.4
6.7
1.6
7.3
1.9
7.9
2.3
8.5
2.7
9.2
3.1
10.0
3.6
Global China
Source: Frost & Sullivan Analysis
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In particular, the market size for relapsed ES-SCLC treatment was US$0.8 billion globally and
US$1.2 billion in China in 2020, and reached US$1.5 billion globally and RMB2.0 billion in China in
2024, which is expected to reach US$3.3 billion globally and RMB9.1 billion in China by 2033.
Treatment Paradigm and Unmet Medical Needs
For 1L therapy in extensive-stage SCLC, while the current SoC has improved outcomes compared
to chemotherapy alone, relapse remains a major challenge. Despite initial response rates of 60-80% to
1L therapy, approximately 70% of patients relapse, often within one to two years of treatment. Once
relapsed, patients face a worse prognosis, with limited therapeutic options and rapidly declining survival
outcomes.
For 2L therapy in SCLC, topotecan was the only FDA-approved agent historically. However, recent
years have seen new approvals including tarlatamab, a bispecific T-cell engager targeting delta-like
ligand 3 (DLL3), lurbinectedin, a novel damage-inducing agent, and other chemotherapies though their
efficacy remains modest.
For 3L and beyond, there is currently no established SoC, and treatment options are extremely
limited. Patients in these later stages often experience poor prognosis and high toxicity from available
therapies, highlighting the urgent need for more effective and better-tolerated options.
Treatment Paradigm of SCLC in the United States and China
Intended Position of Company’s Core Product
1L
2L
• Platinum chemo (LS)
• Platinum chemo ± ICIs (ES)
• Cytotoxic chemo (LS/ES)
• Targeted therapy (LS/ES)
• ICIs (LS/ES)3L
Drug Class Representative Drugs Marketed Key Mechanism
ICIs Keytruda, Imfinzi,
Tecentriq, Toripalimab 4 Restore T-cell anti-tumor immunity
Targeted-DLL3 BITEs Tarlatamab 1 Activates T-cells to induce tumor cell kill
Chemo Cisplatin, Carboplatin >10 Selective oncogenic transcription inhibitor,
inducing tumor cell apoptosis
Note: Company’ s Core Product is intended for SCLC treatment in the ES and 2L+ settings
Source: CSCO2024, Frost & Sullivan Analysis
Despite recent progress, significant unmet medical needs persist in SCLC. The disease remains
difficult to treat due to its aggressive nature, high relapse rates, and lack of actionable molecular targets.
Future development efforts are focused on emerging therapeutic modalities. Additionally, the SL
approach, particularly in combination with damage-inducing ADCs, radiotherapy, and chemotherapy,
offers a promising strategy to enhance treatment response, improve efficacy, and prolong survival. PARP
inhibitors exploit cell repair vulnerabilities in SCLC, showing potential as monotherapy or in
combination regimens, particularly for patients with limited treatment options. The future of SCLC
treatment lies in multi-modal combinations that integrate immunotherapy, targeted agents, and SL-based
strategies to address resistance and improve patient outcomes.
Currently, there are multiple approved treatment options for SCLC across different therapeutic
classes. These treatment options offer distinct advantages and limitations. The following table sets forth
details of each approved treatment option:
As of the Latest Practicable Date, no PARP1/2 or PARP1 selective inhibitor had been approved or
advanced to Phase II or later-stage clinical development for the treatment of SCLC globally.
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GLOBAL PARP1 SELECTIVE INHIBITOR MARKET
Overview
While PARP1/2 inhibitors have achieved notable commercial success and clinical impact, they face
limitations that constrain broader use and long-term effectiveness. Key limitations include hematologic
toxicity, with adverse effects such as anemia leading to dose reductions or discontinuation, and limited
brain penetration, as most PARP1/2 inhibitors cannot effectively cross the blood-brain barrier, restricting
their utility in treating brain tumors or metastases.
To address these limitations, next-generation PARP1 selective inhibitors have emerged. By
selectively targeting PARP1 while sparing PARP2, these agents offer improved safety, particularly
reduced hematologic toxicity. This enhanced tolerability and broader therapeutic window allow for
higher dosing and more flexible combination strategies, potentially enabling use in indications
previously inaccessible to PARP1/2 inhibitors.
The favorable safety and potency profile of PARP1 selective inhibitors makes them well-suited for
combination therapies. In chemotherapy combinations, selective PARP1 inhibition facilitates pairing
with damage-inducing agents such as carboplatin and TMZ, minimizing overlapping toxicities and
supporting durable dosing, broader patient coverage, and earlier-line use.
PARP1 selective inhibitors also show promise in combination with ADCs, especially those with
damage-inducing payloads. These combinations enhance ADC-induced damage while maintaining
tolerability. Notable examples include trastuzumab deruxtecan (HER2-targeted ADC) and sacituzumab
govitecan (Trop-2-directed ADC), which may support earlier-line use and improved efficacy.
As of the Latest Practicable Date, there was no PARP1 inhibitors approved as drugs. It is expected
that the world’s first PARP-1 inhibitor will be approved for marketing in 2028. The global and China
PARP1 inhibitor market is expected to experience high growth, primarily driven by the early-stage
development of these agents and the absence of approved products in China, which results in an
extremely low market base and creates significant growth elasticity upon commercial launch.
Additionally, PARP1 inhibitors demonstrate a superior safety profile in clinical data compared with
conventional PARP1/2 inhibitors. This highlights the potential to further expand into therapeutic areas
beyond indications already approved for PARP1/2 inhibitors, especially for glioma and brain metastasis,
as well as certain breast cancers and other cancers that are not currently well addressed by PARP1/2
inhibitors. The chart below sets forth the growth of the global and China PARP1 inhibitor market.
Global PARP-1 Inhibitors Market, 2029E-2035E
34.8 69.6150.0
1,185.6
1,539.6
1,363.3
95.2
2029E 2030E 2031E 2032E 2033E
China US RoW Global
2034E 2035E
Unit: Billion USD
At Wholesale Price Level
35.4%
63.1%2029E-2032E
2032E-2035E 33.9%
80.7%
47.9%
57.7%
13.8%
64.2%
CAGR China US RoW Global
280.0 160.4
476.0 263.0
387.7
125.2246.0
775.9 421.8
588.7
205.3
1,215.8 662.4
863.3
310.5
1,836.2 978.6
421.7
2,585.9
527.5
3,430.4
Source: Frost & Sullivan Analysis
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Market Opportunities for PARP1 Selective Inhibitors
Breast Cancer
Overview
BC is the leading cause of cancer-related death in women worldwide. In 2024, there were
approximately 2.3 million new cases of BC globally, resulting in around 670,000 deaths. Despite
advances in screening and treatment, BC remains a major public health challenge due to its high
incidence and complex biology.
BC is a heterogeneous group of diseases originating from breast tissue and is classified based on
hormone receptor (HR) status, including estrogen receptor (ER) and progesterone receptor (PR), and
HER2 expression. While HER2-positive (HER2+) BCs have seen significant therapeutic success with
HER2-targeted therapies, approximately 80% BC are HER2-negative (HER2-), where treatment
challenges persist.
HER2- BC can be further divided into two major subtypes: HR-positive (HR+)/HER2- and
triple-negative breast cancer (TNBC), which lacks expression of ER, PR, and HER2. HR+/HER2- BC is
the most common subtype, accounting for 65-70% of all cases. It is generally less aggressive but can
become life-threatening due to treatment resistance and toxicity associated with long-term maintenance
therapy. On the other hand, TNBC represents about 15% of cases and is known for its aggressive nature,
early recurrence, and high metastatic potential, making it one of the most challenging subtypes to treat.
Cell instability is a hallmark of TNBC, with approximately 40-70% of tumors testing positive for
HRR mutation. This contrasts with HR+/HER2- BC, where HRR mutation is less common, typically
found in 10-25% of cases. The presence of HRR mutation has important therapeutic implications,
particularly for the use of PARP1 selective inhibitors.
Market Size of Breast Cancer Drugs
Global Breast Cancer Drug Market, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion USD
2020-2024
2024-2029E
2029E-2033E
Period
6.7%
8.1%
6.6%
Global
CAGR
8.1%
9.1%
6.6%
China
31.8
7.3
33.6
8.4
35.6
8.1
38.3
8.8
41.0
9.5
44.3
10.4
48.2
11.3
52.1
12.4
56.4
13.5
60.6
14.7
64.9
15.9
69.3
17.2
73.9
18.6
78.7
20.0
Global China
Source: Frost & Sullivan Analysis
Treatment Paradigm and Unmet Medical Needs
Treatment Paradigm of Breast Cancer in the United States and China
Treatment Tier
ET (AI, SERD, SERM)
ET + pathway inhibitors (PI3K/mTOR/HDAC);
biomarker-driven TT (NTRK, RET, MSI-H/dMMR, TMB-H)
Chemo Chemo
Combo Chemo Combo Chemo
Preferred options Endocrine therapy + targeted agents
(AI/fulvestrant ± CDK4/6i) Chemo Chemo; IO (biomarker-
selected); PARPi; ADCs
Other recommended
Used in some cases
HR+/HER2- (no visceral crisis) HR+/HER2-
(visceral crisis)  TNBC (HR-/HER2-)
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HR+/HER2- Breast Cancer: For patients with HR+/HER2- BC, the most common subtype,
treatment strategies vary by disease stage. In early-stage disease, the SoC typically includes surgery with
or without radiation, followed by endocrine therapy, and in some cases, selective use of chemotherapy.
In advanced or metastatic settings, treatment is centered around endocrine therapy combined with
targeted agents, such as CDK4/6 inhibitors or PI3K/AKT pathway inhibitors (e.g., capivasertib +
fulvestrant for tumors with PIK3CA, AKT1, or PTEN alterations). For patients with germline BRCA
mutations (gBRCA
mut), PARP inhibitors are approved in both adjuvant and metastatic settings.
Despite these advances, long-term endocrine therapy remains the cornerstone of treatment, and
with it comes two major challenges: overcoming endocrine resistance and managing therapy-related
toxicity. Additionally, there is a critical need for better strategies to prevent and treat late recurrence,
which remains a significant risk even years after initial treatment.
Triple-Negative Breast Cancer: TNBC is a more aggressive and less common subtype, accounting
for approximately 15% of BC cases. In early high-risk TNBC, the current SoC includes neoadjuvant
chemotherapy combined with pembrolizumab, followed by adjuvant immunotherapy. In the metastatic
setting, treatment options include chemotherapy with or without immunotherapy (for PD-L1+ tumors),
ADCs such as sacituzumab govitecan, and PARP inhibitors for patients with gBRCA
mut.
While TNBC often shows an initial response to chemotherapy, it is notorious for rapid development
of resistance, leaving patients with few effective options. Overcoming this resistance is a critical unmet
need. Additionally, although the introduction of immune checkpoint inhibitors has marked a
breakthrough for some patients, only a subset responds. A major challenge lies in understanding the
tumor heterogeneity and identifying strategies to convert “cold” tumors into “hot,” immunologically
active tumors that are more responsive to immunotherapy.
Brain metastases: Brain metastasis is a significant concern in TNBC, occurring in 25-45% of
patients during the metastatic course. These patients face a poor prognosis, with median survival after
brain metastasis of less than one year, largely due to limited treatment options and poor drug penetration
across the blood-brain barrier. In HR+/HER2- BC, the lifetime risk of brain metastasis is lower, around
10-15%, and typically occurs later in the disease course, with a slightly better prognosis than in TNBC.
Currently approved PARP1/2 inhibitors are not designed to penetrate across blood-brain barrier. These
unmet needs highlight a significant market opportunity for central nervous system (CNS)-penetrant,
PARP1 selective inhibitors.
The Role of PARP1 Selective Inhibitors and Future Directions: PARP1/2 inhibitors are currently
approved for adjuvant treatment in HER2- and gBRCA
mut BC patients, offering substantial overall
survival (OS) benefits. Looking ahead, there is growing interest in expanding the efficacy of PARP1
selective inhibitors beyond gBRCA
mut tumors to include HRR mutated (HRR mut) tumors and fulfilling
the huge unmet medical needs in patients with brain metastases. Additionally, the favorable safety and
potency profile of PARP1 selective inhibitors allows broad combination opportunities, including with
traditional chemotherapy, other SL agents and emerging modalities such as ADCs and degraders.
These strategies aim to enhance treatment response, overcome resistance, and ultimately prolong
survival in BC.
Prostate Cancer
Overview
Prostate cancer is the most common cancer among men and a leading cause of cancer-related death
worldwide, with around 1.6 million new cases and 380,000 deaths globally in 2024. Disease burden
varies significantly between developed and developing regions, due to differences in screening,
healthcare access, and treatment availability.
In developed countries, about 75% of prostate cancer cases are diagnosed at a localized stage.
These patients typically have a five-year relative survival rate over 95%, and low-risk localized disease
can often be cured with surgery or radiation, sometimes requiring no further treatment. However,
high-risk localized prostate cancer presents a greater challenge, with 30-50% of patients relapsing within
ten years despite appropriate therapy. Around 10% are locally advanced prostate cancer, with worse
prognosis and high risk of progression.
Metastatic prostate cancer (mPC) is highly lethal, with a five-year relative survival rate of roughly
30%. It comprises metastatic castration-sensitive prostate cancer (mCSPC), which initially responds to
androgen-deprivation therapy (ADT), and metastatic castration-resistant prostate cancer (mCRPC),
which progresses despite castration and represents the most advanced stage with limited treatment
options and a median overall survival of only two to three years. As mPC is generally incurable and
requires ongoing therapy, the presence of homologous recombination repair (HRR) mutations — found
in about 20–25% of cases — offers an important biomarker for targeted approaches such as
PARP1-selective inhibitors.
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Market Size of Prostate Cancer Drugs
The global and China’s prostate cancer drug market is expected to experience steady growth, driven
by an expanding patient population attributable to aging demographics and increased disease detection,
as well as ongoing research and development breakthroughs in novel therapies, including PARP-targeted
agents and androgen receptor (AR) inhibitors, which address the substantial unmet clinical need in
castration-resistant prostate cancer. The chart below sets forth the growth of the global and China
prostate cancer drug market.
Global Prostate Cancer Drug Market, 2020-2033E
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Unit: Billion USD
2020-2024
2024-2029E
2029E-2033E
Period
7.1%
9.2%
8.4%
Global
CAGR
12.0%
18.3%
22.2%
China
13.9
0.8
14.9
1.2
15.9
1.2
17.6
1.5
19.3
1.8
20.8
2.2
22.4
2.6
24.9
3.1
27.4
3.6
29.9
4.2
32.4
4.7
34.9
5.3
37.2
5.9
39.3
6.6
Global China
Source: Frost & Sullivan Analysis
Treatment Paradigm and Unmet Medical Needs
High-risk Localized and Locally Advanced Prostate Cancer: The current SoC typically involves
radical prostatectomy or radiotherapy, with androgen deprivation therapy (ADT) added in select cases
depending on disease risk and progression. Unlike low-risk localized prostate cancer that can often be
cured with minimal intervention, high-risk localized and locally advanced prostate cancer presents a
significant challenge due to its elevated relapse risk, with 30-50% of patients experiencing recurrence
within ten years, even after definitive treatment.
This high relapse rate highlights a critical unmet need: the ability to eradicate micro-metastatic
disease and sensitize tumors to radiotherapy or ADT, all while minimizing overt toxicity. A meaningful
subset of high-risk localized and locally advanced prostate tumors exhibit broader HRR signals,
suggesting potential benefit from PARP inhibitors. These agents may enhance treatment efficacy by
impairing damage repair and sensitizing tumors to existing therapies, offering a promising avenue for
combination strategies in this setting.
Metastatic Prostate Cancer: In mCSPC, the SoC begins with ADT, often intensified with androgen
receptor (AR) pathway inhibitors such as abiraterone, enzalutamide, apalutamide, or darolutamide, and
in some cases, docetaxel chemotherapy. Despite initial responsiveness, nearly all patients eventually
progress to mCRPC, where the disease continues to advance despite suppressed testosterone levels.
Treatment options for mCRPC include AR inhibitors, chemotherapy (docetaxel, cabazitaxel), radioligand
therapy (e.g., Lu-PSMA-617), and PARP inhibitors (olaparib, rucaparib, talazoparib, niraparib) for
patients with HRR
mut tumors. However, several key unmet needs persist:
 Toxicity management is crucial, especially given the need for continuous drug dosing.
Existing PARP1/2 inhibitors are associated with hematologic adverse events such as anemia
and thrombocytopenia, which are exacerbated when combined with chemotherapy or
AR-targeted therapies.
 Resistance to existing PARP1/2 inhibitors is a growing concern, as most patients eventually
develop resistance. There is an urgent need to understand these mechanisms and develop
next-generation therapies or rational combinations, such as PARP inhibitors in combination
with AKT inhibitors or immunotherapy, to restore sensitivity.
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 Improving biomarker testing and access is another critical gap. Many patients lack access to
biomarker testing, which is essential for identifying HRR mut tumors. Enhanced tissue or
liquid biopsy diagnostics and expanded biomarker panels are needed to identify patients
beyond those with BRCA mutation who may benefit from PARP inhibitors or similar targeted
therapies.
Treatment Paradigm of Castration-Resistant Prostate Cancer in
the United States and China
Stage Treatment Setting Subgr oup Recommended Drug Classes
Non-metastatic CRPC Systemic therapy — 2nd-gen ARi
Metastatic CRPC
No prior docetaxel
No prior ARPI ARPI, taxane chemo, PARPi (HRR+),
RLT, cellular immunotherapy, ICI
Prior ARPI
Taxane chemo, platinum chemo,
PARPi (HRR+), cellular
immunotherapy, ICI
Prior docetaxel
No prior ARPI ARPI, alternative taxane chemo,
platinum chemo, PARPi, RLT, ICI
Prior ARPI
Taxane rechallenge or alternative
taxane chemo, platinum chemo, RLT,
PARPi, ICI
Note: ARi/ARPI = androgen receptor inhibitor/androgen receptor pathway inhibitor; P ARPi = poly (ADP-ribose) polymerase
inhibitor; RLT = radioligand therapy; ICI = immune checkpoint inhibitor; HRR+ = homologous recombination repair mutation —
positive.
Source: Literature Research, Frost & Sullivan analysis
Currently, there are multiple approved treatment options for prostate cancer across different
therapeutic classes. The following table sets forth examples of each class:
Treatment Regimens of Prostate Cancer
Drug Class (Representative Drugs) Key Indication Marketed Key Mechanism
ADT (Goserelin, Leuprolide, Degarelix) Backbone therapy across disease stages 5+ Suppresses testosterone production
ARPI (Enzalutamide) Standard therapy for nmCRPC/mCRPC 4 Blocks AR signaling
ABI (Abiraterone) Standard therapy for mCRPC/mHSPC 1 CYP17 inhibitor
Taxane Chemo (Docetaxel, Cabazitaxel) mCRPC treatment following ARPI 2 Microtubule inhibition-mediated
cytotoxicity
PARPi (Olaparib, Niraparib, Talazoparib) HRR/BRCA-mutated mCRPC 4 DNA repair inhibition (synthetic lethality)
PSMA-RLT (Lu-177-PSMA-617) Later-line mCRPC 1 Targeted radioligand delivery
IO (Pembrolizumab, Sipuleucel-T) Biomarker-selected patients 2 Immune activation
α-Emitter (Radium-223) Bone-dominant mCRPC 1 Alpha radiation to bone metastases
Source: Literature Research, Frost & Sullivan Analysis
The Promise of Next-Generation PARP1 Selective Inhibitors: Next-generation PARP1 selective
inhibitors offer a promising solution to many of the limitations of PARP1/2 inhibitors. By selectively
targeting PARP1 while sparing PARP2, these agents may deliver better-tolerated monotherapy in HRR
mut
tumors, allowing for higher dosing and more durable combination strategies. Their improved safety
profile opens the door to rational combinations with AR inhibitors, SL agents, chemotherapy, ADCs and
RDCs, potentially expanding the benefit of PARP inhibition across a broader prostate cancer population.
Glioblastoma
Overview
GBM is the most common and aggressive primary malignant brain tumor in adults, representing a
major challenge in neuro-oncology. Despite the availability of current treatments, including surgery,
radiotherapy, and chemotherapy, GBM is associated with a dismal prognosis and remains one of the most
lethal cancers, with significant unmet medical needs. Standard treatment for GBM offers only modest
survival benefits. The median OS for patients is approximately 14 to 16 months, and the five-year
survival rate remains below 5%, making GBM one of the deadliest cancer types. This poor outcome is
largely attributable to the tumor’s highly invasive nature, resistance to therapy, and rapid progression.
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Recurrence is nearly universal, with almost all patients experiencing disease progression typically
within six to seven months after completing initial therapy. Once the disease recurs, prognosis
deteriorates significantly, and treatment options for recurrent GBM are extremely limited and largely
ineffective. As a result, patient survival rates have seen minimal improvement over the past decades, with
median survival following recurrence falling below eight months. This persistent gap in therapeutic
efficacy has contributed to a relatively small market size today, but it also underscores a substantial
unmet medical need and presents a compelling opportunity for innovative therapies that can improve
outcomes and extend survival.
Market Size of GBM Drugs
The global GBM drug market grew from US$1.3 billion in 2020 to US$1.5 billion in 2024 and is
projected to reach US$2.7 billion by 2029, and US$4.7 billion by 2033. In China, despite the slight
downward trend in the GBM drug market from RMB1.6 billion in 2020 to RMB1.4 billion in 2024,
primarily due to price erosion from generic temozolomide and bevacizumab biosimilars, the market is
projected to rebound and grow from RMB1.4 billion in 2024 to RMB2.2 billion by 2029, and RMB3.4
billion by 2033.
Treatment Paradigm and Unmet Medical Needs
Despite decades of research, GBM remains one of the most challenging cancers to treat. The
current SoC in both the United States and China follows the Stupp protocol: maximal safe surgical
resection, followed by radiotherapy combined with TMZ chemotherapy. While this regimen modestly
extends survival, it is not curative, and nearly all patients relapse within six to seven months of
completing initial therapy. Once recurrence occurs, treatment options are extremely limited, often
involving reoperation, re-irradiation, or enrollment in clinical trials, with median survival after
recurrence under eight months.
Several challenges contribute to GBM’s poor prognosis. First, extensive inter- and intra-tumor
heterogeneity drives therapeutic resistance and recurrence. Second, the blood-brain barrier (BBB) limits
penetration of systemic therapies, reducing efficacy in targeting CNS tumor cells. Third, GBM’s
profoundly immunosuppressive tumor microenvironment has rendered immunotherapies such as
checkpoint inhibitors largely ineffective, despite their success in other solid tumors.
Another limitation is the lack of effective targeted therapies. Unlike many cancers, GBM lacks
widely actionable drivers. Biomarkers inform prognosis and predict TMZ response but are not directly
targetable.
About 15-20% of GBMs exhibit HRR mutation. This is because both TMZ and radiotherapy induce
substantial damage, creating an opportunity to exploit SL through PARP inhibition. However, clinical
utility of PARP1/2 inhibitors in GBM has been constrained by limited CNS penetration and dose-limiting
hematologic toxicity, especially in combination with TMZ or radiation.
These challenges underscore the need for next-generation therapies that can overcome the BBB,
target resistant tumor subclones, and synergize with existing modalities without compounding toxicity.
Novel approaches such as PARP1 selective inhibitors with improved brain penetration, wide therapeutic
windows, and rational combination regimens, are being explored to address these unmet needs.
Competitive Landscape
We have in-house discovered and developed one of the most comprehensive and advanced SL
franchises and are one of only three companies with both commercial-stage PARP1/2 inhibitors and
clinical-stage next-generation PARP1 selective inhibitors worldwide.
Route of
AdministrationIndications Phase Study
Start Date
AZD5305 (AstraZeneca) HR+ HER2- BC, prostate cancer, solid tumors III Nov 21, 2023
IMP1734 (IMPACT) Advanced solid tumors I/II Dec 11, 2023
HRS-1167 (Hengrui/Merck KGaA) Advanced solid tumors I/II Aug 23, 2022
VB15010* (Vybio) Advanced solid tumors I/II Oct 13, 2024
ACE-86225106 (Acerand Therapeutics) Advanced solid tumors I/II Mar 22, 2024
GS-0201 (Gilead Sciences) Advanced solid tumors I Jan 9, 2024
HS-10502* (Hansoh) Advanced solid tumors I Jun 9, 2023
Oral
Oral
Oral
Unknown
Oral
Oral
Oral
Drug Name (Company)
Note:
* Clinical Trials Conducted Exclusively in Mainland China
Sources: ClinicalTrials, Frost & Sullivan Analysis
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Route of AdministrationDrug Name (Company) Indications Phase Study Start Date
AZD9574 (AstraZeneca)^ Advanced solid tumors I/II Jun 24, 2022
IMP1707 (IMPACT)^ Advanced solid tumors I/II Apr 30, 2025
SNV1521 (Synnovation)^ Advanced solid tumors I Feb 23, 2024
Oral
Oral
Oral
Sources: ClinicalTrials, Frost & Sullivan Analysis
^ with BP
GLOBAL ATR INHIBITOR MARKET
Overview
A TR inhibitors are targeted cancer therapies that disrupt the DDR by inhibiting the A TR (Ataxia
Telangiectasia and Rad3-related) protein. The primary value of A TR inhibitors lies in their ability to act
as synergistic agents in combination therapies, aiming to overcome resistance to existing standard of
care, including PARP inhibitors and chemotherapy. Among the most well-studied strategies is
combination with PARP inhibitors, targeting two key resistance mechanisms: disruption of replication
fork protection and inhibition of HRR restoration. In PARP inhibitor-resistant settings, this dual-targeting
approach has demonstrated ORR of 40%.
Additional combination strategies include pairing A TR inhibitors with chemotherapy to enhance
damage-inducing agents such as gemcitabine by blocking repair pathways. A TR inhibitors are also being
investigated with immunotherapy, where they may reverse resistance by increasing tumor neoantigen
load and stimulating immune responses. These approaches extend the reach of A TR inhibitors to HRR
mut
cancers and position them as a cornerstone in next-generation combination regimens.
Competitive Landscape of ATR Inhibitors
Global and China competitive landscape of A TR inhibitor pipeline, including product name,
company, indications, highest clinical stage, first disclosure date.
Global Competitive Landscape of ATR Inhibitors Pipeline,
as of Latest Practicable Date (1)(2)
Drug name (Company) Indications Phase Study Start Date
AZD6738 (AstraZeneca) NSCLC III Aug 7, 2025
IMP9064 (IMPACT) Advanced Solid Tumors II Feb 11, 2022
Tuvusertib (Merck KGaA) Advanced Solid Tumors II Oct 16, 2023
HRS-2398 (Hengrui) Advanced Solid Tumors I/II Jun 12, 2024
SC0245* (Biocity) Advanced Solid Tumors I/II Feb 23, 2023
Elimusertib (Bayer) Relapsed or Refractory Solid Tumors I/II Dec 22, 2021
ART0380 (Artios Pharma) Advanced or Metastatic Solid Tumors II Sep 6, 2023
YY2201 (Jiangsu YaYao) Advanced Solid Tumors I May 26, 2025
Notes:
(1) only includes chemical originator , excludes generic drugs
(2) only includes pipelines active within the past three years
* clinical trials conducted exclusively in mainland China
Sources: ClinicalTrials, Frost & Sullivan Analysis
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REPORT COMMISSIONED BY FROST AND SULLIV AN
In connection with the Global Offering, we have engaged Frost & Sullivan to conduct a detailed
analysis and prepare an industry report on the major markets for which our drug and drug candidates are
positioned. Frost & Sullivan is an independent global market research and consulting company which
was founded in 1961 and is based in the United States. We have agreed to pay Frost & Sullivan a total
fee of approximately RMB0.5 million for the preparation of the Frost & Sullivan Report, and we believe
that such fees are consistent with the market rate. The payment of such amount is not contingent upon
our successful Listing or on the results of the Frost & Sullivan Report. Except for the Frost & Sullivan
Report, we did not commission any other industry report in connection with the Global Offering. The
market projections in the Frost & Sullivan Report were based on the following key assumptions: (i) the
overall social, economic and political environment globally and in China is expected to remain stable
during the forecast period; (ii) the economic and industrial development globally and in China is likely
to maintain a steady growth trend over the next decade; (iii) related key industry drivers are likely to
continue driving the growth of the market during the forecast period; and (iv) there is no extreme force
majeure or industry regulation in which the market may be affected dramatically or fundamentally. The
reliability of the Frost & Sullivan Report may be affected by the accuracy of the foregoing key
assumptions.
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OVERVIEW OF LA WS AND REGULATIONS IN THE PRC
PRINCIPAL REGULATORY AUTHORITIES
The operations of the Company in the PRC are mainly supervised and regulated by the following
authorities, in addition to the authorities generally administering the companies in the PRC:
National Medical Products Administration (the “NMPA”,္ຖ၍ଣ҅), is the department
in charge of the pharmaceutical industry of China. It is responsible for drawing up the regulations,
guidelines and specifications related to pharmaceuticals and medical devices, organizing the
development and issuance of pharmaceutical and medical device standards, classification and
management systems, and supervising the implementation.
Center for Drug Evaluation (the “CDE”,ᄲ൙ʕː) is the technical
evaluation unit for drug registration with NMPA. It is mainly responsible for conducting technical
evaluation on the drugs applying for registration and verifying the relevant drug registrations.
The National Health Commission (ึ) (the “NHC”), is the primary national
regulator for public health and family planning management. It is primarily responsible for drafting
national health policies, supervising and regulating public health, healthcare services, and health
emergency systems, coordinating the reform of medical and health system.
The Ministry of Commerce of the PRC ( ʕശɛ͏΍ձ਷ਠਕ௅) (the “MOFCOM”) is responsible
for the overall guidance and management of foreign investment. It formulates, revises and implements
the laws, regulations, rules and policies of foreign investment. It also participates in the formulation and
promulgation of the Special Management Measures for the Market Entry of Foreign Investment
(Negative List) (݄(૶ఊ), the “Negative List”) and Catalog of
Industries for Encouraging Foreign Investment ( ོᎸ̮ਠҳ༟ପุͦ፽). The MOFCOM is also
responsible for the administration and supervision of the foreign investment information reporting
system, as well as approving foreign investment in sectors restricted by the Negative List.
PRINCIPAL REGULATORY PROVISIONS
Laws and Regulations on New Drugs
Research and Development of New Drugs
The Drug Administration Law of the PRC () (the “Drug
Administration Law”), last amended on August 26, 2019 and became effective on December 1, 2019, and
the Implementation Regulations of the Drug Administration Law of the PRC (၍
ૢԷ) (the “Implementation Regulations”) promulgated by the State Council on August 4,
2002 and last amended on March 2, 2019, have laid down the legal framework for the establishment and
maintenance of pharmaceutical manufacturing and trading enterprises, as well as for the administration
of pharmaceutical products including the development and manufacturing of new drugs. According to the
Drug Administration Law and the Implementation Regulations, the developer and clinical trial applicant
of any new drug shall truthfully submit the new drug’s manufacturing process, quality control,
pharmacological and toxicological study reports, the related data, clinical trial protocol, and documents
prepared according to regulations to the NMPA for approval before the first clinical trial is conducted.
For further clinical trials, the applicant should either communicate with CDE or submit IND applications
to CDE for approval based on the requirements of Drug Registration Regulation issued by NMPA.
Non-Clinical Research
The non-clinical safety evaluation study for drugs for the purpose of applying for drug registration
shall be conducted in accordance with the Administrative Measures for Good Laboratories Practice ( ᖹ
Ӻሯඎ၍ଣ஝ᇍ) promulgated by the CFDA and amended on July 27, 2017. On April 16,
2007, the CFDA issued the Circular on Measures for Certification of Good Laboratory Practice (ي
), last amended on January 19, 2023, which set forth the
requirements for an institution to apply for a Certification of Good Laboratory Practice (“GLP”) to
undertake non-clinical research on drugs. The NMPA is responsible for the administration of the
certification of GLP in China, and the drug regulatory authorities at the provincial level are responsible
for the daily supervision and management on institutions of non-clinical safety evaluation studies within
REGULATORY OVERVIEW
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their administrative regions. The NMPA will approve and issue GLP certificates to the applicants that
meet the GLP requirements, and the GLP certificates are valid for 5 years. Any entity without such
certification must engage a qualified third party to conduct non-clinical studies regulated under relevant
laws and regulations.
Application For Clinical Trial
After non-clinical research, applicant shall carry out drug clinical trial with the approval of the
NMPA, before a new drug clinical trial. According to the Drug Registration Regulation (ൗ̅၍
), drug clinical trials shall be divided into Phase I clinical trial, Phase II clinical trial, Phase III
clinical trial, Phase IV clinical trial, and bioequivalence trial. Among them, any bioequivalence study
shall be registered in CDE clinical trial information platform. In order to conduct drug clinical trial,
applicants should submit relevant new drug R&D documents required by CDE/NMPA, including
development methods, quality indicators, pharmacological and toxicological study results and other
related data, information, application documents should be submitted to the CDE for approval. CDE shall
decide whether to approve the application or not within 60 working days after receiving the clinical trial
application, and notify the applicant of its decision; if no any notification after 60 working days, the
application will be deemed as approval.
After obtaining the approval of clinical trial from the NMPA, the applicant must complete the
clinical trial registration at the Drug Clinical Trial Information Platform for public disclosure in
accordance with the Circular on Drug Clinical Trial Information Platform (̻
ʮѓ). The applicant shall complete the initial registration of the trial within one month after
obtaining the approval of clinical trial to obtain an exclusive trial registration number, and then complete
the subsequent information registration before the first patient is enrolled in the trial and submit the
registration for public disclosure for the first time.
Conduct of Clinical Trial
After obtaining clinical trial approval, the applicant shall conduct clinical trials at qualified clinical
trial institutions. The qualified clinical trial institution refers to institutions that have the conditions to
conduct clinical trials in accordance with the requirements and technical guidelines set forth in the
Regulations for the Administration of Drug Clinical Trial Institutions (),
which came into effect on December 1, 2019. Such clinical trial institutions shall be subject to filing
requirements, with the exception of institutions that only engage in analysis of biological samples which
shall not be subject to such filing requirements. The NMPA is responsible for setting up a filing
management information platform for the registration, filing and operation management of drug clinical
trial institutions, as well as the entry, sharing and disclosure of information from the supervision and
inspection activities conducted by the drug regulatory healthcare authorities.
Clinical trials must be conducted in accordance with the Good Clinical Practice for Drug Trials
(ᑗґ༊᜕ሯඎ၍ଣ஝ᇍ) promulgated by NMPA and NHC on April 23, 2020 and effective on
July 1, 2020, which stipulates the requirements for the procedures of conducting clinical trials, including
pre-clinical trial preparation, trial protocols, protection of testees’ rights and interests, duties of
researchers, sponsors and monitors, as well as data management and statistical analysis.
According to the Announcement on Adjusting Evaluation and Approval Procedures for Clinical
Trials for Drugs, where the application for clinical trial of new investigational drug has been approved,
upon the completion of Phases I and II clinical trials and prior to Phase III clinical trial, the applicant
shall submit the application for communication meetings to CDE to discuss with CDE the key technical
questions including the design of Phase III clinical trial protocol.
According to the Administrative Measures for Communication on the Research, Development and
Technical Evaluation of Drugs (), promulgated by the CDE
on December 10, 2020, during the research and development periods and in the registration applications
of, among others, the innovative new drugs, the applicants may propose to conduct communication
meetings with the CDE. The communication meetings can be classified into three types. Type I meetings
are convened to address key safety issues in clinical trials of drugs and key technical issues in the
research and development of breakthrough therapeutic drugs. Type II meetings are held during the key
research and development stages, mainly including meetings before submitting the clinical trial
application, meetings upon the completion of Phase II trials and prior to Phase III trials, meetings before
submitting the marketing application for a new drug, and meetings for risk evaluation and control. Type
III meetings refer to other meetings not classified as Type I or II.
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International Multi-Centre Clinical Trials
According to the International Multi-Center Clinical Trial Guidelines (Trial) (ᑗ
یܸ(༊Б)), which was issued by the CFDA on January 30, 2015 and became effective on
March 1, 2015, the sponsor may conduct clinical trials simultaneously at multiple centres in multiple
regions in accordance with the same clinical trial protocol, and may also conduct regional clinical trials
simultaneously at multiple centres in different countries within a region in accordance with the same
clinical trial protocol. If the applicants plan to use the data derived from international multi-centre
clinical trials for approval of drug registration in China, such international multi-center clinical trials
shall comply with the provisions concerning clinical trials in the Registration Measures. When planning
and implementing international multi-centre clinical trials in China, the sponsor shall comply with the
Drug Administration Law, the Implementation Regulations, the Registration Measures and other related
laws and regulations, implement the Good Clinical Practice in China, make reference to Good Clinical
Practice ( ᑗґ༊᜕ሯඎ၍ଣ஝ᇍ) provided by the International Conference on Harmonization of
Technical Requirements for the Registration of Pharmaceuticals for Human Use (ൗ̅Ҧஔ਷ყ
՘ሜึᙄ), and meet the legal and regulatory requirements of the corresponding countries.
The NMPA issued the Technical Guiding Principles for the Acceptance of Overseas Clinical Trial
Data of Drugs () on July 6, 2018, according to which,
for drugs applied for registration within the PRC, overseas clinical trial data submitted by the applicant
may be accepted as the information for clinical evaluation.
New Drug Registration
Drug Registration Regulation () (the “DRR”) issued by the NMPA on
January 22, 2020, effective from July 1, 2020, is applicable to drug development, registration and
supervision to be carried out in China for the purpose of drug marketing. Pursuant to the DRR, upon
completion of clinical trials, determination of quality standards, completion of validation of commercial-
scale production processes and completion of other related preparation works, the applicant may apply
with the NMPA for the marketing authorization. The NMPA then determines whether to approve the
application according to applicable laws and regulations. The applicant must obtain the marketing
authorization for a new drug before the drug can be sold in the China market.
The Opinion on Strengthening the Reform of the Drug and Medical Device Review and Approval
Process to Encourage Drug and Medical Device Innovation (ᔼᐕ
จԈ) (the “Innovation Opinion”) established a framework for reforming the evaluation and
approval system for drugs, medical devices and equipment. The Innovation Opinion indicated enhancing
the standard of approval for drug marketing registration and accelerating the evaluation and approval
process for innovative drugs as well as improving the approval of drug clinical trials.
The CFDA promulgated the Opinions on Encouraging the Priority Review and Approval for Drug
Innovations (จԈ) on December 21, 2017, which further
clarified that expedited clinical trial approval or drug marketing registration pathway will be available
to innovative drugs. The Opinions on Encouraging the Priority Review and Approval for Drug
Innovations was replaced by the Announcement of the NMPA on Promulgating Three Documents
including the Working Procedures for Evaluation of Breakthrough Therapy Designation Drugs (Trial)
(೯б<ᄲ൙ʈЪ೻ҏ(༊Б)>ʮѓ), which was issued
and implemented on July 7, 2020, refined the requirements and scope of the expedited process.
According to the Announcement on Matters Concerning the Optimization of Drug Registration
Review and Approval (ʮѓ) jointly issued by the NMPA and
the NHC on May 17, 2018, the CDE will prioritize the allocation of resources for review, inspection,
examination and approval of registration applications that have been included in the scope of expedited
process of clinical trial approval.
The DRR has incorporated the previous reform in respect of the accelerated approval for clinical
trial and NDA application and introduces four procedures for expedited NDA application:
(i) Procedures for breakthrough therapeutic drugs: during the drug clinical trials, for an
innovative drug or improved new drug used for prevention and treatment of life-threatening
illnesses or illnesses which have a serious impact on quality of life and for which there is no
other effective prevention and treatment method or there is adequate evidence to prove that
the said innovative drug or improved new drug has obvious clinical advantages over existing
treatment approach, the applicant may request for application of procedures for breakthrough
therapeutic drugs.
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(ii) Procedures for conditional approval: during the drug clinical trials, for drugs which fall
under the following circumstances, an application for conditional approval of marketing
registration may be submitted (i) for drugs for treatment of life-threatening illnesses for
which there is no effective treatment approach, the clinical trial of drugs already has data to
prove efficacy and is able to forecast the clinical value; (ii) for drugs urgently needed for
public health, the clinical trial of drugs already has data to prove efficacy and is able to
forecast the clinical value; and (iii) for other vaccines urgently needed for major public health
emergencies or deemed by the NHC to be urgently needed, its benefits outweigh the risks
according to the evaluation.
(iii) Procedures for prioritized reviews and approval: at the time of the drug marketing
registration, drugs have obvious clinical value may apply for application of procedures for
prioritized review and approval, including (i) clinically and urgently needed but insufficient
drug, innovative drugs and improved new drugs for prevention and treatment of major
contagious diseases and rare diseases; (ii) new pharmaceutical product types, dosage form
and specifications of pediatric drugs which comply with pediatric physiological
characteristics; (iii) vaccines and innovative vaccines urgently needed for prevention and
control of diseases; (iv) drug included in the procedures for groundbreaking therapeutic drug;
(v) drug which comply with conditional approval criteria; and (vi) other circumstances of
prioritized review stipulated by the NMPA.
(iv) Procedures for special review and approval: at the time of a threat or occurrence of public
health emergency, the NMPA may, in accordance with law, decide to implement special
examination and approval for urgently needed drug required for the prevention and treatment
during the public health emergency.
Marketing Authorization Holder Mechanism
Pursuant to the Drug Administration Law, China implements the marketing authorization holder
mechanism for management of the drug industry. The drug marketing authorization holder refers to an
enterprise or a drug research and development institution that has obtained the drug registration
certificate. The drug marketing authorization holder shall bear full life-cycle responsibility for the safety,
efficacy and quality controllability of the drug from research and development, production to
post-marketing. The marketing authorization holders may manufacture drugs by themselves or entrust a
pharmaceutical manufacturing enterprise to manufacture drugs. Likewise, they may sell drugs by
themselves or entrust a pharmaceutical distribution enterprise to sell drugs. However, marketing
authorization holders may not entrust a pharmaceutical manufacturing enterprise to produce blood
products, narcotic drugs, psychotropic drugs, medical-use toxic drugs or pharmaceutical precursor
chemicals, except as otherwise stipulated by the drug regulatory department under the State Council.
Management of Human Genetic Resources and Biosecurity
Pursuant to the Regulations on the Management of Human Genetic Resources of the PRC ( ʕശ
ɛ͏΍ձ਷ɛᗳ፲ෂ༟๕၍ଣૢԷ), last amended by the State Council on March 10, 2024 and came
into effect on May 1, 2024, the State supports the rational use of human genetic resources for scientific
research, development of the biomedical industry, improvement of diagnosis and treatment technology,
improvement of China’s ability to guarantee biosafety and improvement of the level of people’s health.
Foreign organizations, individuals and institutions established or actually controlled by them shall not
gather or preserve Chinese genetic resources in China, or provide Chinese genetic resources to foreign
countries. In addition, the gathering, preservation, utilization and external provision of Chinese genetic
resources shall conform to ethical principles and conduct ethical review in accordance with relevant
regulations. The Implementing Rules of the Regulation on the Administration of Human Genetic
Resources (), which was promulgated by the MOST on May 26,
2023 and became effective on July 1, 2023, further provides specific requirements on the collection,
preservation, utilization and external provision of China’s human genetic resources.
The Biosecurity Law of the PRC () (the “Biosecurity Law”),
which was promulgated by SCNPC on October 17, 2020 and last amended on April 26, 2024, establishes
a comprehensive legislative framework for the pre-existing regulations in such areas as epidemic control
of infectious diseases for humans, animals and plants, research, development, and application of biology
technology, biosecurity management of pathogenic microbial laboratories, security management of
human genetic resources and biological resources, countermeasures for microbial resistance, and
prevention of bioterrorism and defending threats of biological weapons. According to the Biosecurity
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Law, the research and development activities of high-risk and medium-risk biotechnology shall be
carried out by a legal person organization established within the territory of the PRC in accordance with
the law, upon obtaining the approval or record-filing. The following activities are subject to approval of
the competent health department: (i) collecting human genetic resources of important genetic families or
specific areas in the PRC, or collecting human genetic resources of which the types and quantities are
subject to provisions of the competent health department under the State Council, (ii) preserving China’s
human genetic resources, (iii) using China’s human genetic resources to carry out international scientific
research cooperation, or (iv) transporting, mailing, and carrying China’s human genetic resource
materials out of the country.
Administrative Protection and Monitoring Period for New Drugs
According to the Implementation Regulations, the NMPA may, for the purpose of protecting public
health, provide for an administrative monitoring period of up to five years for new drugs approved to be
manufactured, to continually monitor the safety of those new drugs. During the monitoring period of a
new drug, the NMPA will not approve any other enterprise’s application to manufacture or import a
similar new drug.
Laws and Regulations on the Manufacturing of Drugs
Drug Manufacturing Certificate
Pursuant to the Drug Administration Law and the Implementation Regulations, a drug manufacturer
must obtain a Drug Manufacturing Certificate (͛ପ஢̙ᗇ) from the drug regulatory authority at
provincial, autonomous regional or municipal level before it may start manufacturing drugs in the PRC.
The Drug Manufacturing Certificate shall indicate the validity period and the scope of production. Each
Drug Manufacturing Certificate is valid for a period of five years and the manufacturer is required to
apply for renewal of the permit within six months prior to its expiration date.
Good Manufacturing Practice
The drug manufacturer must conduct the manufacturing process in accordance with the Good
Manufacturing Practice for Drugs (͛ପሯඎ၍ଣ஝ᇍ) issued by the Ministry of Health of the
PRC (the “MOH”, which was canceled in the institutional reform of the State Council in 2013, its
functions were first inherited by the NHC established in 2018) on January 17, 2011 and became effective
on March 1, 2011, which sets forth a set of detailed standard guidelines governing the manufacture of
drugs including institution and staff qualifications, production premises and facilities, equipment,
hygiene conditions, production management, quality controls, product operation, raw material
management, maintenance of sales records and management of customer complaints and adverse event
reports.
The Administrative Measures for the Inspection of Pharmaceuticals (Trial) (ج
(༊Б)) was promulgated by the NMPA on May 24, 2021 and amended on July 19, 2023. It stipulated
that if a drug manufacturer applies for a drug manufacturing license for the first time, it will be subject
to on-site inspection under relevant contents of the GMP . If a drug manufacturer applies for re-issuance
of drug manufacturing license, relevant authorities shall conduct examination pursuant to risk
management principle, taking into account the enterprise’s compliance with pharmaceutical
administration laws and regulations, operation status of GMP and quality system, and may conduct GMP
compliance inspection where necessary.
Entrusted Manufacturing of Drugs
Pursuant to the Administrative Regulations for the Entrusted Manufacturing of Drugs (։ৄ
) issued by the CFDA on August 14, 2014 and became effective on October 1, 2014,
only when a drug manufacturer temporarily lacks manufacturing conditions due to technology upgrade
or is unable to ensure market supply due to insufficient manufacturing capabilities can such drug
manufacturer entrust the manufacturing of the drug to another domestic drug manufacturer. Such
entrusted manufacturing arrangements shall be approved by the provincial branch of the NMPA.
The Administrative Measures on Supervision of Drug Manufacturing ()
promulgated by the SAMR on January 22, 2020 and effective on July 1, 2020 further implements the drug
marketing authorization holder system as stipulated in the Drug Administration Law. Drug marketing
authorization holders entrusting others to manufacture drugs shall enter into entrustment manufacturing
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agreements and quality assurance agreements with qualified drug manufacturing enterprises and submit
the relevant agreements together with the actual manufacturing site application materials to the
competent drug administrative authority in order to apply for the Drug Manufacturing Certificate. The
drug marketing authorization holder shall follow the Guidelines for the Quality Agreements of Entrusted
Manufacturing of Drugs () formulated by the NMPA to supervise the
entrusted party to fulfill the obligations agreed upon in the agreement. The drug marketing authorization
holder and drug manufacturers shall establish and implement a drug traceability system, assign
traceability labels to sales packaging of their drugs in accordance with regulations, implement drug
traceability through information-based means, record and keep drug traceability data in a timely manner,
and provide traceability information to the drug traceability collaborative service platform.
Laws and Regulations on the Medical Insurance Program
Coverage of the National Medical Insurance Program
The national medical insurance program was first adopted according to the Decision of the State
Council on the Establishment of the Urban Employee Basic Medical Insurance Program (׵
) issued by the State Council on December 14, 1998, under
which all employers in urban cities are required to enroll their employees in the basic medical insurance
program and the insurance premium is jointly contributed by the employers and employees. On January
3, 2016, the Opinions of the State Council on Integrating the Basic Medical Insurance Systems for Urban
and Rural Residents (จԈ) issued by the State
Council required the integration of the urban resident basic medical insurance and the new rural
cooperative medical care system and the establishment of a unified basic medical insurance system,
which will cover all urban and rural residents other than rural migrant workers and persons in flexible
employment arrangements who participate in the basic medical insurance for urban employees.
Medical Insurance Catalogue
According to the Interim Measures for the Administration of Use of Drugs Covered by the Basic
Medical Insurance () promulgated by the NHSA on July 30, 2020
and took effect on September 1, 2020, the scope of drugs covered by the basic medical insurance shall
be administered through the Catalogue of Drugs for Basic National Medical Insurance. The National
Drug Catalog for Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance ( ਷
ͦ፽), or the National Reimbursement Drug List (the
“NRDL”) sets forth the payment standard for pharmaceutical products under the basic medical insurance,
work-related injury insurance and maternity insurance funds. Medicines listed in the NRDL are divided
into List A and List B. List A drugs are widely used clinical treatments with good efficacy and lower
prices compared to similar drugs, while List B drugs are clinical treatments with good efficacy and
slightly higher prices compared to List A drugs. Provincial Reimbursement Drug List (the “PRDL”) must
be made by the provincial healthcare security authorities. The provincial healthcare security authorities
have the right to add ethnic drugs and preparations of medical institutions as List B drugs in the PRDL
in accordance with relevant rules. Patients purchasing List B drugs shall pay a certain percentage of the
purchase price first and then obtain reimbursement under the basic medical insurance program.
National Essential Drug List
On August 18, 2009, the MOH and eight other ministries and commissions in the PRC issued the
Provisional Measures on the Administration of the National Essential Drug List (ͦ፽၍
ج(ᅲБ)), which was revised as the Measures for the Administration of the National Essential
Medicine List () on February 13, 2015, and the Guidelines on the
Implementation of the National Essential Drug List System (จ
Ԉ), which aims to promote essential medicines sold to consumers at fair prices in the PRC and ensure
that the general public in the PRC has equal access to the drugs contained in the National Essential Drug
List. On September 13, 2018, the General Office of the State Council issued the Opinions of the General
Office of the State Council on Improving the National Essential Drug System (ҁ
จԈ). The NHC and the National Administration of Traditional Chinese
Medicine promulgated the National Essential Drug List (2018) (ͦ፽(2018و)) (the
“National Essential Drug List”) on September 30, 2018, effective from November 1, 2018, replacing the
National Essential Drug List (2012) (ͦ፽(2012و)) which was promulgated on
March 13, 2013. According to these regulations, basic healthcare institutions funded by government,
which primarily include county-level hospitals, county-level Chinese medicine hospitals, rural clinics
and community clinics, shall store up and use drugs listed in the National Essential Drug List. The drugs
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listed in the National Essential Drug List shall be purchased by centralized tender process and shall be
subject to the price control by the National Development and Reform Commission of the PRC (the
“NDRC”). For therapeutic drugs in the National Essential Drug List, when adjusting the NRDL, the
medical insurance department shall prioritize the inclusion of those eligible in the scope of the list or
adjust the classification of List A and B.
Drug Price Management
Pursuant to the Opinions on Promoting Drug Pricing Reform (จԈ),
which was jointly promulgated by the authorities including the NDRC on May 4, 2015, from June 1,
2015, the original prices of the drugs formulated by the government will be canceled, except for narcotic
drugs and Class I psychotropic drugs. The prices of narcotic drugs and Class I psychotropic drugs are
still temporarily managed by the NDRC through the implementation of maximum factory prices and
maximum retail prices. The drugs other than the narcotic drugs and Class I psychotropic drugs no longer
adopted government-designated pricing. Such notice aimed to improve the mechanism of the drug
purchase, give play to the role of health care insurance in drug fees controlling, and actual transaction
prices of the drugs are mainly determined by the market competition.
Two-invoice System
Pursuant to the 2016 Key Tasks for Deepening the Reform of the Pharmaceutical and Healthcare
System (ࠧ2016ᓃʈЪ΂ਕ) issued by the General Office of the State
Council on April 21, 2016, in order to optimize the order of purchasing and selling pharmaceutical
products and reduce circulation steps, the implementation of the “two-invoice system” shall be
constructed throughout the pilot provinces for comprehensive healthcare reform and actively encouraged
in the public hospitals of the pilot cities therefor.
According to the Opinions on the Implementation of the “Two Invoice System” in Drug
Procurement by Public Medical Institutions (Trial Implementation) (મᒅʕ
પБ“ՇୃՓ”จԈ(༊Б)) issued by Deepen Medical and Healthcare System Reform Leading
Group Office of the State Council on December 26, 2016, the “Two Invoice System” refers to the system
that requires one invoice to be issued from pharmaceutical manufacturers to pharmaceutical distributors
and the other invoice to be issued from pharmaceutical distributors to medical institutions. The allocation
of drugs between a pharmaceutical distribution group enterprise and its wholly-owned (holding)
subsidiaries or among its wholly-owned (holding) subsidiaries may not be regarded as a process for
which an invoice should be issued, but one invoice is allowed to be issued at most. The gradual
implementation of the “Two Invoice System” in drug procurement by public medical institutions would
be encouragement for its implementation in the drug procurement for other medical institutions.
Laws and Regulations on Intellectual Properties
Patent
Patents in the PRC are mainly protected by the Patent Law of the PRC ( ʕശɛ͏΍ձ਷ਖ਼л
) (the “Patent Law”), which was promulgated by the SCNPC on March 12, 1984, last amended on
October 17, 2020 and became effective on June 1, 2021, and the Implementation Rules of the Patent Law
of the PRC (), which was promulgated by the State Council on June
15, 2001 and last amended on December 11, 2023 and became effective on January 20, 2024. The Patent
Law of the PRC and its Implementation Rules provide for three types of patents, “invention”, “utility
model” and “design.” The duration of a patent right for “invention” is 20 years, the duration of a patent
right for “utility model” is 10 years, and the duration of a patent right for “design” is 15 years, from the
date of application. According to the Patent Law, for the purpose of public health, the patent
administrative department of the State Council may grant mandatory licensing to manufacture and export
patented drugs to countries or regions in comply with provisions of the relevant international treaty
participated by the PRC. For the purpose of compensating for the time taken to examine and approve a
new drug to be marketed, the patent administrative department under the State Council shall grant
compensation to the validity period of patent rights for the invention patents of new drugs approved to
be marketed in the PRC upon request of the patentee. The compensation period shall not exceed five
years, and the total validity period of patent rights after a new drug is approved to be marketed shall not
exceed 14 years. During the validity compensation period of patent rights, the scope of protection of the
invention patent of a new drug is limited to the new drug and its approved indications-related technical
solutions; within the scope of protection, the patentee enjoys the same rights and undertakes the same
obligations as those before the validity compensation period.
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Trade Secret
According to the Anti-Unfair Competition Law of the PRC ()
(the “Anti-Unfair Competition Law”), promulgated by the SCNPC on September 2, 1993 and last
amended on June 27, 2025 and effective on October 15, 2025, the term “trade secrets” refers to technical
and business information that is unknown to the public, has utility, may create business interests or
profits for its legal owners or holders, and is maintained as a secret by its legal owners or holders. Under
the Anti-Unfair Competition Law, business persons are prohibited from infringing others’ trade secrets
by: (i) acquiring a trade secret from the right holder by theft, bribery, fraud, coercion, electronic
intrusion, or any other means; (ii) disclosing, using, or allowing another person to use a trade secret
acquired from the right holder by any means as specified in the item (i) above; (iii) disclosing, using, or
allowing another person use a trade secret in its possession, in violation of its confidentiality obligation
or the requirements of the right holder for keeping the trade secret confidential; (iv) abetting a person,
or tempting another person into or in acquiring, disclosing, using, or allowing another person to use the
trade secret of the right holder in violation of his or her non-disclosure obligation of the requirements
of the right holder for keeping the trade secret confidential. The parties whose trade secrets are being
misappropriated may petition for administrative corrections, and regulatory authorities may stop any
illegal activities and impose fine on the infringing parties.
Trademark
Pursuant to the Trademark Law of the PRC () promulgated by the
SCNPC on August 23, 1982, last amended on April 23, 2019 and became effective on November 1, 2019,
the period of validity for a registered trademark is 10 years, commencing from the date of registration.
Upon expiry of the period of validity, the registrant shall go through the formalities for renewal as
required if the registrant needs to continue to use the trademark. The period of validity for each renewal
of registration is 10 years, commencing from the day immediately after the expiry of the preceding period
of validity for the trademark. In the absence of a renewal upon expiry, the registered trademark shall be
canceled. Industrial and commercial administrative authorities have the authority to investigate any
behavior in infringement of the exclusive right under a registered trademark in accordance with the law.
Regulations on Management of Lease Housing in the PRC
Pursuant to the Administrative Measures on Leasing of Commodity Housing On December 1, 2010,
the Ministry of Housing and Urban-Rural Development promulgated the Administrative Measures on
Leasing of Commodity Housing (), effective February 1, 2011, lessors and
lessees shall complete property leasing registration and filing formalities within 30 days from execution
of the property lease agreement with the development (real estate) department of the PRC Government
of the centrally-administered municipality, municipality or county where the leased property is located.
Organizations who violate the relevant provisions of this regulation shall be ordered by the development
(real estate) department of the PRC Governments of centrally-administered municipalities, municipalities
or counties to make corrections within a stipulated period; where an organization fails to make
corrections within the stipulated period, a fine ranging from RMB1,000 to RMB10,000 shall be imposed
to each unregistered lease agreement.
Laws and Regulations on Labor, Social Insurance and Housing Provident Funds
According to the Labor Law of the PRC (), which was promulgated by
the SCNPC and last amended and came into effect on December 29, 2018, the Labor Contract Law of
the PRC (), which was promulgated by the SCNPC on June 29, 2007 and
amended on December 28, 2012 and came into effect on July 1, 2013, and the Implementing Regulations
of the Labor Contracts Law of the PRC (ૢԷ), which was
promulgated by the State Council and came into effect on September 18, 2008, labor contracts in written
form shall be executed to establish labor relationships between employers and employees.
According to the Social Insurance Law of PRC (), which was
promulgated by the SCNPC on October 28, 2010 and last amended and came into effect on December
29, 2018, the Interim Regulations on the Collection and Payment of Social Security Funds (ᎈ
൬ᅄᖮᅲБૢԷ), which was promulgated by the State Council on January 22, 1999 and last amended
on March 24, 2019, and the Regulations on the Administration of Housing Provident Funds (ʮ
၍ଣૢԷ), which was promulgated by the State Council on April 3, 1999 and last amended on
March 24, 2019, employers are required to contribute, on behalf of their employees, to a number of social
security funds, including funds for basic pension insurance, unemployment insurance, basic medical
insurance, occupational injury insurance and maternity insurance and to housing provident funds. Any
employer who fails to make the required contributions may be fined and ordered to compensate the
deficit within a stipulated time limit.
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Pursuant to the Interpretation II of the Supreme People’s Court on Several Issues Concerning the
Application of Law in the Trial of Labor Dispute Cases (ج
༆ᙑ(ɚ)), which took effect on September 1, 2025, any agreement between an employer and
an employee or any commitment made by an employee to the employer stating that social insurance
premiums need not be paid shall be deemed invalid by the people’s court. If an employer fails to pay
social insurance premiums in accordance with the law, and the employee requests to terminate the labor
contract and claims economic compensation pursuant to the Labor Contract Law, the people’s court shall
support such claims in accordance with the law. In the circumstances described in the preceding
paragraph, if the employer subsequently pays the social insurance premiums and requests the employee
to return the compensation already paid for the social insurance premiums, the people’s court shall
support such requests in accordance with the law.
Laws and Regulations on Foreign Investment
On March 15, 2019, the Foreign Investment Law of the PRC ()
(the “Foreign Investment Law”) was promulgated by the National People’s Congress (the “NPC”). The
Foreign Investment Law took effect on January 1, 2020, and the Sino-Foreign Equity Joint V entures Law
of the PRC (), the Wholly Foreign-Owned Enterprises Law of
the PRC () and the Sino-Foreign Cooperative Joint V entures Law of the
PRC () were abolished at the same time. Since then, the Foreign
Investment Law has become the basic law regulating foreign-invested enterprises wholly or partially
invested by foreign investors, while the organization form, institutional framework and standard of
conduct of foreign-invested enterprises shall be subject to the provisions of the Company Law of the PRC
() and other laws.
The PRC implements a pre-access national treatment plus negative list management system for
foreign investment, which means that foreign investors and their investments are given treatment no less
favourable than that accorded to domestic investors and their investments at the stage of investment
access; the so-called negative list refers to the special access management measures that the State has
stipulated to be applied to foreign investment in specific areas, and the State grants national treatment
to foreign investment that is not on the negative list.
The Special Administrative Measures for Foreign Investment Entry (Negative List) (2024 V ersion)
(݄(૶ఊ)(2024و)) issued by the NDRC and the MOFCOM on
September 26, 2024 (the “Negative List”), which became effective on November 1, 2024 constitute the
catalogue of industries restricted or prohibited for foreign investment, of which the Negative List has
uniformly listed the special administrative measures, such as shareholding requirements and senior
management requirements. Fields outside the Negative List are managed in accordance with the principle
of consistency between domestic and foreign investments. Domestic enterprises engaging in businesses
in the areas of investment prohibited by the Negative List that issue shares abroad and list them for
trading shall be subject to the examination and consent of the relevant competent state authorities.
Foreign investors shall not participate in the operation and management of the enterprise, and the
proportion of their shareholding shall be implemented with reference to the relevant provisions on the
management of domestic securities investment by foreign investors.
Regulations on Technology Imports and Exports
The Export Control Law of PRC () (“Export Control Law”) was
promulgated by the SCNPC on October 17, 2020, and became effective on December 1, 2020. The Export
Control Law builds upon China’s existing export control regulations, which are scattered across multiple
laws, administrative regulations and rules and measures issued by various departments, with the goal of
creating a unified export control system to promote PRC national security and interests and commitment
to nonproliferation.
On December 10, 2001, the State Council promulgated the Regulations on Administration of
Import and Export of Technologies ( Ҧஔආ̈ɹ၍ଣૢԷ), which amended on January 8, 2011,
March 2, 2019 and November 29, 2020. Under the regime, technologies are classified as prohibited,
restricted or freely tradable. The technologies in the freely tradable category may be traded freely without
a special approval or licence. The contracts for the export of freely tradable technologies are required to
be filed with the relevant government authority for their records but the filing procedure is not a
pre-condition for effectiveness of the contracts. The technologies in the restricted category may not be
traded without approval or licence.
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Laws and Regulations on Outbound Investment
Pursuant to the Administrative Measures on Outbound Investments () issued
by the MOFCOM on March 16, 2009 and amended on September 6, 2014, and the Administrative
Measures for the Outbound Investments of Enterprises () issued by the
NDRC on December 26, 2017 and effective from March 1, 2018, if an enterprise in the territory of the
PRC (the “Investor”) intends to make outbound investments (the “Project”), it shall be subject to
approval or filing for the Project, report relevant information, and cooperate with the supervisory
inspections. The sensitive Projects invested directly by the Investor or through the foreign enterprises
controlled by the Investor shall be subject to approval. The non-sensitive Projects invested directly by
the Investor which involve the direct contribution of assets, rights and interests, or provision of financing
or guarantee by the Investor shall be subject to filing.
Laws and Regulations on Information Security and Data Privacy
Data Security and Data Export
The SCNPC promulgated the Data Security Law of the PRC ()o n
June 10, 2021, which became effective from September 1, 2021, for the establishment of a data
classification and grading protection system to conduct classified and hierarchical protection of data.
Entities engaged in data processing activities shall, in accordance with laws and regulations, establish a
sound full-process data security management system, organize data security education and training, and
take corresponding technical measures and other necessary measures to ensure data security.
On December 28, 2021, the Cyberspace Administration of China (the “CAC”) and other twelve
PRC regulatory authorities jointly revised and promulgated the Measures for Cybersecurity Review
() (the “Cyber Review Measures”), which came into effect on February 15, 2022.
The Cyber Review Measures stipulate that, among others, (i) when the purchase of network products and
services by a critical information infrastructures operator (the “CIIO”) (٫o rt h e
data processing activities conducted by a network platform operator (٫affect or may
affect national security, a cybersecurity review shall be conducted pursuant to the Cyber Review
Measures; (ii) an application for cybersecurity review shall be made by an issuer who is a network
platform operator holding personal information of more than one million users before such issuer applies
to list its securities abroad; and (iii) the relevant PRC governmental authorities may initiate cybersecurity
review if such governmental authorities determine that the issuer’s network products or services, or data
processing activities affect or may affect national security.
According to the Measures on Security Assessment of Cross-border Data Transfer ( ᅰኽ̈ྤτ
) issued by the CAC on July 7, 2022 and effective on September 1, 2022, a data processor
that provides data overseas under any of the following circumstances shall apply to the national
cyberspace administration for the security assessment of the outbound data transfer through local
provincial cyberspace administration: (i) a data processor provides important data abroad; (ii) the CIIO
or the data processor that has processed the personal information of more than 1 million people provides
personal information abroad; (iii) the data processor that has provided the personal information of over
100,000 people or the sensitive personal information of over 10,000 people cumulatively since January
1 of the previous year provides personal information abroad; and (iv) any other circumstance where an
application for the security assessment of outbound data transfer is required by the national cyberspace
administration.
According to the Provisions on Promoting and Regulating Cross-border Data Flows (ආձ஝
), which was promulgated by the CAC on March 22, 2024 and came into effect
on the same day, if the data have not been informed or publicly announced as important data by relevant
departments or regions, data handlers are not required to declare security assessment for cross-border
provision of the data as important data.
Personal Information Protection
According to the Civil Code of the PRC (Պ), personal information of
natural persons is protected by law. The Personal Information Protection Law of the PRC ( ʕശɛ͏
) promulgated by the SCNPC on August 20, 2021 and implemented on
November 1, 2021 further emphasizes the obligations and responsibilities of processors for the protection
of personal information, and requests higher level of protective measures on the processing of sensitive
personal information.
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According to the Cybersecurity Law of the PRC () promulgated by
the SCNPC on November 7, 2016 and effective on June 1, 2017, network operators must follow the
principles of legality, legitimacy and necessity when collecting and using personal information, and
obtain the consent of the person whose data is being collected. Network operators shall not collect
personal information unrelated to the services they provide and are not allowed to leak, tamper with, or
damage the personal information they collect. However, this does not apply to cases where a specific
individual cannot be identified and the identity cannot be recovered after processing.
Laws and Regulations on Overseas Securities Offering and Listing by Domestic Companies
CSRC Filing Requirements for Overseas Offering and Listing
On February 17, 2023, the China Securities Regulatory Commission (the “CSRC”) promulgated the
Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
() (the “Overseas Listing Trial Measures”) and relevant
supporting guidelines, which came into effect on March 31, 2023. The Overseas Listing Trial Measures
comprehensively improves and reforms the existing regulatory regime for overseas offering and listing
of PRC domestic companies’ securities and regulates both direct and indirect overseas offering and
listing of PRC domestic companies’ securities. Any domestic company that is deemed to conduct
overseas offering and listing activities shall file with the CSRC within three PRC business days after its
application for initial public offering is submitted to competent overseas securities regulators in
accordance with the Overseas Listing Trial Measures.
Overseas Listing Confidentiality and Archives Administration
According to the Provisions on Strengthening the Confidentiality and Archives Administration
Concerning the Overseas Securities Offering and Listing by Domestic Enterprises (̋੶ྤʫΆุ
) jointly issued by the CSRC and other
departments on February 24, 2023 and effective on March 31, 2023, in the overseas offering and listing
activities of domestic enterprises, domestic enterprises, securities companies and securities service
institutions that provide corresponding services shall strictly comply with the applicable laws and
regulations of the PRC and satisfy the requirements of the Provisions, enhance the legal awareness of
safeguarding state secrets and strengthening archives administration, establish and improve the
confidentiality and archives work system, and take necessary measures to fulfill the confidentiality and
archives administration obligations, and shall not divulge state secrets or work secrets of state organs,
or harm the interests of the state or the public.
H-share Full Circulation
“Full circulation” means listing and circulating on the stock exchange of the domestic unlisted
shares of an H-share listed company, including unlisted domestic shares held by domestic shareholders
prior to overseas listing, unlisted domestic shares additionally issued after overseas listing, and unlisted
shares held by foreign shareholders. On November 14, 2019, the CSRC issued the Guidelines for the
“Full Circulation” Program for Domestic Unlisted Shares of H-share Listed Companies ( Hʮ̡ྤʫ
΅͡ሗ“ஷ”ˏ) (the “Guidelines for the Full Circulation”), which was partly
revised on August 10, 2023 according to the Decision on Revising and Abolishing Part of Securities and
Futures Policy Documents by CSRC (˖
). According to the Guidelines for the Full Circulation, shareholders of domestic unlisted
shares may determine by themselves through consultation the amount and proportion of shares, for which
an application will be filed for circulation, provided that the requirements laid down in the relevant laws
and regulations and set out in the policies for state-owned asset administration, foreign investment and
industry regulation are met, and the corresponding H-share listed company may be entrusted to file the
said application for full circulation. To apply for full circulation, an H-share listed company shall file the
application with the CSRC according to the administrative filing procedures necessary for the Overseas
Listing Trial Measures. After the filing with the CSRC for full circulation has been completed, the
H-share listed company shall submit a report on the relevant situation to the CSRC within 15 days after
the registration with CSDC of the shares related to the application has been completed.
REGULATORY OVERVIEW
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OVERVIEW OF LA WS AND REGULATIONS IN THE UNITED STATES
The Federal Food, Drug, and Cosmetic Act and other federal and state statutes and regulations
govern, among other things, the research, development, testing, manufacture, storage, recordkeeping,
approval, labeling, promotion and marketing, distribution, post- approval monitoring and reporting,
sampling, and import and export of drugs.
Approval Process
The FDA must approve any new drug before a manufacturer can market it in the United States. If
a company does not comply with applicable requirements, it may be subject to a variety of administrative
or judicial sanctions, such as FDA refusal to approve pending applications, warning or untitled letters,
clinical holds, drug recalls, drug seizures, total or partial suspension of production or distribution,
injunctions, fines, civil penalties, and criminal prosecution. The steps a company must undertake prior
to marketing a drug include:
 completion of pre-clinical research studies according to international council for
harmonization of technical requirements for pharmaceuticals for human use (“ICH
guideline”). Key animal safety assessment studies should be performed in accordance with
the FDA ’s good laboratory practice (“GLP”) regulations.
 completion of drug substance, drug product and manufacturing process studies according to
ICH guidelines as well as production of clinical products under current good manufacturing
practices (“cGMP”) condition.
 submission to the FDA of an investigational new drug (“IND”) application for human clinical
studies, which must be cleared before human clinical studies start.
 approval of the study by an independent institutional review board (“IRB”) or ethics
committee representing each clinical site before each clinical study starts;
 performance of adequate and well-quality controlled human clinical studies to establish the
safety and efficacy of the drug for each indication to the FDA ’s satisfaction;
 submission of an NDA application to the FDA;
 satisfactory completion of FDA inspection of clinical sites, sponsors and the manufacturing
facility or facilities to assess compliance with good clinical practices (“GCP”) and cGMP
requirements, and input from an Advisory Committee, if required; and
 FDA review and approval of the NDA.
Long term pre-clinical studies, such as animal studies of reproductive toxicity and carcinogenicity,
may continue after submitting the initial IND.
The FDA has 30 days for technical review after the IND submission and will issue a letter of study
may proceed if no objection. The FDA may, within the 30-day time period, raise concerns or questions
on proposed clinical protocol and place the study on clinical hold. In such a case, the outstanding
concerns must be resolved before the clinical study initiation.
Clinical Studies
Clinical studies involve administering the investigational new drug to healthy volunteers or
patients under the supervision of a qualified investigator. The company must conduct clinical studies in
compliance with federal regulations, GCP , as well as under protocols detailing the objectives of the trial,
the safety monitoring parameters, and the effectiveness criteria.
The company must submit each protocol to the FDA as part of the IND. The FDA may order the
temporary or permanent discontinuation of a clinical study at any time, or impose other sanctions, if it
believes that the sponsor is not conducting the clinical study in accordance with FDA requirements or
presents an unacceptable risk to the clinical study patients. The sponsor must also submit the study
protocol and informed consent information for patients in clinical studies to an IRB for approval. An IRB
may halt the clinical study, either temporarily or permanently, for failure to comply with the IRB’s
requirements, or may impose other conditions.
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The clinical research of a new drug includes phases that may be overlapped or combined.
 Phase 1. The company evaluates the drug in healthy human subjects or patients with the
target disease or condition. These studies typically evaluate the safety, dosage tolerance,
metabolism and pharmacologic actions of the investigational new drug in humans, the side
effects associated with increasing doses, and, if possible, gain early evidence on
effectiveness.
 Phase 2. The company administers the drug to a limited patient population to evaluate dosage
tolerance and optimal dosage, identify possible adverse side effects and safety risks, and
preliminarily evaluate efficacy.
 Phase 3. The company administers the drug to an expanded patient population, generally at
geographically dispersed clinical study sites, to generate enough data to statistically evaluate
dosage, clinical effectiveness and safety, to establish the overall benefit-risk relationship of
the investigational drug, and to provide an adequate basis for product approval.
 Phase 4. In some cases, the FDA may approve an NDA with conditions, requiring additional
clinical studies after NDA approval. In other cases, a sponsor may voluntarily conduct
additional clinical studies after NDA approval to gain more information about the drug. Such
post-approval studies are typically referred to as Phase 4 clinical studies.
The FDA, the IRB, or the clinical study sponsor may suspend or terminate a clinical study at any
time on various grounds, including a finding that the research subjects are being exposed to an
unacceptable health risk. Additionally, an independent group of qualified experts organized by the
clinical study sponsor, known as a data and safety monitoring board, may oversee some clinical studies.
This group provides authorization for whether or not a study may move forward at designated check
points based on access to certain data from the study.
Submission of NDA
After the required clinical studies are complete, the company can prepare and submit the NDA
package to the FDA. The NDA must include all relevant data from pertinent pre-clinical and clinical
studies, including negative or inconclusive results as well as positive findings. In addition, the
application must include detailed information regarding the drug’s CMC development, and proposed
labeling, among other relevant materials. Data can come from company-sponsored clinical studies, or
from a number of alternative sources. To support marketing authorization, the data submitted must be
sufficient in quality and quantity to establish the safety and effectiveness of the investigational drug to
meet FDA ’s requirements.
The submission of most NDAs is subject to a substantial application user fee, and the manufacturer
and/or sponsor under an approved NDA are also subject to annual program user fees. The FDA typically
increases these fees annually.
The FDA has 60 days from its receipt of an NDA to determine whether it can be accepted based
on the agency’s threshold determination that the application is sufficiently complete to permit substantive
review. Once the FDA accepts the filing, the FDA begins an in-depth review. The FDA has agreed to
certain performance goals in the review of NDAs. Under the Prescription Drug User Fee Act (“PDUFA”),
the FDA has a goal of responding to standard review NDAs within ten months after the 60-day filing
review period, but this timeframe is often extended. The FDA reviews most applications for standard
review drugs within twelve months and most applications for priority review drugs within six to eight
months. Priority review can be applied to drugs that the FDA determines offer major advances in
treatment, or provide a treatment where no adequate therapy exists.
The FDA may also refer applications for novel drugs that present difficult questions of safety or
efficacy to an advisory committee. This is typically a panel that includes clinicians and other experts that
will review, evaluate, and recommend whether the FDA should approve the application. The FDA is not
bound by the recommendation of an advisory committee, but it generally follows such recommendations.
Before approving an NDA, the FDA typically inspects one or more clinical sites to ensure compliance
with GCP , and inspects the GMP status of the drug production and manufacturing facilities. The FDA will
not approve the drug unless compliance with cGMPs is satisfactory and the NDA contains data
demonstrating that the drug is safe and effective for the applied indication.
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The FDA’s Decision on NDA
After the FDA evaluates the NDA it issues either an approval letter or a complete response letter.
A complete response letter indicates that the FDA has completed its review of the application, and the
agency has determined that it will not approve the application in its present form. A complete response
letter generally outlines the deficiencies in the submission and may require substantial additional clinical
data and/or other significant, expensive, and time-consuming requirements related to clinical studies,
pre-clinical studies and/or manufacturing. The FDA has committed to reviewing resubmissions of the
NDA addressing such deficiencies in two or six months, depending on the type of information included.
Even if such data is submitted, the FDA may ultimately decide that the NDA does not satisfy the criteria
for approval.
An approval letter authorizes commercial marketing of the drug with specific prescribing
information for specific indications. The FDA may require a risk evaluation and mitigation strategy
(“REMS”) to help ensure that the benefits of the drug outweigh the potential risks. REMS can include
medication guides, communication plans for healthcare professionals, special training or certification for
prescribing or dispensing, dispensing only under certain circumstances, special monitoring, and the use
of patient registries. Moreover, the FDA may condition approval on post-approval study and surveillance
to monitor the drug’s safety or efficacy. Once granted, the FDA may withdraw drug approvals if the
company fails to comply with regulatory standards or identifies problems following marketing.
Changes to some of the conditions established in an approved application, including changes in
indications, labeling, or manufacturing processes or facilities, require submission and FDA approval of
a new NDA or NDA supplement before a company can implement the change. A NDA supplement for
a new indication typically requires clinical data similar to that in the original application, and the FDA
uses the same procedures and actions in reviewing NDA supplements as it does in reviewing new NDAs.
As with new NDAs, the FDA often significantly extends the review process with requests for additional
information or clarification.
Post-approval Requirements
The FDA has specific requirements pertaining to recordkeeping, periodic reporting, drug sampling
and distribution, advertising and promotion and reporting of adverse experiences.
Drug manufacturers are subject to periodic or unannounced inspections by the FDA and relevant
state agencies to ensure compliance with cGMP requirements. There are stringent regulatory controls
governing modifications to the manufacturing process, and depending on the nature and impact of the
change, prior FDA approval may be required before implementation. FDA regulations also require
investigation and correction of any deviations from cGMP standards, and impose reporting and
documentation requirements upon a company and any third-party.
If a company or the FDA discovers previously unknown problems with a marketed drug, including
adverse events of unanticipated severity or frequency, issues with manufacturing processes, or the
company’s failure to comply with regulatory requirements, the FDA may revise the approved labeling to
add new safety information; impose post-marketing studies or other clinical studies to assess new safety
risks; or impose distribution or other restrictions under a REMS program. Other potential consequences
may include:
 restrictions on the marketing or manufacturing of the drug, complete withdrawal of the drug
from the market or drug recalls;
 fines, warning letters or holds on post-approval clinical studies;
 the FDA refusing to approve pending NDAs or supplements to approved NDAs, or
suspending or revoking of drug license approvals;
 drug seizure or detention, or refusal to permit the import or export of drugs; or
 injunctions or the imposition of civil or criminal penalties.
The FDA strictly regulates marketing, labeling, advertising, and promotion of drugs that are placed
on the market. Drugs may be promoted only for the approved indications and in accordance with the
provisions of the approved label.
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Healthcare Reform
In the United States and foreign jurisdictions, there have been a number of legislative and
regulatory changes to the healthcare system. In particular, there have been and continue to be a number
of initiatives at the federal and state levels that seek to reform the way in which healthcare is funded and
reduce healthcare costs. The Patient Protection and Affordable Care Act, as amended by the Health Care
and Education Reconciliation Act of 2009 (collectively, the “Affordable Care Act”), includes measures
that have significantly changed health care financing by both governmental and private insurers.
Further, there has been heightened governmental scrutiny over the manner in which manufacturers
set prices for their marketed products, which has resulted in Congressional inquiries and proposed and
enacted federal and state legislation designed to, among other things, bring more transparency to drug
pricing, review the relationship between pricing and manufacturer patient programs, reduce the cost of
drugs under Medicare, and reform government program reimbursement methodologies for drugs.
OVERVIEW OF LA WS AND REGULATIONS IN THE EUROPEAN UNION
We will be subject to requirements that are comparable to FDA in any jurisdiction in which we
develop or seek to market our drug products. In the European Union, a new drug can only be marketed
if a marketing authorization (“MA”) from the competent regulatory agencies has been obtained.
Similar to the United States, the various phases of pharmaceutical, pre-clinical and clinical
research within the European Union are subject to substantial regulatory controls. Clinical trials in the
European Union must be carried out in compliance with both European Union and national regulations,
as well as the ICH guidelines on GCP .
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OVERVIEW
We are a commercial-stage, innovation-driven biotechnology company focused on advancing
synthetic lethality (SL)-based precision anti-cancer therapies globally, delivering innovative treatments
to address the unmet medical needs of cancer patients.
Our history can be traced back to June 2009 when our Company was established in the PRC. Our
executive Directors, namely Dr. Cai and Dr. Tian, became indirect shareholders of our Company in
December 2010. Throughout the years, we have attracted investors who are sophisticated healthcare and
biotech funds. For details of Dr. Cai and Dr. Tian’s biographical background, see “Directors and Senior
Management.” For details of our historical financing and corporate reorganizations, please refer to the
paragraphs headed “— Pre-IPO Investments.”
BUSINESS MILESTONES
The following table sets forth the key business development milestones of our Group:
Y ear Milestones
2009 /H1118/H1118/H1118/H1118/H1118/H1118Our Company was established as a limited liability company in Nanjing
2010 /H1118/H1118/H1118/H1118/H1118/H1118Our Company commenced drug discovery for senaparib in China
2012 /H1118/H1118/H1118/H1118/H1118/H1118We identified senaparib as a PARP1/2 inhibitor PCC
2014 /H1118/H1118/H1118/H1118/H1118/H1118Our Company obtained the issued senaparib patent in China
The Series A Financing was completed
2015 /H1118/H1118/H1118/H1118/H1118/H1118Senaparib IND was submitted to Chinese FDA
The Series B Financing was completed
2017 /H1118/H1118/H1118/H1118/H1118/H1118Our Company initiated Phase I trial of senaparib in advanced solid tumors in
Australia and China
2018 /H1118/H1118/H1118/H1118/H1118/H1118Senaparib was approved as a National Science and Technology Major Project for
“Significant New Drugs Development” under the 13th Five-Y ear Plan (“ ɤɧ
ʞ”“ɽอᖹ௴Ⴁ”ɽਖ਼ධධͦ)
The Series C Financing was completed
2019 /H1118/H1118/H1118/H1118/H1118/H1118Our Company initiated the Phase II registrational trial of senaparib in 3L+
BRCA mut advanced OC in China
Our Company initiated the Phase III registrational trial of senaparib (FLAMES
study) as 1L maintenance therapy for advanced OC in China
2020 /H1118/H1118/H1118/H1118/H1118/H1118Our Company initiated global Phase Ib/II trial of senaparib in combination with
TMZ in SCLC
The Series C+ Financing was completed
2021 /H1118/H1118/H1118/H1118/H1118/H1118Our Company initiated global Phase I trial of WEE1 inhibitor IMP7068 in
advanced solid tumors
2022 /H1118/H1118/H1118/H1118/H1118/H1118Our Company initiated global Phase I trial of A TR inhibitor IMP9064 in advanced
solid tumors
The Series D Financing was completed
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Y ear Milestones
2023 /H1118/H1118/H1118/H1118/H1118/H1118FLAMES study has met its primary endpoint for advanced ovarian cancer
maintenance treatment following 1L therapy
Our Company entered into a collaboration agreement with Eikon Therapeutics,
granting Eikon Therapeutics exclusive rights to develop, register, manufacture
and commercialize IMP1734 and other PARP1 selective inhibitors (IMP1707)
outside Greater China
NMPA has accepted the NDA for senaparib in China as 1L maintenance therapy for
advanced ovarian cancer (OC)
Our Company received IND approval from FDA for our PARP1 selective inhibitor
IMP1734
Our Company entered into a contract sales services agreement with Zhongmei
Huadong for the commercialization of senaparib in China
2024 /H1118/H1118/H1118/H1118/H1118/H1118The results of the FLAMES study were published in Nature Medicine
Our Company initiated Part 2 of the monotherapy dose expansion cohort of A TR
inhibitor IMP9064 in advanced endometrial carcinoma in China
The Series D+ Financing and Series D++ Financing were completed
2025 /H1118/H1118/H1118/H1118/H1118/H1118Our Company converted into a joint stock company with limited liability
Senaparib was approved by the NMPA and successfully launched as 1L
maintenance therapy for OC “all-comers” in China
Our Company initiated global Phase I trial for our PARP1 selective inhibitor
IMP1707 in advanced solid tumors
EMA accepted the MAA for senaparib as 1L maintenance therapy for OC
“all-comers” in Europe
Senaparib was included in the Shanghai Biopharmaceutical “New and Excellent
Drugs and Medical Devices” Product Directory (ᔼᖹ
“อᎴᖹ૛”ͦ፽)
Our Company received IND approval from the NMPA for combination therapy of
senaparib and IMP9064
Senaparib was included in the NRDL and has been reimbursable for 1L
maintenance therapy for OC “all-comers” since January 1, 2026.
OUR CORPORATE DEVELOPMENT AND MAJOR SHAREHOLDING MOVEMENT
The following sets forth the corporate history and major shareholding movements of our Company
during the Track Record Period.
Early History and Establishment of Our Company
Our Company was established on June 10, 2009 with a registered capital of RMB20 million. The
Company was initially found by Nanjing Dingye Investment Real Estate Group Co., Ltd. (ԯุཻҳ
ʮ̡) (“Nanjing Dingye”) and Mr. Chen Mailin (؍as to 60% and 40%,
respectively, who served as the initial financial investors of the Company. Nanjing Dingye was then
ultimately controlled by Mr. Chen Mailin.
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Dr. Cai and Dr. Tian were introduced to the Company through acquaintances within biotechnology
sector and joined the Group in October 2009 and January 2010, respectively. Each of them subsequently
became indirect shareholders of our Company in December 2010. Since the Company’s inception, they
have been involved in overall strategic planning and R&D initiatives.
Through multiple equity transfers, as of November 2013, the Company became held as to 62.5%,
17.5%, 10% and 10% by Nanjing Dingye, Mr. Chen Mailin, Nanjing Y alixun Biotechnology Co., Ltd. (ی
ʮ̡) (“Nanjing Y alixun”) and Nanjing Shengdi Medicine Co., Ltd. (ԯ௷ήᔼ
ʮ̡) (“Nanjing Shengdi”), respectively. During that time, Nanjing Y alixun was a company
wholly-owned by Dr. Tian and Nanjing Shengdi was a company wholly-owned by Dr. Cai.
Mr. Chen Mailin, as the legal representative of Nanjing Dingye, was designated to act as a director
and legal representative of the Company from June 2009 to June 2014. As Mr. Chen Mailin ceased to
directly or indirectly hold any equity interest in the Company after the completion of the Series A
Financing in June 2014, he no longer held any position within the Group since then.
In December 2009, Nanjing Dingye entered into an equity transfer agreement with Nanjing Dingye
Baitai Biotechnology Co., Ltd. (ʮ̡), (“Dingye Biotechnology”), a
company then ultimately controlled by Mr. Chen Mailin, pursuant to which Nanjing Dingye transferred
45% of the equity interest in our Company to Dingye Biotechnology. Mr. Dong Haijun (ࠏwas the
then chief executive officer of Dingye Biotechnology, and from June 2009 to May 2011 he was the chief
executive officer of our Company. Following Mr. Dong’s departure from the Company, Ms. Huang Yiyi
(ۯۯa senior management member of Dingye Biotechnology, was named as the chief executive of
the Company from June 2011 to May 2013, as a representative of the financial investor.
Save as mentioned above, none of the directors, senior management and other key personnel of
Nanjing Dingye or Dingye Biotechnology held any position in the Company since its establishment to
the completion of the Series A Financing in June 2014, as well as up to the Latest Practicable Date.
Corporate Development
Since 2014, the Company has completed several rounds of financing to facilitate the business
development. The Group also underwent certain shareholding changes and reorganization in the course
of its development.
Series A Financing in 2014
As part of the Series A Financing, pursuant to an equity transfer agreement dated June 10, 2014
entered into by and between Nanjing Dingye and Shanghai Li’an V enture Capital Center (Limited
Partnership) ( ɪऎᓿτ௴ุҳ༟ʕː(Υྫ)) (“Shanghai Li’an”), and an equity transfer agreement
entered into by and between Mr. Chen Mailin and Shanghai Li’an, both dated June 10, 2014, Nanjing
Dingye and Mr. Chen Mailin transferred their respective interest in the Company to Shanghai Li’an.
In July 2014, our Company underwent two capital increases, pursuant to which Shanghai Li’an,
Shanghai Cenova V enture Capital Center (Limited Partnership) ( ɪऎɷ᝘௴ุҳ༟ʕː(Υྫ))
(“Cenova Capital”), WuXi AppTec Investment Fund I L.P . (ੰᅃɓಂҳ༟Άุ(Υྫ))
(“WuXi AppTec Fund”) subscribed for the increased registered share capital in our Company.
Pursuant to the third capital increase agreement dated September 12, 2014, LA V Innovation (Hong
Kong) Co., Limited (“LA V Innovation”) subscribed for the increased registered capital of RMB9,782,600
at a total consideration of RMB9,782,600 (the “Series A Financing”).
Series B Financing in 2015
We underwent the Series B Financing in 2015. For details, see “— Pre-IPO Investments” in this
section.
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Series C Financing and Equity Transfer in 2018
Pursuant to a capital increase agreement dated June 8, 2018, we introduced our series C investors
(the “Series C Financing”). Along with the Series C Financing, Cenova Capital transferred the equity
interests it held in the Company to Suzhou Lirui and Decheng, respectively. For details, see “— Pre-IPO
Investments” in this section.
Upon completion of the Series A Financing, Series B Financing, Series C Financing and the equity
transfers at the level of the Company, the shareholding structure of the Company was as follows:
Shareholder of the Company Registered Capital Equity Interest
(RMB) (%)
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,591,508.6 21.28
Shanghai Li’an /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,847,787.5 16.38
LA V Innovation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,782,600.0 10.11
LA V Enterprise Hong Kong Limited (“LA V Enterprise”) /H1118/H1118/H1118/H11185,863,836.2 6.06
Suzhou Lirui Equity Investment Center (Limited Partnership)
(ᛆҳ༟ʕː(Υྫ)) (“Suzhou Lirui”) /H1118/H1118/H1118/H1118/H11185,931,918.1 6.13
Shanghai Yingyu (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,431,340.0 7.68
WuXi AppTec Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,000,000.0 6.20
Biolake China Summit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,891,297.5 5.06
Guangzhou Y uexiu Bioindustry V enture Capital Limited
Partnership (Limited Partnership) (ପุ௴ุҳ
ΥྫΆุ(Υྫ)) (“Guangzhou Y uexiu”) /H1118/H1118/H1118/H1118/H11184,891,297.5 5.06
Nanjing Y alixun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,499,991.0 4.65
Nanjing Shengdi /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,499,991.0 4.65
Suzhou Industrial Park Sungent Bio-V enture Capital
Investment Enterprise (Limited Partnership) ( ᘽψʈุ෤ਜ
௴ุҳ༟Άุ(Υྫ)) (“Sungent”) /H1118/H1118/H1118/H1118/H1118/H1118/H11183,260,865.0 3.37
Hangzhou Haibang Medicine V alley Congzheng V enture
Capital Investment Partnership (Limited Partnership) (ψ
ऎԞᖹԋ੽͍௴ุҳ༟ΥྫΆุ(Υྫ)) (“Haibang”) /H1118/H1118 3,260,865.0 3.37
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111896,753,297.4 100.00
Note:
(1) Shanghai Yingyu Enterprise Management Consulting Service Center (ਕʕː(Υྫ))
(“Shanghai Yingyu”) was established as an employee incentive platform of our Group.
Group Reorganization in 2020
As part of the corporate reorganization initiated in 2020 in preparation for the Group’s overseas
listing attempt, Impact Therapeutics Holding Limited (“Impact Cayman”) was established as an overseas
financing vehicle and the holding company of the Group. For details of the previous listing attempt, see
“— Previous Listing Attempt and Reasons for the Listing” in this section. Certain transfers of equity
interests of the Company were conducted, as a result of which the Company became an indirect
wholly-owned subsidiary of Impact Cayman.
Series C+ Financing and Series D Financing at the level of Impact Cayman
The Series C+ Financing was conducted currently with the 2020 Reorganization. For details of the
Series C+ Financing, see “— Pre-IPO Investments” in this section.
We conducted the Series D Financing in 2021. For details of the Series D Financing, see “—
Pre-IPO Investments” in this section. The shareholding structure of Impact Cayman upon completion of
the issuance of Shares pursuant to the Series D Financing (on a fully converted basis) was as set forth
below:
Name of Shareholder Class of Shares Number ofShares Shareholding
(%)
Dr. Cai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Ordinary Shares 7,361,154 4.24
Dr. Tian /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Ordinary Shares 7,361,154 4.24
Jun BAO /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Ordinary Shares 2,077,377 1.20
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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Name of Shareholder Class of Shares Number ofShares Shareholding
(%)
OCEANIC STAR GLOBAL
LIMITED /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Ordinary Shares 2,077,377 1.20
Offshore ESOP (1)/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Ordinary Shares 15,748,651 9.07
LA V Innovation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series A Preferred Shares 9,782,600 5.64
Shanghai Lihan (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series A Preferred Shares 14,217,400 8.19
WuXi AppTec Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series A Preferred Shares 6,000,000 3.46
Suzhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series A Preferred Shares 3,000,000 1.73
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series A Preferred Shares 3,000,000 1.73
YUEXIU BIOINDUSTRY
INTERNA TIONAL LIMITED
(“Y uexiu Bioindustry”)
(3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series B Preferred Shares 4,891,298 2.82
Biolake China Summit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series B Preferred Shares 4,891,298 2.82
Sungent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series B Preferred Shares 3,260,865 1.88
Haibang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series B Preferred Shares 3,260,865 1.88
Shanghai Lihan (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series B Preferred Shares 1,630,433 0.94
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series C Preferred Shares 17,591,509 10.13
LA V Enterprise /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series C Preferred Shares 5,863,837 3.38
Suzhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series C Preferred Shares 2,931,919 1.69
Shanghai Junshi Biosciences Co.,
Ltd. (΅Ϟ
ʮ̡) (“Junshi”) (4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 6,910,950 3.98
Gongqingcheng Ruiji Fund III
Investment Partnership (Limited
Partnership) (๿Λɧಂҳ༟
ΥྫΆุ(Υྫ)) (“Ruiji Fund
III”)
(4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 2,073,285 1.19
Shanghai China Summit Zhixin
Investment Partnership (Limited
Partnership) ( ɪऎശᏊ౽อҳ༟Υ
ྫΆุ(Υྫ)) (“China Summit
Zhixin”)
(4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 3,109,928 1.79
Suzhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series C+ Preferred Shares 1,382,190 0.80
Suzhou Likang Equity Investment
Centre (Limited Partnership) ( ᘽψ
ᛆҳ༟ʕː(Υྫ))
(“Suzhou Likang”) (4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 4,492,118 2.59
LA V Enterprise /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series C+ Preferred Shares 5,183,213 2.99
LA V Biosciences Fund V , L.P .
(“LA V V”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 5,183,213 2.99
AlphaTech Projects Limited
(“AlphaTech”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 3,109,928 1.79
West Fountain Global Fund Limited
Partnership (“West Fountain”) /H1118/H1118/H1118
Series C+ Preferred Shares 1,382,190 0.80
Pegasos Co. Ltd (“Pegasos”) /H1118/H1118/H1118/H1118/H1118/H1118Series C+ Preferred Shares 345,548 0.20
Ausun (Hong Kong) Industrial Co.,
Limited ( ෳജ(ಥ)ʮ̡)
(“Ausun”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series C+ Preferred Shares 1,382,190 0.80
LA V V /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series D Preferred Shares 789,823 0.45
LA V Fund VI, L.P . (“LA V Fund VI”) /H1118Series D Preferred Shares 1,579,646 0.91
LA V Fund VI Opportunities, L.P
(“LA V Opportunities”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 1,579,646 0.91
Orchids Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series D Preferred Shares 1,974,557 1.14
China Summit Capital Limited
Partnership (“China Summit
Capital”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 1,974,557 1.14
Homeric Summit Capital Limited
Partnership (“Homeric Summit”) /H1118/H1118
Series D Preferred Shares 1,974,557 1.14
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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Name of Shareholder Class of Shares Number ofShares Shareholding
(%)
Shanghai Y unan Enterprise
Management Partnership (Limited
Partnership) ( ɪऎᚑ฻Άุ၍ଣΥ
ྫΆุ(Υྫ)) (“Shanghai
Y unan”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 3,949,114 2.27
Dingxin Capital Biotech Investment
Fund SP II of HL Quantsmart
Investment Fund SPC /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 1,974,557 1.14
Emerging Markets Healthcare
Partners LLC (“EMH”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 513,385 0.30
Worldwide Healthcare Partners LLC
(“WWHCP”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 276,438 0.16
Everspring GQ Investment Fund L.P .
(“Everspring”)
(5) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 3,159,292 1.82
Bestride Limited (“Bestride”) /H1118/H1118/H1118/H1118/H1118/H1118Series D Preferred Shares 1,974,557 1.14
C&D No. 7 Holdings Limited (೯
ʮ̡) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Series D Preferred Shares 1,974,557 1.14
Wang Ying /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Series D Preferred Shares 394,911 0.23
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118173,592,087 100.00
Notes:
(1) The number of shares held by the Offshore ESOP represents the shares reserved for the Group’s employee incentive
scheme.
(2) Shanghai Lihan Biotechnology Partnership (Limited Partnership) (ҦΥྫΆุ(Υྫ))
(“Shanghai Lihan”) is an affiliate of Shanghai Li’an.
(3) Y uexiu Bioindustry is an affiliate of Guangzhou Y uexiu.
(4) Pursuant to the terms of the Series C+ Preferred Share Subscription Agreement, (i) each of these onshore Series C+
Investors has executed a loan agreement dated July 13, 2020 in favour of the Company pursuant to which the investors
provided the Company with a RMB loan in the amount of their committed investment (as converted from USD) at
nil interest pending approval for their outbound direct investments in Impact Cayman; and (ii) Impact Cayman issued
warrants to each of these onshore Series C+ Investors dated July 31, 2020 for the purchase of Series C+ preferred
shares underlying their committed investment. Upon obtaining the relevant outbound direct investment approvals, the
Company repaid the loans and the onshore Series C+ Investors exercised the warrants and paid their respective
committed investment amount to Impact Cayman.
(5) Formerly named as CCBT GQ Investment Fund L.P .
Dismantling the Overseas Structure
In 2023, to obtain onshore financings to support our business operations, through a series of equity
transfers, the Group dismantled its overseas structure. Following the dismantlement of the overseas
structure, the shareholders at the level of Impact Cayman became direct shareholders of the Company are
as follows:
No. Shareholder of the Company
Registered
capital Equity Interest
(RMB) (%)
1. /H1118/H1118Dr. Cai 8,422,232.2 4.2405
2. /H1118/H1118Dr. Tian 8,422,232.2 4.2405
3. /H1118/H1118BAO Jun 2,767,497 1.3934
4. /H1118/H1118LA V Innovation 11,192,719 5.6353
5. /H1118/H1118WuXi AppTec Fund 6,864,874 3.4564
6. /H1118/H1118Guangzhou Y uexiu 5,596,357 2.8177
7. /H1118/H1118Biolake China Summit 5,596,357 2.8177
8. /H1118/H1118Sungent 3,730,904 1.8785
9. /H1118/H1118Haibang 3,730,904 1.8785
10. /H1118Shanghai Lihan 18,132,229 9.1294
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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No. Shareholder of the Company
Registered
capital Equity Interest
(RMB) (%)
11. /H1118/H1118Decheng 23,559,685 11.8620
12. /H1118Junshi 7,907,133 3.9811
13. /H1118Ruiji Fund III 2,372,140 1.1943
14. /H1118China Summit Zhixin 3,558,211 1.7915
15. /H1118Suzhou Lirui 8,368,406 4.2134
16. /H1118Suzhou Likang (1) 5,139,637 2.5877
17. /H1118LA V Enterprise 14,220,861 7.1600
18. /H1118AlphaTech 3,558,211 1.7915
19. /H1118Ausun 1,581,427 0.7962
20. /H1118LA V Integra Limited (“LA V Integra”) (2) 6,834,022 3.4408
21. /H1118LA V Impetus Limited (“LA V Impetus”) (3) 3,614,690 1.8200
22. /H1118Shanghai Lihao 2,259,181 1.1375
23. /H1118China Summit Capital 2,259,181 1.1375
24. /H1118Homeric Summit 2,259,181 1.1375
25. /H1118Shanghai Y unan 4,518,362 2.2749
26. /H1118Dingxin Capital Biotech V entures Limited (4) 2,259,181 1.1375
27. /H1118EMH 587,387 0.2957
28. /H1118WWHCP 316,285 0.1592
29. /H1118Everspring 3,614,690 1.8200
30. /H1118EAGLE MIND INVESTMENTS LIMITED (5) 2,259,181 1.1375
31. /H1118Xiamen C&D Emerging Industries Equity Investment
No. 7 Partnership (Limited Partnership) (೯อ
໮ΥྫΆุ(Υྫ)) (“Xiamen
Jianfa”) (6)
2,259,181 1.1375
32. /H1118Wanquandao 4,999,395.8 2.5171
33. /H1118Qianxishan 1,851,337.5 0.9321
34. /H1118Lakeshore LSV Limited (“Lakeshore”) 847,193 0.4266
35. /H1118Boundless 11,664,554.4 5.8730
36. /H1118Xu Sulan 1,489,609 0.7500
Total 198,614,628.1 100
Notes:
Upon completion of the dismantlement of the overseas structure,
(1) Suzhou Likang is an affiliate of Orchids Limited.
(2) LA V Integra is an affiliate of LA V V .
(3) LA V Impetus Limited (“LA V Impetus”) is an affiliate of LA V Fund VI and LA V Opportunities.
(4) Dingxin Capital Biotech V entures Limited is the affiliate of Dingxin Capital Biotech Investment Fund SP II of HL
Quantsmart Investment Fund SPC.
(5) EAGLE MIND INVESTMENTS LIMITED is an affiliate of Bestride.
(6) Xiamen Jianfa is an affiliate of C&D No. 7 Holdings Limited (ʮ̡).
Series D+ Financing and Series D++ Financing in 2024
In January 2024, we underwent the Series D+ Financing. Concurrently with the Series D+
Financing, certain investors invested in the Company through acquisition of registered capital from our
then existing shareholders, and Wanquandao transferred certain interests to certain then Shareholders due
to anti-dilution right. In October 2024, we conducted the Series D++ Financing. Concurrently with the
Series D++ Financing, certain investors invested in the Company through acquisition of registered
capital from our then existing shareholders. For details for the financings and equity transfers, see “—
Pre-IPO Investments” in this section.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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Upon completion of the Series D+ Financing, Series D++ Financing and the equity transfers, the
shareholding structure of the Company was as follows:
No. Shareholder of the Company
Registered
Capital Equity Interest
(RMB) (%)
1. /H1118/H1118Decheng 23,559,685 10.0602
2. /H1118/H1118Guangxi Tencent V enture Investment Co., Ltd. ( ᄿГᙜ
ʮ̡) (“Tencent”)
15,593,533 6.6586
3. /H1118/H1118LA V Enterprise 14,220,861 6.0724
4. /H1118/H1118Shanghai Lihan 14,640,236 6.2515
5. /H1118/H1118Boundless 10,875,617.4 4.6439
6. /H1118/H1118LA V Innovation 8,789,975 3.7534
7. /H1118/H1118Suzhou Gaotejia Xinyin Huixin Equity Investment
Partnership (Limited Partnership) (ვි
ᛆҳ༟ΥྫΆุ(Υྫ)) (“Gaotejia”)
8,615,202 3.6787
8. /H1118/H1118Dr. Cai 8,422,232.2 3.5964
9. /H1118/H1118Dr. Tian 8,422,232.2 3.5964
10. /H1118Suzhou Lirui 8,368,406 3.5734
11. /H1118/H1118Junshi 7,907,133 3.3764
12. /H1118Y angzhou Guojin Yingpai Biomedical V enture Capital
Partnership (Limited Partnership)
(ᔼᖹ௴ุҳ༟ΥྫΆุ(Υྫ))
(“Y angzhou Guojin”)
7,944,585 3.3924
13. /H1118LA V Integra 6,846,397 2.9235
14. /H1118LA V Impetus 6,725,827 2.8720
15. /H1118Shanghai Kangjun Business Management Consulting
Partnership (Limited Partnership) ( ɪऎੰ⪯Άุ၍ଣ
ፔ༔ΥྫΆุ(Υྫ)) (“Shanghai Kangjun”)
6,030,649 2.5752
16. /H1118Beijing New Power Equity Investment Fund (Limited
Partnership) (ږ(Υྫ))
(“Beijing New Power”)
6,030,642 2.5750
17. /H1118Suzhou Likang 5,139,637 2.1947
18. /H1118Shanghai Y unan 4,580,233 1.9558
19. /H1118Biolake China Summit 4,362,991 1.8630
20. /H1118Hainan Y uema Zhengchun V enture Investment Center
(Limited Partnership) (௴ุҳ༟ʕː(Ϟ
Υྫ)) (“Hainan Y uema Zhengchun”)
4,307,601 1.8393
21. /H1118
Xiamen Jianfa 4,013,156 1.7136
22. /H1118Wanquandao 3,920,941.8 1.6743
23. /H1118Everspring 3,664,188 1.5646
24. /H1118Guangzhou Y uexiu 3,588,778 1.5324
25. /H1118China Summit Zhixin 3,558,211 1.5194
26. /H1118WuXi AppTec Fund 3,029,306 1.2935
27. /H1118BAO Jun 2,767,497 1.1818
28. /H1118Ruiji Fund III 2,372,140 1.0129
29. /H1118Sungent 2,134,448 0.9114
30. /H1118Haibang 2,134,448 0.9114
31. /H1118Shanghai Lihao 2,290,116 0.9779
32. /H1118China Summit Capital 2,290,116.5 0.9779
33. /H1118Homeric Summit 2,290,116.5 0.9779
34. /H1118Dingxin Capital Biotech V entures Limited 2,290,116 0.9779
35. /H1118EAGLE MIND INVESTMENTS LIMITED 2,290,116 0.9779
36. /H1118Suzhou Lirun 2,125,370 0.9075
37. /H1118Qianxishan 1,851,337.5 0.7905
38. /H1118Ausun 1,581,427 0.6753
39. /H1118Xu Sulan 1,489,609 0.6361
40. /H1118AlphaTech 1,313,865 0.5610
41. /H1118Lakeshore LSV Limited (“LSV”) (1) 853,380 0.3644
42. /H1118EMH 595,430 0.2543
43. /H1118WWHCP 320,616 0.1369
44. /H1118Y u Qingzhen (ࠊ39,722 0.0170
Total 234,188,126.1 100.00
Note:
(1) Upon completion of the dismantlement of the overseas structure, Lakeshore is an affiliate of W ANG Ying.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 133 ---
Conversion into Joint Stock Company with Limited Liability
For the purpose of the Listing, on June 20, 2025, all of the then shareholders of our Company
resolved at a shareholders’ meeting to approve the conversion of our Company into a joint stock company
with limited liability. According to the capital verification report prepared by an independent third party
auditor, the total net asset value of our Company as of April 30, 2025 was RMB267,108,068.99, of which
(i) RMB234,188,130 was converted to Shares with par value of RMB1.0 per Share; and (ii) the remaining
amount of approximately RMB32.92 million was converted into capital reserve. The conversion was
completed on June 25, 2025. Immediately upon completion of the said conversion, the registered capital
of our Company was RMB234,188,130 divided into 234,188,130 Shares with nominal value of RMB1.0
per Share, which were subscribed by all our then Shareholders in proportion to their respective equity
interests in our Company. For details on the shareholding structure of the Company after the conversion
and as of the Latest Practicable Date, see “— Capitalization” in this section.
EMPLOYEE INCENTIVE SCHEME
We have adopted an employee incentive scheme on January 26, 2025 (the “Employee Incentive
Scheme”), as amended, to attract and retain talents for our Group, and foster shared interests between
Shareholders and our management team. In connection with the Employee Incentive Scheme,
Wanquandao and Qianxishan has been established in the PRC, and Boundless has been established in
Delaware, the United States, each as an employee incentive platform. See “Statutory and General
Information — D. Employee Incentive Scheme” in Appendix IV to this prospectus for details of the
Employee Incentive Scheme.
PRINCIPAL SUBSIDIARIES OF OUR COMPANY
Set forth below are our principal subsidiaries which made material contributions to our financial
results during the Track Record Period:
Name of subsidiary Place of incorporation
Date of
Incorporation Principal business activities
Shanghai Yingpai ( ɪऎ຃
ݼ)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Shanghai, the PRC August 5, 2014 Early-stage research and
clinical development of SL
pipelines other than
Senaparib (IMP4297)
Shanghai Impact (ߵ
ݼ)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Shanghai, the PRC September 24,
2020
Research, development and
commercialization related
to Senaparib (IMP4297)
IMPACT Therapeutics
USA, Inc. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Delaware, the USA February 2, 2023 Overseas research and
development for each
product pipeline
Impact Therapeutics US
LLC /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Delaware, the USA January 20, 2021 Overseas research and
development for each
product pipeline
IMPACT Therapeutics
Australia Pty Ltd /H1118/H1118/H1118/H1118/H1118
City of Melbourne,
State of Victoria,
Australia
May 3, 2016 Overseas research and
development for early-stage
clinical trials of Senaparib
(IMP4297) and other
pipelines
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 134 ---
PRE-IPO INVESTMENTS
Our Pre-IPO Investors invested in us through capital injection and equity transfers at the level of the Company and Impact Cayman.
Pre-IPO Investors
Method of acquisition of the registered
capital of the Company/the shares of
Impact Cayman
Registered capital of
the Company/shares
of Impact Cayman
acquired or
subscribed
Date of the subscription
or transfer agreement Consideration (3) Settlement Date
Cost per unit
of registered
capital/share (1)
Discount to
the Offer
Price (2)
Series A Financing
Shanghai Li’an /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from Nanjing Dingye and Mr.
Chen Mailin
RMB16,000,000 June 10, 2014 RMB9,320,000 July 31, 2014 RMB0.583 96.80%
Shanghai Li’an /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB4,897,400 June 30, 2014 RMB4,897,400 July 2, 2014 RMB1.000 94.50%
Cenova Capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB6,000,000 June 30, 2014 RMB6,000,000 July 3, 2014 RMB1.000 94.50%
WuXi AppTec Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB6,000,000 July 18, 2014 RMB6,000,000 July 28, 2014 RMB1.000 94.50%
LA V Innovation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB9,782,600 September 12, 2014 RMB9,782,600 November 19, 2014 RMB1.000 94.50%
Series B Financing
Biolake China Summit /H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB4,891,297.5 December 14, 2015 RMB15,000,000 December 24, 2015 RMB3.067 83.14%
Guangzhou Y uexiu /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB4,891,297.5 December 14, 2015 RMB15,000,000 December 24, 2015 RMB3.067 83.14%
Sungent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB3,260,865.0 December 14, 2015 RMB10,000,000 December 25, 2015 RMB3.067 83.14%
Haibang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB3,260,865.0 December 14, 2015 RMB10,000,000 December 30, 2015 RMB3.067 83.14%
Shanghai Li’an /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB1,630,432.5 December 14, 2015 RMB5,000,000 December 28, 2015 RMB3.067 83.14%
Series C Financing
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB17,591,509 June 8, 2018 USD20,000,000 July 9, 2018 USD1.137 57.08%
LA V Enterprise /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB5,863,836 June 8, 2018 USD6,666,667 July 5, 2018 USD1.137 57.08%
Suzhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB2,931,918 June 8, 2018 RMB
equivalent of
USD3,333,333
June 29, 2018 USD1.137 57.08%
Equity Transfer in October 2018
Suizhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from Cenova Capital
RMB3,000,000 September 28, 2018 RMB19,920,000 December 5, 2018 RMB6.640 63.50%
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from Cenova Capital
RMB3,000,000 September 28, 2018 RMB19,920,000 December 5, 2018 RMB6.640 63.50%
Series C+ Financing
LA V V/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 5,183,213 July 10, 2020 USD7,500,000 August 11, 2020 USD1.447 45.37%
LA V Enterprise /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 5,183,213 July 10, 2020 USD7,500,000 August 11, 2020 USD1.447 45.37%
AlphaTech /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 3,109,928 July 10, 2020 USD4,500,000 August 6, 2020 USD1.447 45.37%
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
– 125 –


--- page 135 ---
Pre-IPO Investors
Method of acquisition of the registered
capital of the Company/the shares of
Impact Cayman
Registered capital of
the Company/shares
of Impact Cayman
acquired or
subscribed
Date of the subscription
or transfer agreement Consideration (3) Settlement Date
Cost per unit
of registered
capital/share (1)
Discount to
the Offer
Price (2)
West Fountain /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,382,190 July 10, 2020 USD2,000,000 August 5, 2020 USD1.447 45.37%
Pegasos /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 345,548 July 10, 2020 USD500,000 July 31, 2020 USD1.447 45.37%
Junshi /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 6,910,950 July 10, 2020 USD10,000,000 February 2, 2021 USD1.447 45.37%
Ruiji Fund III /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 2,073,285 July 10, 2020 USD3,000,000 December 30, 2020 USD1.447 45.37%
Suzhou Likang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 4,492,118 July 10, 2020 USD6,500,000 January 4, 2021 USD1.447 45.37%
Suzhou Lirui /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,382,190 July 10, 2020 USD2,000,000 December 30, 2020 USD1.447 45.37%
China Summit Zhixin /H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 3,109,928 July 10, 2020 USD4,500,000 December 28, 2020 USD1.447 45.37%
Ausun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,382,190 July 10, 2020 USD2,000,000 December 10, 2020 USD1.447 45.37%
Series D Financing
LA V V/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 789,823 September 13, 2021 USD2,000,000 September 17, 2021 RMB14.27
(4) 21.56% (5)
LA V Fund VI /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,579,646 September 13, 2021 USD4,000,000 September 17, 2021 RMB14.27 (4) 21.56% (5)
LA V Opportunities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,579,646 September 13, 2021 USD4,000,000 September 17, 2021 RMB14.27 (4) 21.56% (5)
China Summit Capital /H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 October 27, 2021 RMB14.27 (4) 21.56% (5)
Homeric Summit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 October 18, 2021 RMB14.27 (4) 21.56% (5)
Dingxin Capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 November 10, 2021 RMB14.27 (4) 21.56% (5)
EMH /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 513,385 September 13, 2021 USD1,300,000 September 15, 2021 RMB14.27 (4) 21.56% (5)
WWHCP /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 276,438 September 13, 2021 USD700,000 September 15, 2021 RMB14.27 (4) 21.56% (5)
Everspring /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 3,159,292 September 13, 2021 USD8,000,000 October 7, 2021 RMB14.27 (4) 21.56% (5)
Bestride /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 October 26, 2021 RMB14.27 (4) 21.56% (5)
Wang Ying /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 394,911 September 13, 2021 USD1,000,000 September 30, 2021 RMB14.27 (4) 21.56% (5)
Orchid /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 February 28, 2022 RMB14.27 (4) 21.56% (5)
Shanghai Y unan /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 3,949,114 September 13, 2021 USD10,000,000 August 19, 2022 RMB14.27 (4) 21.56% (5)
C&D /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of Shares 1,974,557 September 13, 2021 USD5,000,000 February 24, 2022 RMB14.27 (4) 21.56% (5)
Series D+ Financing
Y angzhou Guojin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB7,944,585 February 2, 2024 RMB100,000,000 April 19, 2024 RMB12.587 30.81% (5)
Gaotejia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB5,880,941 January 26, 2024 RMB74,024,517 February 6, 2024 RMB12.587 30.81% (5)
Beijing New Power /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB4,116,659 January 26, 2024 RMB51,817,163 February 22, 2024 RMB12.587 30.81% (5)
Hainan Y uema Zhengchun /H1118/H1118/H1118/H1118Subscription of registered capital RMB2,940,470 January 26, 2024 RMB37,012,258 February 23, 2024 RMB12.587 30.81% (5)
LA V Impetus /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB2,077,736 January 26, 2024 RMB26,152,862 May 22, 2024 RMB12.587 30.81% (5)
Suzhou Lirun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB1,450,828 January 26, 2024 RMB18,261,848 February 6, 2024 RMB12.587 30.81% (5)
Xiamen Jianfa /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB1,176,188 January 26, 2024 RMB14,804,903 February 8, 2024 RMB12.587 30.81% (5)
Y u Qingzhen (ࠊ)H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB39,722 January 26, 2024 RMB500,000 February 22, 2024 RMB12.587 30.81% (5)
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 136 ---
Pre-IPO Investors
Method of acquisition of the registered
capital of the Company/the shares of
Impact Cayman
Registered capital of
the Company/shares
of Impact Cayman
acquired or
subscribed
Date of the subscription
or transfer agreement Consideration (3) Settlement Date
Cost per unit
of registered
capital/share (1)
Discount to
the Offer
Price (2)
Equity Transfer in January
2024
Beijing New Power /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang and
Sungent
RMB1,913,983 January 26, 2024 RMB18,182,839 July 8, 2024 RMB9.5 47.78%
Gaotejia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang, Sungent
and Guangzhou Y uexiu
RMB2,734,261 January 26, 2024 RMB25,975,479.4 July 18, 2024 RMB9.5 47.78%
Xiamen Jianfa /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang, Sungent
and Guangzhou Y uexiu
RMB546,852 January 26, 2024 RMB5,195,094.1 July 4, 2024 RMB9.5 47.78%
Hainan Y uema Zhengchun /H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang, Sungent
and Guangzhou Y uexiu
RMB1,367,131 January 26, 2024 RMB12,987,744.4 July 26, 2024 RMB9.5 47.78%
LA V Impetus /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang, Sungent
and Guangzhou Y uexiu
RMB966,015 January 26, 2024 RMB9,177,139.2 July 8, 2024 RMB9.5 47.78%
Suzhou Lirun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from WuXi AppTec Funds,
AlphaTech, Haibang, Sungent
and Guangzhou Y uexiu
RMB674,542 January 26, 2024 RMB6,408,152.4 July 8, 2024 RMB9.5 47.78%
Series D++ Financing
Tencent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB7,172,481 October 31, 2024 RMB101,000,000 November 13, 2024 RMB14.08 22.60%
Shanghai Kangjun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subscription of registered capital RMB2,773,888 October 31, 2024 RMB39,060,773 November 15, 2024 RMB14.08 22.60%
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 137 ---
Pre-IPO Investors
Method of acquisition of the registered
capital of the Company/the shares of
Impact Cayman
Registered capital of
the Company/shares
of Impact Cayman
acquired or
subscribed
Date of the subscription
or transfer agreement Consideration (3) Settlement Date
Cost per unit
of registered
capital/share (1)
Discount to
the Offer
Price (2)
Equity Transfer in October
2024
Shanghai Kangjun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from Shanghai Lihan and
Biolake China Summit
RMB3,256,761 October 31, 2024 RMB30,939,227 Nov 15, 2024 RMB9.5 47.78%
Tencent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acquisition of registered capital
from Boundless, Wanquandao,
Lav Innovation, Shanghai
Lihan, WuXi AppTec Funds,
Guangzhou Y uexiu, Biolake
China Summit, Sungent and
Haibang
RMB8,421,052 October 31, 2024 RMB80,000,000 January 24, 2025 RMB9.5 47.78%
Basis of the consideration /H1118/H1118/H1118/H1118/H1118The considerations for each round of Pre-IPO Investments were determined based on arm’s length negotiation amongst the respective Pre-IPO
Investors and our Group or the existing shareholders, after taking into account the timing of the investments, the status of our business operations,
financial performance of our Group, the prospects of our business and/or the existing shareholders’ own needs.
Lock-Up Period /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Pursuant to the PRC Company Law, within the 12 months following the Listing Date, Shares issued by the Company prior to the Global Offering
(including those held by the Pre-IPO Investors at the time of the Global Offering) are restricted from trading.
Use of proceeds from the Pre-IPO
Investments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
The proceeds have been used to support the research and development activities of our Group, including the research and development activities
conducted for our Core Products, as well as to support the working capital needs of our Group. As of the Latest Practicable Date, all of the net
proceeds have been utilized.
Strategic benefits to our
Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
At the time of the Pre-IPO Investments, our Directors were of the view that our Company could benefit from the additional capital that would be
provided by the Pre-IPO Investors’ investments in our Company and the Pre-IPO Investors’ knowledge and experience. In addition, with the
introduction of the Pre-IPO Investors, the management team of our Group has become increasingly experienced in corporate governance
enhancement and shareholder communications.
Notes:
(1) The cost per unit of registered capital or share is calculated based on the subscription price paid by the relevant Pre-IPO Investors (or their succ essors) and the amount/number of share capital they
received.
(2) The discount to the Offer Price is calculated based on the Offer Price of HK$20.75 per Share, being the mid-point of the offer price range.
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(3) The post-money valuation on a fully diluted basis of the Group for Series A, Series B, Series C, Series C+, Series D, Series D+ and Series D++ was USD7. 90 million, USD33.90 million, USD110.00
million, USD200.00 million, USD440.00 million, RMB2,822.58 million and RMB3,297.74 million, respectively. Immediately following the completio n of the Global Offering (assuming that the
Over-Allotment Option is not exercised), the expected market capitalization of the Company’s H Shares would be approximately HK$5,730 million, bas ed on an Offer Price of HK$20.75, being the
mid-point of the Offer Price range.
The key reasons for the fluctuation in our Company’s valuation are set forth below:
(a) The change in valuation from Series A Financing to Series B Financing was mainly due to the submission of the IND application for senaparib to the Chi nese FDA in 2015;
(b) The change in valuation from Series B Financing to Series C Financing was mainly due to (i) our Company’s initiation of Phase I trial of senaparib in a dvanced solid tumors in Australia and
China in 2017, and (ii) the approval of senaparib as a National Science and Technology Major Project for ‘Significant New Drugs Development’ under the 13th Five-Y ear Plan (‘ ɤɧʞ’‘ࠠ
ɽਖ਼ධධͦ) in 2018.
(c) The change in valuation from Series C Financing to Series C+ Financing was mainly due to our initiation of (i) Phase II registrational trial of senap arib in 3L+ BRCA
mut advanced OC in China
in 2019, (ii) the FLAMES study in 2019, and (iii) the global Phase Ib/II trial of senaparib in combination with TMZ in SCLC in 2020;
(d) The change in valuation from Series C+ Financing to Series D Financing was mainly due to (i) our initiation of global Phase I trial of the WEE1 inhibit or IMP7068 in advanced solid tumors
in 2021, and (ii) the positive preliminary read-out of the Phase II registrational trial of senaparib in 3L+ BRCA mut advanced OC in China and the global Phase Ib/II trial of senaparib in
combination with TMZ in SCLC;
(e) The change in valuation from Series D Financing to Series D++ Financing was mainly due to (i) the FLAMES study meeting its primary endpoint in advanc ed OC in 2023, (ii) our collaborations
with Eikon Therapeutics and Zhongmei Huadong in 2023, (iii) the NMPA’s acceptance of the NDA for senaparib as a 1L maintenance therapy for advanced OC i n 2023, and (iv) the FDA’s
IND approval for IMP1734 in 2023;
(f) The change in valuation from Series D++ Financing to the proposed IPO valuation was mainly due to (i) the NMPA approval and launch of senaparib as 1L m aintenance therapy for OC
“all-comers” in China in 2025, (ii) the initiation of global Phase I trial of IMP1707 in advanced solid tumors in 2025, (iii) the EMA ’s acceptance of the MAA for senaparib as 1L maintenance
therapy for OC “all-comers” in Europe in 2025 and (iv) in 2025, senaparib was included in the NRDL and has been reimbursable for 1L maintenance therapy f or OC “all-comers” since January
1, 2026.
(4) The cost per share has been adjusted due to the dismantling of overseas structure.
(5) The higher discount to the Offer Price for the Series D+ Financing compared with the Series D Financing was primarily attributable to the deteriora tion in market conditions and the tightening of
the financing environment for the biopharmaceutical industry during the relevant period, in view of which the Company made appropriate valuation co ncessions to facilitate the completion of the
financing.
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Special Rights of the Pre-IPO Investors
Our Company and the Pre-IPO Investors have entered into certain shareholders agreements
(collectively, the “Pre-IPO Investment Agreements”). Pursuant to the Pre-IPO Investment Agreements,
such Pre-IPO Investors were granted certain special rights in relation to our Company, including, among
others, preemptive right, share transfer restrictions, right of co-sale, right of first refusal, information
rights, redemption right of our Company (the “Redemption Right”), etc.. Such Redemption Right was not
granted to investors under the Series A, Series B, Series C or Series C+ Financing.
All special rights granted to the Pre-IPO Investors will be terminated on the date immediately prior
to the date when the Company is listed on the Stock Exchange, except for the Redemption Right, which
shall be terminated on the date immediately prior to the date of the first submission of the listing
application to the Stock Exchange, provided that the shareholders with such Redemption Right may
request the automatic restoration of the Redemption Right upon the earliest occurrence of (i) the rejection
of the listing application by the Stock Exchange, the SFC or the CSRC; (ii) the withdrawal of the listing
application by the Company after approval by the Board; or (iii) failure of the Company to obtain the
listing approval from the Stock Exchange within 18 months after the first submission of the listing
application by the Company to the Stock Exchange.
Joint Sponsors’ Confirmation
On the basis that (i) the consideration for Pre-IPO investments was settled more than 28 clear days
before the date of first submission of the Listing application to the Stock Exchange or no less than 120
clear days before the Listing Date; and (ii) the special rights granted to the Pre-IPO Investors had been
suspended or terminated prior to the submission of the application for the Listing and/or will be
terminated upon completion of the Listing, in compliance with the Guide, the Joint Sponsors confirm that
the Pre-IPO Investments are in compliance with Guide.
Information about the existing Pre-IPO Investors
The following sets forth background information of our existing Pre-IPO Investors, among which
Decheng is a Sophisticated Investor.
LAV USD
Each of LA V Innovation and LA V Enterprise is a limited company incorporated in Hong Kong.
Each of LA V Impetus and LA V Integra is an entity incorporated under the laws of the British Virgin
Islands.
LA V Innovation is wholly owned by Lilly Asia V entures Fund II, L.P . (“LA V II”). The general
partner of LA V II is Lilly Asia V entures Fund GP , L.P ., whose general partner is LA V Corporate GP , Ltd.,
a Cayman exempted company wholly owned by Dr. Yi SHI (“Dr. Shi”). The only limited partner holding
more than 30% of the partnership interest in LA V II is Eli Lilly and Company, a company listed on the
New Y ork Stock Exchange (ticker symbol: LL Y).
LA V Enterprise is wholly owned by LA V Biosciences Fund IV , L.P . (“LA V IV”). The general
partner of LA V IV is LA V GP IV , L.P ., whose general partner is LA V Corporate IV GP , Ltd., a Cayman
exempted company wholly owned by Dr. Shi. None of LA V IV’s limited partners holds over 30% of
interest.
LA V Integra is wholly owned by LA V Biosciences Fund V , L.P . (“LA V V”). The general partner
of LA V V is LA V GP V , L.P ., whose general partner is LA V Corporate V GP , Ltd., a Cayman exempted
company wholly owned by Dr. Shi. None of LA V V’s limited partners holds over 30% of interest.
LA V Impetus is owned by LA V Fund VI, L.P . (“LA V VI”) and LA V Fund VI Opportunities, L.P .
(“LA V VI Opportunities”), each holding 50% interest. The general partner of LA V VI is LA V GP VI, L.P .,
whose general partner is LA V Corporate VI GP , Ltd., a Cayman exempted company wholly owned by Dr.
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Shi. The general partner of LA V VI Opportunities is LA V GP VI Opportunities, L.P ., whose general
partner is LA V Corporate VI GP Opportunities, Ltd., a Cayman exempted company wholly owned by Dr.
Shi. None of the limited partners of LA V VI or LA V VI Opportunities holds more than 30% of the
partnership interest.
LA V USD are within a group of offshore investment vehicles, the investments of which are
denominated in U.S. dollar, controlled by Dr. Shi (“LA V USD Group”). As of the Latest Practicable Date,
LA V USD Group had assets under management of approximately US$4.0 billion.
Shanghai Liyi
Each of Shanghai Lihan, Suzhou Lirui, Suzhou Likang, Shanghai Lihao and Suzhou Lirun is a
limited partnership established in the PRC.
The general partner of Shanghai Lihan is Shanghai Liyi Investment Management Partnership (LP)
(ɪऎᓿ᎚ҳ༟၍ଣΥྫΆุ(Υྫ)) (“Liyi Investment I”) and the sole limited partner is Shanghai
Li’an. The general partner of Shanghai Li’an is Liyi Investment I and none of its limited partners holds
more than 30% of the partnership interest. The general partner of Liyi Investment I is Shanghai Liyao
Investment Management Co., Ltd. (ʮ̡) (“Shanghai Liyao”), which is in turn
wholly owned by Dr. CHEN Fei (࠭Dr. Chen”), an Independent Third Party.
The general partner of Suzhou Lirui is Shanghai Liyi Investment Management Partnership (LP) ( ɪ
ऎᓿ൪ҳ༟၍ଣΥྫΆุ(Υྫ)) (“Liyi Investment II”). The general partner of Liyi Investment II
is Shanghai Liyao, which is in turn wholly owned by Dr. Chen. No limited partner of Suzhou Lirui holds
over one-third interest in Suzhou Lirui.
The general partner of Suzhou Likang is Liyi Investment II. The general partner of Liyi Investment
II is Shanghai Liyao, which is in turn wholly owned by Dr. Chen. No limited partner of Suzhou Likang
holds over one-third interest in Suzhou Likang.
The general partner of Shanghai Lihao is Liyi Investment I. The general partner of Liyi Investment
I is Shanghai Liyao, which is in turn wholly owned by Dr. Chen. The sole limited partner of Shanghai
Lihao is Suzhou Likang.
The general partner of Suzhou Lirun is Shanghai Likun Enterprise Management Partnership (LP)
(ɪऎᓿ䃑Άุ၍ଣΥྫΆุ(Υྫ)) (“Shanghai Likun”). The general partner of Shanghai Likun is
Shanghai Liyao, which is in turn wholly owned by Dr. Chen. No limited partner of Suzhou Lirun holds
over one-third interest in Suzhou Lirun.
As of the Latest Practicable Date, Liyi Investment I, Liyi Investment II, and their respective
affiliates, all controlled by Dr. CHEN Fei (together, “Liyi Investment Group”), had assets under
management of approximately US$1.9 billion. Liyi Investment Group dedicated its investments primarily
to healthcare and biotech companies including Duality Biotherapeutics, Inc., a company listed on the
Stock Exchange (stock code: 9606), and Terns Pharmaceuticals, Inc., a company listed on the NASDAQ
(ticker: TERN).
Decheng
Decheng IMPACT Limited is a limited liability company incorporated in Hong Kong and is wholly
owned by Decheng Capital China Life Sciences USD Fund III, L.P ., an exempt limited partnership
organized in the Cayman Islands (“Decheng USD Fund”). The general partner of Decheng USD Fund is
Decheng Capital Management III (Cayman), LLC (“Decheng Management”), an exempt company
incorporated in the Cayman Islands, which is wholly controlled by Dr. Xiangmin Cui, an Independent
Third Party. Decheng USD Fund has over 30 limited partners, none of which holds 30% or more of its
limited partnership interest. Decheng USD Fund is under the same management as, and forms part of, a
group of offshore investment vehicles the investments of which are denominated in U.S. dollars
(“Decheng Capital”). Decheng Capital is an investment firm that provides capital and strategic support
to early-stage life science companies with revolutionary technologies and growth stage healthcare
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companies with strong market presence, with assets under management amounting to over USD $2.5
billion. Decheng Capital also invested in other biotech companies, such as Everest Medicines Limited
(1952.HK), Alpine Immune Sciences, Inc., and AnHeart Therapeutics Ltd.
WuXi AppTec Fund
WuXi AppTec Investment Fund I L.P . (ੰᅃɓಂҳ༟Άุ(Υྫ)) (“WuXi AppTec
Fund”) is a limited partnership established in the PRC on August 16, 2011. The fund is the corporate
investment management subsidiary of WuXi AppTec Co., Ltd. (ʮ̡)
(“WuXi AppTec”). WuXi AppTec Fund’s general partner is WuXi AppTec Biomedical Investment
Management L.P . (ᔼᖹҳ༟၍ଣΆุ(Υྫ)), holding 1.1768% of its partnership
interest. The two limited partners of WuXi AppTec Fund are WuXi AppTec (Shanghai) Co., Ltd. ( ɪऎ
ʮ̡) holding 75.2937% of its partnership interests and WuXi AppTec (Tianjin)
Co., Ltd. (ʮ̡) holding 23.5295% of its partnership interests. The general
partner and limited partners of WuXi AppTec Fund are all wholly owned subsidiary of WuXi AppTec
(603259 SH./2359 HK.) which is a listed company on both the Shanghai Stock Exchange and the Hong
Kong Stock Exchange. To the best knowledge and information of the Company, all these above-
mentioned entities and individuals are Independent Third Parties.
Beijing New Power
Beijing New Power is a limited partnership established under the laws of the PRC, which is
principally engaged in equity investment, investment management and consulting. Beijing New Power
is owned as to (i) approximately 1.06% by Beijing Xicheng Jinrui Equity Investment Fund Management
Co., Ltd. (ʮ̡) as its general partner, which is an entity without an
actual controller and owned as to 40% by Beijing Xicheng Capital Holdings Co., Ltd. ( ̏ԯဢ༐༟͉છ
ʮ̡) (“Beijing Xicheng Capital”) (ii) approximately 40.00% by Beijing Xicheng Capital as one
of its limited partners, which is ultimately controlled by State-owned Assets Supervision and
Administration Commission of People’s Government of Xicheng District, Beijing (݁
ึ) and (iii) approximately 58.94% by seven other limited partners, none of
which holds more than 30% partnership interest therein. To the best knowledge and information of the
Company, all these above-mentioned entities and individuals are Independent Third Parties.
Gaotejia
Gaotejia is a limited partnership established under the laws of the PRC. It is managed by its general
partner, Shanghai Gaotejia V enture Investment Management Co., Ltd. (ʮ
̡). The general partner is wholly owned by Shenzhen GTJA V enture Capital Group Co., Ltd. ( ଉέ̹
ʮ̡) (“Shenzhen GTJA”), an Independent Third Party. The largest limited
partner of Gaotejia is Suzhou Chenghe Cleaning Equipment Co., Ltd. (ʮ̡)
(“Suzhou Chenghe Cleaning”), holding 42.80% of partnership interest, which is ultimately controlled by
Bian Zhuang ( ʼ୿), an individual investor who is an Independent Third Party. Other than the
aforementioned, none of its limited partners holds over one-third of interest. Both Shenzhen GTJA and
Suzhou Chenghe Cleaning are ultimately controlled by Mr. Bian Zhuang ( ʼ୿), an individual investor
who is an Independent Third Party. Gaotejia focuses on investments in healthcare and pharmaceutical
sectors, including early-stage and growth-stage companies, as well as private equity fund partnerships.
Hainan Yuema Zhengchun
Hainan Y uema Zhengchun is a limited partnership established under the laws of the PRC. It is
managed by its general partner, Shanghai Y uyuan Y ong Management Consulting Co., Ltd. ( ɪऎ༃๕ಪ
ʮ̡) (“Shanghai Y uyuan Y ong”), which holds a 1.82% interest and the remaining 98.18%
partnership interest is held by Y ang Zhenxing (ጳ), an individual investor who is an Independent
Third Party. Shanghai Y uyuan Y ong is a limited liability company incorporated in the PRC and ultimately
controlled by Mr. Y ang Zhenyu (ρ), an individual investor who is an Independent Third Party.
Hainan Y uema Zhengchun focuses on venture capital investments in early-stage private companies,
mainly in the science and technology services sector.
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Xiamen Jianfa
Xiamen Jianfa is a limited partnership established under the laws of the PRC. It is managed by its
general partner, Xiamen Jianxin Investment Co., Ltd. (ʮ̡) (“Jianxin Investment”),
an Independent Third Party, which holds a 0.04% interest. The remaining 99.96% partnership interest is
held by Xiamen C&D Emerging Industry Equity Investment Co., Ltd. (ࠢ
ப΂ʮ̡) (“C&D Emerging Industry Equity Investment”). Each of Jianxin Investment and C&D
Emerging Industry Equity Investment is ultimately controlled by State-owned Asset Supervision and
Administration Commission of the Xiamen Municipal People’s Government. Xiamen Jianfa focuses on
equity investment and investment management across primary, secondary, and tertiary industries,
primarily within the business services and healthcare sectors.
Shanghai Kangjun
Shanghai Kangjun is a limited partnership established under the laws of the PRC. It is managed by
its general partner, CPIC Capital Company Limited (ʮ̡) (“CPIC Capital”).
CPIC Healthcare Private Equity Fund I (Shanghai) Partnership (Limited Partnership) (ɽ਄ੰପุ
ږ(ɪऎ)ΥྫΆุ(Υྫ)) is Shanghai Kangjun’s largest limited partner, holding 99.86%
of its partnership interest, and is managed by its general partner, CPIC Capital. CPIC Capital is wholly
owned by Pacific Asset Management Co., Ltd. (ப΂ʮ̡), which is a subsidiary of
China Pacific Insurance (Group) Co., Ltd. (ᎈ(ණྠ)ʮ̡), a company listed on
the Shanghai Stock Exchange (stock code: 601601), Hong Kong Stock Exchange (stock code: 02601) and
London Stock Exchange (trading symbol for GDR: CPIC). Shanghai Kangjun focuses on enterprise
management consulting, financial advisory, and investment-related services, primarily within the
business services sector.
Tencent
Tencent is a limited liability company established under the laws of the PRC. It is wholly owned
by Shenzhen Tencent Insight Investment Co., Ltd. (ʮ̡) (“Tencent Insight”),
an Independent Third Party. Tencent Insight is a wholly owned subsidiary of Tencent Ruitou Enterprise
Management Co., Ltd. (ʮ̡) (“Tencent Ruitou”), a corporate entity
established under the laws of the PRC. Tencent Ruitou is ultimately controlled by Tencent Holdings
Limited (ʮ̡), a company listed on the Main Board of the Stock Exchange (stock codes:
HKEX: 00700 (HKD Counter) and 80700 (RMB Counter)). Tencent is principally engaged in the
provision of communication, social, digital content, games, marketing, fintech and cloud services in the
PRC.
China Summit
Shanghai China Summit Zhixin Investment Partnership (LP) ( ɪऎശᏊ౽อҳ༟ΥྫΆุ(Υ
ྫ)) (“China Summit Zhixin”) is a limited partnership established under the laws of the PRC. The general
partner of China Summit Zhixin is Shanghai China Summit Investment Management Co., Ltd. ( ɪऎശ
ʮ̡) (“Shanghai China Summit Management”), holding 90% economic interest.
Shanghai China Summit Management is ultimately controlled by Mr. Tao LIU ( ᄎᏹ) (“Mr. Liu”). The
limited partners of China Summit Zhixin collectively holding 10% interests are individuals, who are
Independent Third Parties.
Wuhan Biolake China Summit Fund Partnership (Limited Partnership) (ږ
ΥྫΆุ(Υྫ)) (“Biolake China Summit”) is a limited partnership established under the laws of the
PRC. The general partner of Biolake China Summit is Wuhan Biolake China Summit Fund Management
Co., Ltd. (ʮ̡) (“Wuhan China Summit Management”), which is
ultimately controlled by Mr. Liu. The largest limited partner of Biolake China Summit is Shanghai China
Summit Zhikang Health Investment Partnership (L.P .) ( ɪऎശᏊ౽ੰ਄ੰҳ༟ΥྫΆุ(Υྫ)),
holding 69% of partnership interest, which is ultimately controlled by Mr. Liu.
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China Summit Capital Limited Partnership (“China Summit Capital”) is a limited partnership
established under the laws of the British Virgin Islands. The general partner of China Summit Capital is
Uppermost Growth Capital Management Company Limited, which is ultimately controlled by Ou-Y ang
Jing, an Independent Third Party. The largest limited partner of China Summit Capital is Feng Y u
Investments Development Limited (ʮ̡), which holds 70% of its limited partnership
interest and is ultimately controlled by Ding Shuibo (تan individual investor who is an
Independent Third Party.
Homeric Summit Capital Limited Partnership (“Homeric Summit Capital”) is a limited partnership
established under the laws of the British Virgin Islands. The general partners of Homeric Summit Capital
is Uppermost Growth Capital Management Company Limited and Homeric Capital HK Co., Limited (࠰
ʮ̡), which are ultimately controlled by Ou-Y ang Jing, an Independent Third
Party. Hommeric Summit Capital is wholly owned by HOMERICAPITAL HK LIMITED PARTNERSHIP
FUND (ږnone of whose limited partners holds more than 30% of the
partnership interest.
Yuexiu
Guangzhou Y uexiu is a limited partnership enterprise established under the laws of the PRC. It is
managed by Guangzhou Y uexiu Industrial Investment Fund Management Co., Ltd. ( ᄿψ൳Ӹପุҳ༟ਿ
ʮ̡) (“Y uexiu Fund Management”), which serves as the executive partner. None of the
limited partners of Guangzhou Y uexiu holds over one-third of partnership interest.
Shanghai Y unan is a limited partnership established under the laws of the PRC, and managed by
its executive partner Y uexiu Fund Management. Guangzhou Y uexiu Jinchan Phase II Equity Investment
Fund Partnership (Limited Partnership) (ΥྫΆุ(Υྫ)) is
Shanghai Y unan’s sole limited partner, holding approximately 99.99% of its partnership interest, and is
managed by its general partner, Y uexiu Fund Management.
Y uexiu Fund Management is a private fund manager registered in the PRC and is ultimately
controlled by Guangzhou Y uexiu Capital Holdings Group Co., Ltd. (ʮ̡)
(“Y uexiu Capital”), a wholly owned subsidiary of Guangzhou Y uexiu Capital Holding Group Co., Ltd.
(ʮ̡), a company listed on the Shenzhen Stock Exchange (000987.SZ).
Guangzhou Y uexiu focuses on venture capital investments in the biotechnology and pharmaceutical
sectors, including direct equity investments, investment advisory services, and the establishment and
management of venture capital funds. Shanghai Y unan focuses on equity investment and enterprise
management services.
Junshi
Junshi is a joint stock limited company established under the laws of the PRC. It is listed on the
Shanghai Stock Exchange (688180.SH) and the Hong Kong Stock Exchange (1877.HK). Junshi focuses
on the discovery, development, and commercialization of innovative therapeutics.
Ruiji Fund III
Ruiji Fund III is a limited partnership enterprise established under the laws of the PRC. It is
managed by Shenzhen Zhenji Capital Private Equity Investment Management Co., Ltd. (Λ༟
ʮ̡) (“Zhenji Capital”), which acts as the executive partner and is ultimately
controlled by Dai Shan (ޙeach being an Independent Third Party. As of the Latest Practicable Date,
Ruiji Fund III has 25 limited partners, none of which holds over one-third of partnership interest. Ruiji
Fund III focuses on venture capital and private equity investments, including direct equity investments
in biotechnology and pharmaceutical companies, investment management, and the operation of venture
capital funds.
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Everspring
Everspring is a limited partnership established under the laws of the Cayman Islands, and is
managed by its general partner Maquily Capital Limited, which is ultimately controlled by China Cinda
Asset Management Co., Ltd. (ʮ̡), a company listed on the Stock Exchange
(1359.HK). The largest limited partner of Everspring is Premier Global Investment SPC, which holds
96.875% of its limited partnership interest and is ultimately controlled by Chuanglian Holdings Limited
(ʮ̡), a company listed on the Stock Exchange (2371.HK).
Yangzhou Guojin
Y angzhou Guojin is a limited partnership established under the laws of the PRC. It is managed by
its executive partner Y angzhou Guoyang Fund Management Co., Ltd. (ʮ̡)
(“Guoyang Fund Management”), an Independent Third Party. The largest limited partner of Y angzhou
Guojin is Y angzhou Gaofa Investment Equity Investment Co., Ltd. (ʮ̡)
(“Y angzhou Gaofa Investment”) holding 40% of the partnership interest and no other limited partner
holds more than one-third of the partnership interest. Guoyang Fund Management is controlled by
Y angzhou Municipal Finance Bureau (҅). Y angzhou Gaofa Investment is ultimately
controlled by the Y angzhou Municipal People’s Government (ִ݁Y angzhou Guojin
focuses on venture capital investments in the biopharmaceutical sector.
PREVIOUS LISTING ATTEMPT AND REASONS FOR THE LISTING
The Group previously considered seeking a listing on the Stock Exchange, and such listing attempt
was discontinued due to the then market conditions. No official listing application has been submitted
to the regulatory authorities in connection with the previous listing attempt.
After careful evaluation, the Company determined that a listing on Stock Exchange would better
align with its long-term strategic objectives, including enhancing its international profile, broadening its
investor base, and providing greater access to global capital markets.
Our Directors confirm that, to the best of their knowledge and belief, there were no disagreements
or disputes between the Company and the then professional parties engaged in the previous listing
attempt and there are no other matters that should be brought to the attention of the Stock Exchange.
Based on the due diligence work conducted by the Joint Sponsors, nothing has come to the Joint
Sponsors’ attention that would cause them to disagree with our Directors’ views mentioned above in
relation to the previous listing attempt.
PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of the Global Offering (assuming that the Over-Allotment
Option is not exercised), the expected market capitalization of the Company’s H Shares would be
approximately HK$5,454 million, HK$5,730 million, and HK$6,007 million based on the low-end
(HK$19.75), mid-point (HK$20.75) and high-end (HK$21.75) of the Offer Price range, respectively.
Under Rule 19A.13A(1), the minimum public public float of the Company shall be 25.00%, 25.00% and
24.97%, based on the low-end, mid-point and high-end of the Offer Price range. It is expected that
immediately following completion of the Global Offering (assuming that the Over-Allotment Option is
not exercised), the total number of listed H Shares held by the public (being 157,552,096 H Shares)
represents approximately 57.05% of our total issued Shares upon Listing (assuming 1,982,800 H Shares
to be subscribed by the close associates of LA V USD as cornerstone investors at the low end of the Offer
Price range). For details of the Shares held by certain of our Shareholders which shall not be counted
towards the public float, see “— Capitalization” in this section. Therefore, our Company will be able to
meet the minimum public float requirement under Rule 19A.13A.
Immediately following the completion of the Global Offering (assuming the Over-allotment Option
is not exercised) and based on the Offer Price of HK$19.75 per Offer Share (being the low end of the
indicative Offer Price range), the expected market value of the H Shares held by the public and not
subject to disposal restrictions will be approximately HK$549 million, representing approximately
10.07% of our total issued Shares upon Listing. As such, we will be able to satisfy the free float
requirement under Rule 19A.13C(1)(a) of the Listing Rules.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 145 ---
FULL CIRCULATION
Our Company has applied for H Share full circulation to convert an aggregate of 234,188,130
Unlisted Shares held by our existing Shareholders, representing 100.00% of the total issued Shares of our
Company as of the Latest Practicable Date and approximately 84.80% of the total issued Shares of our
Company upon completion of the Conversion of Unlisted Shares into H Shares and the Global Offering
(assuming the Over-allotment Option is not exercised). For details, please refer to the section headed
“Share Capital — Upon the Completion of the Global Offering” in this prospectus.
RELATIONSHIP WITH THE SINGLE LARGEST GROUP OF SHAREHOLDERS
Upon completion of the Global Offering, our Single Largest Group of Shareholders, namely LA V
Enterprise, LA V Innovation, LA V Integra, LA V Impetus (collectively, “LA V USD”) and Dr. Yi Shi, holds
approximately 13.93% of the total issued share capital of the Company (taking into account the number
of Offer Shares to be subscribed by the close associates of LA V USD as Cornerstone Investors at the
Offer price of HK$20.75, being the mid-point of the indicative Offer Price Range). Having considered
the following factors, our Directors are satisfied that we are capable of carrying on our business
independent from LA V USD after Listing.
Management Independence
Our daily operational and management decisions are made collectively by our executive Directors
and our senior management, with our Board having an overall supervision of our management. We
believe that our Directors and senior management can independently perform their duties in our
Company and we can operate independently from LA V USD for the following reasons:
 each of our Directors is aware of his/her fiduciary duties as a director of our Company which
requires, among other things, that he/she acts for the benefit and in the best interests of our
Company and does not allow any conflict between his/her duties as a Director and his/her
personal interest;
 in the event that there is a potential conflict of interest arising out of any transaction to be
entered into between our Group and LA V USD or its associates, the interested Director(s), if
any, shall abstain from voting at the relevant Board meetings of our Company in respect of
such transactions and shall not be counted in the quorum; and
 despite that Dr. XU Cong currently serves as a non-executive Director of the Company, he
does not participate in the daily operations of the Company; instead, the operations of the
Group are conducted by the management team of the Company led by executive Directors.
Operational Independence
Our Group holds the relevant material intellectual property rights, licenses, qualifications and
permits required for conducting our Group’s business. Our Group has sufficient capital, facilities and
employees to operate our business independently from LA V USD. We have also established our own
organizational structure, with each department assigned to specific areas of responsibilities which have
been in operation and are expected to continue to operate independently from LA V USD.
Financial Independence
We have established an independent finance department as well as implemented sound and
independent audit, accounting and financial management systems. We have adequate internal resources
and a credit profile to support our daily operations. As of the Latest Practicable Date, there were no
outstanding loans or guarantees provided by, or granted to, LA V USD. Accordingly, we are of the view
that there is no financial dependence on LA V USD.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 146 ---
CAPITALIZATION
The table below is a summary of the capitalization of our Company, as of the Latest Practicable
Date and immediately following the completion of the Global Offering and Conversion of Unlisted
Shares into H Shares based on the Offer Price of HK$20.75 per Offer Share (being the mid-point of the
indicative Offer Price range):
Shares held as of the Latest
Practicable Date
Shares held immediately
following the completion of the
Global Offering and
Conversion of Unlisted Shares
into H Shares (assuming the
Over-allotment Option is not
exercised)
Name of Shareholder
Number of
Unlisted
Shares
Ownership
Percentage
Number of H
Shares
Percentage of
shareholding
in our total
issued share
capital
Whether the H
Shares will be
counted
towards the
public float (1)
Dr. Cai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,422,233 3.5964% 8,422,233 3.05% No
Dr. Tian /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,422,233 3.5964% 8,422,233 3.05% No
LAV USD
LA V Enterprise (2) 14,220,861 6.0724% 14,220,861 5.15% No
LA V Innovation (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,789,975 3.7534% 8,789,975 3.18% No
LA V Integra (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,846,397 2.9235% 6,846,397 2.48% No
LA V Impetus (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,725,827 2.8720% 6,725,827 2.44% No
LA V Star Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 943,800 (6) 0.34%
LA V Star Opportunities Limited /H1118/H1118 – – 943,800 (6) 0.34%
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,583,060 15.6212% 38,470,660 (6) 13.93% No
Shanghai Liyi
Shanghai Lihan (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,640,236 6.2515% 14,640,236 5.30% No
Suzhou Lirui (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,368,406 3.5734% 8,368,406 3.03% No
Suzhou Likang (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,139,637 2.1947% 5,139,637 1.86% No
Shanghai Lihao (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,290,116 0.9779% 2,290,116 0.83% No
Suzhou Lirun (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,125,370 0.9075% 2,125,370 0.77% No
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111832,563,765 13.9050% 32,563,765 11.79% No
Decheng /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823,559,685 10.0602% 23,559,685 8.53% Y es
Employee Incentive Platforms
Boundless /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,875,618 4.6440% 10,875,618 3.94% No
Wanquandao /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,274,984 1.8254% 4,274,984 1.55% No
Qianxishan /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,986,905 1.2754% 2,986,905 1.08% No
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,137,507 7.7448% 18,137,507 6.57% No
Tencent Investment Entities
Tencent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,593,533 6.6585% 15,593,533 5.65% Y es
Huang River Investment Limited /H1118 – – 3,020,000 (6) 1.09% Y es
Prosper High Holding Limited /H1118/H1118/H1118 – – 751,800 (6) 0.27% Y es
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,593,533 6.6585% 19,365,333 (6) 7.01% Yes
China Summit
Biolake China Summit (4) /H1118/H1118/H1118/H1118/H1118/H11184,362,991 1.8630% 4,362,991 1.58% No
China Summit Zhixin (4) /H1118/H1118/H1118/H1118/H1118/H11183,558,211 1.5194% 3,558,211 1.29% No
China Summit Capital (4) /H1118/H1118/H1118/H1118/H1118/H11182,290,117 0.9779% 2,290,117 0.83% No
Homeric Summit (4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,290,117 0.9779% 2,290,117 0.83% No
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,501,436 5.3382% 12,501,436 4.53% No
Gaotejia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,615,202 3.6788% 8,615,202 3.12% Y es
Yuexiu
Shanghai Yunan (5) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,580,233 1.9558% 4,580,233 1.66% Y es
Guangzhou Yuexiu (5) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,588,778 1.5324% 3,588,778 1.30% Y es
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,169,011 3.4882% 8,169,011 2.96% Yes
Y angzhou Guojin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,944,585 3.3924% 7,944,585 2.88% Y es
Junshi /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,907,133 3.3764% 7,907,133 2.86% Y es
Beijing New Power /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,030,642 2.5751% 6,030,642 2.18% Y es
Shanghai Kangjun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,030,649 2.5751% 6,030,649 2.18% Y es
Hainan Yuema Zhengchun /H1118/H1118/H1118/H1118/H1118/H11184,307,601 1.8394% 4,307,601 1.56% Y es
Xiamen Jianfa /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,013,156 1.7136% 4,013,156 1.45% Y es
Everspring /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,664,188 1.5646% 3,664,188 1.33% Y es
WuXi AppTec Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,029,306 1.2935% 3,029,306 1.10% Y es
BAO Jun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,767,497 1.1817% 2,767,497 1.00% Y es
Ruiji Fund III /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,372,140 1.0129% 2,372,140 0.86% Y es
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
– 137 –


--- page 147 ---
Shares held as of the Latest
Practicable Date
Shares held immediately
following the completion of the
Global Offering and
Conversion of Unlisted Shares
into H Shares (assuming the
Over-allotment Option is not
exercised)
Name of Shareholder
Number of
Unlisted
Shares
Ownership
Percentage
Number of H
Shares
Percentage of
shareholding
in our total
issued share
capital
Whether the H
Shares will be
counted
towards the
public float (1)
Dingxin Capital Biotech VenturesLimited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,290,116 0.9779% 2,290,116 0.83% Y es
Eagle Mind Investments Limited /H1118/H1118/H1118 2,290,116 0.9779% 2,290,116 0.83% Y es
Sungent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,134,448 0.9114% 2,134,448 0.77% Y es
Haibang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,134,448 0.9114% 2,134,448 0.77% Y es
Ausun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,581,427 0.6753% 1,581,427 0.57% Y es
AlphaTech /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,313,865 0.5610% 1,313,865 0.48% Y es
Lakeshore /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118853,380 0.3644% 853,380 0.31% Y es
Exome Asset Management LLC
EMH /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118595,430 0.2543% 595,430 0.22% Y es
WWHCP /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118320,616 0.1369% 698,016 (6) 0.25% Y es
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118916,046 0.3912% 1,293,446 (6) 0.47% Yes
Yu Qingzhen /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111839,722 0.0170% 39,722 0.01% Y es
Existing shareholders and their close
associates /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Existing shareholders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 100% 234,188,130 84.80% –
Cornerstone investors who are
existing shareholders or their
close associates
(6) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 6,036,800 2.19% See note 8
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 100% 240,224,930 86.99% –
Other Investors taking part in the
Global Offering (7) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Other Cornerstone Investors (7) /H1118/H1118/H1118 – – 7,457,000 2.70% See note 8
Other public investors /H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 28,483,200 10.31% Y es
Sub-total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 35,940,200 13.01% –
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 100% 276,165,130 100% –
Notes:
(1) A total of 118,501,634 H Shares held by our core connected persons, including (i) Dr. Cai, our Director, (ii) Dr. Tian, our
Director, (iii) Wanquandao, Qianxishan and Boundless, our Employee Incentive Platforms, the respective voting power of
which is controlled by Ms. Ma Ning and Dr. Tian (as the case may be), each being our Director, (iv) LA V Innovation, LA V
Enterprise, LA V Impetus and LA V Integra, each being an investment arm of LA V USD, and collectively hold over 10% voting
power in our Company upon the completion of the Global Offering, (v) Shanghai Lihan, Suzhou Lirui, Suzhou Likang,
Shanghai Lihao and Suzhou Lirun, each being an investment arm of Shanghai Liyi, and collectively hold over 10% voting
power in our Company upon the completion of the Global Offering, and (vi) China Summit Zhixin, Biolake China Summit,
China Summit Capital and Homeric Summit Capital, which is ultimately controlled by or connected with Mr. Tao Liu, our
Director, representing approximately 42.23% of our total issued share capital immediately following the completion of the
Global Offering and the conversion of Unlisted Shares into H Shares (assuming the Over-allotment Option is not exercised),
will not be counted towards the public float.
(2) LA V Innovation, LA V Enterprise, LA V Impetus and LA V Integra are part of a group of offshore investment vehicles, whose
investments are denominated in U.S. dollars and are controlled by Dr. Yi SHI, representing approximately 13.25% of our total
issued share capital immediately following the completion of the Global Offering and the conversion of Unlisted Shares into
H Shares (assuming the Over-allotment Option is not exercised).
(3) Shanghai Lihan, Suzhou Lirui, Suzhou Likang, Shanghai Lihao and Suzhou Lirun are all controlled by Dr. Chen Fei (࠭,)
representing approximately 11.79% of our total issued share capital immediately following the completion of the Global
Offering and the conversion of Unlisted Shares into H Shares (assuming the Over-allotment Option is not exercised).
(4) China Summit Zhixin, Biolake China Summit, China Summit Capital and Homeric Summit Capital will collectively hold
approximately 4.53% of our total issued share capital immediately following the completion of the Global Offering and the
conversion of Unlisted Shares into H Shares (assuming the Over-allotment Option is not exercised).
(5) Guangzhou Y uexiu and Shanghai Y unan are controlled by Y uexiu Capital, representing approximately 2.96% of our total
issued share capital immediately following the completion of the Global Offering and the conversion of Unlisted Shares into
H Shares (assuming the Over-allotment Option is not exercised).
(6) Including the Offer Shares (calculated based on the Offer price of HK$20.75, being the mid-point of the indicative Offer Price
range) to be subscribed by the relevant existing Shareholders or their affiliates. For details, see “Cornerstone Investors”.
(7) Excluding the number of Shares subscribed by the existing shareholders or their affiliates as mentioned in note (6) above.
(8) As the Offer Shares to be subscribed by LA V Star and LA V Star Opportunities shall be aggregated with the existing Shares
held by LA V USD, the relevant Offer Shares will not count towards the public float of the Company. Offer Shares to be
subscribed by other Cornerstone Investors will count towards the public float of the Company.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 148 ---
OUR CORPORATE STRUCTURE IMMEDIATELY PRIOR TO THE GLOBAL OFFERING
The following diagram illustrates the corporate and shareholding structure of our Company immediately prior to the completion of the Global Offerin g:
Dr. Tian
3.60%
Dr. Cai
3.60%
ESOP
Platforms(1)
7.74%
Decheng
10.06%
Shanghai Liyi(3)
13.91%
China Summit(4)
5.34%
LA V USD(2)
15.62%
Tencent
6.66%
Other
Shareholders
33.48%
The Company
(PRC)
Shanghai
Impact
(PRC)
Shanghai
Yingpai
(PRC)
IMPACT
Therapeutics
USA, Inc.
(USA)
IMPACT
Therapeutics
US LLC
(USA)
IMPACT
Therapeutics
Australia Pty
Ltd (Australia)
50.00%
50.00%
100.00% 100.00%
100.00%
100.00% 100.00% 100.00%
Impact Pharmaceutical
(Yangzhou) Co., Ltd.
(ᖹุ౮ψ
ʮ̡)
(“Yangzhou Impact”)
(PRC)
Suzhou Impact
Pharmaceutical
Co., Ltd.
(ʮ̡)
(“Suzhou Impact”)
(PRC)
Notes:
(1) Includes Wanquandao, Qianxishan and Boundless.
(2) Includes LA V Innovation, LA V Enterprise, LA V Impetus and LA V Integra.
(3) Includes Shanghai Lihan, Suzhou Lirui, Suzhou Likang, Shanghai Lihao and Suzhou Lirun.
(4) Includes China Summit Zhixin, Biolake China Summit, China Summit Capital and Homeric Summit Capital.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 149 ---
OUR CORPORATE STRUCTURE IMMEDIATELY FOLLOWING THE GLOBAL OFFERING
The following diagram illustrates the corporate and shareholding structure of our Company immediately following the completion of the Global Offer ing
(assuming the Over-allotment Option is not exercised):
3.05% 3.05% 6.57% 13.25% 11.79% 8.53% 5.65% 4.53% 28.38%
The Company
(PRC)
Shanghai
Impact
(PRC)
Shanghai
Yingpai
(PRC)
IMPACT
Therapeutics
USA, Inc.
(USA)
IMPACT
Therapeutics
US LLC
(USA)
IMPACT
Therapeutics
Australia Pty
Ltd (Australia)
50.00%
50.00%
100.00% 100.00%
100.00%
100.00%
Yangzhou Impact
(PRC)
100.00%
Suzhou Impact
(PRC)
100.00%
Dr. TianDr. Cai ESOP
Platforms(1) DechengShanghai Liyi(3) China Summit(4)LA V USD(2)(5) Tencent Other
Shareholders
4.89%
Other Public
Shareholders
10.31%
Cornerstone
Investors(5)
Notes:
(1)-(4): please refer to the notes under the section headed “— Our Corporate Structure Immediately prior to the Global Offering” in this section.
(5) Taking into account the number of Offer Shares to be subscribed by the close associates of LA V USD as Cornerstone Investors at the Offer price of HK$2 0.75, being the mid-point of the indicative
Offer Price Range, LA V USD will hold an aggregate of 38,470,660 H Shares upon the completion of the Global Offering, representing approximately 13.93 % of the total issued share capital of the
Company (assuming the Over-allotment Option is not exercised). For details, please refer to the section headed “Cornerstone Investors” in this pros pectus.
HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE
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--- page 150 ---
OVERVIEW
Who We Are
We are a commercial-stage, innovation-driven biotechnology company focused on advancing
synthetic lethality (SL)-based precision anti-cancer therapies globally, delivering innovative treatments
to address the unmet medical needs of cancer patients. We have commercialized our self-developed Core
Product, senaparib, in China as a 1L maintenance therapy for ovarian cancer (OC) across all patient
populations regardless of mutation status and demonstrating a compelling clinical profile. Our continued
growth is powered by an integrated R&D platform that enables innovation across both small molecules
and emerging modalities, including novel antibody-drug conjugates (ADCs) and degraders. Additionally,
we have forged partnerships with leading global biotech and China pharmaceutical companies to date,
as validation of our pipeline and R&D platform.
Why Synthetic Lethality: A Validated, High-Potential Frontier in Oncology
Mechanism with inherent advantages. SL describes a situation in which simultaneous defects in
two pathways lead to cell death, whereas a defect in either pathway alone does not. SL-based drug
discovery often begins with the identification of a SL pair in cancer cells, where one defected pathway
relies on its normal partner pathway for survival. Compared to conventional cancer treatment modalities,
SL-based therapies offer several inherent advantages, including the ability to address “undruggable”
targets and resistance and create synergistic combination therapies. SL can be leveraged to enhance the
efficacy of existing standard of care, such as chemotherapy and radiotherapy, which inherently induce
damage and cell death. By targeting complementary pathways, SL mechanisms can create synergistic
effects that amplify the therapeutic impact of conventional treatments while minimizing harm to healthy
cells. Additionally, there is a growing trend to incorporate SL strategies into combination regimens with
emerging modalities, such as antibody-drug conjugates (ADCs) and radionuclide-drug conjugates
(RDCs), to enhance efficacy, improve precision, reduce off-target toxicity, and expand the therapeutic
window.
Clinically and commercially proven success and growing industry momentum. SL represents a
clinically validated and high-potential frontier in oncology. The PARP1/2 inhibitors, particularly
olaparib, jointly developed and commercialized by AstraZeneca and Merck, have validated SL as a
powerful therapeutic approach, demonstrating both clinical efficacy and strong commercial traction. In
the SL drug market, the currently marketed drugs are several PARP1/2 inhibitors, and this market has
witnessed rapid growth. In 2024, global sales of PARP1/2 inhibitors reached US$4.3 billion, reflecting
robust market demand for SL-based therapies. The high-value and momentum of the SL field are evident
in its established proof-in-concept (PoC), growing market interest in modalities such as PARP1/2
inhibitors and PARP1 selective inhibitors, and ongoing progress in identifying new SL pairs in cancer
cells, such as A TR, USP1, PKMYT1, PRMT5 and MA T2A, and combination opportunities, including, for
example, with ADCs and RDCs. It is further accelerated by increasing investment across the sector.
Leading pharmaceutical companies, such as AstraZeneca, Merck, Amgen, Novartis, GSK, Bayer, BMS,
Merck KGaA, Gilead, have significantly ramped up R&D efforts in SL-based drug discovery. In parallel,
SL-related transactions from 2019 to 2024 have reached approximately US$25.0 billion, with total
upfront payments exceeding US$5.0 billion. Notable deals in the SL field include Merck KGaA ’s
licensing of a PARP1 selective inhibitor from Hengrui Pharma in 2023 for an upfront payment of
C160.0
million.
We Are at the Forefront of Synthetic Lethality Drug Development for Anti-Cancer Therapies
Since our founding in 2009, we have remained committed to developing targeted anti-cancer
therapies with a strategic focus on SL. Our leadership team brings together top industry talent with
decades of experience and a proven track record in the R&D and commercialization of novel targeted
therapeutics across China and globally.
Industry-leading pipeline. As of the Latest Practicable Date, our pipeline comprised one
commercial-stage, four clinical-stage and seven pre-IND stage assets, including small-molecule
inhibitors covering key SL targets such as PARP1/2, PARP1, A TR, WEE1, PKMYT1/WEE1, DHX9,
A TM, USP1, and CHK1/2, as well as emerging modalities such as novel ADC and degrader candidates.
Looking ahead, our ability to translate scientific innovation into commercially viable therapies, as
demonstrated by senaparib, together with our next-generation pipeline, including PARP1-selective
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inhibitors IMP1734 and IMP1707 and other SL-based candidates, is expected to support continued
leadership in the SL field, unlock high-value combination therapies, and drive sustained pipeline
expansion and commercial growth. For detailed pipeline chart, see “Summary — Our Pipeline.”
Core Product
Senaparib, our Core Product and a PARP1/2 inhibitor approved as 1L maintenance therapy for OC
“all-comers” in China, is distinguished by its compelling clinical profile and is well positioned to unlock
substantial commercial and clinical value both in China and globally.
Compelling clinical profile. Senaparib’s molecular structure, featuring a novel bicyclic ring and
fluorine substituent, confers superior metabolic stability and potency.
 Most favorable PFS outcome among both BRCA-mutated and BRCA wild type. The FLAMES
study, published in Nature Medicine , confirmed senaparib’s significant clinical benefit,
showing a 57% reduction in PFS risk (HR = 0.43 ; p < 0.0001). Notably, senaparib is the first
PARP1/2 inhibitor that has demonstrated similar PFS benefits (HR = 0.43) across all patients
regardless of BRCA mutation status, including patients with BRCA
wt, a subgroup that is
typically considered more challenging to treat. Senaparib also delivered the most favorable
PFS outcome among PARP1/2 inhibitors (non head-to-head) for 1L maintenance therapy for
OC “all-comers” in China, setting a new benchmark in this class.
 Better tolerability favoring patient compliance. Senaparib is well tolerated with
differentiated safety profile. Based on registrational trials, compared with other marketed
PARP inhibitors, non-hematologic AEs for senaparib were numerically fewer and milder
(mostly Grade 1 or Grade 2), which favors patient compliance as supported by the lower
incidence of TEAEs leading to treatment discontinuation (4.4%). No hypertension risk
related to senaparib was observed, reducing overall risk of treatment.
Broad population reach and high entry barrier . Senaparib has already been included in several
China national OC treatment guidelines, and is recommended for treatment of 1L maintenance therapy
for OC “all-comers,” the largest addressable segment for OC with an estimated market size of RMB10.8
billion (US$1.5 billion) in China alone by 2033. Its competitive moat is built on a compelling clinical
profile and further reinforced by certain regulatory changes in China, which prohibit placebo-controlled
trials in indications with approved therapies and require head-to-head comparisons, significantly raising
the entry barrier for new competitors. Specifically, in November 2021, the CDE issued the Guiding
Principles for Clinical Research and Development of Anti-tumor Drugs Oriented by Clinical V alue (the
“Guiding Principles”), which require that where best supportive care (“BSC”) is available, BSC should
be selected as the preferred control rather than a placebo. The FLAMES study, initiated in December
2019 before any PARP inhibitor or other therapy had been approved in China for 1L maintenance
treatment of OC “all-comers” and before the Guiding Principles were issued, was appropriately designed
as a placebo-controlled trial. Following the issuance of the Guiding Principles, new PARP inhibitors
advancing into Phase III for this indication must compare against BSC in head-to-head settings. In this
evolving regulatory landscape, senaparib has set a high benchmark for clinical performance, effectively
limiting future competition and strengthening its long-term market leadership.
Robust commercialization infrastructure. We are at a pivotal inflection point, having received
regulatory approval for senaparib in China in January 2025 and initiated commercialization. While our
core strength lies in R&D, we have built a scalable and capital-efficient commercialization infrastructure
through strategic partnerships and robust internal capabilities, enabling us to maximize the value of
senaparib and future pipeline assets.
 Strategic partnership with Huadong Medicine. To accelerate market penetration in China, we
have formed a commercialization partnership with Zhongmei Huadong, a wholly-owned
subsidiary of Huadong Medicine, one of China’s leading pharmaceutical companies. In 2024,
Huadong Medicine recorded operating revenue of RMB41.9 billion and net profit attributable
to its shareholders of RMB3.5 billion, underscoring its commercial scale. Together, we are
building China’s largest gynecologic oncology platform, anchored by a complementary
portfolio, comprising of senaparib for 1L maintenance therapy for OC “all-comers” and
Elahere
® (an ADC licensed by Huadong Medicine) for 2L+ OC treatment, with senaparib
having gained access to approximately 300 direct-to-patient (DTP) pharmacies and coverage
across more than 900 medical institutions as of the Latest Practicable Date.
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 In-house commercial capabilities. Complementing our partnership with Zhongmei Huadong,
we have built an in-house commercial team spanning marketing, medical affairs, supply
chain management, CMC management, and business development, supported by a strong
distributor network and a growing pool of cross-functional talent.
 Reimbursement pathway to expand patient access. Senaparib is reimbursable for 1L
maintenance therapy for OC “all-comers,” which believe will significantly broaden patient
access and accelerate uptake across all regions, especially key clinical regions. In addition,
as of the Latest Practicable Date, senaparib has been included in multiple regional
supplemental medical insurance programs and commercial health insurance plans, such as the
Xihu Yilianbao (ڭHuhuibao (ڭChonghuibao (ڭJiaxing
Huiminbao (ڭand Huxiangbao (ڭ.)
Globalization with combination-focused lifecycle management. In Europe, the EMA accepted our
MAA in August 2025, marking a key regulatory milestone. To support global commercialization, we are
actively exploring ex-China partnerships. We are also implementing a combination-focused life cycle
management strategy to extend IP protection and maximize market reach. For instance, senaparib is
currently being evaluated in a Phase Ib/II trial combining senaparib with A TR inhibitor IMP9064, our
Key Product, for OC, and in a global Phase II trial for small cell lung cancer (SCLC) in combination with
temozolomide (TMZ), which has received Orphan Drug Designation (ODD) from the FDA. We are also
considering the potential combination of senaparib with ADC and RDC drugs to maximize its potential.
Key Products
IMP1734 is a highly potent, next-generation PARP1 selective inhibitor, currently being evaluated
as monotherapy and as combination therapies in a global Phase I/II trial for advanced solid tumors.
IMP1734 has shown over 648-fold selectivity for PARP1 over PARP2, translating to lower hematologic
toxicity, improved safety, high exposure, and broad opportunities to combine with other anti-tumor
agents. In Phase I dose escalation portion, IMP1734 monotherapy shows a favorable pharmacokinetics
(PK) profile and is well tolerated with mostly low-grade AEs that are manageable and/or self-limiting.
Encouraging anti-tumor activity was observed in heavily pre-treated patients with homologous
recombination repair (HRR) mutations, which are often associated with more aggressive disease and
poorer outcomes. Following completion of Cohort 1A dose escalation, we reached agreement with the
FDA on a dose optimization strategy for Part 2 of the trial, where IMP1734 will be evaluated in two dose
levels (20 mg and 60 mg). We further initiated the Phase II dose optimization portion (Part 2) in
December 2025 with Phase II interim read-out expected in December 2026. We are also investigating
IMP1734 in multiple combination regimens, including with abiraterone as well as paclitaxel to maximize
its clinical potential. See “— IMP1734, Our Key Product, a Highly Potent, Next-Generation PARP1
Selective Inhibitor in Phase I/II Stage — Overview.” To advance IMP1734 (also known as EIK1003) and
IMP1707 (also known as EIK1004), we entered into a global partnership with Eikon Therapeutics. See
“— Our Material Collaboration and Licensing Arrangement — Collaboration Agreement with Eikon
Therapeutics.” IMP9064 is the first A TR selective inhibitor advanced into clinical stage in China
currently being evaluated as monotherapy and as combination therapies in a global Phase I/II trial for
advanced solid tumors. In Phase I dose escalation portion, IMP9064 monotherapy shows a favorable
safety profile and is well-tolerated under intermittent dosing. Preliminary efficacy signals have been
observed, including a durable partial response (PR) in endometrial carcinoma. PK and
pharmacodynamics (PD) analysis indicates exposure-dependent target engagement. The Phase II portion
is ongoing to further explore the efficacy and safety of IMP9064 as monotherapy for advanced
endometrial carcinoma, with trial completion expected in the second half of 2026. We are also evaluating
IMP9064 in combination with senaparib in cohorts for OC and pancreatic cancer following IND approval
from the NMPA for this study in September 2025.
Other Pipeline Assets
IMP1707 is a central nervous system (CNS)-penetrant, PARP1 selective inhibitor, and notably, one
of the few PARP1 selective inhibitors capable of crossing the blood-brain barrier. It has achieved
complete tumor regression in brain cancer models and is currently being evaluated in a Phase I trial.
IMP1707 has shown over 800-fold selectivity for PARP1 over PARP2, with excellent antiproliferative
effect on cell lines with BRCA mutation (BRCA
mut) or deletion in in vitro assays. It also demonstrated
robust tumor regression in cell line-derived xenograft (CDX) models of BRCA mut cancers with a
minimally efficacious dose of 0.2 mg/kg, indicating IMP1707’s potential as a high-impact treatment at
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low doses. In addition, IMP1707 penetrates the brain with a Kp uu of 0.5 in both mouse and rat, a level
suggesting therapeutic relevance and results in complete tumor regression in a brain cancer model. These
results confirmed that IMP1707 demonstrates favorable brain penetration and exhibits robust efficacy in
brain cancer models. We also have a broad clinical-stage and pre-IND stage assets targeting key SL
targets such as WEE1, PKMYT1/WEE1, DHX9, A TM, USP1, and CHK1/2, as well as emerging
modalities such as novel ADC and degrader candidates.
Our Strive for Innovation
Science-driven innovation. We take a science-driven approach to oncology drug discovery and
development. Our rational molecule design leverages structure-guided innovation to engineer
differentiated compounds that overcome existing limitations, exemplified by our next-generation PARP1
inhibitors strategically designed to maximize selectivity of PARP1 over PARP2. This scientific
foundation is complemented by a thoughtful clinical strategy that prioritizes indications and
combinations where our compounds deliver the greatest patient benefit, exemplified by our selection of
1L maintenance therapy for OC “all-comers” as senaparib’s first indication based on outstanding clinical
data. With a deep understanding of the market landscape, we remain focused on addressing key unmet
needs, such as undruggability, toxicity, resistance, as well as expanding target patient population, to drive
meaningful improvements in cancer care.
Integrated R&D platform. Leveraging our profound understanding of SL and our robust R&D
capabilities, we have established an integrated innovation engine that transforms biological insights into
clinically meaningful therapies.
• Experienced in-house MedChem team with years
of accumulation in SL targets inhibitor discovery and
development
• Unique R&D system integr ating structural biology
and CADD/AIDD-based molecular design elements
• Skilled in-house biology research team with expertise
in early-stage research, anchored in strong scientific
rationale for target validation as well as in vitro and
in vivo efficacy evaluation
• Robust research framework integrating CRO
partnerships to execute experiments with high quality
and efficiency
• Accumulate extensive experience with years of
deep engagement in the SL field
• Profound understanding of synthetic lethality
mechanisms
• Capable of making accurate and rapid
judgments on targets in this domain
• Willing to take risks to follow partially
validated targets with clear mechanisms of action
but mayor may not require clinical validation of
efficacy and toxicity
Target Degrader Platform
E3 ligand tool box
Enables rapid PROTAC assembly for selective degradation
Molecular glue tool box
Enables PPI-induced target protein degradation with
diverse structures
Mechanistically
Complementary
between these
Libraries, Supporting
Multi-dimensional
Target Strategy
Linker tool box
Diversified linker tool box
Robust Linker Payload Platform for ADC R&D
Structurally diverse molecules
Super potent SL molecules
Linker-payloads generated from SL molecules
Enables “targeted delivery + precise release”
via ADC inside tumors
1:1, 1:2, etc branch linker
Linear and branch linker-payload
Rapid antibody conjugation
Accelerates ADC R&D with cost efficiency
Science-Driven
Target Selection
Elite Drug Research
Ensemble
Emerging Technology
Platforms
Source: Company information
This self-developed platform is powered by three core strengths:
 Science-driven target selection. We invest in rigorous science to unravel the complexities of
SL, aiming to understand the “why” before designing the “how.” Under this philosophy,
every molecule we develop is grounded in a clear mechanistic rationale. We identify where
current therapies fall short — whether due to toxicity, resistance, or limited patient
applicability — and finding opportunities to improve outcomes through novel mechanisms.
Through years of dedicated engagement in the SL field, we have gained extensive experience
and deep insight into the SL mechanisms, enabling us to make accurate and timely decisions
on promising targets. We focus on targets with clear clinical potential and unmet medical
needs; we are also prepared to take calculated risks by pursuing partially validated targets
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which, while having well-defined mechanisms of action, may still require clinical validation
to establish efficacy and safety. For example, we are among the very first players globally to
initiate clinical studies for PARP1 selective inhibitors.
 Elite drug research ensemble. Our in-house team combines seasoned medicinal chemists with
deep expertise in SL target inhibitor discovery and molecular design optimization, a skilled
biology research group focused on early-stage validation and in vitro and in vivo efficacy
studies, and a robust R&D system, leveraging cutting-edge computational tools, including
computer-aided drug design (CADD) and AI-driven drug discovery (AIDD) in collaboration
with CROs, collectively to ensure quality execution across the pipeline. Supported by these
capabilities, we engineer novel, differentiated compounds from the ground up, using
mechanism-first, structure-guided approach. For example, senaparib was developed for
optimal off-target selectivity, metabolic stability, and cellular activity, delivering high
efficacy with a broad safety window; IMP1734, a novel PARP1 inhibitor, was designed to
significantly improve selectivity of PARP1 over PARP2; and IMP1707 was designed to
penetrate the CNS while maintaining high selectivity of PARP1 over PARP2.
 Emerging technology platforms. We are advancing a new generation of oncology therapeutics
through two synergistic platforms: a robust linker-payload platform for ADC and a target
degrader platform encompassing Proteolysis Targeting Chimeras (PROTACs) and molecular
glues. These platforms are designed to overcome the limitations of traditional small molecule
inhibitors by enabling precise, potent, and selective targeting of cancer-driving mechanisms.
Together, they support a multi-dimensional strategy for therapeutic innovation, expanding
our reach across diverse cancer types and enhancing translational success from bench to
bedside.
 Robust linker-payload platform for ADC . This platform accelerates the development of
dual-payload ADCs based on SL and using a structurally diverse molecule library, including
super-potent SL inhibitors. These payloads are optimized for tumor-specific delivery and
precise intracellular release. Rapid antibody conjugation workflows further enhance cost-
efficiency and adaptability to indication-specific biomarkers, enabling faster and more
targeted ADC development.
 Target degrader platform . Our degrader platform leverages a comprehensive E3 ligand
library for rapid PROTAC assembly and a diverse molecular glue library for degradation
induced by protein-protein interaction (PPI). These tools enable selective and tunable
degradation of previously “undruggable” targets, expanding therapeutic windows and
reducing toxicity. Mechanistic complementarity with the linker-payload platform supports a
multi-dimensional approach to cancer target engagement.
Translational research framework. We have established a systematic translational research
framework designed to enhance the success rate of our preclinical candidates and accelerate their
progression into clinical development. Our integrated R&D capabilities span the full continuum from
early discovery to clinical-stage development, enabling seamless transitions and efficient decision-
making. Central to our approach is a targeted development strategy, leveraging diverse methodologies
from target selection to assay design, to evaluate drug sensitivity across a broad range of cancer types.
Additionally, we utilize PDX models to identify predictive biomarkers and refine therapeutic strategies,
ensuring our pipeline is guided by clinically relevant insights and optimized for patient outcomes.
Clinical development strategy. Our clinical development strategy is designed to fully leverage these
capabilities by integrating biological insight, understanding of competitive landscape, and operational
efficiency. We prioritize opportunities such as pursuing an “all-comers” approach in OC maintenance
therapy, and advancing combination therapies of senaparib. To maximize clinical impact and R&D
efficiency, we employ two approaches:
 Fast-to-PoC strategy. Our fast-to-PoC strategy aims at rapidly validating clinical potential
and de-risking early development. This is demonstrated by IMP1707, a CNS-penetrant
PARP1 selective inhibitor currently in a streamlined Phase I/II trial targeting HRD+ solid
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tumors (including primary and metastatic brain cancers). The trial is streamlined by enrolling
biomarker-positive patients from the first-in-human stage and, after dose escalation,
seamlessly transitioning into backfill cohorts for patients with brain metastases, eliminating
the need for separate protocols or lengthy pauses between phases. By leveraging this adaptive
trial design and biomarker-driven patient selection, we accelerate go/no-go decisions and
compress development timelines and costs.
 Fast-to-market strategy. Our fast-to-market strategy is exemplified by senaparib, which
bypassed the conventional Phase II stage and advanced directly from Phase I to Phase III,
compressing the timeline by over two years through thoughtful indication selection, deep
market understanding, and proactive regulatory engagement.
Together, these strategies ensure our therapies reach the right patients faster, maximizing both
clinical impact and R&D efficiency.
Our Collaboration and Commercialization
Commercialization infrastructure. We have built a scalable and capital-efficient commercialization
infrastructure through strategic partnerships and robust internal capabilities. In China, we are executing
a go-to-market strategy in collaboration with Zhongmei Huadong. Together, we are building China’s
largest gynecologic oncology platform, anchored by senaparib, now the standard of care for 1L
maintenance therapy for OC “all-comers”, and Elahere
®, licensed by Huadong Medicine for 2L+ OC
treatment, with senaparib having gained access to approximately 300 DTP pharmacies and coverage
across more than 900 medical institutions as of the Latest Practicable Date. Complementing our
partnership with Zhongmei Huadong, our in-house commercial team spans marketing, medical affairs,
supply chain management, CMC management, and business development, supported by a strong
distributor network and a growing pool of cross-functional talent.
Foundation for accelerated market entry. Senaparib’s market momentum is further supported by
strong clinical validation, guidelines recommendation, and physician engagement. The publication of the
FLAMES study results in Nature Medicine (Impact Factor 82.9) reinforces the clinical credibility of the
data. Senaparib has already been included in several China national OC treatment guidelines, including
(i) Chinese Clinical Practice Guidelines for Gynecological Oncology and Clinical Application Guidelines
for PARP Inhibitors in Ovarian Cancer issued by Chinese Society of Gynecological Oncology, (ii)
Chinese Guidelines for Integrated Diagnosis and Treatment of Cancer – Ovarian Cancer Diagnosis and
Treatment Guidelines issued by China Ovarian Cancer Society, Chinese Anti-Cancer Association, (iii)
Guidelines for Diagnosis and Treatment of Ovarian Cancer issued by Chinese Society of Clinical
Oncology, and (iv) NCCN Clinical Practice Guidelines in Oncology issued by National Comprehensive
Cancer Network. These guidelines are developed and issued by reputable professional oncology societies
and are widely recognized and adopted by clinicians in China as authoritative references for OC
treatment. In addition, it is recommended for treatment of 1L maintenance therapy for OC “all-comers,”
the largest addressable segment for OC with an estimated market size of RMB10.8 billion (US$1.5
billion) in China alone by 2033. Senaparib was available in 30 provinces as of December 31, 2025, and
has gained traction through trials led by top-tier KOLs. Following NRDL inclusion in December 2025,
senaparib has been reimbursable for 1L maintenance therapy for OC “all-comers” since January 1, 2026,
a milestone expected to significantly broaden patient access and accelerate uptake across all regions,
especially key clinical regions. In addition, as of the Latest Practicable Date, senaparib has been included
in multiple regional supplemental medical insurance programs and commercial health insurance plans.
Global strategy. Globally, we are pursuing a broad label strategy for senaparib, targeting 1L
maintenance therapy for OC “all-comers” to enable the widest market access. In Europe, our MAA for
senaparib was formally accepted by the EMA in August 2025. To support global commercialization, we
are actively exploring ex-China partnerships and implementing a combination-focused lifecycle
management strategy, including combining senaparib with IMP9064, our A TR inhibitor, to extend IP
protection and maximize market reach. Our licensing of next-generation PARP1 selective inhibitors to
Eikon Therapeutics, a company founded by former Merck & Co. C-suite executives with deep experience
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in the development of PARP1/2 inhibitors, reflects industry recognition of our scientific leadership and
molecule design capabilities. Through this collaboration, we aim to accelerate clinical development and
broaden the global indications of IMP1734 and IMP1707 by leveraging Eikon’s infrastructure and
expertise.
Experienced Leadership and World-Class Scientific Advisory Board
Leadership. We are led by a seasoned management team with an average of over 20 years of
experience in anti-cancer therapies R&D. Collectively, they bring a proven track record across the full
lifecycle of pharmaceutical product development, spanning discovery and preclinical research, clinical
development, regulatory strategy, and commercialization. Many have played key roles in advancing
landmark SL-based and targeted oncology therapies across China, the United States, and Europe. With
over ten years of close collaboration, the team demonstrates strong synergy, complementary expertise,
and a shared commitment to addressing unmet needs in cancer treatment, having led or contributed to
over six successful drug development programs, most notably advancing senaparib from clinical
development to its approval for marketing in China and six other drug candidates through key milestones,
including IND filings and the initiation of global clinical trials.
Scientific advisory board. Supporting our leadership is a world-class Scientific Advisory Board
(SAB), composed of internationally recognized experts in SL, cancer biology, and targeted therapeutics.
Their strategic guidance ensures our R&D remains at the forefront of innovation and aligned with the
latest advances in cancer biology and therapeutic development.
STRENGTHS
Dedicated Player at the Forefront of Synthetic Lethality, a Validated and High-potential Field
We are among the few biotech companies globally dedicated to advancing SL-based precision
therapies. Positioned at the forefront of SL-based precision anti-cancer therapies, we are uniquely
equipped to capitalize on the momentum and value in this validated, high-growth market. Our pipeline
is among the most comprehensive and advanced in the SL space. This portfolio validates our leading
position in both scientific innovation and clinical execution, and enables us to unlock combination
therapy opportunities, especially among our own drug candidates.
Our Core Product, Senaparib, a PARP 1/2 Inhibitor Approved in China with a Compelling Clinical
Profile and the Potential to Unlock Commercial and Clinical Value in China and Globally
Senaparib (IMP4297) is a PARP1/2 inhibitor with a compelling clinical profile, demonstrating the
most favorable PFS outcome and poised for global and multi-indication expansion. We are actively
advancing the clinical and regulatory development of senaparib globally and across multiple indications,
and plan to explore combinations of it with emerging modalities such as ADCs and RDCs. Senaparib has
already been included in several China national OC treatment guidelines, and is recommended for
treatment of 1L maintenance therapy for OC “all-comers,” the largest addressable segment for OC with
an estimated market size of RMB10.8 billion (US$1.5 billion) in China alone by 2033. The collaboration
with Zhongmei Huadong has positioned senaparib well in the start. Senaparib has already gained access
to approximately 300 DTP pharmacies and achieved coverage across more than 900 medical institutions
as of the Latest Practicable Date. Senaparib has been reimbursable for 1L maintenance therapy for OC
“all-comers” since January 1, 2026, which we believe will significantly broaden patient access and
accelerate uptake across all regions, especially key clinical regions.
A Leading Developer of Next-Generation PARP1 Selective Inhibitors with Global Clinical
Validation
We are one of the leading global developers of PARP inhibitors, advancing beyond traditional
PARP1/2 inhibition to develop next-generation PARP1 selective inhibitors. While PARP1/2 inhibitors
have demonstrated clinical utility, their broader application is constrained by toxicity, resistance, and
limited compatibility with combination therapies — challenges largely attributed to PARP2 inhibition
and its associated hematologic toxicity. These limitations have driven the development of PARP1
selective inhibitors, which offer advantages such as enabling combination regimens, and potentially
expanding monotherapy activity beyond classical homologous recombination deficiency (HRD) settings.
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Our PARP1 selective inhibitor candidates are among the most advanced worldwide, demonstrating
significantly higher selectivity for PARP1 over PARP2. Our discovery efforts are grounded in rigorous
science, with over 400 molecules designed and synthesized across four distinct chemical series to
optimize selectivity, in vitro and in vivo activity, and pharmacokinetics. Our pipeline includes two
differentiated clinical-stage PARP1 selective inhibitors, IMP1734 and IMP1707, both protected by global
patents and currently in global Phase I/II trials including in the United States, China and Europe. Our
strategic partnership with Eikon reflects industry recognition of our scientific leadership and molecule
design capabilities. Through this collaboration, we aim to accelerate global clinical development and
expand indications for IMP1734 and IMP1707 by leveraging Eikon’s infrastructure and strategic
expertise, reinforcing our position as a leading developer of novel SL therapeutics.
Broad and Deep Synthetic Lethality Pipeline of Differentiated Drug Candidates Covering Multiple
Critical Targets beyond PARP, Suggesting Huge Synergistic Potential
We have built one of the most comprehensive and clinically advanced SL pipelines in China and
globally, according to Frost & Sullivan, with one commercial-stage, four clinical-stage and seven
pre-IND assets spanning a broad range of critical SL targets beyond PARP1/2, PARP1, such as A TR,
WEE1, PKMYT1/WEE1, DHX9, A TM, USP1, and CHK1/2, and emerging modalities such as novel ADC
and degrader candidates. This structurally diverse portfolio reflects our deep biological insight and
chemistry capabilities, positioning us to unlock significant synergies across our own drug candidates and
pursue combination therapies with high translational potential. All pipeline assets are protected by global
intellectual property, reinforcing our leadership in the SL space. Our broad and deep SL portfolio reflects
our commitment to advancing differentiated, mechanism-driven therapies and positions us to lead the
next generation of targeted therapies.
A Profound Understanding of Science, Empowered by a Highly Effective R&D Platform to Bring
Forward the Innovation in Synthetic Lethality
Our profound understanding of SL is driven by a highly effective and integrated R&D platform.
From discovery to commercialization, we challenge convention to deliver transformative cancer
therapies where they are needed most. We lead with science-driven innovation, building a portfolio on
deep biological insight, rational molecule design, thoughtful clinical strategy, and a deep understanding
of the market. Our clinical development strategy is designed to fully leverage these capabilities by
integrating biological insight, understanding of competitive landscape, and operational efficiency. To
maximize clinical impact and R&D efficiency, we employ two approaches: a fast-to-PoC strategy that
rapidly validates clinical potential and mitigates early-stage risks; and a fast-to-market strategy that
compresses development timelines, including advancing select drug candidates directly from Phase I to
Phase III.
A Seasoned Management Team with a Proven Track Record, Supported by a World-class Scientific
Advisory Board and Industry-leading Investors
Our seasoned senior management team brings extensive experience across key functions of drug
discovery, development, and commercialization, driving the company’s development through their
practical contributions. Dr. Sui Xiong Cai, our Chief Executive Officer, serves as the scientific and
strategic cornerstone with over 30 years of experience in drug discovery and development and more than
100 granted U.S. patents, having previously held senior roles at EpiCept, Maxim Pharmaceuticals, and
Cytovia Inc., where he advanced multiple oncology programs into clinical trials. Dr. Y e Edward Tian,
Executive Vice President and Chief Scientific Officer, brings over 30 years of experience, having led
projects licensed to Pfizer and advanced several drug discovery projects to clinical trials, with one
receiving NDA approval. Dr. Cong Xu, our Chairman, has 15 years of experience in clinical development
and medical affairs, including leadership roles at Eli Lilly, and currently serves as a Managing Director
at Lilly Asia V entures; he oversees corporate governance and works closely with management to
formulate strategic direction, having helped secure two rounds of financing during the 2022-2025 market
downturn, complete the overseas business development transaction with Eikon, and establish the
partnership with Zhongmei Huadong in China. Ms. Y an Hua Xu, Senior Vice President, has nearly 20
years of experience as a clinical physician and in clinical development of new oncology drugs, having
previously served at NewBay Pharma and as a Medical Director in Global R&D at AstraZeneca for
immuno-oncology assets in advanced liver cancer. Ms. Ning Ma, Executive Vice President, has nearly
20 years of experience in research, CMC, preclinical, and portfolio project management, having led the
team that achieved NDA approval for senaparib in China and previously held positions at Roche and the
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GSK China R&D Center. Collectively, our management team has contributed to the development of over
ten oncology drugs that have advanced into clinical trials or received regulatory approval. Supporting our
leadership is a world-class Scientific Advisory Board comprising internationally recognized experts in
SL, cancer biology, and targeted therapeutics, including Dr. Alan D. D’Andrea (Fuller-American Cancer
Society Professor of Radiation Oncology at Harvard Medical School) and Dr. Timothy Y ap (Medical
Oncologist and Physician-Scientist at the University of Texas MD Anderson Cancer Center), who provide
strategic guidance across scientific, clinical, and commercial dimensions. We are backed by a strong
syndicate of industry-leading investors, including LA V , Decheng, China Summit, and Tencent, who bring
deep domain expertise and long-term support for our growth strategy.
STRATEGIES
Unlock the Full-cycle Value of Senaparib as the Cornerstone of Our Growth through
Commercialization, Indication Expansion, and Global Development
Senaparib is our core commercial product, and serves as the foundation of our growth strategy. We
are committed to unlocking its full-cycle value through three strategic pillars: First, to ramp up domestic
commercialization in China, we aim to accelerate market entry and expand patient access through our
strategic partnership with Zhongmei Huadong, leveraging their extensive oncology sales network for
targeted hospital penetration while implementing patient education initiatives and adopting a value-based
pricing model aligned with senaparib’s demonstrated clinical benefits. Second, for indication expansion,
we are actively developing senaparib for new indications with a focus on combination therapies,
advancing it in later-line settings while exploring synergistic combinations such as senaparib with
IMP9064 and senaparib with TMZ, with plans to further evaluate combinations with ADCs, RDCs,
anti-angiogenic agents, and ICIs to extend from single-tumor to multi-tumor applications. Third, to
support global development and sustainable long-term growth, we are pursuing regulatory clearances in
key markets and plan to adopt flexible partnership models, such as co-development and licensing
arrangements, to leverage partners’ expertise in regulatory pathways and commercialization while
reducing operational burdens and accelerating timelines.
Enhance our Synthetic Lethality Capabilities by Strategically Developing our Pipeline
We are strategically advancing our pipeline assets by leveraging our deep expertise in SL, with a
focus on product differentiation and development efficiency to accelerate clinical development and
commercialization. Our differentiate-to-dominate strategy involves differentiating our assets at the
molecule, target, and indication levels, designing molecules targeting novel SL pathways while focusing
on unmet medical needs for mature targets like PARP1/2, such as addressing patient resistance and
reducing toxicity, thereby demonstrating differentiated clinical value and strategically avoiding crowded
markets. To expedite development and commercialization, we implement fast-to-PoC/fast-to-market
strategies involving flexible and accelerated development approaches tailored to each asset’s stage and
performance, evaluating both monotherapies and combination therapies to optimize efficiency and
maximize asset value. Additionally, our combination and indication expansion strategy explores
synergies with ADCs, RDCs, and immuno-oncology agents to enhance responses to hard-to-treat tumors,
with plans to expand beyond our core indication of OC into other solid tumors such as breast cancer,
pancreatic cancer, prostate cancer, and SCLC via clinical validation to support global market entry.
Maximize the Value of Pipeline Assets through Global Partnerships
We seek to unlock the full clinical and commercial potential of high-quality assets through
selective global partnerships, leveraging their complementary capabilities and global networks, by
collaborating with leading biopharmaceutical companies possessing strengths in SL expertise, large-scale
manufacturing, and established commercial infrastructure. Our successful partnership with Eikon for our
next-generation PARP1 selective inhibitors serves as a model for these future collaborations and
validates our ability to execute this strategy. Building on this model, we intend to employ flexible deal
structures, such as out-licensing, co-development, and co-commercialization arrangements, tailored to
each asset and market, to accelerate global clinical development, broaden patient access, and monetize
international opportunities of our pipeline assets, combining our R&D strengths with our partners’
resources to efficiently bring novel therapies to patients worldwide.
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Invest in R&D to Expand Innovation Frontiers and Maintain a Competitive Edge
To maintain our leadership in SL and drive long-term growth, we are strategically investing in
research and development across three key areas: First, to broaden SL and therapeutic boundaries, we aim
to balance the de-risked development of validated targets with the exploration of novel, first-in-class
therapies guided by rigorous scientific criteria, including strong preclinical data and mechanistic
rationale, while expanding the application of SL approach to emerging modalities such as novel ADCs,
protein degraders, and molecular glue to match the most effective modality to each target and unlock new
therapeutic possibilities. Second, to strengthen R&D capabilities, we intend to continuously enhance
science-driven target selection to design novel mechanisms and enable precise treatments, while
optimizing molecular design via an elite research team and strengthening our technology platforms.
Third, to optimize operations and talent, we will streamline R&D through cross-functional integration
and strategic resource allocation to improve efficiency, while continuing to recruit top-tier talents in
discovery, clinical development, and commercialization to support our growing pipeline, platform, and
marketing capabilities.
OUR PIPELINE
Since our founding, we have remained committed to developing targeted cancer therapies with a
strategic focus on SL. As of the Latest Practicable Date, our pipeline comprised of one commercial-stage,
four clinical-stage and seven pre-IND stage assets, representing one of the most comprehensive and
advanced SL portfolios in China and worldwide, according to Frost & Sullivan. Our pipeline consists of
(i) senaparib (IMP4297), our Core Product, a PARP1/2 inhibitor approved in China as 1L maintenance
therapy for OC “all-comers,” with a compelling clinical profile, (ii) IMP1734, a highly potent,
next-generation PARP1 selective inhibitor, (iii) IMP9064, an A TR selective inhibitor, (iv) IMP1707, a
CNS penetrant, PARP1 selective inhibitor, (v) IMP7068, the most clinically advanced WEE1 inhibitor in
China, (vi) seven preclinical assets targeting most of the key SL targets such as PKMYT1/WEE1, DHX9,
A TM, USP1 and CHK1/2, and emerging modalities such as novel ADC and degrader candidates.
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Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with a Compelling Clinical Profile
Overview
Senaparib (IMP4297), our Core Product, is a PARP1/2 inhibitor approved as 1L maintenance
therapy for OC “all-comers” in China in January 2025. We are actively advancing senaparib’s clinical
and regulatory progress globally and across various indications under a thoughtful plan. In Europe, the
MAA for senaparib as 1L maintenance therapy for OC “all-comers” was accepted by the EMA in August
2025, with approval expected in the second half of 2026. Given its wide therapeutic window, we are
strategically exploring senaparib’s potential in combination therapies, including (i) with A TR inhibitor
IMP9064, our Key Product, in Phase I/II trial for PARP inhibitor-treated OC and (ii) with TMZ in another
global Phase Ib/II trial for SCLC, which has received ODD from the FDA. To further expand the
therapeutic potential of senaparib, we plan to explore combinations of it with emerging modalities such
as ADCs and RDCs.
Mechanism of Action
Senaparib has demonstrated excellent potency and selectivity in vitro . Senaparib’s compelling
clinical profile is rooted in its highly differentiated molecular structure. At the core of senaparib is a
bicyclic ring structure that serves as the foundation for its potent PARP inhibitory activity. This core is
complemented by a long tail structure specifically engineered without a basic amino group; this crucial
modification minimizes binding to unintended biological targets, resulting in an excellent off-target
selectivity profile and contributing to its favorable tolerability, and wide therapeutic window.
Furthermore, the strategic incorporation of a fluorine atom substituent onto the bicyclic ring significantly
enhances the molecule’s metabolic stability and cellular activity, which translates directly into an
improved pharmacokinetic profile and robust anti-tumor efficacy. The following diagram illustrates the
molecule design of senaparib:
Source: Company data
Senaparib exerts anti-tumor effects through a dual cytotoxic mechanism: “PARP enzyme
inhibition” and “PARP trapping”. First, as a PARP inhibitor, senaparib selectively inhibits PARP1/2, key
enzymes in the base excision repair (BER) pathway. By blocking PARP activity, and thus the PARylation
process, senaparib prevents BER proteins from being recruited, leading to unrepaired damage that
accumulate over time. Second, senaparib enhances this damage via PARP trapping that creates physical
barriers leading to lethal damage.
The therapeutic specificity of senaparib lies in exploiting the SL pair of PARP (PARP1/2) and HRR
pathways (e.g., BRCA1/2). Alone, dysfunction in either pathway is tolerable: HRR-deficient cells (e.g.,
BRCA
mut) can still use BER to repair damage and survive, while PARP inhibition in HRR-intact cells
(e.g., normal cells) is compensated by HRR repairing damage. However, when senaparib’s dual
mechanisms (PARP inhibition and PARP trapping) induce damage in HRR mutated (HRR
mut) cancer
cells, the cells lose their only damage repair pathway. Unrepaired damage accumulates and eventually
causes cancer cell death.
Market Opportunity and Competition
Since hitting the market in 2014, PARP1/2 inhibitors have transformed cancer treatment by
harnessing the principle of SL to selectively target cancer cells, with significant impact in ovarian, breast,
prostate and pancreatic cancers.
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Market opportunities for treatment of ovarian cancer
OC is one of the most lethal malignancies affecting women, with a mortality rate that ranks among
the highest for female cancers. OC patients typically receive 1L systemic therapy upon diagnosis.
Following completion of initial treatment, patients who achieve complete or partial response generally
enter the 1L maintenance phase as part of the standard treatment paradigm. As such, 1L maintenance
therapy represents the largest and most broadly applicable treated population within the overall OC
patient pool. In 2024, the targeted patient population for OC 1L maintenance therapy was 182.0 thousand
globally and 41.7 thousand in China. For 3L+ BRCA
mut OC in the same year, global incidence reached
11.9 thousand, with 2.2 thousand cases in China. The global and China OC drug markets have
experienced rapid growth and are expected to continue expanding strongly through 2033, driven
primarily by 1L maintenance therapy and later-line BRCAmut treatments, with 1L maintenance
accounting for the largest share of market demand. For details, see “Industry Overview — Global
PARP1/2 Inhibitor Market — Market Opportunities for PARP1/2 Inhibitors — Ovarian Cancer — Market
Size of Ovarian Cancer Drugs.”.
Unlike other agents that enter the market as niche late-line therapies, senaparib targets IL OC
maintenance, addressing the largest patient population with all OC patients eligible for treatment. In
addition, senaparib benefits from certain regulatory changes, as the latest requirement of head-to-head
comparisons with approved therapies beyond placebo-controlled trials create higher barriers to entry for
competitors, particularly given senaparib’s compelling clinical profile. Specifically, in November 2021,
the CDE issued the Guiding Principles, which require that where BSC is available, BSC should be
selected as the preferred control rather than a placebo. The FLAMES study, initiated in December 2019
before any PARP inhibitor or other therapy had been approved in China for 1L maintenance treatment
of OC “all-comers” and before the Guiding Principles were issued, was appropriately designed as a
placebo-controlled trial. Following the issuance of the Guiding Principles, new PARP inhibitors
advancing into Phase III for this indication must compare against BSC in head-to-head settings. As of
the Latest Practicable Date, there were four PARP1/2 inhibitors approved for 1L maintenance therapy for
OC “all-comers” globally, including senaparib, niraparib, and fluzoparib approved by the NMPA and
niraparib and rucaparib overseas.
Market opportunities for treatment of SCLC
Lung cancer is the most common cancer and the leading cause of cancer death worldwide. SCLC
accounts for 15% of all lung cancer cases. The global incidence of SCLC was approximately 393.7
thousand in 2024, and is expected to reach approximately 449.9 thousand and 496.3 thousand in 2029
and 2033, respectively. In China, the incidence of SCLC was approximately 168.0 thousand in 2024, and
is expected to reach approximately 189.9 thousand and 206.0 thousand in 2029 and 2033, respectively.
Specifically, the incidence of relapsed ES-SCLC reached 206.9 thousand globally and 94.7 thousand in
China.
Despite recent progress in treatment regimens, significant unmet medical needs persist in SCLC.
The disease remains difficult to treat due to its aggressive nature, high relapse rates, and lack of
actionable molecular targets. As of the Latest Practicable Date, there were no PARP inhibitors approved
for the treatment of SCLC globally. As of the same date, there was only one PARP1/2 inhibitor targeting
SCLC under Phase III clinical development.
Competitive Advantages
Compelling efficacy profile
Senaparib has demonstrated significant anti-tumor activity in multiple tumor types in Phase I trials
in advanced solid tumors in China and Australia. Senaparib distinguishes itself from other PARP1/2
inhibitors with its compelling clinical profile observed in the FLAMES study, the results of which were
presented at major academic conferences including 2023 ESMO Congress and the 2024 CSCO Annual
Meeting and published in the leading international medical journal Nature Medicine (Impact Factor
82.9).
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In the FLAMES study, senaparib as 1L maintenance monotherapy led to an unprecedented
reduction in the risk of progression or death versus placebo in a broad patient population with advanced
OC, irrespective of BRCA mutation status and with consistent benefits observed between homologous
recombination subgroups. Notably, at the prespecified interim analysis, the median PFS was NR with
senaparib versus 13.6 months with placebo (HR = 0.43, 95% CI 0.32-0.58; p<0.0001). Senaparib was
associated with a 57% reduction in the risk of progression or death compared with placebo, representing
the most favorable PFS outcome among PARP1/2 inhibitors for 1L maintenance therapy for OC
“all-comers” in China, setting a new benchmark in this class.
Moreover, the evident PFS benefits with senaparib over placebo was observed in subgroups of OC
patients with BRCA mut and BRCA wt subgroups and in subgroups defined by homologous recombination
status. These findings support senaparib as 1L maintenance therapy for OC “all-comers” irrespective of
mutation types. As shown in the FLAMES study, the clinical benefits of senaparib also included
prolongation of the chemotherapy-free interval and time to first subsequent anti-cancer therapy or death.
Favorable safety profile and wide therapeutic window
Senaparib is well tolerated with differentiated safety profile. Based on registrational trials,
compared with other marketed PARP inhibitors, non-hematologic AEs for senaparib were numerically
fewer and milder (mostly Grade 1 or Grade 2), which favors patient compliance as supported by the lower
incidence of TEAEs leading to treatment discontinuation (4.4%). No hypertension risk related to
senaparib was observed, reducing overall risk of treatment. Also, the other common gastrointestinal
toxicities, such as vomiting, diarrhea and constipation, are also less common with senaparib compared
with other PARP inhibitors. In addition, the clinical results of the FLAMES study suggested that the
management of treatment-related toxicity can be achieved by dose reduction (100, 80, 60, 40 mg) without
compromising efficacy, which aligns with the wide therapeutic window demonstrated in its preclinical
and Phase I studies. Collectively, these findings suggest that the high potency, good tolerability and wide
therapeutic window of senaparib allow for tumor exposure to higher doses compared with other PARP
inhibitors.
Potential in combination therapy with other anti-cancer agents
We believe we are in a unique position to explore a significant number of combinations, both with
other therapies and among our in-house pipeline assets, to unlock the synergistic potential of our drug
candidates. We are advancing senaparib in combination therapies, including (i) with A TR Inhibitor
IMP9064, our Key Product, in a Phase I/II trial for PARP inhibitor-treated OC, and (ii) with TMZ in a
global Phase Ib/II trial for SCLC, for which we obtained ODD from the FDA.
In the global Phase Ib/II trial combining senaparib with TMZ, clinical survival benefit was
observed for the combination of continuous senaparib with intermittent low-dose TMZ (D1-21 of a
28-day cycle) in relapsed extensive stage ES-SCLC patients, regardless of platinum sensitivity, with
quicker tumor shrinkage during the first 2 cycles, which compares favorably to the current 2L treatment
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options. In particular, the median overall survival (mOS) of 12.4 months in the overall population was
longer than current approved 2L treatment where mOS is 9.3 months and similar to 1L immunotherapy
contained treatment of ES-SCLC. Additionally, the results of this global Phase Ib/II trial combining
senaparib with TMZ showed a trend of better survival benefit in the patients with pathogenic mutations
of FANC. The most common TEAE (hematological toxicity) could be well managed and no TEAE with
fatal outcome was reported. Clinically meaningful survival benefit with tolerable safety profile warrants
further investigation of senaparib in combination with TMZ in 2L ES-SCLC.
Summary of Clinical Trials
Following the IND approval from the NMPA and the acknowledgment of our Clinical Trial
Notification (“CTN”) by the TGA, we initiated Phase I trials for senaparib in patients with advanced
solid tumors in Australia and China in January 2017 and August 2017, respectively, and primarily
completed the Phase I China trial in April 2019, when the primary readout data, including the primary
endpoints of safety and tolerability, as well as key secondary endpoints including PK, had been generated
and analyzed. The primary endpoints of the Phase I China trial were reached in April 2019. The Australia
and China Phase I trials subsequently reached final completion, marked by the completion of the final
data analysis, in September 2020 and June 2020, respectively. Based on the encouraging primary readout
data, and following consultation with the CDE, we initiated the FLAMES Phase III registrational trial
for OC 1L maintenance in China in December 2019 and the SABRINA Phase II registrational trial for
3L BRCA
mut OC in China in October 2019. The table below sets forth an overview of our key clinical
trials for senaparib:
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Trial
Sponsor/Subject/
Trial Status Primary Endpoint Secondary Endpoint Trial Key Summary (2)
Phase III China
Registrational Trial
(FLAMES)
(NCT04169997)
(December 2019 –
December 2026
(expected)) /H1118/H1118/H1118/H1118/H1118
 The Company
 Advanced OC in 1L
maintenance setting
 Primary trial completed in
March 2023 with follow-up
study ongoing
PFS assessed by BICR using
RECIST v1.1
Investigator-assessed PFS,
chemotherapy-free interval,
time to first subsequent
therapy or death, time to
treatment discontinuation or
death and health-related
quality of life, and OS
A total of 404 subjects were enrolled in this trial. At the interim
data analysis with data cut off on March 16, 2023, this trial
met its primary endpoint with statistical significance
(HR: 0.43, 95% CI: 0.32–0.58;
p < 0.0001). Senaparib significantly improved PFS versus
placebo in patients with advanced ovarian cancer after
response to first-line platinum-based chemotherapy,
irrespective of BRCA1 and BRCA2 mutation status and with
consistent benefits observed between homologous
recombination subgroups. Findings from secondary endpoints
(Investigator-assessed PFS, chemotherapy-free interval, time
to first subsequent therapy or death, and time to treatment
discontinuation or death) further affirmed senaparib’s
superiority ( p < 0.05). OS is not mature and follow-up is still
ongoing. Senaparib was generally well tolerated
Phase II China Trial
(SABRINA)
(NCT04089189)
(October 2019 –
December 2024) /H1118/H1118
 The Company
 Advanced BRCA
mut OC in
3L+ setting
 Completed
ORR assessed by an
independent review
committee (“IRC”)
DCR, DoR, PFS, OS and
safety
A total of 93 subjects with germline and/or somatic BRCA
mut
advanced OC were enrolled. The primary endpoint ORR
assessed by IRC was 65.6% (95% CI: 55.02%, 75.14%), met
on December 17, 2024. DCR was 93.5% (95% CI: 86.48%,
97.60%). The median DoR was 10.35 months (95% CI: 7.49,
12.88). The median PFS was 11.14 months (95% CI: 8.31,
13.80). The median OS was 42.45 months (95% CI: 28.75,
NR). Senaparib demonstrated clinically meaningful anti-tumor
activity in BRCA
mut 3L+ OC, and manageable safety profile
Phase Ib/II Global
Trials
(NCT04434482)
(August 2020 –
March 2024) /H1118/H1118/H1118/H1118
 The Company
 ES-SCLC patients with
disease progression after one
course of 1L standard
platinum-based therapy
 Trial completed in March
2024 with biomarker analysis
ongoing
ORR per RECIST v1.1 PFS, TTR, DoR, DCR, OS,
safety, PK
59 patients were enrolled for this trial including 14 in Part I
(dose escalation) and 45 in Part II (dose expansion). In Part
II, ORR was 13.3% (95% CI: 5.1, 26.8). DCR was 57.8%
(95% CI: 42.2, 72.3). Median TTR was 1.774 (95% CI: 1.64,
1.94) months. Median DoR was 4.780 (95% CI: 3.483, NR)
months. Median PFS was 3.713 (95% CI: 1.840, 5.388)
months. Median OS was 11.795 (95% CI: 7.721, 13.634)
months. Clinical survival benefit was observed. Senaparib
was well tolerated in this trial
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Trial
Sponsor/Subject/
Trial Status Primary Endpoint Secondary Endpoint Trial Key Summary (2)
Phase I China Trial
(NCT03508011)
(August 2017 –
June 2020)
(1) /H1118/H1118/H1118/H1118
 The Company
 Patients with advanced solid
tumors for whom standard
therapy either does not exist
or has proven to be ineffective
or intolerable
 Completed
Safety and tolerability PK and preliminary efficacy,
including ORR, DCR, and
PFS
A total of 57 patients in 10 cohorts were enrolled. Senaparib
demonstrated good safety/tolerability and preliminary anti-
tumor efficacy. No DLT occurred. RP2D was 100 mg QD.
ORR was 22.7%, DCR was 73.1%, and median PFS was 167
days
Phase I Australia Trial
(NCT03507543)
(January 2017 –
September 2020) /H1118/H1118
 The Company
 Participants with advanced
solid tumors
 Completed
Safety and tolerability PK and preliminary efficacy,
including ORR, DCR, and
PFS
A total of 39 patients in 10 cohorts were enrolled. Senaparib
demonstrated showed good safety/tolerability and preliminary
anti-tumor efficacy. No DLT occurred. RP2D was 100 mg
QD. ORR was 13.6%, DCR was 81.8%, and median PFS was
5.72 months
Note:
(1) The date range reflects the period from trial initiation to final completion, marked by the completion of the final data analysis. We regard the Pha se I China trial as having reached primary completion
upon completion of the primary data readout in April 2019, when the primary and key secondary endpoints had been generated and analyzed. According to F rost & Sullivan, it is consistent with industry
practice to regard the primary data readout date as the substantive completion milestone of a Phase I clinical trial, and the subsequent preparation a nd finalization of the clinical study report does
not affect the determination of primary completion or the Company’s ability to proceed with subsequent clinical development.
(2) Clinical trials of senaparib and our other drug candidates have observed certain adverse events (AEs) that led to patient withdrawal or study disc ontinuation, which is common for drug development.
For senaparib, the most commonly reported reactions include hematologic toxicities, elevations in liver function parameters, gastrointestinal e ffects and general systemic reactions. As described in
the senaparib drug label approved by the NMPA, which is based on pooled safety data from 459 patients treated with senaparib monotherapy across four cl inical studies, hematologic toxicities are
the most common adverse reactions. Permanent discontinuations due to hematologic toxicities included anemia (2.0%), thrombocytopenia (2.4%), le ukopenia (0.4%) and neutropenia (0.2%).
Gastrointestinal toxicities such as nausea and vomiting were also reported, with permanent discontinuations of 0% for nausea and 0.2% for vomiting.
The observed AEs leading to treatment discontinuation are generally manageable. As set out in the approved drug label, dose interruption and dose red uction measures (including three dose levels
of 80 mg, 60 mg and 40 mg) are available to manage both hematologic and non-hematologic toxicities. The label also provides detailed guidance on monito ring requirements, including regular complete
blood count assessments, and specifies dose adjustment or treatment interruption protocols for different types and severities of AEs. For details, see “Commercialization — Prescribing Information
for Senaparib.”
The AEs observed in clinical trials of senaparib that led to treatment discontinuation, particularly hematologic and gastrointestinal toxicities , are consistent with the known safety profile of PARP
inhibitors as a class. In addition, senaparib has demonstrated a favorable safety profile in respect of non-hematologic AEs, which are numerically f ewer and milder compared with other marketed PARP
inhibitors. AEs from drugs or combination therapies could cause a range of negative consequences. See “Risk Factors — Risks Relating to the Developme nt of Our Drug Candidates — AEs caused
by our drugs could interrupt, delay or halt clinical trials, delay or prevent regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following
any regulatory approval.” We believe that the AEs observed in the clinical trials of senaparib and our other drug candidates that led to patient withdr awal or study discontinuation have not had, and
are not expected to have a material adverse impact on their prospects and commercialization, primarily because (i) the incidence of AEs leading to per manent study discontinuation is relatively low,
(ii) such AEs are generally manageable and reversible through established dose modification and monitoring strategies, and (iii) the safety profil e of senaparib and our other drug candidates does not
introduce new or unexpected safety signals compared with marketed PARP inhibitors or products of the same class. In addition, for senaparib, the safe ty results, including the incidence of AEs, have
been reviewed and accepted by the NMPA as part of the NDA approval process supporting a favorable benefit-risk balance under the approved indications .
We will continue to monitor the safety profile of senaparib and other drug candidates through ongoing clinical follow-up and post-marketing pharmac ovigilance activities and will update our risk
management measures as appropriate in accordance with regulatory requirements and emerging clinical evidence.
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Phase III registrational trial of senaparib as maintenance treatment following 1L chemotherapy in
patients with advanced OC in China (FLAMES) (NCT04169997)
Overview. The FLAMES study is a Phase III randomized, double-blind, placebo-controlled,
multicenter trial in China to evaluate the efficacy and safety of senaparib versus placebo as the
maintenance treatment for subjects with advanced (FIGO Stage III-IV) OC who are in response
(complete or partial) following 1L platinum-based chemotherapy.
Trial design. The trial design flow chart is illustrated as follow.
Key eligibilities:
• Newly diagnosed, FIGO stage III-IV ,
 high grade serous or endometrioid
 ovarian, fallopian tube or primary
 peritoneal cancer
• PFS by BICR (RECIST v1.1)
• Subjects with complete response
 or partial response following 1L
 platinum-based chemotherapy
• Subjects must be randomized
 within 8 weeks after last dose of
 the chemotherapy
Primary Endpoint
• OS
• PFS by investigator assessment (RECIST v1.1)
• Safety
• Time from randomisation to study treatment
 discontinuation or death
• Time from randomisation to first subsequent
 therapy or death
• Chemotherapy free interval
• HRQol (FACT-O TOI score)
Secondary Endpoints
Senaparib 100 mg QD
(n=271)
Placebo 100 mg QD
(n=133)
• Response to platinum-based chemotherapy (CR/PR )
• Status of BRCA mutations (positive/negative)
Stratification factors:
Treatment continued for up to 2 years or until disease
progression, unacceptable toxicity
R
2:1
N=404
Source: Company data
Notes: BICR = blinded independent central review, F ACT-O = Functional Assessment of Cancer Therapy — Ovarian, FIGO =
Federation of Gynecology and Obstetrics, HRQoL = health-related quality of life, OS = overall survival, PFS = progression-free
survival, QD = once daily, RECIST v1.1 = Response Evaluation Criteria in Solid Tumors version 1.1, TOI = Trial Outcome Index
Eligible subjects were randomized at a 2:1 ratio to receive either senaparib 100 mg QD or matched
placebo. Stratification factors included best response to platinum-based chemotherapy (CR/PR) and
BRCA mutation status at baseline (BRCA
mut or BRCA wt). Trial treatment continued, in 28-day cycles,
until the occurrence of any of the following: disease progression assessed by imaging, subject decision
to end treatment, intolerable AEs, pregnancy, severe non-compliance with protocol and/continuous
interruption of the investigational drug for more than 28 days due to non-AEs or having received the
planned dose for 2 years. Dose adjustment (to a minimum of 40 mg once daily) and dose interruption
were permitted to manage treatment-related toxicity.
Tumor assessments were performed at baseline, every 12 weeks (± 1 week) from the date of
randomization until 120 weeks, then every 24 weeks (± 1 week) until objective imaging PD according
to RECIST v1.1. To avoid the potential functional unblinding (e.g. due to the safety profile of the trial
treatment), all computed tomography (CT)/magnetic resonance imaging (MRI) scan data were reviewed
by BICR.
Trial objectives. The primary endpoint of this trial was PFS assessed by BICR using RECIST v1.1.
The PFS was defined as the time from randomization to disease progression or death from any cause. The
key secondary endpoint was OS. Other secondary endpoints included investigator-assessed PFS,
chemotherapy-free interval (time from the final dose of last chemotherapy to the start of the next
anticancer therapy, excluding maintenance therapy), time to first subsequent therapy or death, time to
treatment discontinuation or death and health-related quality of life (change from baseline in FACT-O
TOI score).
Trial status. The trial was initiated in December 2019 with a total of 404 subjects randomized. The
trial met the PFS at first interim analysis and is still ongoing for survival follow-up.
Efficacy results. As of March 16, 2023, the median duration of follow-up in the intention-to-treat
(“ITT”) population was 22.3 months (interquartile range 19.4-25.6). As of the same date, there had been
170 PFS events (n = 88 (33%) in senaparib an dn=8 2 (62%) in placebo). The median PFS by BICR per
RECIST v1.1 was NR in the senaparib arm and was 13.6 months (95% CI 10.9-16.6) in the placebo arm
(HR 0.43, 95% CI 0.32-0.58 ; p < 0.0001), indicating that senaparib led a 57% risk reduction of
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progression or death. The 1- and 2-year rates of PFS were 72% and 63%, respectively, with senaparib and
54% and 31%, respectively, with placebo. All prespecified subgroups analysis was consistent with
primary analysis, as illustrated in the diagram below. Regarding BRCA mutation status, median PFS was
NR with senaparib and 15.6 months (95% CI 11.0-21.4) with placebo (HR 0.43, 95% CI 0.24-0.76) in
patients with BRCA
mut disease and NR and 12.9 months (95% CI 8.3-16.6), respectively, (HR 0.43, 95%
CI 0.30-0.61) in their counterparts with BRCA wt disease.
The following charts set forth the PFS assessed by BICR per RECIST v1.1 in ITT populations and
subgroup analyses of PFS in patients treated with senaparib or placebo.
Source: Company data
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Notes: a, b, Kaplan–Meier estimates of PFS assessed by BICR per RECIST v1.1 ( a) and subgroup analyses of PFS in patients treated
with senaparib or placebo ( b). The center of the error bars represents HR for PFS in the senaparib group versus the placebo group
and the error bars represent the 95% CI of the HR. The median PFS was estimated using Kaplan–Meier statistics, and the PFS was
compared between treatment arms using the stratified log-rank test. The HR and its 95% CI were estimated using the stratified Cox
proportional hazards model. The median PFS is NR in the senaparib group as the curve does not cross 0.5; NR in the 95% CI denotes
not estimable. The P value was two-sided. *P = 1.5 × 10
-8. n/N, number with progressive disease or death/total number evaluable;
ULN, upper limit of normal.
The following charts set forth the PFS in the subgroups of patients with and without BRCA
mutations.
Source: Company data
Notes: Kaplan–Meier estimates of PFS assessed by BICR per RECIST v1.1.
Exploratory analysis by homologous recombination status showed consistent PFS results across
subgroups. The baseline characteristics across both trial arms in the 222-patient subset were well
balanced and reflective of those in the ITT population, suggesting a representative sample of the overall
trial population. In patients who had tumors with HRD based on the TruSight Oncology 500 HRD assay,
the median PFS was NR in the senaparib arm and 15.7 months (95% CI 11.0-21.3) in the placebo arm
(HR 0.36, 95% CI 0.22-0.61). The median PFS was NR with senaparib and 15.7 months (95% CI
11.6-NR) with placebo in patients with BRCA
mut disease based on the TruSight Oncology 500 HRD assay
(HR 0.47, 95% CI 0.21-1.03), and this was NR with senaparib and 12.9 months (95% CI 8.3-21.3) with
placebo in those with HRD and without BRCA mutations (HR 0.30, 95% CI 0.15-0.60). In patients with
HRP , the median PFS was 27.1 months (95% CI 8.4-NR) and 19.5 months (95% CI 7.8-NR) in the
senaparib and placebo arms, respectively (HR 0.74, 95% CI 0.36-1.54). Among patients with a Genomic
Instability Score (“GIS”) score /H1135042, a subset of the HRD subgroup, the median PFS was NR with
senaparib and 16.6 months (95% CI 11.0-21.4) with placebo (HR 0.36, 95% CI 0.21-0.64).
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Along with the substantial PFS benefit observed in prescribed groups, findings from secondary
endpoints further affirm senaparib’s superiority. The median investigator-assessed PFS was consistent
with that assessed by BICR, at NR in the senaparib arm and 11.1 months (95% CI 9.4-15.5) in the placebo
arm (HR 0.43, 95% CI 0.32-0.57). PFS as assessed by the investigators favored senaparib in all
prespecified subgroups, including patients with BRCA
mut and BRCA wt disease.
Proportionately fewer patients in the senaparib arm received subsequent anticancer therapy, and the
most common types in both treatment arms were chemotherapy and targeted therapy. The median
chemotherapy-free interval was longer with senaparib at NR versus 16.7 months (95% CI 13.9-23.6) with
placebo (HR 0.41, 95% CI 0.30-0.55). The median time to first subsequent therapy or death was longer
with senaparib at NR versus 14.4 months (95% CI 11.3-17.1) with placebo (HR 0.44, 95% CI 0.33-0.59).
Senaparib was also associated with a longer time to trial treatment discontinuation or death compared
with placebo (median, 23.4 months (95% CI 17.2-24.0) versus 11.4 months (95% CI 8.7-14.1) (HR 0.68,
95% CI 0.54-0.86).
The following chart sets forth a summary of results from secondary endpoints in this trial:
Source: Company data
Overall, this trial met its primary endpoint at this interim analysis, demonstrating that, compared
with placebo, senaparib significantly prolonged PFS in patients with advanced OC who had responded
to 1L platinum-based chemotherapy. The evident PFS benefit with senaparib over placebo was observed
in both the BRCA
mut and BRCA wt subgroups and in subgroups defined by homologous recombination
status. The clinical benefits of senaparib also included prolongation of the chemotherapy-free interval
and time to first subsequent anticancer therapy or death.
Safety results. Senaparib was generally well tolerated with most AEs observed being Grade 1 or
Grade 2 and also demonstrated a favorable non-hematological safety profile. The most common TEAE
at any grade were anemia ( n = 218 (81%)), neutropenia ( n = 206 (76%)), leukopenia ( n = 203 (75%))
and thrombocytopenia ( n = 189 (70%)) in the senaparib arm and neutropenia ( n = 42 (32%)), leukopenia
(n = 38 (29%)), hypertriglyceridemia ( n = 34 (26%)) and transaminase increased ( n = 34 (26%)) in the
placebo arm. The most frequently encountered Grade /H113503 TEAEs with senaparib were also hematological:
anemia ( n = 79 (29%)), thrombocytopenia ( n = 72 (27%)), neutropenia ( n = 67 (25%)) and leukopenia
(n = 32 (12%)). There was just one case of acute myeloid leukemia, in a patient who received senaparib
(<1%), which was considered by the investigator to be related to the trial treatment. There were no
reports of myelodysplastic syndrome in either arm. Serious adverse events (SAEs) occurred in 75 (28%)
patients in the senaparib arm and 5 (4%) in the placebo arm. Among them, the most common events in
the senaparib arm were anemia ( n = 26 (10%)) and thrombocytopenia ( n = 21 (8%)); none in the placebo
arm occurred in more than 1 (1%) patient each. No Grade 5 AEs were reported.
TEAEs led to dose interruption in 207 (77%) and 26 (20%) patients in the senaparib and placebo
arms, respectively. Dose reduction was required as a result of an adverse event for 171 (63%) patients
who received senaparib and for 8 (6%) who received placebo. Permanent treatment discontinuations due
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to adverse events occurred in 12 (4%) patients in the senaparib arm and were caused by
thrombocytopenia ( n = 7 (3%)), anemia ( n = 5 (2%)) and increased transaminase ( n = 1 (<1%)). No
TEAEs leading to death were reported in the trial.
The below table sets forth frequencies of TEAE occurring in greater than or equal to 10% of either
treatment arm (any grade and Grade /H113503).
TEAE of Any Cause in the Safety Analysis Set
Most common treatment-emergent
adverse events by preferred term
Senaparib ( n = 270) Placebo ( n = 133)
All Grade 3-4 a All Grade 3-4 a
Any /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118269 (100%) 179 (66%) 130 (98%) 27 (20%)
Anemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118218 (81%) 79 (29%) 25 (19%) 0
Neutropenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118206 (76%) 67 (25%) 42 (32%) 3 (2%)
Leukopenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118203 (75%) 32 (12%) 38 (29%) 2 (2%)
Thrombocytopenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118189 (70%) 72 (27%) 21 (16%) 0
Transaminase increased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111885 (32%) 3 (1%) 34 (26%) 0
Nausea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874 (27%) 0 13 (10%) 0
Abdominal pain b /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868 (25%) 0 31 (23%) 2 (2%)
Hypertriglyceridemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867 (25%) 13(5%) 35(26%) 5 (4%)
Fatigue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111863 (23%) 1 (<1%) 11 (8%) 0
Weight increased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853 (20%) 1 (<1%) 32 (24%) 4 (3%)
Hypercholesterolemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111852(19%) 0 25 (19%) 0
Hyperglycemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111851 (19%) 0 30 (23%) 1 (1%)
Dizziness /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111847 (17%) 0 11 (8%) 0
Urinary tract infection /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111846 (17%) 1 (<1%) 21 (16%) 0
Diarrhea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111842 (16%) 3 (1%) 10 (8%) 1 (1%)
Hematuria /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111840 (15%) 0 14 (11%) 0
Lymphopenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111840 (15%) 4 (2%) 11 (8%) 0
Source: Company data
Notes: The data are presented as n (%). Listed are adverse events of any grade that occurred in at least 15% of patients in
any group and Grade 3-4 occurring in /H113502% in any group. a. There were no Grade 5 adverse events in either treatment arm.
b. Includes abdominal pain, abdominal pain upper , abdominal pain lower , abdominal discomfort and epigastric discomfort.
For PARP1/2 inhibitors, hematologic toxicity is an anticipated and manageable class effect that can
be addressed through dose modifications, while non-hematologic adverse events, particularly
gastrointestinal toxicities such as nausea, vomiting, and diarrhea, are the primary drivers of treatment
discontinuation and significantly impact patient quality of life during extended treatment periods.
Hematological toxicity is a common class effect of PARP inhibitors. Hematological AEs were common
with senaparib; however, these AEs associated with senaparib were mostly manageable and resolved with
dose modifications and rarely led to treatment discontinuation (<5%). The most frequently encountered
Grade 3 TEAEs with senaparib were hematological: anemia ( n = 79 (29%)), thrombocytopenia ( n =7 2
(27%)), neutropenia ( n = 67 (25%)) and leukopenia ( n = 32 (12%)). These hematologic toxicities were
manageable through dose interruption (77% of patients) and dose reduction (63% of patients), with only
4.4% of patients discontinuing treatment due to adverse events. Serious adverse events occurred in 28%
of patients. One case of acute myeloid leukemia was reported (<1%), and no cases of myelodysplastic
syndrome or Grade 5 adverse events were observed. More importantly, senaparib was associated with
less frequent gastrointestinal toxicities than other PARP inhibitors, as evidenced by a lower incidence of
common gastrointestinal AEs such as nausea, vomiting, diarrhea and constipation, which indicates
reduced potential for off-target effects. We drew these conclusions based on comparisons of our clinical
data with published data instead of head-to-head trials. In addition, senaparib was well tolerated, with
no worsening of health-related quality of life compared with placebo, as reflected by time deterioration
in FACT-O TOI.
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Phase II trial of senaparib monotherapy for patients with BRCA mut recurrent platinum-sensitive OC in
China (SABRINA) (NCT04089189)
Overview. This is a Phase II, multicenter, open-label, single-arm, non-randomized clinical trial
conducted in China to evaluate the efficacy, safety and tolerability of senaparib capsules in the treatment
of advanced OC subjects with germline and/or somatic BRCA mut recurrent platinum-sensitive OC
(PSOC) who have received at least 2L standard systemic therapy, and to observe the PK characteristics
of senaparib capsules. Tumor assessments are performed every 8 weeks (± 7 days) during the trial, and
every 12 weeks (± 7 days) after 24 weeks of treatment until documented radiographic PD. Tumor
assessments are performed by both investigators and IRC according to RECIST v1.1.
Trial design. Subjects who met the trial requirements and were successfully enrolled started to
receive senaparib capsules 100 mg QD in 28-day treatment cycles until evidence of PD or until any other
discontinuation criteria. A total of 100 subjects with germline and/or systemic BRCA mut advanced OC
was planned for enrollment, with 93 subjects ultimately enrolled, to observe the efficacy, safety,
tolerability and PK profile of senaparib. Eligible subjects were required to have recurrent, histologically
confirmed non-mucinous epithelial OC, fallopian-tube or primary peritoneal cancer; have received two
or more lines of prior therapy; demonstrate platinum sensitivity (defined as disease progression or
relapse /H113506 months after the last dose of platinum-based therapy); harbor germline or somatic BRCA
mutations; have measurable disease per RECIST v1.1 and an ECOG performance status of 0-1. Subjects
received senaparib orally at a dose of 100 mg once daily, with tumor assessed every 8 weeks. Treatment
continued until disease progression, unacceptable toxicity or death. As of the December 17, 2024 data
cut-off, all 93 enrolled patients had discontinued senaparib treatment, with a median duration of
treatment of 9.5 months. The median age of the enrolled patients was 55 years (range 31 to 77), and 39%
and 61% of patients had an ECOG performance status of 0 and 1, respectively. Additionally, 62% of
patients had a platinum-free interval of 6 to 12 months, while 38% had an interval greater than 12
months, with a median of 2 prior systemic therapies (range 2 to 7).
Trial objectives. The primary objective was to evaluate the confirmed ORR of senaparib in patients
with germline and/or somatic BRCA mut advanced OC, as assessed by an IRC. Secondary endpoints
included DCR assessed by IRC, duration of response (DoR), PFS, and OS assessed by the investigator
and safety.
Trial status. The trial was initiated in October 2019 and completed in December 2024. A total of
93 subjects were enrolled in this trial.
Efficacy results. Efficacy was assessed in 92 patients who received treatment of senaparib and had
both baseline and at least one post-baseline tumor evaluation. As of December 17, 2024 data cut-off date,
the IRC-assessed ORR was 66.3% (95% CI, 55.7-75.8) and DCR was 94.6% (95% CI, 87.8-98.2). The
investigator-assessed ORR was 58.7% (95% CI, 47.8-68.9). Median DOR was 11.1 months (95% CI,
8.7-12.1). Median PFS was 11.1 months (95% CI, 8.3-13.8). Median OS was 42.5 months (95% CI,
28.8-not reached).
The following table sets forth the tumor response assessed by IRC and investigator in this trial:
Response By IRC By Investigator
Assessable patients /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111892 92
Best overall response, n (%)
Complete response /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (1.1) 7 (7.6)
Partial response /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111860 (65.2) 47 (51.1)
Stable disease /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111826 (28.3) 33 (35.9)
Progressive disease /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184 (4.3) 5 (5.4)
NE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (1.1) 0
ORR, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111861 (66.3%) 54 (58.7%)
(95% Cl) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(55.7-75.8) (48.0-68.7)
Disease control rate, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111887 (94.6%) 87 (94.6%)
(95% Cl) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(87.8-98.2) (87.8-98.2)
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The following chart sets forth a summary of the PFS results assessed by IRC as of December 17,
2024 data cut-off date:
Time (month)
Probability of PFS (%)
Events, n (%)
mPFS, months (95% CI)
58 (62.4%)
11.14 (8.31-13.80)
Patient at risk
Senaparib 93 62 43 11 5 2 1 1
Source: Company data
The following chart sets forth a summary of the DoR results assessed by IRC as of December 17,
2024 data cut-off date:
Time (month)
Probability of DOR (%)
Events, n (%)
mDOR, months (95% CI)
36 (59.0%)
10.35 (7.49-12.88)
Patient at risk
Senaparib 61 40 18 7 3 2 1 1
Source: Company data
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The following chart sets forth a summary of the OS results as of December 17, 2024 data cut-off
date:
Time (month)
Probability of survival (%)
Events, n (%)
mOS, months (95% CI)
48 (51.6%)
42.45 (28.75-NR)
Patient at risk
Senaparib 90 93 84 76 65 49 37 22 1 5 2
Source: Company data
Safety results. Senaparib demonstrated manageable safety profile in this trial. TEAEs were
predominantly hematological toxicities. Grade /H113503 non-hematological toxicities were rare. 98% of
patients had TEAEs and 75% had Grade /H113503 TEAEs. 67% and 46% experienced dose interruption and
reduction due to TEAEs. All two fatal TEAEs reported in this trial were unrelated to the treatment of
senaparib. The most common TEAEs ( /H1135020%) were anemia (77%), white blood cell count decreased
(60%), platelet count decreased (56%), neutrophil count decreased (53%) and nausea (28%). Grade /H113503
TEAEs in /H113505% of patients were anemia (46%), neutrophil count decreased (20%), white blood cell
count decreased (20%), and platelet count decreased (17%).
The following table sets forth a summary of TRAEs observed in this trial as of December 17, 2024
data cut-off date:
TRAE, n (%) n=9 3
All TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111886 (92.5)
Grade>=3 TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111860 (64.5)
TRSAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 (25.8)
TRAEs led to dose interruption /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111862 (66.7)
TRAEs led to dose reduction /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111846 (49.5)
TRAEs led to treatment discontinuation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 (6.5)
TRAEs led to death /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0)
Source: Company data
The following table sets forth frequencies of TRAEs by occurring in greater than or equal to 10%
of either treatment arm (any grade and Grade /H113503) as of December 17, 2024 data cut-off date.
SOC
PT All Grade Grade /H113503
Investigations /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111873 (78.5) 30 (32.3)
White blood cell count decreased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111854 (58.1) 15 (16.1)
Platelet count decreased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111851 (54.8) 14 (15.1)
Neutrophil count decreased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111846 (49.5) 17 (18.3)
Lymphocyte count decreased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 (16.1) 5 (5.4)
ALT increased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 (16.1) 0
AST increased /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 (16.1) 0
Weight loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811 (11.8) 1 (1.1)
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SOC
PT All Grade Grade /H113503
Blood and lymphatic system disorders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868 (73.1) 42 (45.2)
Anemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868 (73.1) 41 (44.1)
Gastrointestinal disorders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 (38.7) 4 (4.3)
Nausea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 (26.9) 3 (3.2)
V omiting/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813 (14.0) 1 (1.1)
Metabolism and nutrition disorders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 (30.1) 5 (5.4)
Decreased appetite /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812 (12.9) 0
General disorders and administration site conditions /H1118/H1118 19 (20.4) 0
Fatigue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812 (12.9) 0
Source: Company data
Global Phase Ib/II trial of senaparib in combination with low-dose TMZ in patients with advanced solid
tumors and SCLC (NCT04434482)
Overview. This is a Phase Ib/II, open-label, multi-center, dose-escalation and dose-expansion trial
to evaluate the safety, tolerability, PK characteristics and anti-tumor activity of PARP1/2 inhibitor
senaparib and temozolomide combination therapy in patients with advanced solid tumors and with
ES-SCLC who develops disease progression after 1L platinum-based regimen. Temozolomide was first
approved by the FDA in 1999 for the treatment of refractory anaplastic astrocytoma and was
subsequently approved for newly diagnosed glioblastoma in combination with radiotherapy, followed by
maintenance monotherapy. It is used across 1L, maintenance, and salvage settings. The manufacturer of
temozolomide used in the combination therapy is SUN Pharmaceutical Industries (Europe) B.V .
Scientific and clinical rationale for selecting TMZ in SCLC combinations. TMZ is an oral
alkylating agent that has demonstrated single-agent efficacy in SCLC. In addition, CNS involvement is
a defining clinical challenge in SCLC, and TMZ has favorable CNS properties. SCLC is characterized
by a high incidence of brain metastases that significantly affects patient survival and quality of life —
approximately 10% at initial presentation, 40%–50% during the disease course, and 60%–80% among
patients who survive more than two years. Because of its small molecular size and lipophilicity, TMZ is
able to cross the blood-brain barrier (BBB). Once in the central nervous system (CNS), TMZ is
spontaneously converted to its active metabolite. These pharmacologic properties support the use of TMZ
where CNS penetration is clinically relevant. Further, TMZ combined with PARP inhibition has also
shown preliminary clinical activity in relapsed SCLC. In an open-label Phase I/II trial of olaparib plus
TMZ, escalating doses were evaluated across two cohorts, enrolling a total of 66 patients (50 in cohort
1 and 16 in cohort 2). The confirmed ORR in cohort 1 was 41.7% (20/48 evaluable) and the confirmed
ORR in cohort 2 was 7% (1/14 evaluable), whose enrollment was closed after dose escalation due to lack
of observed efficacy. Among 15 of 66 patients (22.7%) with untreated brain metastases at enrollment, the
best overall intracranial responses were complete response in 6/15, partial response in 4/15, and stable
disease in 3/15, yielding a CNS disease control rate of 87% (95% CI: 59.5%–98.3%).
Trial design. This Phase Ib/II trial comprises two parts: Part 1 dose escalation as Phase Ib and Part
2 dose expansion as Phase II. Part 1 follows a standard “3 + 3” study design, with patients administered
with low dose TMZ (20 to 30 mg, once daily, days 1 to 21) in combination with continuous senaparib
(40 to 80 mg, once daily, days 1 to 28) of each 28-day cycle to determine the RP2D or MTD. Part 1 dose
escalation has been completed, and the recommended Phase II dose (RP2D) was determined as
continuous senaparib 80 mg daily in combination with temozolomide 20 mg daily (D1-21 of 28 days a
cycle). For Part 2, ES-SCLC patients with disease progression after one course of 1L standard
platinum-based therapy were enrolled to evaluate the efficacy and safety with RP2D using Simon 2-stage
design. Both platinum-sensitive (defined as disease-free internal between relapse and the last dose of
platinum doublets exceeding 90 days) and platinum-resistant patients were eligible. Other eligibility
criteria required patients to have an ECOG performance status of 0-2, at least one measurable lesion and
no evidence of untreated/unstable brain metastases.
Trial objectives. The primary objective of Part 1 is to evaluate the safety and tolerability of
senaparib in combination with TMZ and to determine the RP2D and MTD of senaparib and TMZ. For
Part 2, the primary objective is to evaluate the anti-tumor activity of senaparib in combination with TMZ,
with the primary endpoint being ORR per RECIST v1.1.
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Trial status. We completed this trial in March 2024 and finalized the clinical study report in
December 2024. 59 patients were enrolled for this trial. As of the Latest Practicable Date, biomarker
analysis for this trial remained ongoing, which is exploratory in nature and is not required for the
completion of the clinical study report.
Efficacy results. In Part 1, the ORR was observed in 3 of 12 (25.0%) evaluable patients, including
2 confirmed PR and 1 unconfirmed PR. The DCR was 83.3% (10 of 12 evaluable patients). In Part 2,
clinical survival benefit was observed for the combination of continuous senaparib with intermittent
low-dose temozolomide (D1-21 of a 28-day cycle) in relapsed ES-SCLC patients with quick tumor
shrinkage during the first 2 cycles, regardless of platinum sensitivity. After a median follow-up of 8.3
months, the overall confirmed ORR was 14.3% (6 out of 42) and the mDoR was 4.8 months (95% CI
3.9-NR). For patients with pathogenic mutations of FANC (FANC
mut) and the wide types (FANC wt), the
confirmed ORR was 42.9% (3 out of 7) and 8.6% (3 out of 35), respectively, and the mDoR was 5.6
months (95% CI 3.9-NR) and 4.0 months (95% CI 3.4-NR), respectively. The following waterfall plot
illustrates the target lesions assessment:
Best Change from Baseline in Target Lesions
Source: Company data
The mOS was 12.4 months (95% CI 8.1-NR), which exceeds the benchmark of 9.3 months for
current 2L treatment therapies and is comparable to outcomes with IL immunotherapy contained
treatment of ES-SCLC. A trend of better survival benefit was observed in FANC
mut patients versus the
FANCwt patients, although interpretation is limited by small sample size. The following charts set forth
a summary of the overall PFS and OS and in the subgroups of patients with and without FANC mutations:
Source: Company data
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Safety results. Senaparib was well tolerated in this trial. In line with the safety profile for other
PARP inhibitors, hematologic toxicities were reported as the most common AEs in the trial. In Part 1,
anaemia, neutropenia and thrombocytopenia were the only Grade /H113503 TEAEs occurring i n > 1 patient. All
AEs were manageable, and no treatment related deaths were reported. In Part 2, 40.0% of patients
experienced at least 1 dose reduction predominantly due to hematological toxicity in total. Neutropenia
(37.8%), anaemia (35.6%) and thrombocytopenia (33.3%) were the most common Grade /H113503 TEAEs. No
TEAE with fatal outcome was reported. The below table sets forth details of AEs reported in Part 2 of
this trial:
AE Summary n
(%)
All AEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111842 (93.3)
TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111842 (93.3)
TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 (80.0)
> Grade 3 TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 (53.3)
TEAEs leading to dose interruption /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111830 (66.7)
TEAEs leading to dose reduction /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818 (40.0)
TEAEs leading to dose discontinuation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183 (6.7)
Serious AEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188 (17.8)
Serious AEs leading to death /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0.0)
Source: Company data
The below table sets forth details of TEAEs occurring in /H1135010% patients:
All Grades Grade /H113503
Safety Populatio nN=4 5 n ( % ) n ( % )
Thrombocytopenia (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 62.2 15 33.3
Neutropenia (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 62.2 17 37.8
Anaemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827 60 16 35.6
White blood cell count decreased /H1118 8 178 1 2.2
Nausea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 15.6 0 0
Decreased appetite /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 15.6 0 0
Fatigue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 13.3 1 2.2
Diarrhoea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 11.1 0 0
Hyponatremia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 11.1 0 0
Source: Company data
Notes:
(1) Including patients thrombocytopenia and platelet count decreased.
(2) Including patients neutropenia and neutrophil count decreased.
Phase I trial of senaparib in patients with advanced solid tumors in China (NCT03508011)
Overview. This is a Phase I, first-in-human, open-label, dose-escalation trial of senaparib
administered orally once every day to patients with advanced solid tumors for whom standard therapy
either does not exist or has proven to be ineffective or intolerable. Patients with advanced breast cancer,
OC or prostate cancer are preferred. There are two stages to this trial: a dose-escalation stage and a
dose-expansion stage.
Trial design. This trial consisted of a dose-escalation period (classic 3+3 dose escalation design)
and a dose-expansion period. In the dose escalation period, patients in each cohort firstly received a
single dose to evaluate the safety and PK characteristics of senaparib, and then received the same dose
QD (other dosing frequencies may also be explored based on PK parameters) in 21-day cycles to confirm
the safety, PK characteristics and preliminary efficacy of senaparib after repeated administration. Dose
expansion would occur in dose groups with at least one patient who had CR, PR or significantly reduced
tumor markers according to RECIST v1.1, or dose groups higher than this dose that had acceptable safety
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assessment, maximum tolerated dose (MTD) and/or RP2D dose groups. With priority given to dose
escalation, approximately 10 additional BRCA mut patients with advanced solid tumors (except for OC,
fallopian tube cancer, and primary peritoneal cancer) were recruited in each selected dose group, which
was determined based on the discussion with investigator and the sponsor.
Trial objectives. The primary objective of the trial is to evaluate the safety and tolerability of
senaparib following single and multiple administrations in patients with advanced solid tumors, and to
determine the MTD and/or the RP2D. The secondary objectives include characterizing the PK profile of
senaparib in humans following single and multiple administrations.
Trial status. This trial was initiated in August 2017, and a total of 57 patients in 10 cohorts
(including 2 mg, 5 mg, 10 mg, 20 mg, 40 mg, 60 mg, 80 mg, 100 mg, and 120 mg QD, and 50 mg BID)
were enrolled in this trial. The primary endpoints of safety and tolerability were met in April 2019, and
the trial continued thereafter to allow for the generation and analysis of secondary endpoint data,
including PK, which were completed in June 2020, at which point the trial reached final completion. The
clinical trial report was generated in December 2020.
Efficacy results. As of June 9, 2020, a total of 57 patients in this trial had received treatment with
different doses (2-120 mg) of senaparib, among whom, 44 (77.2%) patients had at least one
post-treatment efficacy assessment data available and were all included in the efficacy assessment. Of the
44 patients, 10 (22.7%) patients achieved PR starting from 20 mg dose group, and 18 (40.9%) patients
achieved SD. The ORR and DCR were 22.7% (10 out of 44) and 63.6% (28 out of 44), respectively. Of
26 patients with BRCA
mut advanced solid tumors with measurable lesions, 7 (26.9%) patients achieved
PR, and 12 (46.2%) patients experienced SD. The ORR and DCR were 26.9% (7 out of 26) and 73.1%
(19 out of 26), respectively. The following waterfall plot illustrates the target lesions assessment:
Note:
* Patients with BRCA mut; # Patient presented with two primary tumors, one located in the ovary and the other in the breast
Source: Company data
Safety results. As of June 9, 2020, a total of 57 patients were included in the safety analysis data.
Most TEAEs were in Grade 1 or 2. 55 (96.5%) patients experienced TEAEs related to senaparib, of which
the most common were hematological toxicities, including anemia (80.9%), white blood cell count
decreased (43.9%), platelet count decreased (28.1%), as well as asthenia (26.3%). Grade /H113503 TEAEs were
reported in 27 (47.4%) patients, most frequently anemia (21.1%), neutrophil count decreased (5.3%), and
platelet count decreased (5.3%). The majority of TEAEs had resolved or stabilized at the time of data
collection. SAEs were experienced by 12 (21.1%) patients and were considered to be related to senaparib
in seven (12.3%). No DLT was observed in this trial. TEAEs leading to dose interruption, dose reduction,
and study drug discontinuation occurred in 15 (26.3%), 8 (14.0%), and 6 (10.5%) patients, respectively,
with anemia being the only TEAE leading to discontinuation in more than one patient (5.3%). TEAEs
resulted in death for 2 (3.5%) patients but neither was considered to be related to senaparib.
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PK results. As of June 9, 2020, the PK data of 57 patients were included in the PK analysis for this
trial. It showed that senaparib capsules were quickly absorbed after oral administration and median T max
of senaparib in plasma was 0.45-5.97 hours. The exposure parameters (C max and AUC) generally
increased with the dose within the dose range of 2 mg to 80 mg following single-dose or repeated QD
oral administration of senaparib capsules. Similarly, the exposures appeared to reach a plateau in the dose
range from 80 mg to 120 mg QD. There was no significant accumulation of senaparib after repeated QD
administration.
Conclusion. Senaparib demonstrated significant anti-tumor activity in multiple tumor types with a
generally manageable and tolerable safety profile. The exposure of senaparib in patients increased
proportionally ranging from 2 mg to 80 mg and showed a saturation trend in 80-120 mg groups. Taken
together, to balance the benefit/risk profile (i.e., maximizing the efficacy through sufficient exposure
coverage while minimizing the safety risk), 100 mg QD regimen was selected as a starting dosing
regimen for evaluation in subsequent Phase II/III trials.
Phase I trial of senaparib in patients with advanced solid tumors in Australia (NCT03507543)
Overview. This is a Phase I, first-in-human, open-label, dose-escalation trial of senaparib in
participants with advanced solid tumors in Australia. This trial was conducted in Australia to leverage
the streamlined regulatory pathway in Australia for rapid trial initiation and to generate safety and
pharmacokinetic data in Caucasian patients to support future regulatory submissions in the U.S. or
Europe markets.
Trial design. Subjects were firstly administered with a single dose in the dose escalation period to
evaluate the safety and PK characteristics of senaparib. After a 7-day washout period, each patient was
administered with the same dose repeatedly in a 21-day cycle to confirm the safety, PK characteristics
and preliminary efficacy of senaparib after repeated administration. In the dose escalation period, if a
response (including PR and CR, or significantly reduced tumor markers) was observed in any dose group,
or after the MTD or RP2D was determined, approximately 10 additional BRCA
mut subjects would be
recruited in the corresponding dose group for dose-expansion so as to further assess the safety,
tolerability and PK characteristics of senaparib, and further explore the preliminary efficacy of senaparib
at this dose. In the dose-expansion period, there was no single-dose observation period and patients
received the repeated daily dose from the first day of dosing.
Trial objectives. The primary objectives of this trial were to evaluate the safety and tolerability of
single and multiple doses of senaparib administered to patients with advanced solid tumors, as well as
to determine the MTD and evaluate the dose limiting toxicities (DLTs). The secondary objective was to
characterize the PK of single and multiple doses of senaparib in patients with advanced solid tumors.
Trial status. This trial was initiated in January 2017, and a total of 39 patients in 10 cohorts
(including 2 mg, 6 mg, 10 mg, 20 mg, 30 mg, 40 mg, 80 mg, 100 mg, 120 mg and 150 mg QD) were
enrolled in this trial. This trial was completed in September 2020 and the clinical study report was
generated in March 2021.
Efficacy results. As of April 15, 2020, a total of 39 patients in this trial had received treatment with
different doses (2-150 mg) of senaparib, among whom, 22 patients (56.4%) (including 8 BRCA mut
patients) had measurable disease at baseline and at least one post-treatment efficacy assessment data and
were included in the efficacy assessment. The most common best overall response was SD, reported for
15 patients (68.2%) overall, followed by PD with 4 patients (18.2%), and PR with 3 patients (13.6%).
In the 100 mg treatment group, 1 patient (20.0%; 95% CI 0.5-71.6) had best ORR (CR+PR). In the 100
mg group, 2 patients (40.0%) had the best overall response as CR+PR+SD (95% CI 5.3-85.5). Overall,
DCR was 81.8% with minimum 6 weeks from baseline applied for SD assessment. Of the 8 patients with
BRCA mutation, DCR was 83.3%. The following waterfall plot illustrates the target lesions assessment:
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Source: Company data
Safety results. As of April 15, 2020, a total of 39 patients had received treatment with different
doses (2-150 mg) of senaparib and were included in the safety analysis data. No dose /H5009limiting toxicities
were observed in any cohort. 38 patients (97.4%) experienced at least one TEAE. 8 patients (20.5%)
experienced at least one TRAE and the most frequent was nausea (7.7%). 13 patients (33.3%)
experienced Grade /H113503 TEAE. 2 patients (5.1%) experienced Grade /H113503 TRAE, which were platelet count
decrease in one patient and bone marrow failure in another. 15 patients (38.5%) experienced 28 SAEs.
Almost all reported SAEs were considered either not related or unlikely to be related to senaparib, except
for the bone marrow failure already mentioned. TEAEs resulted in dose discontinuation in six patients
(15.4%). Two deaths were reported after the end of study treatment. One death was attributed to cancer
progression. The other death was considered a complication from senaparib /H5009related bone marrow failure
already mentioned.
PK results. As of April 15, 2020, the PK data of 39 patients were included in the PK analysis. It
showed that senaparib capsules were absorbed quickly after oral administration, and the median Tmax
of senaparib in plasma was 1-2 hour. The exposure parameters (C max and AUC) generally increased with
the dose within the dose range of 2 mg to 80 mg following single-dose or repeated QD oral administration
of senaparib capsules. However, the exposures appeared to reach a plateau in the dose range from 80 mg
to 150 mg QD. There was no significant accumulation of senaparib exposure after repeated QD
administration.
Conclusion. Senaparib demonstrated significant anti-tumor activity in multiple tumor types with a
favorable safety profile. The exposure of senaparib in patients increased proportionally ranging from 2
mg to 80 mg and showed a saturation trend in 80-150 mg groups. Importantly, PR was observed for
senaparib starting from 20 mg, and no MTD was observed up to 150 mg, showing good efficacy and a
large safety and therapeutic window, consistent with the preclinical data. Taken together the results from
China Phase I and Australia Phase I trials, to balance the benefit/risk profile, based on safety, PK and
clinical activity, 100 mg QD regimen was selected as the RP2D for evaluation in subsequent Phase II/III
trials.
Clinical Development Plan
Based on the positive results from the FLAMES study as of March 2023 and following consultation
with the CDE, we submitted NDA in August 2023 and obtained the approval in January 2025. Such
approval is a full and unconditional approval and is not contingent upon the availability, outcome or
timing of the final OS results, as evidenced by the drug registration certificate issued by the NMPA,
which does not impose any conditions affecting the validity or continuation of the approval. The Phase
III FLAMES study remains ongoing to complete follow-up for OS, with final OS results expected in the
second half of 2026 upon accumulation of 160 death events. As OS was designated as a secondary
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endpoint and the study design was not intended to demonstrate statistical significance for OS, the final
OS results will not affect the validity of the NDA approval obtained from the NMPA for senaparib as 1L
maintenance therapy for OC or the subsequent development of senaparib. The NDA approval was granted
based on the achievement of the primary endpoint of PFS at the first interim analysis in March 2023
which represented the primary completion of the FLAMES study. The MAA for senaparib as 1L
maintenance therapy for OC “all-comers” was accepted by the EMA in August 2025, with approval
expected in the second half of 2026. We completed the SABRINA trial in December 2024 and expect to
receive NDA approval in the first half of 2027. The interval between the completion of the SABRINA
trial and the expected NDA approval was primarily due to slower-than-anticipated patient enrollment
resulting from shifts in treatment standards toward earlier lines of therapy, as well as a strategic
adjustment in our regulatory and commercialization priorities. Following the successful commercial
launch of senaparib as 1L maintenance therapy for OC in China in early 2025 and its subsequent
inclusion in the NRDL in December 2025, we have prioritized resources and regulatory efforts towards
maximizing the commercial potential of senaparib in the 1L maintenance setting.
In parallel, we are also pursuing life cycle management for senaparib and exploring combination
therapy opportunities. We are investigating the potential of senaparib in combination therapies with our
in-house developed A TR inhibitor IMP9064 and TMZ. Senaparib is currently under clinical development
as a combination agent with IMP9064, our A TR inhibitor in a Phase I/II trial for the treatment of PARP
inhibitor-treated OC, which was initiated in December 2025. We received IND approval from the NMPA
for the combination therapy of IMP9064 and senaparib in PARP inhibitor-treated OC in September 2025.
The Cohort 3A (ovarian cancer) study site was activated in December 2025, and the Cohort 3B
(pancreatic cancer) study site was activated in March 2026. As of the Latest Practicable Date, one patient
was undergoing screening in Cohort 3A and Cohort 3B was actively recruiting patients. No clinical data
from the combination therapy were available as of the Latest Practicable Date. The Phase Ib data read-out
for these cohorts is expected in the second half of 2026. We initiated a Phase Ib/II global trial of
senaparib in SCLC patients in combination with TMZ in August 2020, with the trial completed in March
2024 and certain biomarker analysis with exploratory nature ongoing. The final Phase II data read-out
for such biomarker analysis is expected in the second half of 2026. The duration of this trial reflected
its multi-phase design encompassing both a Phase I dose escalation portion and a Phase II dose expansion
portion, which is typical for first-in-combination oncology trials. We have been conducting
comprehensive data analyses, including efficacy assessments by biomarker subgroups, pharmacokinetic
evaluations, and safety analyses, to support the final Phase II data read-out. Since initiation, the SCLC
treatment landscape has evolved significantly, particularly with the emergence of PD-1 inhibitors, ADCs
and T-cell engagers (TCEs) as new or emerging frontline standards of care, which has heightened the
evidentiary standards for regulatory approval and necessitated more refined patient selection strategies.
Therefore, this evolution has required more extensive subgroup analyses across different SCLC subtypes
to identify biomarker-defined patient populations that may optimize the therapeutic profile of senaparib
and its combination with other agents, thereby informing the optimal registration pathway for such
combination. In light of these developments, we are evaluating our development strategy for senaparib
in SCLC, including potential trial design refinements based on biomarker-driven patient selection.
Following completion of the Phase II data read-out in the second half of 2026, we will evaluate whether
to advance this program to further development in the United States, which is currently our only planned
clinical development activity for senaparib in the U.S. market. To further expand the therapeutic potential
of senaparib, we plan to explore combinations of it with emerging modalities such as ADCs and RDCs.
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The table below sets forth details of senaparib’s clinical development plan:
Trial Region Timeline Trial design
Phase III trial of senaparib monotherapy in OC 1L
maintenance (FLAMES) (NCT04169997) China, Europe (1)  Trial initiated in
December 2019
 Primary trial
completed in March
2023 with follow-up
study ongoing
 Expected MAA
approval in 2H2026 in
Europe
 404 subjects enrolled
 Eligible patients were adult females with histologically confirmed advanced (FIGO stage III-IV), high-grade serous
or endometrioid cancer or other histological types of epithelial OC, fallopian tube cancer or primary peritoneal
cancer, who have completed 1L platinum-based chemotherapy with CR or PR
 Randomized (2:1) to receive senaparib or placebo 100 mg PO QD, stratified by CR/PR and BRCA mutation
positive/negative
 Treatment up to 2 years or until disease progression or unacceptable toxicity; follow-up maintained until death
Phase II registrational trial of senaparib
monotherapy in 3L+ BRCA
mut OC (SABRINA)
(NCT04089189)
China  Trial initiated in
October 2019
 Trial completed in
December 2024
 Expected NDA
approval in 1H2027 (2)
 93 subjects enrolled
 Eligible patients were adult females with recurrent histologically confirmed non-mucinous epithelial OC, fallopian-
tube or primary peritoneal cancer, who received 2 or more lines of prior treatment, were platinum-sensitive and
carried germline or somatic BRCA1/2 mutations
 Treated with senaparib 100 mg PO QD, tumor assessed every 8 weeks
 Treatment until disease progression, unacceptable toxicity or death; follow-up maintained until death
Phase Ib/II trial of senaparib in combination with
TMZ in SCLC (NCT04434482)
Global  Trial initiated in
August 2020 and
completed in March
2024 with biomarker
analysis ongoing
(3)
 Expected final Phase II
data read-out for
biomarker analysis in
2H2026
 59 subjects enrolled, including 14 in Part 1 and 45 in Part 2
 Key eligibility criteria:
– Part 1 (dose escalation): adults with advanced solid tumor refractory to standard therapy or for which no
standard treatment exists, ECOG performance status 0-1, and without untreated or unstable brain metastases
– Part 2 (dose expansion): adults with ES-SCLC who experienced disease progression after only one prior first-
line platinum-based therapy, ECOG performance status 0-2, at least one measurable lesion, and without
untreated or unstable brain metastases
 Dosing schedule:
– Part 1 (dose escalation): senaparib PO QD D1-28 + TMZ PO QD D1-21 (D22-28 off) in a 28-day cycle
– Part 2 (dose expansion): dose levels of senaparib and TMZ based on the PR2D determined in Part 1
 Treatment until disease progression, unacceptable toxicity or death; follow-up maintained until deathPhase I/II trial of senaparib in combination with
A TRi (IMP9064) in PARPi-treated OC
Global  IND approval from the
NMPA in September
2025
 Initiated in December
2025
 Expected Phase Ib data
read-out in 2H2026
 Approximately 18 to 78 subjects enrolled, including 18 in the dose escalation phase and 60 in the backfill cohort in
Part 3
(4)
 Eligible patients were adults with histologically or cytologically confirmed advanced solid tumor refractory to or
intolerant of available SoC therapy, or for which no standard treatment exists, with ECOG performance status
0-1, no untreated or unstable brain metastases, and adequate hematological and organ function
 In Part 3 (dose escalation evaluating IMP9064 in combination with senaparib): IMP9064 BID on a 7-day on/7-day
off schedule + senaparib QD continuously in a 28-day cycle
(2)
 Treatment until disease progression, unacceptable toxicity or death; follow-up maintained until death
Notes:
(1) Based on the results from the FLAMES study in China, the MAA for senaparib as 1L maintenance therapy for OC “all-comers” was accepted by the EMA in Aug ust 2025, with approval expected
in the second half of 2026.
(2) The interval between the completion of the SABRINA trial and the expected NDA approval was primarily due to slower-than-anticipated patient enro llment resulting from shifts in treatment
standards toward earlier lines of therapy, as well as a strategic adjustment in our regulatory and commercialization priorities.
(3) The duration of this trial reflected its multi-phase design encompassing both a Phase I dose escalation portion and a Phase II dose expansion porti on, which is typical for first-in-combination
oncology trials. Since initiation, the SCLC treatment landscape has evolved significantly, requiring more extensive subgroup analyses across dif ferent SCLC subtypes and evaluation of
alternative dosing and combination strategies, which also contributed to the overall timeline.
(4) Parts 1 and 2 of this trial evaluated IMP9064 monotherapy and are not related to senaparib. Part 4 of this trial will evaluate IMP9064 in combination with PD-1/L1 inhibitors in dose escalation
study, and is independent of senaparib.
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Earlier R&D relating to senaparib
Chronology of Senaparib’ s Early Research and Development
 January 2017 : We initiated a Phase I trial of senaparib in Australia;
 August 2017 : We initiated a Phase I trial of senaparib in China;
 June 2019 : We submitted the preliminary clinical data from our China and Australia Phase
I trials, the clinical trial designs for the SABRINA study and the FLAMES study, and other
application documents to the CDE;
 August 2019 : We received a written confirmation from the CDE indicating that it had no
objection to the commencement of the SABRINA study and the FLAMES study in China;
 October 2019 : We initiated the SABRINA study in China;
 December 2019 : We initiated the FLAMES study in China;
 June 2020 : We completed Phase I trial of senaparib in China (with CSR generated in
December 2020);
 August 2020 : We initiated the Phase Ib/II global trial of senaparib in SCLC patients in
combination with TMZ;
 September 2020 : We completed Phase I trial of senaparib in Australia (with CSR generated
in March 2021);
 March 2023 : The FLAMES study met the PFS endpoint at first interim analysis, which
marked its primary completion;
 August 2023 : We submitted an NDA to NMPA based on the positive results from the
FLAMES study;
 March 2024 : We completed the Phase Ib/II global trial of senaparib in SCLC patients in
combination with TMZ;
 December 2024 : We completed the SABRINA study.
Since our establishment in 2009, we have been focused on the research and development of
oncology therapeutics, including tubulin inhibitors, hedgehog inhibitors, and PARP1/2 inhibitors, and
identified a preclinical candidate compound for each project. After the identification of IMP4297
(senaparib) as a PARP1/2 inhibitor PCC in 2012, we decided to concentrate on senaparib as our lead
product. The period from 2012 to 2017 was primarily dedicated to preclinical research, CMC
development, IND-enabling studies and preparation for clinical trials of senaparib. Our Series A
Financing of RMB36 million and Series B Financing of RMB55 million were completed in late 2014 and
late 2015, respectively, providing critical financial support for our IND preparation, regulatory
submission, and early Phase I clinical efforts. Timeline of key R&D activities prior to 2017 are as
follows:
From 2009 to 2012, we conducted early-stage drug discovery and research on tubulin, hedgehog
and PARP inhibitors, during which we identified and optimized lead candidates, including senaparib,
through target validation, compound design and synthesis, lead optimization and preliminary preclinical
studies. From 2012 to 2015, we advanced senaparib into preclinical development and IND-enabling
programs based on its potential best-in-class profile, completing comprehensive pharmacology,
toxicology, PK/PD and CMC studies to support regulatory submissions. From 2015 to 2017, we prepared
and submitted IND applications in China and Australia, with the China IND for senaparib’s Phase I trial
submitted in late 2015 and approved in early 2017, and parallel submissions made to support the
initiation of Phase I studies in Australia.
The timeline from our establishment in 2009 to the initiation of Phase I clinical trials in 2017
reflects several factors that were common in the industry during that period. During the early 2010s,
global PARP inhibitor development encountered significant scientific and clinical challenges, and the
understanding of optimal patient selection criteria and appropriate clinical endpoints was still evolving
during this period. In addition, prior to 2017, we had not established a full clinical development team,
with our resources allocated primarily to drug discovery, preclinical research, CMC development, and
IND-enabling studies. Furthermore, support from industry and venture capital for innovative
pharmaceutical development in China was substantially more limited prior to 2017 relative to the present
environment, which constrained the pace at which we could advance our development programs.
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Collaboration with Junshi
Approximately eight months after we initiated the FLAMES study in December 2019, we entered
into a collaboration agreement in August 2020 with Shanghai Junshi Biosciences Co., Ltd. (“Junshi”)
(the “JV Agreement”), intended to combine our expertise in senaparib’s R&D with Junshi’s capital
resources and market coverage. In September 2020, pursuant to the JV Agreement, we and Junshi jointly
established a limited liability company, Shanghai Junpaiyingshi Pharmaceutical Co., Ltd. (the “Joint
V enture”).
The Joint V enture was established mainly as an operational platform to implement and coordinate
the clinical development of senaparib in China under the JV Agreement. We appointed a majority of
directors to the Joint V enture’s board and thus held a majority of the voting rights, which enabled us to
led the governance and decision-making of the Joint V enture during the collaboration with Junshi. In
addition, as specified under the JV Agreement, we were the sole party responsible for core R&D
functions, including medical strategy, protocol development, regulatory communications, investigator
engagement, biostatistics, pharmacovigilance, CMC, and intellectual property, relating to the clinical
development of senaparib in China. To exercise these responsibilities, we dispatched our own R&D
personnel to the Joint V enture to conduct all R&D activities throughout the collaboration period. Junshi
assigned one personnel to support and coordinate patient recruitment and site management, including
assisting with the engagement and oversight of independent third party CRO service providers, for the
FLAMES and SABRINA studies from 2021 to 2023. Junshi did not assume any other responsibilities
beyond those described above. Such involvement of Junshi was operational and administrative in nature
and was immaterial to R&D functions.
The collaboration with Junshi was terminated by mutual agreement in August 2023 due to strategic
realignment, following which we have remained solely responsible for and continued to have control
over all R&D activities relating to senaparib. For more details of the termination of the JV Agreement
and its impact, see “Business — Our Material Collaboration and Licensing Arrangements —
Collaboration Agreement with Junshi and Termination.”
Historical Refinement of Clinical Strategy for Senaparib
We have continuously refined our clinical development strategy for senaparib to align with
evolving treatment paradigms and market dynamics. As part of this process, certain programs were
delayed or discontinued for strategic reasons rather than safety or efficacy concerns. Specifically, we
discontinued the Phase II trial for prostate cancer maintenance therapy and the Phase I/Ib combination
study with Junshi’s PD-1 antibody (JS001) before any patient enrollment to optimize resource allocation
and respond to emerging clinical evidence. The prostate cancer trial was discontinued prior to patient
enrollment due to economic and strategic considerations. Given our capital resources at that time, the
high development costs of the prostate cancer trial, and the need to prioritize indications, coupled with
the increasingly competitive PARP inhibitor landscape in prostate cancer, we determined that focusing
resources on OC, where senaparib had demonstrated compelling clinical data, would maximize the value
of senaparib. The PD-1 combination study was terminated before patient enrollment based on third-party
Phase III data showing PARP inhibitor and PD-1 combinations in prostate cancer failed to demonstrate
clinical benefit. For example, a Phase III trial of pembrolizumab plus olaparib in prostate cancer failed
to show rPFS or OS benefit and was associated with increased grade /H113503 adverse events. We also revised
the NDA submission timeline for senaparib as 3L OC treatment due to slower enrollment caused by shifts
in treatment standards toward earlier lines of therapy. During the enrollment period of the SABRINA trial
(3L OC) from 2021 to 2023, PARP inhibitors became established in 1L and 2L settings, resulting in
slower patient enrollment for 3L therapy and reduced market opportunity. By 2025, PARP inhibitors had
become the cornerstone of 1L maintenance therapy. Accordingly, we deprioritized 3L NDA submission
from 2022 to 2027 to focus resources on 1L treatment for a broader patient population. These adjustments
are consistent with industry norms and have enabled us to focus on 1L maintenance therapy for OC —
the indication with the greatest clinical and commercial potential. These strategic adjustments have
enabled us to concentrate resources on the most commercially viable indications for senaparib,
particularly 1L maintenance therapy of OC, which remains the cornerstone of our development strategy
and business model. We believe this focused approach optimizes the probability of regulatory success
and commercial value creation while maintaining fiscal discipline appropriate for us.
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Independent and Sufficient R&D Capabilities in Advancing Senaparib
We possess independent and sufficient R&D capabilities to advance senaparib’s clinical
development across multiple indications and therapeutic modalities, including expansion beyond OC and
exploration of combination therapies. This capability is evidenced by a proven track record of clinical
execution, an advanced SL pipeline, an experienced R&D team, and integrated R&D platforms.We have
independently designed, initiated, and executed multiple clinical trials for senaparib across all
development phases, including Phase I trials in China and Australia for advanced solid tumors, the global
Phase Ib/II trial of senaparib in combination with TMZ in SCLC, the Phase II registrational SABRINA
trial for 3L BRCA-mutated OC, and the Phase III FLAMES trial for 1L maintenance therapy in
platinum-sensitive OC.
Our R&D team comprises highly experienced professionals with deep expertise in SL-based drug
development, clinical trial design and execution, and regulatory affairs. This team has successfully
advanced senaparib from discovery through regulatory approval and commercialization while
progressing multiple clinical-stage candidates. We have also established integrated R&D platforms that
enable continuous innovation in the SL field, including advanced ADC linker-payload technologies and
target degrader platforms, positioning us to systematically develop next-generation therapeutics, explore
novel combination approaches, and expand into new indications.
Licenses, Rights and Obligations
We developed senaparib in-house and own the global rights to develop and commercialize this
drug. We entered into a contract sales services agreement with Zhongmei Huadong in December 2023 for
the commercialization of senaparib in China, where we granted Zhongmei Huadong an exclusive right
to commercialize senaparib in China. Leveraging Huadong Medicine’s extensive sales network, broad
hospital coverage and a complementary product portfolio in gynecologic oncology, this collaboration is
poised to generate powerful commercial synergy in accelerating senaparib’s market penetration and
expanding its patient reach in China. For details, see “— Our Material Collaboration and Licensing
Arrangements — Contract Sales Services Agreement with Huadong Medicine.”
Material Communications with Competent Authorities
Our material communications with competent regulatory authorities regarding senaparib in each
jurisdiction are as follows:
NMP A
Monotherapy in advanced cancers. We obtained IND approval from the NMPA for senaparib as
monotherapy in January 2017. The scope of this IND approval encompasses the clinical trials of
senaparib monotherapy in patients with breast cancer, ovarian cancer and other solid tumors refractory
to standard therapy. It provides the regulatory basis for conducting (i) the Phase I trial in patients with
advanced solid tumors in China (NCT03508011), (ii) the SABRINA study and (iii) the FLAMES study.
In January 2019, we sought guidance from the CDE on our clinical development strategy for
senaparib in Phase II and Phase III trial. Following the CDE’s feedback in April 2019, we submitted the
clinical trial results of Phase I China trails, with data cut off on April 30, 2019 to the NMPA in June 2019,
and received written confirmation from the CDE in September 2019, indicating no objection to the
commencement of both SABRINA and FLAMES studies in China. The NMPA ’s approval to proceed to
the SABRINA and FLAMES studies was unconditional, and we have not been required to conduct
additional work in order to complete Phase I prior to commencing each of the SABRINA and FLAMES
studies. Given the favorable Phase I clinical data, including safety and efficacy results from nearly 100
patients across sites in China and Australia, the CDE accepted the Phase II SABRINA study for 3L
BRCA
mut OC as the pivotal trial without requiring a subsequent Phase III confirmatory study. The CDE
also permitted us to proceed directly from Phase I to the Phase III FLAMES study for 1L maintenance
therapy in OC without requiring a Phase II study.
Following completion of the interim analysis of the FLAMES study, the CDE agreed in a meeting
in July 2023 that we could proceed with submission of an NDA for senaparib as 1L maintenance therapy
for OC based on the interim analysis results of the FLAMES study. We submitted the NDA in August
2023 and obtained approval in January 2025 for senaparib. The interval aligns with the standard
regulatory process in China where NDA submissions for standard review generally include a four-month
preparation phase for filing materials, followed by a 12–24 month regulatory review, according to our
Industry Consultant.
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The NDA approval for senaparib is full and unconditional. The drug registration certificate issued
by the NMPA confirms approval without imposing additional conditions that could affect its validity or
continuation. Although certain clinical results of the secondary endpoints in the FLAMES study, i.e., OS
data, were not yet available under the clinical trial protocol and therefore were not included in the NDA
submission, the NMPA has not required OS data as a condition for maintaining the approval. We are
recommended to continue the follow-up of the Phase III clinical study, collect long-term safety and
efficacy data, and submit such data in the form of a supplemental application pursuant to the registration
certificate, which reflects a standard post-marketing follow-up recommendation that will not affect the
validity of the NDA approval. In addition, the final OS results will not impact our ongoing or planned
clinical programs for other indications of senaparib, which are supported by independent clinical
rationales and study designs.
SCLC. In line with our indication expansion strategy for senaparib, we submitted an IND
application to the NMPA for the Phase Ib/II clinical trial of senaparib in combination with TMZ in
patients with advanced solid tumors and SCLC in December 2021 and obtained the IND approval in
February 2022.
Combination therapy with IMP9064 in P ARP inhibitor-treated OC. We obtained IND approval from
the NMPA for the combination therapy of IMP9064 and senaparib in PARP inhibitor-treated OC in
September 2025.
FDA
SCLC. We submitted an IND application to the FDA for senaparib for a global, multi-center Phase
I clinical trial in combination with TMZ in patients with advanced solid tumors and SCLC, and obtained
IND approval in November 2020. In May 2021, we further submitted a protocol amendment to the FDA
to transfer the trial from Phase I to Phase Ib/II. Pursuant to the IND approval and protocol amendment,
we initiated the Phase Ib/II clinical trial of senaparib in combination with TMZ in patients with advanced
solid tumors and SCLC in the United States.
EMA
Monotherapy in OC. We held a rapporteur meeting with EMA in May 2025 to discuss the
submission strategy for senaparib. Following this meeting, the Company submitted its MAA based on the
FLAMES study as the registrational trial, supported by two Phase I studies and the Phase II SABRINA
study. The MAA was accepted by EMA in August 2025 and is currently under review.
TGA
Monotherapy in OC. We obtained approval from the applicable Human Research Ethics Committee
(“HREC”) in September 2016, followed by acknowledgement of our clinical trial notification from the
TGA in November 2016. With these authorizations in place, we secured all necessary regulatory
clearances to initiate the Phase I clinical trial of senaparib in patients with advanced solid tumors in
Australia.
IMP1734, Our Key Product, a Highly Potent, Next-Generation PARP1 Selective Inhibitor in Phase
I/II Stage
Overview
IMP1734, our Key Product, is a highly potent, next-generation PARP1 selective inhibitor currently
in Phase I/II stage. While currently approved non-selective PARP inhibitors may provide anti-tumor
activity, they are associated with hematologic toxicities possibly due to the inhibition of PARP2 and its
subsequent trapping effect that limits the potential of their combination regimens and expansion of
treatment scope. Drugs selectively inhibiting PARP1 but not PARP2, such as IMP1734, may improve the
risk-benefit profile by retaining anti-tumor activity while avoiding PARP2-related toxicities. IMP1734
exhibits exceptional potency against PARP1 (IC
50 = 1.57 nM). Based on the average IC 50 of several
head-to-head experiments, IMP1734 demonstrated unmatched selectivity of PARP1 over PARP2 of
648-fold, far exceeding 18-fold for AZD5305. This superior selectivity translates into a higher fold
coverage over the target effective concentration, offering more reliable target inhibition and a wider
therapeutic window.
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We initiated a global Phase I/II trial evaluating the safety and efficacy of IMP1734 as monotherapy
or in combination with anticancer agents in participants with advanced solid tumors in December 2023.
As of October 27, 2025, the Phase I dose escalation portion (Part 1) in the monotherapy cohort had been
completed with 65 patients enrolled. According to the interim results, IMP1734 demonstrated
encouraging anti-tumor activity in heavily pre-treated patients with HRR mutations that are often
associated with more aggressive disease and poorer outcomes, as well as a favorable PK profile and good
tolerability, with mostly low-grade AEs that are manageable and/or self-limiting. Notably, PR was
observed in lower dosage level with IMP1734, comparable to AZD5305, according to the published data.
We further initiated the Phase II dose optimization portion (Part 2) of this trial in December 2025 with
Phase II interim read-out expected in December 2026. We are also investigating IMP1734 in multiple
combination regimens, including with abiraterone as well as paclitaxel to maximize its clinical potential,
with Phase I dose escalation read-out for each combination expected in the second half of 2026.
Abiraterone received FDA approval in 2011 for metastatic castration-resistant prostate cancer and was
later expanded to include high-risk metastatic castration-sensitive prostate cancer, covering both
later-line and earlier-line settings. For our combination therapy with abiraterone for prostate cancer
(Cohort 1B), the Phase I dose escalation was initiated in December 2024. As of October 27, 2025, dose
escalation is ongoing, with 12 patients enrolled across three completed dose levels (10 mg to 40 mg) and
active enrolment at the 60 mg dose level. We anticipate completing dose escalation for Cohort 1B in the
second half of 2026, at which point we will evaluate whether to advance this combination further in
development. Paclitaxel was first approved by the FDA in 2005 for metastatic breast cancer and
subsequently for NSCLC and pancreatic cancer, and is widely used as a 1L or subsequent-line
chemotherapy agent across multiple solid tumors. For our combination therapy with paclitaxel for OC
and breast cancer (Cohort 1C), the Phase I dose escalation was initiated in January 2025. As of October
27, 2025, dose escalation is ongoing, with 37 patients enrolled across four dose levels (10 mg to 60 mg)
and active enrolment at the 60 mg dose level. We anticipate completing dose escalation for Cohort 1C
in the second half of 2026 and are actively planning for further development of IMP1734-chemotherapy
combinations. The manufacturers of Abiraterone and Paclitaxel used in the combination therapy are Qilu
Pharmaceutical Co., Ltd. and Sichuan Huiyu Pharmaceutical Co., Ltd., respectively.
Mechanism of Action
PARP inhibitors are primarily used to treat tumors with HRR mutations, identified either as
platinum sensitivity or the presence of germline/tumor mutations. Despite their initial benefit, reducing
primary and acquired resistance to PARP inhibitors that target PARP1/2 remains a clinical need. In
addition, while demonstrating an improved safety profile compared with standard-of-care chemotherapy,
treatment with PARP inhibitors is still associated with notable hematological toxicity. Currently
approved PARP inhibitors target both PARP1 and PARP2 (PARP1/2). Importantly, PARP1 and not PARP2
trapping is sufficient to induce SL in cancer cells with HRR mutations. Furthermore, PARP2 has been
described to play an essential role in hematopoietic renewal and thus, its inhibition may contribute
towards the hematological adverse effects observed in patients treated with PARP inhibitors.
To address the limitations, IMP1734 was developed as a highly potent, next-generation PARP1
selective inhibitor. IMP1734 sets itself apart from PARP inhibitors by selectively targeting PARP1,
showing differential antiproliferative effects in HRR
mut versus wild type cells. Furthermore, it features
a novel molecular structure differentiated from other PARP1 selective inhibitors that contributes to its
superior selectivity as evidenced in preclinical studies. The selective inhibition of PARP1 represents a
refined therapeutic strategy that may retain anti-tumor activity while avoiding PARP2-mediated toxicity.
The following diagrams illustrate the mechanism of action of non-selective PARP inhibitors and selective
inhibition of PARP1:
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Market Opportunity and Competition
As of the Latest Practicable Date, there were no marketed PARP1 selective inhibitors, and 10
PARP1 selective inhibitors were in clinical development globally. The following tables set forth the
competitive landscape of PARP1 selective inhibitors without and with brain penetration. For details, see
“Global PARP1 Selective Inhibitor Market — Competitive Landscape.”
Competitive Advantages
Exceptional potency and unmatched selectivity
IMP1734 addresses the limitations of currently approved non-selective PARP inhibitors targeting
PARP1/2, such as their relation to hematologic toxicities possibly due to PARP2 trapping. Since
inhibition of PARP1 is sufficient to cause SL in tumors with HRD, by selectively inhibiting PARP1 but
not PARP2, IMP1734 holds great potential in improving the risk-benefit profile by retaining anti-tumor
activity while avoiding PARP2-related toxicities. IMP1734 demonstrated 648-fold selectivity for PARP1
over PARP2, translating to lower hematologic toxicity, improved safety, high exposure, and broad
opportunities to combine with other anti-tumor agents.
Favourable safety profile and promising efficacy in clinical trials
In the Phase I monotherapy dose escalation trial, a favorable PK profile was observed, with
generally dose-proportional increase in exposure from 10 mg to 80 mg, and IMP1734 is well tolerated
with mostly low-grade AEs that are manageable and/or self-limiting. It also demonstrated encouraging
anti-tumor activity in heavily pre-treated patients with HRR mutations, with responses observed across
a range of doses from 20 mg to 160 mg in a variety of tumor types. As of April 9, 2025, 34 out of 57
participants enrolled were efficacy evaluable with /H113501 post-baseline assessment for tumor response per
RECIST v1.1, including 5 participants had objective responses. These findings warrant further clinical
investigation into IMP1734 as a next-generation PARP inhibitor for cancer treatment.
Broad therapeutic potential in key solid tumors, including prostate and advanced breast cancers
In 2024, breast cancer accounted for approximately 2.3 million new cases globally, with
HR+/HER2 breast cancer representing 65-70% of all cases, according to Frost & Sullivan. PARP1/2
inhibitors are currently approved for adjuvant treatment in HER2- and gBRCA
mut BC patients, offering
substantial overall survival (OS) benefits. Looking ahead, there is growing interest in expanding the
efficacy of PARP1 selective inhibitors beyond gBRCA
mut tumors to include HRR mutated (HRR mut)
tumors. Additionally, the favorable safety profile of PARP1 selective inhibitors allows broad combination
opportunities, including with traditional chemotherapy, other SL agents and emerging modalities such as
ADCs and degraders.
In 2024, prostate cancer accounted for approximately 1.6 million new cases and 380,000 deaths
globally. Notably, HRR mutation is found in approximately 20-25% of mPC cases. High relapse rates
among high-risk patients, poor outcomes in locally advanced disease, and the incurable nature of
metastatic disease underscore the substantial unmet medical need. Next-generation PARP1 selective
inhibitors offer a promising solution to such limitations. By selectively targeting PARP1 while sparing
PARP2, these agents may deliver better-tolerated monotherapy in HRR
mut tumors, allowing for higher
dosing and more durable combination strategies. Their improved safety profile opens the door to rational
combinations with A TR inhibitors, SL agents, chemotherapy, ADCs and RDCs, potentially expanding the
benefit of PARP inhibition across a broader prostate cancer population.
Currently, we are evaluating IMP1734 for the treatment of advanced solid tumors in a Phase I/II
trail, and we are exploring potentials to expand its indications to include prostate and advanced breast
cancers, addressing these critical unmet needs.
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Summary of Clinical Trials
Global Phase I/II trial of IMP1734 as monotherapy or in combination with anti-cancer agents in
participants with advanced solid tumors (NCT06253130)
Overview. This is a first-in-human, Phase I/II, open-label, multi-center, dose-escalation, dose-
optimization and dose-expansion trial to evaluate the safety, tolerability, PK, PD and anti-tumor activity
of the PARP1 selective inhibitor IMP1734 monotherapy or in combination with anticancer agents in
patients with recurrent, advanced/metastatic solid tumors. We act as the sponsor of this trial in China,
responsible for site monitoring and management within China, as well as management of local CRO
activities. Eikon acts as the sponsor of this trial globally excluding China, responsible for global trial
management, including global CRO management and site monitoring and management outside China.
Both parties are jointly responsible for the strategic planning and study design of this trial.
Trial design. This trial consists of two parts: a Phase I dose escalation part and a Phase II dose
optimization part. In dose escalation (Part 1), the trial will identify the MTD or maximum administered
dose (MAD) in solid tumor in three cohorts. Cohort 1A of Part 1 evaluates IMP1734 monotherapy in
patients with advanced solid tumors; Cohort 1B of Part 1 evaluates IMP1734 in combination with
abiraterone acetate and prednisone in patients with mCRPC and mCSPC with selected mutations; and
Cohort 1C of Part 1 evaluates IMP1734 in combination with paclitaxel in patients with platinum-resistant
ovarian cancer and breast cancer in an unselected population.
In dose optimization (Part 2), the trial will further evaluate the safety, tolerability,
pharmacokinetics, pharmacodynamics, and preliminary anti-tumor activity of select doses of IMP1734 in
patients with advanced/recurrent/metastatic HER2-negative adenocarcinoma of breast with deleterious or
suspected deleterious mutation in BRCA1, BRCA2, PALB2, RAD51B, RAD51C, or RAD51D. We
reached agreement with the FDA after Cohort 1A completion on a dose optimization strategy for Part 2
of the trial. Part 2 will evaluate two dose levels, 20mg and 60mg, to determine the optimal dose for
IMP1734. Approximately 30 PARPi-naïve, HER2-negative breast cancer patients will be enrolled at each
dose level.
Safety follow-up will be performed 30 days (±7 days) from the date of the last dose. Survival
follow-up will be performed every 12 weeks (± 14 days) from the date of the last dose of medication to
assess the survival status until withdrawal of informed consent, loss to follow-up, death or study
termination, whichever occurs first.
Approximately 58 patients are expected to be enrolled in China as part of this trial.
Trial objectives. The primary objectives of Part 1 (dose escalation) are to evaluate the safety and
tolerability of IMP1734 and to determine the MTD (or MAD) or recommended dose for expansion as
monotherapy and in combination with other anticancer agents. The primary objective of Part 2 (dose
optimization) is to evaluate the safety and tolerability of IMP1734 and to determine the optimal dose. The
secondary objectives for both Part 1 and Part 2 are to characterize the plasma PK profile of single and
multiple doses of IMP1734. The secondary objective for Part 1 also includes assessing preliminary
anti-tumor activity of IMP1734 as monotherapy and in combination with anti-cancer agents. The
secondary objective for Part 2 also includes evaluating the efficacy of IMP1734 and determining the
optimal dose.
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Trial status. The trial was initiated in December 2023. We have completed Cohort 1A of Part 1
portion and initiated the Part 2 portion in December 2025. Cohort 1B (initiated in December 2024) and
Cohort 1C (initiated in January 2025) are ongoing. As of October 27, 2025, dose escalation in Cohort
1A was completed with 65 patients enrolled across six ascending dose levels ranging from 10 mg to 160
mg. As of the same date, 12 patients had been enrolled in Cohort 1B across three completed dose levels
(10 mg to 40 mg), and 37 patients had been enrolled in Cohort 1C across four dose levels (10 mg to 60
mg), in each case with patients being enrolled at the 60 mg dose level. We expect to complete dose
escalation for Cohort 1B and Cohort 1C in the second half of 2026. The approximately two-and-a-half-
year timeline from trial initiation to anticipated primary completion reflects the complex multi-cohort
and multi-stage design of the trial, encompassing monotherapy dose escalation and dose optimisation, as
well as combination dose escalation cohorts with abiraterone (Cohort 1B) and paclitaxel (Cohort 1C).
Trial results
Completed Cohort 1A: IMP1734 Monotherapy
Cohort 1A evaluated IMP1734 monotherapy in patients with advanced solid tumors, including
ovarian, breast, prostate or pancreatic cancer with selected genotypic mutations using a Bayesian
Optimal Interval (BOIN) dose escalation design.
Safety results. As of October 27, 2025, dose escalation in Cohort 1A has been completed with 65
patients enrolled across six ascending dose levels ranging from 10mg to 160mg. While dose-limiting
toxicities were observed, an MTD was not formally established. Overall, hematologic toxicity was
observed to be minimal. The most common TEAEs of any grade included nausea (42% (27/65)), fatigue
(32% (21/65)), and tachycardia (32% (21/65)). High-grade (Grade /H113503) anemia and neutropenia events
were infrequent, occurring in 9% (6/65) and 8% (5/65) of patients, respectively. DLT events of sinus
tachycardia were observed at the highest dose levels (two in the 80mg backfill dose level and one in the
160mg dose level). The observed hematologic profile for IMP1734 represents a potential differentiation
from non-selective PARP1/2 inhibitors, which are typically associated with higher rates of hematological
toxicities in published studies.
The following table sets forth a summary of AEs observed for Cohort 1A as of October 27, 2025:
IMP1734
10 mg
n=3
IMP1734
20 mg
n=16
IMP1734
40 mg
n=15
IMP1734
80 mg
n=12
IMP1734
160 mg
n=4
IMP1734
60 mg
n=15
Total
n=65
TEAEs, n (%) /H1118/H1118/H1118/H1118/H1118/H11183 (100%) 15 (94%) 15 (100%) 12 (100%) 4 (100%) 14 (93%) 65 (97%)
Grade 3-5 TEAEs /H1118/H1118/H11183 (100%) 5 (31%) 6 (40%) 6 (50%) 2 (50%) 6 (40%) 28 (43%)
Serious TEAEs /H1118/H1118/H1118/H11181 (33%) 3 (19%) 2 (13%) 4 (33%) 1 (25%) 4 (27%) 15 (23%)
Discontinued due to
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 2 (13%) 1 (7%) 0 (0%) 1 (25%) 2 (13%) 6 (9%)
Dose interruption due
to TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 2 (13%) 6 (0%) 6 (50%) 2 (50%) 5 (33%) 22 (34%)
Dose reduction due to
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 2 (13%) 4 (33%) 1 (25%) 0 (0%) 7 (11%)
TRAE, n (%) /H1118/H1118/H1118/H1118/H1118/H11182 (67%) 12 (75%) 14 (93%) 12 (100%) 4 (100%) 12 (80%) 56 (86%)
Grade 3-5 TRAEs /H1118/H1118/H11181 (33%) 1 (6%) 4 (27%) 3 (25%) 2 (50%) 0 (0%) 11 (17%)
Serious TRAEs /H1118/H1118/H1118/H11180 (0%) 0 (0%) 1 (7%) 2 (17%) 1 (25%) 0 (0%) 4 (6%)
Discontinued due to
TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%)
Dose interruption due
to TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 1 (6%) 6 (40%) 5 (42%) 2 (50%) 3 (20%) 18 (28%)
Dose reduction due to
TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 2 (13%) 4 (33%) 1 (25%) 0 (0%) 7 (11%)
DLT /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 2 (17%) 1 (25%) 0 (0%) 3 (5%)
Source: Company data
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The following table sets forth a summary of TEAEs (all grade >15%) by type observed for Cohort
1A as of October 27, 2025:
IMP1734
10 mg
n=3
IMP1734
20 mg
n=16
IMP1734
40 mg
n=15
IMP1734
80 mg
n=12
IMP1734
160 mg
n=4
IMP1734
60 mg
n=15
Total
n=65
Nausea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 7 (44%) 7 (47%) 4 (33%) 1 (25%) 7 (47%) 27 (42%)
Fatigue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 5 (31%) 5 (33%) 4 (33%) 3 (75%) 3 (20%) 21 (32%)
Tachycardia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 6 (40%) 7 (58%) 4 (100%) 4 (27%) 21 (32%)
Decreased appetite /H1118/H1118/H1118/H11180 (0%) 3 (19%) 4 (27%) 4 (33%) 2 (50%) 5 (33%) 18 (28%)
Anaemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 5 (31%) 5 (33%) 3 (25%) 2 (50%) 2 (13%) 18 (28%)
Neutropenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 3 (19%) 6 (40%) 3 (25%) 1 (25%) 2 (13%) 16 (25%)
V omiting /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 3 (19%) 5 (33%) 4 (33%) 1 (25%) 2 (13%) 15 (23%)
Headache /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 2 (13%) 2 (13%) 4 (33%) 0 (0%) 6 (40%) 15 (23%)
Constipation /H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 4 (25%) 3 (20%) 2 (17%) 0 (0%) 3 (20%) 13 (20%)
Dizziness /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 3 (19%) 4 (27%) 0 (0%) 0 (0%) 3 (20%) 11 (17%)
Diarrhoea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 4 (25%) 1 (7%) 1 (8%) 0 (0%) 4 (27%) 10 (15%)
Source: Company data
The following table sets forth a summary of Grade 3+ TEAE (>2%) by type observed for Cohort
1A as of October 27, 2025:
IMP1734
10 mg
n=3
IMP1734
20 mg
n=16
IMP1734
40 mg
n=15
IMP1734
80 mg
n=12
IMP1734
160 mg
n=4
IMP1734
60 mg
n=15
Total
n=65
Anaemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 2 (13%) 1 (7%) 1 (8%) 2 (50%) 0 (0%) 6 (9%)
Neutropenia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 1 (6%) 2 (13%) 1 (8%) 0 (0%) 0 (0%) 5 (8%)
Ascites /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 1 (6%) 0 (0%) 1 (8%) 0 (0%) 2 (13%) 4 (6%)
V omiting /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 1 (7%) 0 (0%) 1 (25%) 1 (7%) 3 (5%)
Fatigue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 1 (6%) 0 (0%) 1 (8%) 1 (25%) 0 (0%) 3 (5%)
Hypokalaemia /H1118/H1118/H1118/H1118/H1118/H11180 (0%) 1 (6%) 1 (7%) 0 (0%) 0 (0%) 0 (0%) 2 (3%)
Tachycardia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 1 (8%) 0 (0%) 1 (7%) 2 (3%)
Pleural effusion /H1118/H1118/H1118/H1118/H11180 (0%) 1 (6%) 0 (0%) 1 (8%) 0 (0%) 0 (0%) 2 (3%)
Lymphopenia /H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 2 (17%) 0 (0%) 0 (0%) 2 (3%)
Source: Company data
Efficacy results. We observed clinical activity at most doses tested, as evidenced by target lesion
size reduction and durable responses. In the RECIST evaluable population (n=49), the overall response
rate, or ORR, was 14% (7/49) and when analyzed by tumor type, ORRs were 13% (2/16) in breast cancer
patients and 15% (4/27) in ovarian cancer patients. The ORR in PARP inhibitor (PARPi) naïve patients
was 31% (5/16), suggesting enhanced activity in a PARPi naïve population.
The following chart sets forth best percentage change from baseline observed in target lesions by
dose level in Cohort 1A as of October 27, 2025:
Source: Company data
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Ongoing Cohort 1B: IMP1734 in Combination with Abiraterone+Prednisone
Cohort 1B is evaluating IMP1734 in combination with abiraterone acetate and prednisone in
patients with mCRPC and mCSPC with selected genotype mutations using a BOIN dose escalation
design.
Safety results. As of October 27, 2025,12 patients had been enrolled across three completed dose
levels (10mg to 40mg) with patients being enrolled at the 60mg dose level. No DLTs had been reported.
The following table sets forth a summary of AEs observed for Cohort 1B as of October 27, 2025:
IMP1734
10 mg
n=3
IMP1734
20 mg
n=6
IMP1734
40 mg
n=3
Total
n=12
TEAEs, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183 (100%) 5 (83%) 3 (100%) 11 (92%)
Grade 3-5 TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182 (67%) 2 (33%) 1 (33%) 5 (42%)
Serious TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 0 (0%) 1 (33%) 2 (17%)
Discontinued any drug due to
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Any dose interruption due to a
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (33%) 3 (50%) 1 (33%) 5 (42%)
Any dose reduction due to a
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
TRAE, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182 (67%) 4 (67%) 2 (67%) 8 (67%)
Grade 3-5 TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 2 (33%) 0 (0%) 2 (17%)
Serious TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Discontinued any drug due to
a TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
DLT /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Source: Company data
Efficacy results. We have observed preliminary clinical activity in combination with both RECIST
responses and prostate specific antigen (PSA) declines starting at the lowest dose level of 10mg, with
three RECIST partial responses (two confirmed, one unconfirmed), and three PSA 50 responses ( /H1135050%
decline from baseline).
The following chart sets forth observed best percentage change from baseline in target lesions by
dose level in Cohort 1B as of October 27, 2025:
Source: Company data
Cohort 1C: IMP1734 in Combination with Paclitaxel
Cohort 1C is evaluating IMP1734 in combination with paclitaxel in patients with platinum-resistant
ovarian cancer and breast cancer in an unselected population using a BOIN dose escalation design.
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Safety results. As of October 27, 2025, 37 patients have been enrolled across four dose levels (10
mg to 60 mg). The safety profile was generally consistent with the known toxicity profiles of paclitaxel
and IMP1734 monotherapy, with AEs managed through standard medical interventions including dose
delays, dose modifications, and growth factor support, as clinically indicated, suggesting the potential for
IMP1734 to be combined with paclitaxel in platinum-resistant ovarian cancer patients and breast cancer
patients when appropriate supportive care measures are employed.
With supportive care measures up to the 40 mg dose level, no DLTs have been reported. At the 60
mg dose level, safety assessment is still ongoing. Conclusions regarding the optimal dose of IMP1734
for combination with paclitaxel will be informed by the totality of safety, PK/pharmacodynamics, or PD,
and efficacy data across all the dose levels evaluated.
The following table sets forth a summary of AEs observed for Cohort 1C as of October 27, 2025:
IMP1734
10 mg
n=11
IMP1734
20 mg
n=16
IMP1734
40 mg
n=5
IMP1734
60 mg
n=5
Total
n=37
TEAEs, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H111810 (91%) 12 (75%) 4 (80%) 5 (100%) 31 (84%)
Grade 3-5 TEAEs /H1118/H1118/H11186 (55%) 9 (56%) 3 (60%) 4 (80%) 22 (60%)
Serious TEAEs /H1118/H1118/H1118/H1118/H11184 (36%) 4 (25%) 0 (0%) 3 (60%) 11 (30%)
Discontinued any
drug due to TEAE /H1118 1 (9%) 4 (25%) 0 (0%) 0 (0%) 5 (14%)
Any dose interruption
due to a TEAE /H1118/H1118/H11188 (73%) 7 (44%) 3 (60%) 4 (80%) 22 (60%)
Any dose reduction
due to a TEAE /H1118/H1118/H11182 (18%) 3 (19%) 0 (0%) 0 (0%) 5 (14%)
TRAE, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H11189 (82%) 12 (75%) 4 (80%) 5 (100%) 30 (81%)
Grade 3-5 TRAEs /H1118/H1118/H11185 (46%) 8 (50%) 3 (60%) 4 (80%) 20 (54%)
Serious TRAEs /H1118/H1118/H1118/H1118/H11181 (9%) 1 (6%) 0 (0%) 2 (40%) 4 (11%)
Discontinued any
drug due to a
TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (9%) 4 (25%) 0 (0%) 0 (0%) 5 (14%)
DLT /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%)
Source: Company data
Efficacy results. Of the 17 evaluable patients, we have observed clinical activity including four
partial responses (three confirmed, one unconfirmed) and one complete response across multiple dose
levels. DOR data are still maturing in Cohort 1C.
The following chart sets forth observed best percentage change from baseline in target lesions by
dose level in Cohort 1C as of October 27, 2025:
Source: Company data
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Clinical Development Plan
We initiated our global Phase I/II trial in December 2023 and have completed the Cohort 1A
(monotherapy dose escalation). Following completion of Cohort 1A dose escalation, we reached
agreement with the FDA on a dose optimization strategy for Part 2 of the trial, where IMP1734 will be
evaluated in two dose levels (20 mg and 60 mg). We further initiated the Phase II optimization portion
(Part 2) in December 2025 upon first patient informed consent, with Phase II interim read-out expected
in December 2026. For IMP1734 combination therapies, we expect to complete dose escalation for
Cohort 1B and Cohort 1C both in the second half of 2026 and are actively planning for further
development of IMP1734-chemotherapy combinations.
License, Rights and Obligations
We entered into a global partnership with Eikon Therapeutics in 2023, where Eikon was granted
an exclusive license from us to develop, register, manufacture and commercialize IMP1734 and IMP1707
outside Greater China. We retain rights to develop, register, manufacture and commercialize IMP1734
and IMP1707 in Greater China. For more details, see “— Our Material Collaboration and Licensing
Arrangements — Collaboration Agreement with Eikon Therapeutics.”
Material Communications with Competent Authorities
We submitted the IND application for IMP1734 monotherapy for the treatment of advanced solid
tumors (Cohort 1A) to the FDA in June 2023 and received the approval in July 2023. Subsequently, a
protocol amendment was submitted to the FDA to evaluate IMP1734 in combination regimens for the
treatment of mCRPC and mCSPC (Cohort 1B), as well as platinum-resistant ovarian cancer and breast
cancer (Cohort 1C), which became effective in April 2024. We submitted the IND application for
IMP1734 monotherapy for the treatment of advanced solid tumors (Cohort 1A) to the NMPA in July 2023
and received the approval in October 2023. We submitted the IND application for IMP1734 combination
therapies for the treatment of mCRPC and mCSPC (Cohort 1B) and platinum-resistant ovarian cancer and
breast cancer (Cohort 1C) to the NMPA in December 2024 and received the approval in March 2025. As
of the Latest Practicable Date, we have not received any regulatory agency’s concerns or objections to
our clinical development plans for IMP1734.
WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET IMP1734
SUCCESSFULLY.
IMP9064, Our Key Product, an ATR Inhibitor in Phase II Stage
Overview
IMP9064, our Key Product, is a potent, orally administrated and highly selective A TR inhibitor in
currently Phase II stage with a nano-molar range potency and inhibitory activity against various cancer
cells. Ataxia telangiectasia and Rad3-related (A TR) kinase is a master regulator in response to replication
stress, contributing to replication stress tolerance in cancer cells. Selective inhibition of A TR can lead to
cytotoxicity due to replication stress, resulting in cell death, as clinically validated by the PoC data from
the Phase II trial of ceralasertib (AZD6738). Preclinical and clinical studies have revealed the emerging
efficacy signal of A TR inhibitors in cancer treatment, both as monotherapy or synergizing with other SL
therapies such as PARP inhibitors and chemotherapy such as irinotecan. IMP9064, featuring a unique
rigid fused 6-5 ring structure that confers enhanced potency, selectivity and PK properties, has the
potential to induce SL in tumor cells with a differentiated selectivity compared with other A TR inhibitors.
According to Frost & Sullivan, IMP9064 is the first A TR inhibitor advanced into clinical stage in China.
It demonstrated high selectivity and potency as well as strong anti-tumor efficacy in preclinical studies,
with in vitro data showing an IC
50 of 4 nM against A TR kinase and in vivo efficacy validated in human
colorectal adenocarcinoma (LoV o) CDX models at various dose levels.
We are currently evaluating IMP9064 both as monotherapy and in combination with our PARP1/2
inhibitor, senaparib, in patients with advanced solid tumors in its Phase I/II trial. This trial was initiated
in February 2022 with monotherapy dose escalation completed in the United States, Australia and China
and monotherapy RP2D established at 280 mg dose. According to the monotherapy dose escalation
results, IMP9064 has shown a favorable safety and tolerability profile when dosed intermittently, with
rapid absorption, proportional increases in exposure and minimal accumulation in plasma after
continuous dosing. Preliminary efficacy signals and sustained clinical benefits have been observed, with
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a PR reported at the 280 mg dose level. In addition, logarithmic regression analysis of the PK/PD
relationship reveals its exposure-dependent target engagement. We initiated the Phase II portion of this
trial in China in October 2024, with Phase II data read-out expected in the second half of 2026. We
received IND approval from the NMPA for the combination therapy of IMP9064 and senaparib in PARP
inhibitor-treated OC in September 2025, and initiated the Phase I combination of IMP9064 and senaparib
in PARP inhibitor-treated OC in December 2025.
Mechanism of Action
A TR and A TM kinases are two master regulators of damage in human cells, function together to
safeguard the cell viability. While A TM primarily mediates signalling from ionizing radiation-induced
damage, A TR responds to a wide range of damage and damage repair process. Given these two kinases
have overlapping and distinct functions, A TM-deficient tumor cells are more dependent on intact A TR
pathway.
In cancers, A TR signalling pathway is utilized to promote survival by blocking cell-cycle
progression, stabilizing stalled replication and facilitating repair. Selective inhibition of A TR can lead to
cytotoxicity due to replication stress, which makes the combination of A TR inhibitors with damage-
inducing radiation or chemotherapy a potential source of SL — particularly in cancer cells with cancer
driver overexpression, such as A TM deficient, where concurrent inhibition of A TR can induce SL. A TR
inhibitors are emerging as a promising and clinically validated strategy for cancer treatment and holds
significant potential to overcome resistance to other therapies and enhances anti-tumor immunity, both
for their single-agent activity and in rationally selected combinations.
IMP9064 is a potent, orally administrated, highly selective A TR inhibitor with a nano-molar range
potency and inhibitory activity against various cancer cells. IMP9064 incorporates a unique rigid fused
6-5 ring structure, which distinguishes it from other A TR inhibitors with 6-membered or 6-6 fused ring
systems. This design confers superior potency, enhanced selectivity and improved PK properties
compared to other A TR inhibitors with 6-membered and 6-6 fused ring systems. The follow diagram
illustrates the mechanism of action of IMP9064:
Market Opportunity and Competition
A TR inhibitors have emerged as a promising target for cancer treatment with rapid R&D progress
ongoing. While A TM mutations are commonly found in a variety of cancer types, there were no drugs
approved for cancers with A TM mutations apart from PARP inhibitors as of the Latest Practicable Date,
highlighting significant unmet medical needs, particularly for PARP inhibitor-treated patients.
As of the Latest Practicable Date, there were no marketed A TR inhibitors globally. There were eight
A TR inhibitors in clinical development globally, among which IMP9064 represented the first A TR
inhibitor advanced to the clinical stage in China. For details of the competitive landscape of A TR
inhibitors globally, see “Industry Overview — Global A TR Inhibitor Market — Competitive Landscape
of A TR Inhibitors.”
Competitive Advantages
High selectivity, potency and strong anti-tumor efficacy in preclinical studies
IMP9064 exhibits high potency and selectivity in preclinical studies. Compared to other
clinical-stage A TR inhibitors, such as BAY -1895344, IMP9064 exhibits superior kinase selectivity,
effectively inhibiting A TR (IC
50 = 4 nM) while showing minimal activity against off-target kinases,
except mTOR (56 nM). This high selectivity is attributable to IMP9064’s unique rigid fused 6-5 ring
structure.
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Source: Company data
Cellular Anti-proliferation Assay, IC 50 (nM)
Cell line (indication) IMP9064 BAY-1895344 AZD6738
LoV o (CRC) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853.5 26.0 1,117.0
NCI-H1703 (NSCLC) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819.4 12.5 301.0
NCI-H460 (NSCLC) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827.3 19.0 514.6
Source: Company data
In addition, in vivo studies using human LoV o CDX models demonstrate strong dose-dependent
anti-tumor efficacy and good tolerability of IMP9064. These findings support IMP9064’s potential as a
differentiated A TR inhibitor with improved selectivity, potency and PK profile.
Favorable safety profile and promising clinical efficacy observed in Phase I/II trial
Results from the first-in-human trial of IMP9064 monotherapy dose escalation in patients with
advanced solid tumors further suggest its favorable safety profile and promising clinical efficacy.
IMP9064 was well-tolerated when dosed intermittently (once daily, 3 days on/4 days off), with no TRAEs
with Grade 4 or 5, nor any events leading to drug discontinuation. PK analysis demonstrated rapid
absorption, with median T
max ranging from 1 to 4 hours for both single and multiple doses, and
proportional increases in exposure (AUC) and C max across the 7.5 mg to 320 mg dose range. Minimal
accumulation was observed after continuous dosing. In terms of efficacy, IMP9064 showed a preliminary
clinical signal and sustained clinical benefit. As of June 19, 2024, among 34 patients enrolled, one patient
had confirmed PR from 280 mg dose level and 20 patients had achieved SD as their best responses. The
logarithmic regression analysis of the PK/PD relationship between the AUC of IMP9064 in plasma and
the inhibition of pCHK1 activation at steady state across various dose cohorts demonstrates an
exposure-dependent target engagement. RP2D for IMP9064 was established at 280 mg based on
monotherapy dose escalation results. These findings reinforce the treatment potential of IMP9064 in
advanced solid tumors and warrant further clinical investigation. Clinical expansion of IMP9064 as
monotherapy is ongoing.
Strong synergistic effects in combination regimens to overcome resistance to existing treatment and
broaden indications
We are currently exploring IMP9064’s potential both as monotherapy and in combination with
senaparib, our PARP1/2 inhibitor, in patients with advanced solid tumors. As an A TR inhibitor, IMP9064
holds significant treatment potential in combination with various agents including chemotherapy and
PARP inhibitors to overcome therapeutic resistance and enhance treatment efficacy. In particular, A TR
inhibitors could offer a promising therapeutic option for patients with A TM, BRCA1, BRCA2, and other
mutations, including those with primary or acquired resistance to PARP inhibitors, as well as for cancers
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such as lung and colorectal where PARP inhibitors are not approved. For instance, the Phase I trial of
olaparib in combination with ceralasertib showed the ORR of 40% in PARP inhibitor resistant HRR mut
OC. In preclinical studies, IMP9064 also demonstrates strong anti-tumor effect and synergistic effects in
combination with PARP inhibitors, WEE1 inhibitors, PKMYT1 inhibitors and HER2 ADC across
pancreatic cancer, OC, lung cancer, breast cancer and other cancer cell lines. The combination treatment
of IMP9064 and senaparib shows strong anti-tumor growth inhibition in olaparib-resistant CDX model
of TNBC while mono-inhibitors of either PARP or A TR show no therapeutic efficacy.
Source: Company data
According to Frost & Sullivan, while A TM mutations are commonly found in a variety of cancer
types, there were no drugs approved for cancers with A TM mutations apart from PARP inhibitors. In
early-phase trials, A TR inhibitors show potential both as monotherapy and in combination regimens,
expanding their utility across a wide range of cancer types. Notably, they are being explored as rescue
therapies for patients who have developed resistance to PARP1/2 inhibitors, offering a new line of
defense in the treatment. The primary market value of A TR inhibitors lies in their ability to act as
synergistic agents in combination therapies. These combinations aim to overcome resistance to existing
SoC — including PARP inhibitors, chemotherapy, and immunotherapy — thereby broadening the
spectrum of treatable patients and tumor types. IMP9064, as the first A TR inhibitor advanced into clinical
stage in China, holds great potential to address the underserved needs in patients resistant to PARP
inhibitors and other existing therapies. The development of IMP9064 further enhances the value of our
comprehensive and advanced SL portfolio, strengthening our presence in oncology treatment landscape.
Summary of Clinical Trials
Global Phase I/II trial of IMP9064 monotherapy and in combination with senaparib in patients with
advanced solid tumors (NCT05269316)
Overview. This is a first-in-human, Phase I/II, open-label, multi-center, dose-escalation and
dose-expansion trial to evaluate safety, tolerability, PK and anti-tumor activity of the A TR inhibitor
IMP9064 monotherapy and in combination with PARP1/2 inhibitor senaparib in patients with advanced
solid tumors.
Trial design. This trial consists of four parts, including (i) Part 1 and Part 2 for IMP9064
monotherapy and (ii) Part 3 and Part 4 for IMP9064 in combination with senaparib. Part 1 is a dose
escalation trial for IMP9064 monotherapy. Key eligibility criteria include: patients must be /H1135018 years
old, have advanced solid tumors that are refractory to or intolerant of available standard-of-care therapies
(or for which no standard therapy exists), an ECOG performance status of 0-1, no untreated or unstable
brain metastases, and adequate hematological and organ function. The dosing schedule follows a
once-daily regimen for 3 days on and 4 days off, with each cycle lasting 21 days, and includes a 28-day
DLT observation period. The trial progresses through escalating dose cohorts from 7.5 mg to 320 mg,
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ultimately identifying the MTD or RP2D. In Part 2, the monotherapy dose expansion will further assess
the RP2D using a dosing schedule of once daily for 3 days on and 4 days off in patients with
A TM-deficient tumors (including mCRC and other advanced solid tumors), AR1D1A-deficient tumors
(including ovarian clear cell carcinoma and other advanced solid tumors) and advanced OC relapsed after
prior PARP inhibitor therapy or advanced/recurrent endometrial cancer. Parts 3 and 4 will explore
combination dosing regimens, including open-label, multi-center dose escalation and dose expansion
studies, to evaluate IMP9064’s safety, tolerability, PK and efficacy in combination therapies with
senaparib in patients with advanced solid tumors (including platinum-sensitive OC previously treated
with a PARP inhibitor or advanced solid tumors harboring specific genetic alterations).
Trial objectives. The primary endpoints of Part 1 dose escalation portion of this trial are
safety/tolerability and MTD/RP2D, and the secondary endpoints include PK, and preliminary efficacy.
The primary endpoint of Part 2 dose expansion portion is ORR and the secondary endpoints are DoR,
DCR, PFS, OS, safety.
Trial status. For the monotherapy arm, we initiated the Part 1 (dose escalation) in February 2022.
We completed this phase in the United States, Australia and China and established 280 mg (once daily,
3 days on/4 days off) as RP2D for the dose expansion Part 2 in May 2024. We initiated the Part 2 portion
monotherapy dose expansion cohort in advanced endometrial carcinoma of this trial in China in
November 2024, with patient enrollment completed in July 2025. As of the Latest Practicable Date,
patient follow-up for Part 2 of this study remains ongoing, and the analysis has not yet commenced, as
we consider it more appropriate to conduct an integrated analysis of Part 1 and Part 2 data once Part 2
results are available.
For the combination therapy arm, we initiated Part 3 (dose escalation) in separate cohorts for OC
and pancreatic cancer in December 2025 and March 2026, respectively, with patient screening and
recruitment currently ongoing. The overall duration of this trial is attributable to its sequential two-part
design, comprising a Phase I dose escalation portion and a Phase II expansion portion.
Safety results. In Part 1 of the trial, IMP9064 demonstrated a favorable safety profile and was
well-tolerated when dosed intermittently. A DLT of Grade 3 QTcF prolongation was reported at the 320
mg dose level. The pre-dose ECG measured a QTcF interval of 500.7 ms on Cycle 1, Day 3 (C1D3), with
a +31.1 ms change from baseline, which recovered on the same day after observation. The most common
TEAEs (incidence /H1135020%) included nausea, anemia, diarrhea and vomiting. TEAEs resulted in drug
discontinuation in three patients (8.8%). The most common TRAEs (incidence /H1135010%) were nausea,
diarrhea, vomiting and anemia. The Grade /H113503 TRAEs reported in /H113502 patients were Grade 3 anemia and
diarrhea. No TRAEs with Grade 4 or Grade 5, or leading to drug discontinuation occurred. The following
chart sets forth TEAEs with incidence /H113508% (reported in /H113503 patients).
Abbreviations: ECG = electrocardiogram, Gr = grade, SAE = severe adverse event, TEAE = treatment emergent adverse event,
TRAE = treatment related adverse event
Source: Company data
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PK results. IMP9064 demonstrated rapid absorption, with a geometric mean half-life within 7 hours
for most doses, indicating a linear PK profile. Median T max ranged from approximately 1 to 4 hours, both
in single and multiple doses. IMP9064 exposure (AUC) and C max increase approximately proportionally
within dose ranging from 7.5 mg to 320 mg. There was minimal accumulation for IMP9064 in plasma
after continuous dosing. The PK/PD relationship demonstrates an exposure-dependent target
engagement, where pCHK1 inhibition increases as IMP9064 exposure (AUC
0-tau ) rises. The following
chart sets forth semi-log of mean IMP9064 plasma concentration at steady state and correlation between
IMP9064 AUC
0-tau and pCHK1 change from baseline at steady state:
Source: Company data
Efficacy results. IMP9064 has shown preliminary clinical efficacy signal and sustained clinical
benefit in late-stage advanced solid tumors in Part 1. Among 34 patients enrolled, 31 patients had
received at least one post-treatment tumor assessment. As of June 19, 2024, 1 patient had confirmed PR
from 280 mg dose level and 20 patients had achieved SD as their best responses; 4 patients experienced
prolonged SD with more than 24 weeks of treatment; the DCR was 64.5% and the clinical benefit rate
(CBR) (PR+SD /H113504 months) was 35.5%; median PFS was 4.0 months.
The efficacy results for a 62-year-old female with endometrial cancer harboring
ARID1A/CTNNB1/PTEN mutations showed a PR after receiving IMP9064 treatment. The patient, who
had previously completed platinum-based neoadjuvant chemotherapy and pembrolizumab plus lenvatinib
as 1L therapy, experienced a rapid decrease in the target lesion by 31.8% at the 6-week scan and by
45.5% at the 12-week scan, with ongoing improvement. The following chart sets forth one of the target
lesions in the right lower lobe (lung):
Source: Company data
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The following chart sets forth best response in target lesions and individual mutations in part 1 of
this trial (N = 31):
Type
Source: Company data
Clinical Development Plan
Based on IND approvals from the NMPA and FDA, we initiated a Phase I/II trial in February 2022.
For the monotherapy arm, we completed Part 1 (dose escalation) in the United States, Australia and
China and established 280 mg (once daily, 3 days on/4 days off) as RP2D for the dose expansion Part
2 in May 2024. We further initiated the monotherapy Phase II portion (i.e., Part 2) of this trial in
endometrial cancer in China in November 2024, and we expect to complete Phase II of this trial in the
second half of 2026. For the combination arm, we received IND approval from the NMPA for the
combination therapy of IMP9064 and senaparib in PARP inhibitor-treated OC in September 2025, and are
initiating the Phase I combination of IMP9064 and senaparib in PARP inhibitor-treated OC. The OC
cohort (Cohort 3A) site was activated on December 26, 2025, and the pancreatic cancer cohort (Cohort
3B) site was activated on March 10, 2026. As of March 10, 2026, one patient was undergoing screening
in Cohort 3A (informed consent date: March 10, 2026), and Cohort 3B is actively recruiting. No clinical
data are available at this stage. Phase Ib data read-out is expected in the second half of 2026. We expect
to complete the dose escalation portion of IMP9064 in combination with senaparib in December 2026.
Based on these preliminary clinical results, we plan to expand IMP9064’s indications for monotherapy
and combination therapies, respectively, while exploring additional treatment options in combination
with chemotherapy and immune checkpoint inhibitors. The ongoing global Phase I/II clinical trial of
IMP9064 has clinical sites in China, the United States and Australia, which is designed to accumulate
pharmacokinetic and efficacy data across different ethnic populations, evaluate potential racial
differences, and establish a foundation for future dual regulatory filings in both jurisdictions. Following
the completion of the current global trial, we plan to prioritize the advancement of registrational studies
in China, in light of the large patient population, increasingly favorable regulatory environment, and
potential advantages in high-incidence tumor types, with the aim of seeking accelerated approval. For
other markets, we plan to determine the next steps based on the efficacy data from biomarker-enriched
populations generated from the global trial.
License, Rights and Obligations
We developed IMP9064 in-house and own the global rights to develop and commercialize this drug
candidate.
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Material Communications with Competent Authorities
We received IND approval from the FDA to investigate IMP9064 for solid tumors in October 2021.
We obtained the IND approval from the NMPA in February 2022 to initiate clinical trial for the treatment
of advanced solid tumors. In March 2022, we obtained the IND approval in Australia for its Phase I/II
dose-escalation and dose expansion trial to evaluate IMP9064 monotherapy and in combination with
senaparib in patients with advanced solid tumors. We received the IND approval from the NMPA in
September 2025 to initiate the dose-escalation portion for combination therapy of IMP9064 with
senaparib. As of the Latest Practicable Date, we have not received any regulatory agency’s concerns or
objections to our clinical development plans for IMP9064.
WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET IMP9064
SUCCESSFULLY.
IMP1707, a CNS Penetrant, PARP1 selective Inhibitor in Phase I stage
Overview
IMP1707 is a CNS penetrant, PARP1 selective inhibitor currently in Phase I stage for the treatment
of HRR
mut tumors. IMP1707 distinguishes itself for its exceptional ability to penetrate CNS. As of the
Latest Practicable Date, it was one of the most advanced CNS penetrant PARP1 selective inhibitors in
clinical stages globally, according to Frost & Sullivan. In preclinical studies, IMP1707 penetrates the
brain with a Kp
uu of 0.5 in both mouse and rat, a level suggesting therapeutic relevance and results in
complete tumor regression in a brain cancer model. In addition, IMP1707 has shown excellent, over
800-fold selectivity of PARP1 over PARP2, with excellent antiproliferative effect on cell lines with
BRCA mutation or deletion in in vitro biological studies. It also demonstrated robust tumor regression
in CDX models of BRCA
mut cancers with a minimally efficacious dose of 0.2 mg/kg, indicating
IMP1707’s potential as a high-impact treatment at low doses. These findings underscore IMP1707’s
potential in treating patients with brain metastases and for primary CNS tumors, an area of high unmet
clinical needs in oncology.
IMP1707 is developed under our collaboration with Eikon. For more details, see “— Our Material
Collaboration and Licensing Arrangements — Collaboration Agreement with Eikon Therapeutics.” The
IND approval for IMP1707 was obtained from the FDA in January 2025 and from the NMPA in April
2025. We and Eikon subsequently initiated its Phase I trial in patients with recurrent advanced/metastatic
solid tumors globally in April 2025. As of September 4, 2025, 10 patients had been enrolled for this trial,
and we expect to complete the Phase I portion in the second half of 2026.
Mechanism of Action
See “— IMP1734, Our Key Product, a Highly Potent, Next-Generation PARP1 Selective Inhibitor
in Phase I/II Stage — Mechanism of Action.”
Competitive Advantages
One of the most advanced CNS penetrant P ARP1 selective inhibitors in clinical stage
IMP1707 stands out for its CNS penetration capability. In in vivo studies, IMP1707 penetrates the
brain with a Kp
uu of 0.5 in both mouse and rat, a level suggesting therapeutic relevance indicating
adequate brain exposure. The CNS penetrance was further confirmed by in vivo PD data showing
complete inhibition of total PAR levels in a brain cancer model. Furthermore, tumor regression was
observed in CDX models of BRCA
mut cancers with a minimally efficacious dose of 0.2 mg/kg, with
long-lasting anti-tumor effect even after drug discontinuation, indicating IMP1707’s potential as an
effective treatment at low doses.
We have been investigating IMP1707 in a Phase I/II trial in patients with solid tumors, including
in patients with or without brain metastases and for primary CNS tumors since April 2025. As of the
Latest Practicable Date, there were no CNS penetrant PARP inhibitors marketed globally, and IMP1707
was one of the most advanced CNS penetrant PARP inhibitors in clinical stage, according to Frost &
Sullivan. This early clinical positioning underscores the potential of IMP1707 to address underserved
needs for patients with HRR
mut tumors.
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Highly potent P ARP1 selective inhibitor with high selectivity of P ARP1 over P ARP2 backed by global
collaboration
IMP1707 has been developed as a next-generation PARP1 selective inhibitor. It is designed to
overcome the hematologic toxicity often associated with PARP2 inhibition by PARP1/2 inhibitors. In in
vitro biological studies, IMP1707 demonstrated high selectivity of PARP1 over PARP2 with more than
800-fold difference in enzymatic inhibition and 52,000-fold difference in trapping potency. The
following tables and diagrams set forth in vitro results of IMP1707, highlighting its PARP1/2 selectivity:
High Selectivity Among PARP Family
IC50(nM) IMP1707 AZD9574
PARP1 < 1 2.05
PARP2 500 4,139
PARP1/2 (Fold) > 800 2,019
PARP1% Inhibition
PARP2% Inhibition
-50
0
50
100
150
0.001 0.01 0.1 1 10 100 1000
Concentration (nM)
PARP1 Enzyme Assay
-50
0
50
100
150
0.001 0.01 0.1 1 10 100 1000 10000
Concentration (nM)
PARP2 Enzyme Assay
Potent Trapping Activity on PARP1 but not PARP2
EC50(nM) IMP1707 AZD9574
PARP1 < 1.0 3.0
PARP2 > 50,000 > 50,000
PARP1/2 (Fold) > 52,000 > 16,667
% Trapping
% Trapping
0
50
100
150
0.001 0.01 0.1 1 10 100 1000 10000
Concentration (nM)
PARP1 Trapping
0
50
100
150
0.01 0.1 1 10 100 1000 10000
Concentration (nM)
PARP2 Trapping
IMP1707 also exhibited high antiproliferative effects on cell lines with BRCA mutation or deletion,
with a higher selectivity index (over 9,000-fold) over BRCAwt cells, indicating a strong and targeted
effect against HRR
mut tumors while sparing normal cells. The following tables and diagrams set forth in
vitro results of IMP1707 relating to its cytotoxic activity in cancer cells.
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High Antiproliferative Effect on Cell Lines with BRCA Mutation or Deletion
IC50(nM) IMP1707 AZD9574
MDA-MB-436 BRCA1 mut < 1.0 3.93
DLD-1 isogenic pair
BRCA2 KO ~ 2.0 11.3
BRCA2wt > 20,000 > 20,000
Fold > 9,000 > 1,770
DLD1 KO Inhibition (%)
0
20
40
60
80
100
0.001 0.01 0.1 1 10 100 1000
Concentration (nM)
DLD1 KO Proliferation
DLD1 Inhibition (%)
0
25
50
75
100
(25)
0.01 0.1 1 10 100 1000 10000
Concentration (nM)
DLD1 Parent Proliferation
In a brain cancer model as illustrated below, IMP1707 induced tumor regression.
Summary of Clinical Trials
Global Phase I/II trial of IMP1707 in patients with recurrent advanced/metastatic solid tumors
(NCT06907043)
Overview. This is a Phase I/II, open-label, multicenter, dose-escalation and dose-optimization trial
to evaluate the safety, tolerability and preliminary efficacy of IMP1707 as monotherapy in patients with
recurrent, advanced/metastatic solid tumors, including those with recurrent advanced/metastatic breast
cancer, OC, mCRPC and pancreatic cancer with select HRR mutations. We act as the sponsor of this trial
in China, responsible for site monitoring and management within China, as well as management of local
CRO activities. Eikon acts as the sponsor of this trial globally excluding China, responsible for global
trial management, including global CRO management and site monitoring and management outside
China. Both parties are jointly responsible for the strategic planning and study design of this trial.
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Trial design. The trial consists of two parts: dose escalation and dose optimization. In dose
escalation (Part 1), the trial evaluates IMP1707 monotherapy in patients with advanced solid tumors,
including ovarian, breast, prostate or pancreatic cancer, with or without active brain metastases, with
selected genotypic mutations will identify the MTD or MAD in solid tumor. In dose optimization (Part
2), the trial will further evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and
anti-tumor activity of select doses of IMP1707. Approximately 39 patients are expected to be enrolled
in China as part of this trial.
Trial objectives. The primary objectives are to assess safety and tolerability of IMP1707 and to
determine the MTD (or MAD) and RDE. Secondary objectives include preliminary assessment of
anti-tumor activity and characterization of PK parameters.
Trial status. The trial was initiated in April 2025. As of October 27, 2025, dose escalation in Part 1
was ongoing; 16 patients had been enrolled across three dose levels ranging from 10 mg to 40 mg
participants were enrolled in this trial.
Safety results. As of October 27, 2025, no DLT had been reported. The following table sets forth
a summary of AEs observed in Part 1 of this trial as of October 27, 2025:
IMP1707
10 mg
n=10
IMP1707
20 mg
n=3
IMP1707
40 mg
n=3
Total
n=16
TEAEs, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189 (90%) 3 (100%) 1 (33%) 13 (81%)
Grade 3-5 TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (10%) 0 (0%) 1 (33%) 2 (13%)
Serious TEAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (10%) 0 (0%) 1 (33%) 2 (13%)
Dose interruption due to a
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (10%) 0 (0%) 1 (33%) 2 (13%)
Dose reduction due to a
TEAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Discontinued due to a TEAE /H1118 0 (0%) 0 (0%) 0 (0%) 0 (0%)
TRAE, n (%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188 (80%) 2 (67%) 0 (0%) 10 (63%)
Grade 3-5 TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Serious TRAEs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Dose interruption due to a
TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Dose reduction due to a
TRAE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Discontinued due to a TRAE /H1118 0 (0%) 0 (0%) 0 (0%) 0 (0%)
DLT /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 (0%) 0 (0%) 0 (0%) 0 (0%)
Source: Company data
Efficacy results. As of October 27, 2025, we observed preliminary activity in the monotherapy dose
escalation, with an unconfirmed PR observed at the 10mg dose level. The following chart sets forth the
observed best percentage change from baseline in target lesions by dose level and tumor type for
IMP1707 in Part 1 of this trial as of October 27, 2025:
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20
0
40
60
80
100
-100
-80
-60
-40
-20
Best Overall Response + More
Cohort - Dose Level
Tumor Type
Partial Response
Stable Disease
Progressive Disease
PARPi Naïve
Part 1 - DL1-IMP1707 10 mg
Part 1 - DL2-IMP1707 20 mg
Ovary
Breast
Pancreatic
Source: Company data
Clinical Development Plan
Based on IND approvals from the FDA in January 2025 and from the NMPA in April 2025, the
global Phase I/II trial for IMP1707 was initiated in April 2025. We expect to complete the Phase I portion
of this trial (i.e., the dose escalation phase) in the fourth quarter of 2026. Upon completion of the dose
escalation phase, we plan to explore combination therapies to maximize its clinical value.
License, Rights and Obligations
IMP1707 has been developed under our collaboration agreement with Eikon. We granted Eikon an
exclusive license to develop, register, manufacture and commercialize IMP1707 outside Greater China.
We retain rights to develop, register, manufacture and commercialize IMP1707 in Greater China. For
details, see “— Our Material Collaboration and Licensing Arrangements — Collaboration Agreement
with Eikon Therapeutics.”
Material Communications with Competent Authorities
An IND application for IMP1707 was submitted to the FDA in December 2024 and was approved
in January 2025. An IND application for IMP1707 was submitted to the NMPA in January 2025 and was
approved in March 2025. As of the Latest Practicable Date, we have not received any regulatory agency’s
concerns or objections to our clinical development plans for IMP1707.
WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET IMP1707
SUCCESSFULLY.
IMP7068, a WEE1 Inhibitor in Phase I/II stage
Overview
IMP7068 is the most clinically advanced WEE1 inhibitor in China currently developed in Phase I/II
stage. WEE1 inhibitors have demonstrated initial PoC clinical activity both as monotherapies and in
combination settings, with a favorable toxicity profile that makes them particularly well-suited for
combination strategies. WEE1 plays a critical role in regulating the cell cycle, and its inhibition can
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sensitize tumors to damage-inducing agents. The clinical potential of this target is underscored by
Zentalis’s WEE1 inhibitor, azenosertib, which received Fast Track Designation from the FDA in January
2025 for monotherapy in platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal
cancer. IMP7068 has shown promising efficacy signals in its global Phase I trial completed in April 2024.
One CR was observed in patient with uterine serous carcinoma (“USC”) in the 160 mg QD 3/4 cohort
and 21 had SD, suggesting promising anti-tumor activity of IMP7068 monotherapy. The 50 mg BID 5/2
dose regimen was determined to be the RP2D in this trial. We expect to initiate the Phase II trial for
IMP7068 in the second half of 2026.
Mechanism of Action
WEE1 is a nuclear kinase belonging to the Ser/Thr family of protein kinases, serving as a key
regulator of cell cycle progression. WEE1 regulates the timing of cell entry mitosis by inhibiting
cyclin-dependent kinase 1 (CDK1). WEE1 kinase plays a crucial role in the G2-M cell-cycle checkpoint
arrest for repair before mitotic entry. While normal cells can repair lesions during the G1 phase, many
cancer cells exhibit defective G1-S checkpoint control. As a result, these cells become highly reliant on
the G2-M checkpoint for survival under stress. By abrogating the G2-M checkpoint, the inhibition of
WEE1 forces the cell cycle to proceed despite damage, particularly when the primary cell cycle
checkpoint, G1, is dysfunctional or dysregulated. In cancer cells, WEE1 inhibition drives premature
mitotic entry of cells containing unrepaired damage, ultimately triggering cell death through both
apoptotic pathways and mitotic catastrophe mechanisms. In addition, WEE1 is expressed at high levels
in various cancer types including breast cancers, leukemia, melanoma, and adult and pediatric brain
tumors, many of which are treated with damage-inducing agents. Accordingly, our IMP7068, a novel and
proprietary WEE1 inhibitor, has demonstrated potential not only as a monotherapy but also holds promise
in combination with other damage-inducing agents. The follow diagram illustrates the mechanism of
action of IMP7068:
Market Opportunity and Competition
As of the Latest Practicable Date, there were no marketed WEE1 inhibitors globally. The most
advanced candidate in clinical development is Azenosertib (ZN-c3) from Zentalis Pharmaceuticals,
which is currently under evaluation of Phase II trial. In total, there were seven WEE1 inhibitors in
clinical development globally and three in China.
Competitive Advantage
High selectivity and promising efficacy profile
IMP7068 is the most clinically advanced WEE1 inhibitor in China. Preclinical studies have shown
that IMP7068 binds and inhibits WEE1 well at low concentrations (IC
50 of 23 nM), with limited
off-target activity found against a broad panel of kinases and receptors. The results of multiple dosing
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schedules in in vivo rodent CDX models of two human carcinoma cell lines (colorectal and a non-small
cell lung cancer lines) also demonstrated IMP7068’s significant dose-response tumor inhibition.
IMP7068 showed promising efficacy signals in its Phase I trial, including a sustained response in a
patient with uterine serous carcinoma and long-term disease controls in patients with OC, and
dose-responsive pharmacodynamic effects, supporting further development in mono and combo settings.
Summary of Clinical Trials
Global Phase I trial of IMP7068 monotherapy in patients with recurrent advanced/metastatic solid
tumors (NCT04768868)
Overview. This is a Phase I, open-label, multi-center, dose escalation and expansion trial to
evaluate safety, tolerability, PK and anti-tumor activity of the WEE1 inhibitor IMP7068 monotherapy in
patients with advanced solid tumors.
Trial design. The trial includes a dose-escalation stage and a dose-expansion stage. The
dose-escalation stage is designed to determine the MTD and RP2D of IMP7068 monotherapy using a
i3+3 design. The dose-expansion stage is designed to be conducted with RP2D to further evaluate the
preliminary anti-tumor activity, safety and tolerability in four biomarker-defined cohorts. Patients
receive 21-day cycle treatments, receiving single dose, repeat dose, and continuous treatment at the
RP2D, with a follow-up period of up to two years. A total of approximately 140-350 patients were
planned to be enrolled in the trial. Approximately 60-100 patients were planned to be enrolled into Part
1 dose escalation of IMP7068 monotherapy. A total of 100 patients each with advanced solid tumor were
planned to be evaluated in Part 2 dose-expansion of IMP7068 monotherapy. A safety follow-up will be
conducted 30 days (±7 days) after the last dose. A survival follow-up will be conducted every 12 weeks
(± 14 days), for two years or until withdrawal of informed consent, loss to follow-up, death or study
termination, whichever occurs first.
Trial objectives. For the dose escalation stage, the primary objective is to evaluate the safety and
tolerability of single and repeat doses of IMP7068 tablets administered to patients with advanced solid
tumors and to determine the MTD and RP2D of IMP7068 as monotherapy. The secondary objectives are
to characterize the PK of IMP7068 of singe and repeat dose and preliminarily evaluate the anti-tumor
activity of repeat dose of IMP7068. The exploratory objective is to explore the correlation between
preliminary anti-tumor activity and biomarkers related to WEE1 kinase inhibition, to trial the metabolic
characteristics of IMP7068 in plasma, to explore the PK characteristics of the major metabolites of
IMP7068, to explore the PK characteristics of IMP7068 and its major metabolites based on population
PK modeling methods; to explore the exposure-response relationship of IMP7068 tablets as monotherapy
using available data; and to conduct PD assessments at dose levels approved by the Safety Monitoring
Committee.
For the dose expansion stage, the primary objective is to evaluate the anti-tumor activity of
IMP7068 as monotherapy. The secondary objective is to evaluate the anti-tumor activity of IMP7068
tablets as monotherapy in respective of other efficacy assessments and its safety and tolerability. The
exploratory objective is to explore the correlation between preliminary anti-tumor activity and
biomarkers related to WEE1 kinase inhibition; to trial the metabolism characteristics of IMP7068 in
plasma; to explore the PK characteristics of IMP7068 and its major metabolites based on population PK
modeling methods; and to explore the exposure-response relationship of IMP7068 as monotherapy with
the available data.
Trial status. We initiated the trial in February 2021 and completed this trial in May 2024. A total
of 80 subjects were screened, of whom 59 (73.8%) were eligible and entered the trial receiving IMP7068
treatment under different dosing regimens.
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Safety results. Among the 59 patients who received different dosing regimens of IMP7068, 9
patients reported a total of 10 DLT events, including 9 cases of Grade 3 ECG QT prolonged and 1 case
of Grade 3 pulmonary embolism. The most common DLT event was Grade 3 ECG QT prolonged,
reported in one patient each in the 160 mg QD 3/4, 80 mg BID 3/4, 240 mg QD 2/5, and 50 mg BID 5/2
dose groups; two patients in the 200 mg QD 3/4 dose group; and three patients in the 300 mg QD 3/4
dose group.
IMP7068 showed overall good tolerability across various dosing regimens. Common adverse
events included gastrointestinal disorders (vomiting, diarrhoea, nausea, constipation, abdominal pain),
anaemia, aspartate aminotransferase increased, alanine aminotransferase increased, blood creatinine
increased, fatigue, hypokalaemia, and dyspnoea. Despite the high incidence of TEAEs (96.6%), these
events were mostly mild to moderate in severity. A total of 33 (55.9%) patients experienced Grade 3 or
higher TEAEs, suggesting the need for close monitoring, especially at higher dose levels.
A total of 12 (20.3%) patients reported SAEs, among which 6 (10.2%) cases were treatment-related
serious adverse events (TRSAEs). 12 patients (20.3%) reported TEAEs leading to treatment
discontinuation, among whom 10 patients (16.9%) experienced TRAEs leading to treatment
discontinuation. There was 1 (1.7%) case of death which was considered unrelated to the trial drug
(cardiac arrest).
Efficacy results. Preliminary efficacy evaluation showed anti-tumor activity of IMP7068. The
overall ORR was 2.3% (95% CI 0.06-12.02). One CR was observed in patient with USC in the 160 mg
QD 3/4 cohort. The overall DCR was 50.0% (95% CI 34.56-65.44). The overall CBR was 20.5% (95%
CI 9.80-35.30). Among 59 patients, 21 were observed with SD. The following waterfall plot sets forth
best change from baseline in target lesions in this trial:
Source: Company data
Note: The figure includes only patients with target lesions at baseline. Baseline is defined as the last measurement before the first
dose of IMP7068 (including scheduled or unscheduled visits).
*Subject 202-010’ s target lesions shrank, but the overall efficacy was evaluated as PD (a new lesion was found).
39 patients were efficacy evaluable. 1 USC in 160 mg QD 3/4 achieved CR and has maintained over
30 weeks. 20 patients had SD. 4 patients had target lesion reductions, including each 1 OC in 80 mg BID
3/4 and 50 mg BID 5/2, 1 CRC in 200 mg QD 3/4 and 1 thymoma in 60 mg BID 5/2. 3 patients have
maintained SD over 24 weeks, including each 1 OC in 120 mg QD 3/4 and 80 mg BID 3/4, 1 thymoma
in 60 mg BID 5/2. These results suggest that IMP7068 has potential anti-tumor activity. The 50 mg BID
5/2 dose regimen was determined to be the RP2D, achieving a balance between efficacy and controllable
safety.
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Clinical Development Plan
Based on necessary IND approvals from regulatory authorities in the United States, China, and
other regions, we initiated the global Phase I trial for IMP7068 trial in February 2021 and completed the
Phase I trial in May 2024. We expect to initiate the Phase II trial in the second half of 2026. The interval
between the two trials primarily reflects adjustments to our clinical strategy in response to the evolving
industry landscape and internal pipeline prioritization, and is not due to any material delay, regulatory
concern or adverse development issue. Specifically, the discontinuation of a major WEE1 inhibitor
program of another pharmaceutical company due to limited efficacy has prompted our reassessment of
the broader WEE1 inhibitor landscape. Such a discontinued program exhibited dual inhibitory activity
against both WEE1 and polo-like kinase 1 (PLK1), a lack of selectivity that contributed to off-target
toxicity and limited its clinical utility. In contrast, IMP7068 is highly selective for WEE1, shows no
meaningful activity against PLK1, and therefore does not share the mechanistic liability that led to the
prior program’s discontinuation. Accordingly, that discontinuation reflects the consequences of off-target
toxicity attributable to dual WEE1/PLK1 inhibition rather than a class-wide limitation of WEE1
inhibition as a therapeutic strategy, and thus does not warrant the discontinuation of IMP7068. Further,
uterine serous carcinoma (USC), the indication that showed the most defined therapeutic benefit in our
study, has a relatively limited patient population. As such, we have elected to strategically deprioritize
the development timeline of IMP7068 within our internal pipeline.
License, Rights and Obligations
We developed IMP7068 in-house and own the global rights to develop and commercialize this drug
candidate.
Material Communications with Competent Authorities
We submitted the IND application for the Phase I trial of IMP7068 to the FDA and NMPA in
September 2020 and November 2020, respectively, and obtained the approvals in October 2020 and
February 2021. As of the Latest Practicable Date, we have not received any regulatory agency’s concerns
or objections to our clinical development plans for IMP7068.
WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET IMP7068
SUCCESSFULLY.
Selected Preclinical Assets
IMP22, a Proprietary PKMYT1/WEE1 Dual Inhibitor
IMP22 is a PKMYT1/WEE1 dual inhibitor currently in preclinical stage. WEE1 and PKMYT1 are
key regulatory targets in the cell cycle. Selective inhibitors of each target have advanced into clinical
trials. While mono-therapies of WEE1 and PKMYT1 face limitations in efficacy and safety, extensive
data indicate that the mono-inhibitors of these two targets exhibit strong synergistic effects both in vitro
and in vivo , enhancing anti-tumor activity without increasing toxicity.
Our IMP22 is a proprietary dual inhibitor that targets both WEE1 and PKMYT1. This dual inhibitor
enables more balanced inhibition of each target, thereby achieving maximal anti-tumor effect at lower
inhibition levels for both targets, which may help reduce target-mediated toxicity. The following diagram
illustrates the mechanism of action of IMP22:
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In a CRC CDX mouse model, IMP22 not only induced complete tumor regression after 3 weeks
of treatment but also achieved significant tumor regression in mice bearing high tumor burdens. In
another in vivo study, IMP22 exhibited anti-tumor effect in head-to-head comparisons with mono
inhibitor of PKMYT1, mono inhibitor of WEE1, and their combination treatment. We expect to submit
IND application for IMP22 in the second half of 2026.
IMP25, a DHX9 Inhibitor
DHX9 plays crucial roles in the maintenance of cell viability. Its inhibition exacerbates
transcription-replication conflicts through multiple mechanisms, including R-loop accumulation,
replication stress and impaired G4 structure resolution, leading to cytotoxicity.
Our IMP25 has demonstrated comparable anti-tumor growth inhibition and regression effects in
CDX model compared to benchmark compounds, as illustrated in the diagram below. We expect to submit
IND application for IMP25 in the second half of 2026.
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IMP08, an ATM Inhibitor
IMP08 is an A TM inhibitor currently in preclinical stage. The protein kinase ataxia-telangiectasia
mutated (A TM) is a key component of the damage response. A TM exerts critical functions in maintaining
cell viability and primarily activated by double-strand breaks. In normal cells, it triggers cell cycle arrest
at the G
1/S or G 2/M phase checkpoints by phosphorylating effector proteins including p53, CHK1, and
CHK2, which secures sufficient time for repair. Notably, tumor cells frequently accumulate damage due
to elevated replication stress or mutations and exhibit a strong dependency on A TM-mediated damage
repair for survival. Herein, inhibition of A TM not only blocks repair but also enhances the sensitivity of
tumor cells to ionizing radiation and chemotherapy. Importantly, such inhibition can further ameliorate
the chemoresistance and radioresistance observed in some patients, thus establishing A TM as a novel and
vital target for cancer therapy. The following diagram illustrates the mechanism of action of IMP08:
IMP08 shows strong synergetic anti-tumor effect in a dose dependent manner in combination with
irinotecan in CRC CDX mouse model, as illustrated in the diagram below:
IMP13, a USP1 Inhibitor
IMP13 is a USP1 inhibitor currently in preclinical stage. USP1, a deubiquitinating enzyme, is
essential for stabilizing replication forks in BRCA1-deficient cells. Loss of USP1 leads to replication
fork collapse and cell death, demonstrating a synthetic lethal relationship with BRCA1 deficiency and
this relationship is further enhanced by combination with PARP inhibitors. Newly developed USP1
inhibitors have confirmed this SL in BRCA1-deficient tumor cells and have shown potential for
resensitizing platinum-resistant tumors. This positions USP1 inhibition as a promising therapeutic
strategy for BRCA1-deficient tumors. The following diagram illustrates the mechanism of action of
IMP13.
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IMP13 demonstrated strong anti-tumor growth inhibition in CDX model, as illustrated in the
diagram below:
IMP10, a CHK1/2 Inhibitor
IMP10 is a CHK1 and CHK2 (CHK1/2) inhibitor currently in preclinical stage. Checkpoint kinase
proteins 1 (CHK1) and 2 (CHK2) are conserved serine/threonine kinases that are key effectors of
multiple checkpoint responses and are activated in damage response. As key downstream effectors of the
A TR pathway, CHK1/2 are activated when replication stress or double-strand breaks occur. They then
regulate cell cycle progression by modulating CDK1 and cyclin-dependent kinase 2 (CDK2). Meanwhile
CHK1/2 are instrumental in facilitating damage repair and ensuring fork stability. All these roles are vital
for effectively responding to damage and preserving cell viability.
IMP32, a novel ADC
IMP32 is a novel ADC derived from our proprietary linker-payload platform. It leverages our
strategic asset library of high-potency payloads, including our SL molecules, for precise tumor-selective
delivery and controlled intracellular release to overcome drug resistance and other limitations of current
TOP1 inhibitor-based ADCs. Specifically, IMP32 employs an ideal synergistic dual-payload design that
pairs an SL agent with a TOP1 inhibitor. In vitro cytotoxicity studies have provided scientific basis for
the selected drug-to-antibody ratio (“DAR”) between the SL agent and the TOP1 inhibitor payload,
demonstrating that the SL agent significantly enhances the cytotoxicity of the TOP1 inhibitor,
particularly in TOP1 inhibitor-resistant or insensitive cell lines.
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IMP32 is currently in preclinical stage. The leading ADC generated from our ADC platform
employs an antibody that potently binds to CEACAM5, which is specifically highly expressed in
colorectal cancer (CRC). IMP32, our dual-payload ADC, employs a TOP1 inhibitor and a proprietary
A TR inhibitor, and demonstrates significantly increased cellular activity and maximal inhibition,
compared with the reference TOP1i single-payload ADC in both TOP1i sensitive and insensitive cell
lines, as illustrated in the table below. In vivo studies also demonstrated our IMP Dual-PL ADC’s superior
anti-tumor efficacy in a TOP1i insensitive CRC CDX model, compared with the reference ADC currently
in clinical development.
ADC
TOP1i sensitive
cell line
TOP1i insensitive cell line
CRC 1 CRC 2 CRC 3
Max
Inh%
Abs_IC 50,
nM
Max
Inh%
Abs_IC 50,
nM
Max
Inh%
Abs_IC 50,
nM
Max
Inh%
Abs_IC 50,
nM
Reference ADC /H1118/H1118/H1118/H111864.7 0.47 54.0 226.1 77.4 28.3 66.9 156.7
IMP Dual-PL ADC
(IMP32) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111887.1 0.30 75.9 2.3 90.1 1.7 91.0 3.5
IMP27, KAT6A specific PROTAC
KA T6A, a member of the MYST family of histone acetyltransferases (HA Ts), catalyzes histone
acetylation to promote an open chromatin state and activate gene transcription. It is highly expressed in
various cancers, particularly in ER-positive (ER+) breast cancer, where it serves as a critical therapeutic
target. However, another member of the MYST family, KA T6B, shares high functional similarity and
sequence homology with KA T6A, making it challenging to achieve selective, clean inhibition of KA T6A
through the traditional modality of small molecular inhibitors. Off-target inhibition of KA T6B is
associated with potential hematopoietic toxicities.
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IMP27 is currently in preclinical stage. Our lead IMP27 PROTAC degraders achieve sub-
nanomolar KA T6A degradation while sparing KA T6B by over 1,000-fold, and demonstrate comparable
cytotoxicity in tumor cells. IMP27 Lead 1 already demonstrates robust, dose-dependent in vivo
anti-tumor effect. IMP27 Lead 2, with greater cytotoxic potency, demonstrates less hematotoxicity in a
granulocyte differentiation assay compared with a reference KA T6A/B dual inhibitor. The in vivo
efficacy of IMP27 Lead 2 is currently under evaluation. Relevant data is summarized in the table below.
Compound ID
Cytotoxcity
IC50 (nM)
KAT6A WB
DC50 (nM)
KAT6B WB
DC50 (nM)
Hematotoxicity
Abs_IC 50,n M
Reference KA T6A/B inhibitor /H1118/H1118/H1118 2.5
1.3* (Enzyme
inhibition)
1.8* (Enzyme
inhibition) 254.9
IMP27 Lead 1 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187.6 1.1 >1,000 /
IMP27 Lead 2 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182.2 <0.16 >1,000 >10,000
Note: * For Reference KA T6A/B inhibitor, the IC 50 is measured by enzymatic assay instead of degradation.
Breast cancer CDX model
0 7 14 21 28
0
100
200
300
400
500
600
700
Days after treatment
Tumor volume (mm3±SEM)
VehicleReg:  3%
TGI: 68%
IMP27 Lead-1 3 mpk
IMP27 Lead-1 1 mpk
OUR MATERIAL COLLABORATION AND LICENSING ARRANGEMENTS
Collaboration Agreement with Eikon Therapeutics
In May 2023, we entered into a collaboration agreement, as amended (the “Eikon Agreement”) with
Eikon Therapeutics, Inc. (NASDAQ: EIKN, “Eikon”) with respect to IMP1734 and other PARP1
selective inhibitors (IMP1707). Eikon, an Independent Third Party to us, is a biotechnology company that
is advancing breakthrough therapeutics through the purposeful integration of engineering and science,
headquartered in Millbrae, CA, the United States. Eikon is founded by former Merck & Co. C-suite
executives with deep experience in the development of PARP1/2 inhibitors. We became acquainted with
Eikon through our shared goal of developing next-generation PARP1 selective inhibitors. Recognizing
this strong strategic alignment, we believe the collaboration enables us to accelerate clinical development
and broaden the global indications of IMP1734 and IMP1707 by leveraging Eikon’s infrastructure and
strategic expertise.
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Under the Eikon Agreement, we granted Eikon an exclusive, royalty-bearing and sublicensable
license under (i) all the patents and patent applications controlled by us necessary or reasonably useful
in connection with a Licensed Compound or a Licensed Product, consisting of three families, namely,
WO2023025307, WO2022218296 and WO2023169226 (the “Impact Patents”) (ii) the related know-how
(the “Licensed IP”) and (iii) our interests in Joint IP Rights (as defined below) to develop, register,
manufacture, commercialize, and otherwise exploit (“Exploit”) any PARP1 selective inhibitors including
those capable of crossing the blood-brain barrier (“CNS Active Compounds”) owned or controlled by us
(“Licensed Compounds”) and pharmaceutical products comprising or containing Licensed Compounds
(“Licensed Products”) for any and all uses (the “Field”) globally excluding Greater China (the “Eikon
Territory”). Additionally, we granted Eikon (i) an exclusive, sublicensable license and right of reference
(with further rights of reference, i.e., rights to grant right of reference through multiple tiers of
sublicensees under the rights of reference granted to Eikon) relating to the Licensed Compounds or
Licensed Products, which entitles Eikon and its sublicensees to rely on and cite our existing regulatory
filings, data and approvals for the purpose of regulatory submissions, to Exploit the Licensed Compound
and Licensed Products in the Field in the Eikon Territory; (ii) a non-exclusive, sublicensable license to
use our corporate names under terms to be agreed by Eikon and us solely as required to Exploit the
Licensed Compound and Licensed Products in the Field in the Eikon Territory; and (iii) a co-exclusive,
royalty-free, sublicensable license under Licensed IP to clinically develop, manufacture or have
manufactured Licensed Compound and Licensed Products in the Field in Greater China (the “Impact
Territory”) solely for the purpose of supporting their development or commercialization in the Field in
the Eikon Territory. We have a reciprocal right of reference with respect to future regulatory filings, data
and approvals for the purpose of regulatory submissions. Under the exclusivity arrangement of the Eikon
Agreement, neither party shall, during the term of the agreement, clinically develop, manufacture or
commercialize any PARP1 selective inhibitor, except pursuant to the terms and conditions thereunder.
The Eikon Agreement does not cover any PARP inhibitors that do not meet the selectivity threshold for
PARP-1 over PARP-2 as set forth in the Eikon Agreement, such as senaparib, our Core Product.
We and Eikon have established a joint steering committee (“JSC”) comprised of three
representatives from each party to review, discuss, approve and/or coordinate the development,
manufacture, regulatory activities and commercialization of Licensed Compounds and Licensed Products
under the Eikon Agreement. The JSC will endeavour to make decisions by unanimous agreement, with
the representatives of each party having, collectively, one vote.
Each party shall have the sole right and responsibility at its sole expense for the development of
the Licensed Compound and Licensed Products in their respective territory in accordance with a
development plan as may be amended from time to time, approved by the JSC. In addition, we shall have
the right and responsibility for the currently ongoing Phase I/II trial of IMP1734 (NCT06253130) and
Phase I/II clinical trial of IMP1707 (NCT06907043) in the Impact Territory, in accordance with a
development plan (the “First-In-Human Development Plan”) and budget agreed by Eikon and us as of the
Effective Date, as amended from time to time by the JSC.
Each party shall be responsible for all activities associated with conducting such trial in its
respective territory in accordance with a global development plan approved by the JSC, with each party
having the sole responsibility for costs related to such activities in its territory except for certain shared
services or costs that are apportioned otherwise in the Eikon Agreement. Eikon may initiate, suspend or
cease a pivotal study designed to support NDA for the Licensed Product in multiple jurisdictions,
including at least the United States and China, provided that any such study shall be conducted pursuant
to a global development plan approved by JSC. Each party may also propose a plan to the JSC to develop
a combination product in its respective territory (the “Combo Development Plan”), which, subject to JSC
approval, will be included as a part of the Global Development Plan allowing each party to conduct
development activities in their respective territories accordingly. If the JSC cannot reach unanimous
agreement on an issue, such matter will be referred to the executive officers of both parties, for
resolution. If the executive officers are unable to reach unanimous agreement, each party shall have final
decision-making authority over the development, manufacture and commercialization of the Licensed
Compound and Licensed Products in its respective territory. As of the Latest Practicable Date, there had
been no instances in which Eikon and we were unable to reach unanimous agreement within the JSC.
Each of the ongoing global Phase I/II clinical trial of IMP1734 and the Phase I/II clinical trial of
IMP1707 is conducted as a single combined global study under a unified protocol, with clinical sites
across multiple jurisdictions. Both parties are jointly responsible for trial design through the JSC, which
aligns on overall development strategy and high-level design, with both parties’ study teams jointly
reviewing detailed protocols and any amendments. In terms of execution, Eikon is responsible for global
trial management, including CRO oversight and site monitoring and management outside of China, while
the we are responsible for site monitoring and management in China and local CRO management. All
trial data is captured in a single database and analyzed on a combined basis. The same coordinated global
trial model with territory-based execution is expected to apply to future clinical trials, unless otherwise
agreed by the JSC.
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We shall have the sole right to prepare, file, obtain and maintain regulatory approvals and other
submissions in our name for the Licensed Products in the Impact Territory and, if applicable, in the Eikon
Territory pursuant to the First-In-Human Development Plan. Eikon shall have the sole right to prepare,
obtain and maintain regulatory approvals and other submissions for Licensed Products in the Eikon
Territory. Each party shall have the right to utilize the data and results by the other party for its NDAs
in its respective territory. We shall become the MAH for Licensed Products in the Impact Territory. Each
party shall have the sole right to commercialize Licensed Products in its respective territory at its sole
cost and expense. Each party shall generally have the sole right to manufacture Licensed Compound and
Licensed Products in its respective territory.
In partial consideration of our granting of the licenses and rights to Eikon under the Eikon
Agreement, Eikon has made a non-refundable upfront payment of US$31.5 million to us. We are also
eligible to receive non-refundable and non-creditable payments upon the achievement of specified
development, regulatory and commercial milestones Development and regulatory milestone payments
are payable upon the first achievement of specified clinical and regulatory events, including, among
others, the initiation of Phase I, Phase II and pivotal clinical studies, the filing of a new drug application
and the obtaining of regulatory approvals in major jurisdictions, including the United States, the
European Union and Japan. The maximum aggregate amount of such development and regulatory
milestone payments, including the CNS-specific milestone, is approximately US$181.0 million.
Commercial milestone payments are payable upon the achievement of specified annual net sales
thresholds for the licensed products. The maximum aggregate amount of commercial milestone payments
is approximately US$775.0 million. As of the Latest Practicable Date, we had received milestone
payments of US$13.5 million from Eikon under the Eikon Agreement, consisting of US$1.5 million in
2023, US$4.5 million in 2024, US$2.5 million in 2025 and US$5.0 million in 2026. Eikon is further
required to pay us tiered royalties between high-single-digit to low-double-digit percentage on net sales
of each Licensed Product in the Eikon Territory, subject to certain reductions and royalty floor. Such
royalties shall be payable on a Licensed Product-by-Licensed Product and country-by-country basis, for
the period beginning on the date of the first commercial sale of such Licensed Product in such country
and continuing until the latest of (i) the expiration of the last-to-expire Impact Patent or Joint Patent, (ii)
the tenth anniversary of the first commercial sale of such Licensed Product in such country and (iii) the
expiration of regulatory exclusivity for such Licensed Product in such country (the “Royalty Term”).
Under the Eikon Agreement, each party shall own and retain all rights, title and interest in and to
intellectual property conceived, discovered, developed or otherwise made by or on behalf of itself under
or in connection with this agreement. We and Eikon shall jointly own an equal and undivided interest in
patents and other intellectual property rights conceived, discovered, developed or otherwise made jointly
by us (the “Joint Patents”, together with other intellectual property rights, the “Joint IP Rights”). As of
the Latest Practicable Date, Joint Patents included patent family PCT/US2025/028326 and
PCT/US2026/18936 co-owned by Eikon and us. Each party shall be subject to confidentiality obligations
at all times during the term of the agreement and for a period of seven years following its termination
or expiration, except to the extent that disclosure or use of confidential information is expressly
permitted by the terms of this agreement.
The Eikon Agreement remains in effect until the expiry of the last Royalty Term applicable to the
last Licensed Product. Based on the latest patent application, the Eikon Agreement is expected to extend
to at least 2046. Following the expiration of the royalty term for a Licensed Product in a country, the
license granted to Eikon shall become non-exclusive, fully-paid, royalty-free, perpetual and irrevocable
for such Licensed Product in such country. In general, each party may terminate the Eikon Agreement
on account of the other party’s uncured material breach or insolvency. Eikon may unilaterally terminate
the Eikon Agreement in its entirety immediately if it receives a clinical hold or a withdrawal notice from
applicable regulatory authorities with respect to the Licensed Products due to safety concerns.
Contract Sales Services Agreement with Huadong Medicine
In December 2023, we entered into a contract sales services agreement (as may be amended from
time to time, the “Huadong Agreement”) with Zhongmei Huadong with respect to the commercialization
of our Core Product, senaparib (IMP4297). Zhongmei Huadong is a wholly-owned subsidiary of
Huadong Medicine, one of China’s leading pharmaceutical companies with an actively expanding
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platform of gynecologic oncology. In 2024, Huadong Medicine recorded operating revenue of RMB41.9
billion and net profit attributable to its shareholders of RMB3.5 billion, demonstrating its strong
commercialization capability. We became acquainted with Huadong Medicine through business
development activities, and we believe this collaboration aligns with senaparib’s commercialization
strategy and will accelerate its market penetration in light of our complementary strengths.
Under the Huadong Agreement, we granted Zhongmei Huadong the rights to use our intellectual
property related to senaparib solely for the purpose of providing the following contract sales services in
China: (i) to exclusively promote senaparib for its approved indications, (ii) to conduct market access
activities, including facilitating hospital entry and relevant inclusion in NRDL, assisting distributors with
product bidding, and supporting our collection of sales revenue; and (iii) to collaborate with us in
conducting national academic promotional activities related to senaparib. We shall not, and shall not
cause our affiliates to, directly or indirectly engage in, authorize, or permit any third party to engage in,
the promotion of senaparib within China, nor shall we engage in, or in any way restrict, Zhongmei
Huadong’s contract sales services for senaparib in China as authorized under the Huadong Agreement.
Zhongmei Huadong and we have established a joint steering committee (the “JSC”) comprised of
three representatives from each party to oversee the commercialization and promotional activities of
senaparib and the execution of the Huadong Agreement. The JSC’s responsibilities include, among
others, to (i) discuss and determine matters in relation to pricing, tendering and price negotiation,
commercial channels, annual sales forecast, marketing and medical strategies (including service plans
submitted by Zhongmei Huadong) and core promotional materials, and product packaging and labeling;
(ii) discuss the change of overall responsible person of the dedicated sales team, (iii) review quarterly
service reports submitted by Zhongmei Huadong, and (iv) oversee the fulfillment of Zhongmei
Huadong’s obligations and the execution of other matters it approves under the Huadong Agreement.
The JSC shall convene online or in-person meetings at least once every quarter or at any other time
when necessary. The JSC will endeavour to make decisions by unanimous agreement, with the
representatives of each party having, collectively, one vote. We have a veto right over certain material
matters, including the determination of (i) matters relating to pricing, tendering and price negotiation, (ii)
commercial channels and (iii) the adjustment of nationwide annual sales forecast, which ensures our
effective control over the commercialization and sales of senaparib, our Core Product. As these matters
directly affect pricing, market access, distribution and revenue generation, our veto rights are sufficient
to enable us to exercise substantive control over the sales and commercialization of senaparib. Zhongmei
Huadong does not have veto right over any matters relating to commercialisation. For matters other than
those specified above, if the JSC cannot reach unanimous agreement on a matter, such matter will be
referred to the executive officers of both parties or their designated representatives for resolution in good
faith. Pending such resolution, (i) any matter involving adjustments to existing arrangements shall be
continue to be implemented in accordance with the original terms or practices, and (ii) any new matter
or action shall not be implemented. As of the Latest Practicable Date, there had been no instances in
which Zhongmei Huadong and we were unable to reach unanimous agreement within the JSC.
Pursuant to the Huadong Agreement, Zhongmei Huadong shall propose an overall strategic service
plan and annual service plans for JSC approval, setting forth detailed quantifiable performance indicators
for promotional activities, including staffing details, the number of new hospital entries by province and
quarter, and the types of sales service activities to be conducted with budget estimates. Zhongmei
Huadong shall establish a dedicated sales team to perform contract sales services in the field of
gynecologic oncology and recruit, train and maintain qualified contract sales personnel to perform its
responsibilities and conduct these promotional activities in accordance with the service plans and the JSC
resolutions. We, as the MAH of senaparib in China, shall retain full rights and responsibility for its
registration, clinical development, manufacturing, supply and distribution.
In partial consideration of our granting of rights under the Huadong Agreement, Zhongmei
Huadong has made a non-refundable upfront payment of RMB100.0 million to us. In addition, we are
eligible to receive non-refundable payments upon the achievement of specified registrational and
commercial milestones, potentially up to an aggregate of RMB190.0 million. As of the Latest Practicable
Date, we had received milestone payments of RMB160.0 million from Zhongmei Huadong under the
Huadong Agreement. In aggregate, the total payment received from Zhongmei Huadong was RMB260.0
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million as of the Latest Practicable Date. The payments from Zhongmei Huadong do not meet the
definition of revenue under HKFRS 15 and are recognized as advances for services. Please refer to the
section headed “Financial Information” and note 23 to the Accountants’ Report set out in Appendix I in
this prospectus for further details. Zhongmei Huadong shall also bear all costs incurred for promotional
or other contract sales activities in China under the agreement. We shall pay Zhongmei Huadong
marketing service fee of medium double-digit percentage based on future net sales of senaparib, which
is determined on arm’s length basis and as advised by Frost & Sullivan, in line with the industry norm.
In addition, Zhongmei Huadong is entitled to a tiered, performance-based sales incentive at single-digit
percentage rates based on annual net sales exceeding RMB300 million.
The Huadong Agreement shall remain in force and effective for 15 years from the date of the first
commercial sales of senaparib in China, unless earlier terminated by the parties. Both parties shall
negotiate a potential extension in good faith prior to the expiration of the Huadong Agreement. Each
party shall be subject to confidentiality obligations during the term of the Huadong Agreement and for
a period of ten years following its termination or expiration, unless disclosure of confidential information
is otherwise permitted by the terms thereunder. Any dispute arising out of or in connection with the
Huadong Agreement will be referred to and finally resolved by binding arbitration.
Collaboration Agreement with Junshi and Termination
In August 2020, we entered into a collaboration agreement regarding the R&D and
commercialization of senaparib in China with Shanghai Junshi Biosciences Co., Ltd. (“Junshi”) (the “JV
Agreement”). Under the JV Agreement, we and Junshi each held a 50% equity interest in the Joint
V enture. We retained all rights to senaparib outside mainland China, Hong Kong and Macau (the “China
Territory”, such rights, the “Global Rights”) and the rights to manufacture senaparib either by it or
through CMOs in the China Territory (the “China Rights”). We were responsible for dispatching our own
R&D personnel to the Joint V enture to carry out the clinical development of senaparib in the China
Territory.
Under the JV Agreement, if the Joint V enture intended to engage a CMO, it agreed to grant Junshi
and its affiliates priority rights to serve as the exclusive CMO for the manufacturing of senaparib in the
China Territory. The Joint V enture also agreed to grant Junshi priority rights to promote and sell
senaparib in the China Territory. The Joint V enture was primarily operated by our core team members and
was responsible for the development and commercialization of senaparib for the ovarian cancer
treatments in the China Territory. The Joint V enture would reimburse (a) all the expenses incurred by
each party with respect to the formation of the Joint V enture, (b) all the advance payments made by us
in relation to the development of senaparib for the ovarian cancer treatments in the China Territory and
the related value-added tax, and (c) value added tax incurred, if any, in relation to our transfer of the
China Rights to the Joint V enture. As advised by Frost & Sullivan, the terms of the JV Agreement were
in line with industry norms. During the Track Record Period and up to the Latest Practicable Date, there
were no material provisions under the JV Agreement that limited our control over the global development
and commercialization of senaparib.
In August 2023, we and Junshi mutually and amicably agreed to terminate the collaboration due to
strategic realignment. Specifically, we sought full autonomy and control over the development and
commercialization of senaparib to enable more streamlined operations, greater efficiency in decision-
making and future commercialization strategies. Junshi’s decision to terminate the JV Agreement was
driven by strategic resource reallocation and changes in the scientific and market environment. First,
Junshi has increasingly concentrated its resources on core pipeline programs, such as its PD-1 antibody
franchise, resulting in reduced strategic alignment for continuing the collaboration under the JV
Agreement. Second, while we and Junshi had planned to explore potential combination therapies
involving PARP inhibitors and PD-1/PD-L1 agents, emerging clinical data published between 2022 and
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2023 1 indicated that PARP inhibitor and PD-1/PD-L1 combination therapies did not demonstrate the
expected clinical synergy across multiple indications, prompting a reassessment of the risk-return profile
and future commercialization synergy of such combinations.
Under the termination agreement entered into by us and Junshi (the “Termination Agreement”), we
acquired all of Junshi’s equity interest in the Joint V enture for a consideration of RMB300.0 million,
which was the same with Junshi’s initial capital injection to the JV , and has been fully settled. In
addition, in recognition of Junshi’s contribution, we agreed to pay up to RMB50.0 million as variable
consideration, calculated as a fixed percentage of annual net sales of senaparib until fully paid. The
consideration is expected to be paid over approximately four to five years. The consideration was
negotiated on an arm’s length basis and reflected the parties’ mutual agreement to conclude the
collaboration arrangement.
Following the termination of the JV Agreement, we have full rights and control over all material
aspects of senaparib, including research and development, clinical development, regulatory registration,
intellectual property and know-how, manufacturing and commercialization, Junshi has no residual rights
over senaparib, including any intellectual property and know-how developed arising from the Joint
V enture upon the termination of the JV Agreement, and the termination of the JV Agreement did not have
any material adverse impact on our clinical development, business operations, or financial position, each
of which has also been confirmed during the Joint Sponsors’ due diligence, for the following reasons:
 The registrational FLAMES and SABRINA studies had obtained regulatory approval prior to
the establishment of the Joint V enture. Junshi had no involvement in any Phase I trials of
senaparib, and the primary data readout for such Phase I trials occurred in 2019, prior to the
commencement of the collaboration. We were solely responsible for and conducted all R&D
activities throughout the collaboration period. Following the termination, we have continued
the clinical development of senaparib without disruption using substantially the same internal
R&D team and operational infrastructure.
 Upon completion of the acquisition of Junshi’s equity interest, the Joint V enture became a
wholly owned subsidiary of us, resulting in our having complete and unencumbered
ownership and control of all clinical data, intellectual property and technology relating to
senaparib, with no outstanding rights or claims by Junshi.
 The consideration paid in connection with the termination was settled on an arm’s length
basis and did not have a material adverse impact on our financial position or our ability to
fund ongoing operations and clinical development programs.
 We are the sole clinical trial sponsor of senaparib and the sole marketing authorization holder
of senaparib in all territories, including China.
There was no disagreement or dispute between us and Junshi regarding the development or any
other material aspects of senaparib during the collaboration or its termination, and the termination was
not related to any adverse event or safety concerns, which has also been confirmed during the Joint
Sponsor’s due diligence. There are no other agreements or arrangements with Junshi in relation to
senaparib or any other pipeline candidates. Junshi remains our shareholder and continues to be supportive
of our development.
1 See, for example: (i) Merck Announces KEYL YNK-010 Trial Evaluating KEYTRUDA ® (pembrolizumab) in Combination
with L YNPARZA ® (olaparib) in Patients with Metastatic Castration-Resistant Prostate Cancer to Stop for Futility (press
release dated March 15, 2022); (ii) A randomized phase Ib/II study of niraparib plus nivolumab or ipilimumab in patients with
platinum-sensitive advanced pancreatic cancer, ASCO Poster Discussion Session (2022); and (iii) Durvalumab plus olaparib
versus durvalumab alone as maintenance therapy in metastatic non-small cell lung cancer: outcomes from the Phase II
ORION study, poster presented at the IASLC 2022 World Conference on Lung Cancer.
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RESEARCH AND DEVELOPMENT
We conduct R&D primarily through our in-house scientific and development teams, supplemented
by contract research organizations (CROs) and site management organizations (SMOs) for preclinical
research and clinical trials. We have also established strategic partnerships to accelerate pipeline
development across key global markets and enhance clinical execution capabilities. For details, see “—
Our Material Collaboration and Licensing Arrangements.”
In-house R&D Team
Our R&D team consists of experienced scientists with extensive expertise in target discovery, drug
discovery and development, clinical operations, quality management, data management, and medical
affairs. As of December 31, 2025, our in-house R&D team consisted of 58 members, with approximately
65% holding a master’s or higher degree, mainly in medical science, pharmacology, biology, and
chemistry. Our key R&D staff have an average of 25 years of relevant industry experience, with core
team members bringing extensive experience driving drug discovery and development programs at
leading MNCs, or biotechs including Pfizer, Roche, GSK, and AstraZeneca. We have established a
comprehensive R&D project management framework spanning the entire development lifecycle, from
early-stage research through proof of concept, preclinical studies, and clinical trials designed to optimize
resource allocation and accelerate timelines. Our in-house R&D team is divided into functions based on
the different types of R&D activities performed, including preclinical-biology research, med-chemistry
and IP , drug metabolism and pharmacokinetics and toxicology, and CMC, translation medicine, and
clinical.
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The following table sets forth the identities, positions, expertise of our R&D leadership and their involvement and contributions to the R&D activit ies since
the discovery of our product candidates and up to the Latest Practicable Date.
Name Position Experience
Product/Product candidates primarily
involved in R&D Roles and contributions
Date of joining
our Group
Sui Xiong CAI /H1118/H1118/H1118/H1118Executive Director &
Chief Executive
Officer
Over 30 years of experience in drug
discovery and more than 100 granted
U.S. patents
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the overall research and
development strategy and activities of
our Company
January 2010
Y e Edward TIAN /H1118/H1118/H1118Executive Director,
Executive Vice
President & Chief
Scientific Officer
Over 30 years of experience in drug
discovery and development
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the early-stage research activities of
our Company
October 2009
Ning MA /H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director &
Executive Vice
President
Nearly 20 years of experience as a
clinical physician and in clinical
development of new oncology drugs
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the CMC and early development
including IND filings, as well as NDA
filings for multiple drug candidates
September 2009
Chih-Yi Hsieh
(1) /H1118/H1118/H1118/H1118Former Executive Vice
President and Chief
Medical Officer
Nearly 20 years of experience in clinical
development and medical affairs
IMP4297, IMP9064, IMP1734, IMP7068 Led the execution of clinical
development
September 2019
Y anhua XU /H1118/H1118/H1118/H1118/H1118/H1118Senior Vice President &
Chief Medical Officer
Nearly 20 years of experience as a
clinical physician and in clinical
development of new oncology drugs
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the overall strategy and execution in
clinical development; led the medical
affairs; led the clinical portion of IND
and NDA filings
January 2025
Employee A /H1118/H1118/H1118/H1118/H1118/H1118* Multiple years of experience in new drug
development, specializing in medicinal
chemistry synthesis, preclinical project
management and patent affairs
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Contributed to medicinal chemistry
synthesis, preclinical project
management, and patent affairs in
early-stage projects
June 2010
Employee B /H1118/H1118/H1118/H1118/H1118/H1118* 13 years of experience in innovative
drug development, focusing on 3D
target structure analysis and structure-
activity relationship support for small-
molecule drugs
IMP22, IMP25 Led biological and molecular
development, as well as target
evaluation and project initiation in
early research stage
November 2024
Employee C /H1118/H1118/H1118/H1118/H1118/H1118* 15 years of experience in in vivo
oncology pharmacology
IMP9064, IMP1734, IMP1707 Led in vivo pharmacology studies, early-
stage target research and exploratory
experiments
September 2020
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Name Position Experience
Product/Product candidates primarily
involved in R&D Roles and contributions
Date of joining
our Group
Employee D /H1118/H1118/H1118/H1118/H1118/H1118* Extensive experience in toxicology study
design and data interpretation, as well
as in cellular immunology, molecular
biology, cell biology and animal
studies
IMP4297, IMP1734, IMP1707 Led full-cycle nonclinical safety
evaluations for NDA and IND projects,
and designed toxicology strategies for
multiple early-stage R&D programs
November 2019
Employee E /H1118/H1118/H1118/H1118/H1118/H1118* Ph.D. in organic chemistry; extensive
experience in API process development
and optimization
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Contributed API development expertise
to IND filings, IND amendments, and
NDA filings
April 2021
Employee F /H1118/H1118/H1118/H1118/H1118/H1118* Extensive experience in API analytical
development and quality control
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Provided analytical development support
to the IND and NDA filings of
multiple drug development programs
June 2019
Employee G /H1118/H1118/H1118/H1118/H1118/H1118* Over a decade of experience in drug
formulation, including formulation
development and manufacturing
management for Class I innovative
drugs
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Provided formulation development
support for multiple domestic and
overseas IND and NDA filings; served
as production lead during the NDA
process to support our Company in
securing the Type B Drug
Manufacturing License and passing
compliance inspections
October 2020
Employee H /H1118/H1118/H1118/H1118/H1118/H1118* Extensive experience in the operational
management of clinical trials
IMP4297 Fully involved in the strategic planning
of IMP4297’s development pipeline
and the execution of its clinical studies
June 2018
Employee I /H1118/H1118/H1118/H1118/H1118/H1118* Extensive experience in translational
research and the preclinical and
clinical development of biomarkers
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the establishment of a systematic
biomarker development platform for
SL therapeutics
April 2021
Employee J /H1118/H1118/H1118/H1118/H1118/H1118* Extensive experience in new drug R&D
and drug registration
IMP4297, IMP9064, IMP1734, IMP1707,
IMP7068
Led the NDA and MAA of senaparib, the
INDs of IMP1734 and IMP1707 and
multiple IND amendments as head of
registration
January 2023
Note:
(1) Chih-Yi Hsieh was our former executive vice president and chief medical officer. Dr. Hsieh left our Group in January 2025 due to personal commitmen ts and had no disagreement or dispute with
us. Our Company confirms that his departure had no material adverse impact on our R&D endeavors.
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During the Track Record Period and up to the Latest Practicable Date, substantially all key R&D
personnel involved in the research and development of our Core Product remained employed by us.
Our Proprietary Technology Platform
Building on deep domain expertise in SL and substantial R&D capacity, we have created an
integrated innovation engine that converts biological discovery into clinically relevant drug candidates.
This proprietary technology platform is organized around three mutually reinforcing capabilities that
guide the full translational pathway from target identification through candidate optimization to early
development strategy. Across these capabilities we emphasize rigorous evidence, clinical applicability
and disciplined risk management to ensure that scientific advances are translated into feasible therapeutic
programs.
Science-Driven Target Selection Platform
Our target discovery and selection efforts are primarily guided by the principles of SL, which
enable us to identify novel therapeutic opportunities across key biological pathways. We place strong
emphasis on scientific rigor, grounding our decisions in the collective knowledge accumulated by the
scientific community through years of research on specific targets. In addition to conducting in-depth
scientific background investigations, we consider the realities of our early-stage development stage.
While we prioritize targets with well-characterized biology and clear translational relevance, we also
pursue partially validated targets where the mechanisms of action are sufficiently defined but require
further clinical confirmation. This balanced approach allows us to improve the probability of program
success while expanding the breadth of our innovation portfolio. An illustrative example is our PARP1
selective inhibitor program, which we initiated prior to the availability of clinical validation in this area.
Elite Drug Research Ensemble Platform
Our in-house team combines seasoned medicinal chemists with deep expertise in SL target inhibitor
discovery and molecular design optimization, a skilled biology research group focused on early-stage
validation and in vitro and in vivo efficacy studies, and a robust R&D system, leveraging cutting-edge
computational tools, including CADD and AIDD in collaboration with CROs, collectively to ensure
quality execution across the pipeline.
We require every drug candidate to possess a clearly defined mechanism of action and functional
profile. Our molecular biology and cell biology platforms serve as the foundation of this scientific
framework, setting high standards for efficacy evaluation at both the molecular and cellular levels.
Selectivity against the intended target is regarded as a critical metric, and for each new therapeutic
program we establish a series of molecular and cellular assays designed to validate activity and
selectivity from multiple perspectives. A broad range of molecular biology techniques are extensively
applied to ensure that the compounds we advance demonstrate high specificity toward their intended
targets and pathways.
Supported by these capabilities, we design novel and differentiated compounds through a
mechanism-first, structure-guided approach. Each molecule is engineered to overcome specific
biological challenges, such as achieving high selectivity of PARP1 over PARP2. For instance, senaparib
was developed for enhanced off-target selectivity, metabolic stability, and cellular activity, delivering
robust efficacy with a broad safety margin. IMP1734, a next-generation PARP1 selective inhibitor, was
designed to markedly improve selectivity of PARP1 over PARP2, while IMP1707 was engineered to
penetrate the CNS while maintaining high target selectivity.
Emerging Technology Platforms
We advance new generation of oncology therapeutics through two complementary platforms: a
linker-payload platform for novel ADC development and a target degrader platform encompassing
PROTACs and molecular glues. These platforms address the limitations of conventional small molecule
inhibitors by enabling precise, potent and selective engagement of cancer drivers and together form a
multidimensional strategy that strengthens translation from bench to bedside.
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Guided by resource reuse and precise adaptation as core principles, we consolidate specialized
molecular libraries into a streamlined solution from module screening to rapid assembly. This approach
repurposes accumulated assets, including high-potency SL molecules and previously challenging
compounds, into modular toolkits that support dual-payload ADCs and other tailored modalities. The
modular design accelerates target validation and lead optimization across indications while lowering
barriers to druggability.
Robust Linker-Payload Platform for ADC
This platform accelerates development of dual-payload ADCs by leveraging SL and a structurally
diverse small molecule library that includes super-potent SL inhibitors. Payloads are optimized for
tumor-selective delivery and controlled intracellular release, and streamlined antibody conjugation
workflows enhance cost efficiency while enabling rapid adaptation to indication-specific biomarker
profiles.
The ADC linker-payload library is a strategic asset curated from high-potency SL compounds from
past and ongoing projects, including molecules with strong tumoricidal activity but suboptimal
pharmacokinetic properties. Through targeted chemical modification and conjugation to diverse linkers
we assemble a structurally rich Linker-Payload module library that can be rapidly paired with targeting
antibodies based on tumor microenvironment features and biomarker expression. This strategy removes
the need to redesign highly toxic payloads and, by tuning linker attributes, couples antibody-guided
delivery with precise payload release to improve R&D efficiency and support SL-driven dual-payload
ADC design.
Target Degrader Platform
Our degrader platform comprises a diversified E3 ligand collection for rapid PROTAC assembly
and a structurally broad molecular glue portfolio for PPI mediated degradation. The E3 ligand collection
targets areas where conventional small molecule inhibitors struggle to achieve druggability or family
member selectivity. Through structure — activity relationship optimization and multidimensional
structural modification to enhance intracellular stability and tissue penetration, we have built a varied set
of E3 ligands. Taking into account target protein subcellular localization, expression level and spatial
compatibility with E3 ligases, these ligands can be efficiently paired with target binders to assemble
PROTAC molecules that enable selective degradation within homologous protein families, reduce
toxicity associated with low selectivity and expand the therapeutic windows.
The molecular glue portfolio incorporates diverse scaffolds derived from known actives, virtual
screening followed by synthetic validation, novel chemotypes and natural product analogues, and covers
both inducible and stabilizing modes of PPI modulation. These glues can engage protein — protein
interfaces that are typically inaccessible to conventional small molecules and complement the
linker-payload and E3 ligand assets, providing multidimensional tools to support target validation and
therapeutic development. Mechanistic complementarity with the linker-payload platform reinforces a
comprehensive approach to cancer target engagement.
R&D Process
To advance our pipeline, we have implemented a robust and structured R&D project management
framework that covers the full spectrum of the drug development lifecycle, from target discovery to
clinical trials. This framework aims to maximize resource efficiency, accelerate development progress
and improve the success rate of our drug candidates. Key functions of our R&D organization for each
stage of this process are set forth below:
 Target selection and validation . We concentrate our target selection on indications with large
patient populations and significant clinical demand, prioritizing targets that have already
shown Phase I/II PoC even if prior projects were discontinued for limited activity or
tolerability. For these assets we apply focused molecular optimization to enhance potency
and developability while leveraging existing clinical data to lower development risk. We also
selectively advance preclinical targets with robust scientific rationale and convincing
translational data. Our New Target Nomination & Project Approval Committee, comprising
cross-functional members from R&D, marketing, and translation medicine departments. The
committee evaluates the new proposals from multiple aspects including unmet medical need,
technical feasibility and competitive landscape to inform advancement decisions.
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 Preclinical studies. We conduct preclinical studies through a hybrid model combining
internal scientific oversight with external operational capacity. Our cross-functional R&D
team of approximately 20-30 professionals handles experimental planning and molecular
design, with dedicated project teams controlling timelines and milestones. Projects undergo
quarterly leadership board reviews for priority ranking, strategic alignment, and approval of
action plans. We maintain long-term CRO partnerships to execute experimental workloads,
including 27 FTEs supporting medicinal chemistry and additional outsourced bioassay
support. This integrated approach accelerates IND-enabling activities and optimizes resource
utilization.
 Clinical development . We oversee clinical development through a structured framework
ensuring scientific rigor, operational efficiency, and budgetary discipline. Dedicated project
teams refine trial designs and operational plans, which are reviewed in global project team
meetings to finalize timelines and resource allocation before management approval. We
establish defined decision points throughout execution to enable timely course adjustments
and leverage long-term CRO partnerships to conduct clinical trials, ensuring high-quality
execution and adherence to regulatory and ethical standards.
 CMC. The CMC team supports pharmaceutical development and manufacturing, with
responsibilities including formulation design, analytical method development and validation,
process optimization, quality specification setting, stability studies, and safety evaluations.
The team supervises the manufacturing of drug substances and drug products, ensuring
technology transfer, scale-up, and commercialization comply with GMP and regulatory
standards. The CMC team is also responsible for establishing and maintaining a
pharmaceutical quality management system that supports continuous improvement and
ensures regulatory compliance across all development stages.
Collaboration with CROs and SMOs
In addition to our in-house R&D activities, we also collaborate with reputable CROs and SMOs to
support our pre-clinical research and clinical trials under our close oversight and management. We
engaged 54 and 51 CROs/SMOs in 2024 and 2025, respectively. We incurred CRO/SMO expenses of
RMB85.9 million and RMB42.4 million in 2024 and 2025. During the Track Record Period, we observed
an overall downward trend in our CRO expenses. This was primarily attributable to our transition from
a fully outsourced model to a selective functional outsourcing model, under which key functions such as
study-level management, vendor management, domestic site management, medical monitoring, and
eTMF management were performed in-house to enhance operational efficiency and reduce clinical
development expenditures. Our in-house clinical development capability is carried our by our clinical
develop team, which is led by our chief medical officer and comprised of dedicated professionals with
dedicated expertise across medical strategy, clinical operations, data management and statistics,
pharmacovigilance, quality assurance, and vendor management, enabling us to independently manage the
full clinical trial life cycle. In-house clinical development functions are further underpinned by a
standardized, end-to-end clinical quality management system established in compliance with ICH-GCP
and applicable NMPA requirements. With key functions performed in-house and the standardization of
CRO/SMO services, we do not believe we have undue reliance on our current or any CRO/SMO service
providers.
The following table sets forth the background of key CROs/SMOs engaged by us, as well as their
involvement in the research and development and clinical trials:
Identity of CRO
and SMO Background Scope of Service
Supplier A /H1118/H1118/H1118/H1118/H1118A leading China-based CDMO and a
listed company on the Shanghai
Stock Exchange and the Hong Kong
Stock Exchange
CRO service for clinical trial in
relation to senaparib (IMP4297),
IMP7068, IMP9064, IMP1707,
IMP1734, IMP22 and IMP25
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Identity of CRO
and SMO Background Scope of Service
Supplier E /H1118/H1118/H1118/H1118/H1118A leading global CRO and a listed
company on the Nasdaq
CRO service for clinical trial in
relation to senaparib (IMP4297) and
IMP7068
Suppler F /H1118/H1118/H1118/H1118/H1118/H1118A leading U.S.-based CRO with
global presence and a listed
company on the NYSE
Data management and biostatistics,
medical monitoring and preclinical
research in relation to senaparib
(IMP4297), IMP9064 and IMP1734
Supplier H /H1118/H1118/H1118/H1118/H1118A leading China-based CRO and a
listed company on the Shenzhen
Stock Exchange and the Hong Kong
Stock Exchange
CRO services for preclinical research,
CDMO services and SMO services
in relation to senaparib (IMP4297)
Supplier I /H1118/H1118/H1118/H1118/H1118A leading China-based CRO with a
global presence
Data management and biostatistics,
pharmacovigilance, medical
monitoring in relation to senaparib
(IMP4297), IMP7068, IMP9064 and
IMP1734
We select CROs and SMOs based on professional qualifications, relevant research experience,
service quality, efficiency, industry reputation, and costs. Depending on the specific service
requirements, we engage CROs and SMOs through project-based service agreements, which define the
scope of work, sample size, procedures, deliverables, timelines, and payment terms. CROs and SMOs are
required to comply with all applicable laws and regulations and adhere to our established protocols,
ensuring the accuracy and authenticity of clinical trial results. To maintain data integrity and regulatory
compliance, we also exercise oversight of our CRO and SMOs partners. This includes regular progress
meetings, execution reviews, regular on-site visit and periodic audits, ensuring adherence to our
protocols and regulatory requirements. Our proactive management approach reinforces the quality and
reliability of data generated from our trials, supporting the advancement of our pipeline and
strengthening our overall clinical development strategy.
Key terms of agreements that we typically enter with our CROs and SMOs are set forth below: (i)
Services. The CROs and SMOs shall provide high-quality services to us, including the implementation
and management of a preclinical or clinical research project as specified in the agreement. (ii) Term. The
CROs and SMOs are required to perform their services and complete the research project within the
prescribed time limit set out in each agreement or work order, usually on a project basis. (iii) Payments.
We are required to make payments to the CROs and SMOs in accordance with the payment schedule
agreed by the parties. (iv) IP rights. We own all intellectual property rights arising from the clinical
research projects conducted by the CROs and SMOs within the stipulated work scope. (v)
Confidentiality. Our CROs and SMOs are not allowed to disclose confidential information, including but
not limited to, any information or data related to research, development, processes and protocols
specified in the agreement, and such obligation generally survives for a specified period. (vi) Risk
allocation. We are generally responsible for the risks associated with the research project, while the
CROs and SMOs should indemnify us for losses caused by their fault or gross negligence.
MANUFACTURING
Our CMC team
As of the Latest Practicable Date, our CMC team consists of 11 members, eight of whom held a
doctoral or master’s degree. The team is responsible for, among other relevant functions, upstream and
downstream process development, formulation development, analytical method development and
validation, GMP-compliant manufacturing, quality control and quality assurance.
Our CMC activities and capabilities
CMC refers to activities that define methods for manufacturing processes, product characteristics
and testing, product storage and release to clinical usage, ensuring that a pharmaceutical product is safe,
effective, and consistent across batches. Our CMC capability includes the following functions: (i)
chemical process: our chemical process team focuses on developing and synthesizing active
pharmaceutical ingredient (“API”), expediting scale up of compound for developmental activities in drug
safety and pharmaceutical sciences, and fulfilling in a timely and efficient manner the requests for drug
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substance supply to support pre-clinical and clinical study pipelines; (ii) formulation development: our
formulation development team is committed to the design, research, and development of dosage forms,
ensuring the scientific rigor and rationality of formulations from the preclinical study phase through
clinical development to commercialization; (iii) analytical sciences: our analytical science team
implements a science-driven, clinical and commercial production oriented approach to the development
and application of both classic and state-of-the-art analytical techniques and tools throughout the life
cycle of each of our drug candidates, including but not limited to development and validation of
analytical methods for API and drug product, technical transfer of process and analytical methods,
establishment of specifications, testing and releasing of each batch of API and drug product to be used
in pre-clinical studies and clinical trials; and (iv) quality control and assurance: with well-documented
and comprehensive quality system, the quality control and assurance team is responsible for testing and
verifying the product quality with predefined standards to assure the quality of all the batches,
manufactured at every stage of manufacturing/processing API and drug products.
Our collaboration with CDMO
Our manufacturing activities are conducted through a contract development and manufacturing
organization (CDMO) to support our drug development process. While we already obtained drug
manufacturing license from Shanghai Administration of Pharmaceuticals and Medical Devices, we have
not established any in-house manufacturing facilities, in line with our asset-light commercialization
strategy. We currently outsource our manufacturing activities to a globally recognized CDMO with
extensive expertise in research, development and production. The CDMO we engage with is Shanghai
STA Pharmaceutical Co., Ltd. (“ʮ̡”) (“STA”), a subsidiary of Supplier A. As
a manufacturer of small-molecule pharmaceutical products, STA is able to ensure production and supply
in full compliance with applicable quality and regulatory requirements and provide sufficient
manufacturing capacity for our drug candidates. We have collaborated with STA since the early stages
of development of senaparib, and it is responsible for procurement of production materials,
manufacturing, release testing and final packaging for the manufacturing of senaparib. Given the lengthy
revalidation and regulatory approval timelines typically required to change manufacturers at the
commercialization stage, we have continued to rely on STA for commercial-scale production to ensure
manufacturing process stability and consistent quality control. During the Track Record Period, our
purchases from STA for manufacturing were RMB4.4 million and RMB24.9 million in 2024 and 2025,
respectively, representing 2.7% and 19.5% of the total purchase amount in the same years. Our purchase
from STA for manufacturing significantly increased from RMB4.4 million in 2024 to RMB24.9 million
in 2025 primarily in relation to our commercialization of senaparib in January 2025. We select the
CDMO by taking into account a number of factors, such as its manufacturing capacity and qualifications,
relevant expertise, reputation, technical integrity, adherence to GMP requirements, the completeness of
staff capability and training, and the robustness of supply chain layout. We have adopted, and will
continue to implement, procedures to ensure that the production qualifications, facilities and processes
of our CDMO comply with the applicable regulatory requirements and our internal guidelines and quality
standards. For more details, see “— Quality Control.” Our commercial supply agreement with STA
includes provisions on capacity assurance, product quality safeguards and reasonable order allocation
mechanisms, which are designed to enhance supply continuity and maintain appropriate commercial
flexibility. In addition, we have been evaluating alternative CDMO partner and initiated evaluation and
limited-scale validation activities to mitigate potential supply disruption risks in the event of termination
of our cooperation with STA. During the Track Record Period and as of the Latest Practicable Date, we
only engaged STA as CDMO to support our manufacturing.
Key terms of the agreements that we entered into with our CDMO are as follows: (i) Scope of
services. The CDMO provides us with process development and manufacturing of clinical trial materials
for the clinical stage, and large-scale commercial manufacturing for the commercial stage, in accordance
with GMP requirements, quality standards and prescribed time frame as set out in the master agreement
or work order. (ii) Quality control. The CDMO is obliged to ensure that the quality of products meet the
quality standards set out in the agreement and requirements of GMP and other regulations, and to provide
certificate of analysis. (iii) Payments. We are required to make payments to the CDMO in accordance
with the payment schedule set forth in the agreement, which is linked to the stages of the manufacturing
process and the deliverables we received. (iv) IP rights. We own all product-related intellectual property
rights arising from the outsourced manufacturing processes. (v) Confidentiality. Our CDMO is not
allowed to disclose confidential information, including but not limited to any technical materials,
research reports or trial data related to the project as specified in the agreement, and such obligation
generally survives for a specified period. (vi) Remedies for non-conforming products. If the CDMO fails
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to deliver products or comply with substantial obligations due to its own reasons under the relevant
agreement, we are entitled to terminate the agreement and request liquidated damages and compensation
for losses due to the failure according to the work order.
We engage our CDMO based on reasonable market pricing and commercially standard terms,
without any exclusivity arrangement. Given the sufficient supply of CDMOs with comparable
qualifications in the market, we believe we can readily engage alternative providers offering similar
quality and pricing and therefore do not have undue reliance on any single CDMO. As of the Latest
Practicable Date, we did not operate any in-house manufacturing facilities. Our current CMC team
possesses the necessary qualifications for pharmaceutical production management under domestic and
global regulatory requirements.
QUALITY CONTROL
Quality control and quality assurance are critical to our continued success. We are committed to
ensuring the quality of our operations through a comprehensive quality management system that spans
all key stages of our R&D and manufacturing processes, which is meticulously established in accordance
with rigorous regulations and guidelines in China, the United States and Europe. We closely monitor
evolving GMP standards and regulatory developments in these markets, continuously updating our
internal procedures to adhere to the highest international standards for patient safety and regulatory
compliance. Our quality control team is dedicated to ensuring the quality systems cover all key stages
of product development. All team members possess the work experience and knowledge background that
match their positions, and the necessary qualifications that meet the requirements of our quality
management activities.
We have established comprehensive quality control and assurance procedures to ensure compliance
with relevant regulatory requirements and our internal quality standards, primarily including control and
inspection of materials, management of each step of the development procedures, inspection of samples,
establishment of internationalized product release standards, and risks evaluation during the process of
product development. We have adopted procedures to ensure that the production qualifications, facilities
and processes of our CDMO complies with the relevant regulatory requirements and our internal
standards. For example, to monitor and evaluate the services performed by our CDMO, we regularly
audit and inspect their relevant documents and records and conduct on-site inspections to ensure that
operations of our CDMO are in compliance with relevant procedure requirements. We are committed to
continuously optimizing and improving our quality management system to ensure patient safety and
regulatory compliance.
COMMERCIALIZATION
We currently have one drug (senaparib) approved and in commercial stage. We have been building
up our commercialization infrastructure since senaparib entered the late stages of clinical trials. We have
built a scalable and capital-efficient commercialization infrastructure through strategic partnerships and
robust internal capabilities. In China, we are executing a go-to-market strategy in collaboration with
Huadong Medicine, one of the country’s leading pharmaceutical companies. Together, we are building
China’s largest gynecologic oncology platform, anchored by senaparib, now the standard of care for 1L
maintenance therapy for OC “all-comers”, and Elahere
® licensed by Huadong for 2L+ OC treatment.
Huadong’s extensive commercial infrastructure, including a salesforce of 11,571 and coverage of over
2,400 hospitals as of December 31, 2024, ensures deep market reach. To ensure the successful launch of
senaparib, we have developed a comprehensive commercialization strategy that integrates our marketing,
medical, and channel plans. This strategy is grounded in a thorough analysis of the current clinical
landscape, including existing treatment pathways, the competitive environment, and significant unmet
patient needs. Our approach not only highlights senaparib’s distinct advantages but also strategically
plans for its entire product lifecycle to maximize long-term value. Furthermore, we will leverage our
robust channel network to achieve broad distribution and secure optimal market access. As of the Latest
Practicable Date, senaparib has gained access to approximately 300 DTP pharmacies and achieved
coverage of more than 900 medical institutions. Complementing our partnership with Huadong Medicine,
our in-house commercial team spans marketing, medical affairs, supply chain management, CMC
management, and business development, supported by a strong distributor network and a growing pool
of cross-functional talent.
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Senaparib has already been included in several China national OC treatment guidelines, and is
recommended for treatment of 1L maintenance therapy for OC “all-comers,” the largest addressable
segment for OC with an estimated market size of RMB10.8 billion (US$1.5 billion) in China alone by
2033. However, we continue to expand its inclusion in key clinical guidelines for both its current and
future indications. In addition, following NRDL inclusion in December 2025, senaparib has been
reimbursable for 1L maintenance therapy for OC “all-comers” since January 1, 2026, which we believe
will significantly broaden patient access and accelerate uptake across all regions, especially key clinical
regions. The highly favorable price secured by the NRDL would reduce patient out-of-pocket costs and
drive robust commercial scaling via wider hospital penetration and elevated physician prescription
willingness, allowing us to achieve an optimal balance between patient affordability and reasonable
profit margins. Further, the NRDL endorsement would enhance our brand influence, strengthen
competitiveness against peer PARP inhibitors, and support nationwide channel coverage, laying the
foundation for our subsequent indication expansions. In addition, NRDL inclusion will streamline
product bidding and commercialization workflows, facilitate timely revenue collection, and drive
substantial volume-led growth, thereby improving our long-term business prospects and financial
performance. In addition, as of the Latest Practicable Date, senaparib has been included in multiple
regional supplemental medical insurance programs and commercial health insurance plans, such as the
Xihu Yilianbao (ڭHuhuibao (ڭChonghuibao (ڭJiaxing Huiminbao ( ྗጳ౉͏
ڭand Huxiangbao (ڭ.)
Inclusion into the NRDL is evaluated and determined by the relevant government authorities. We
may not be able to secure a successful inclusion for senaparib in other indications or for our future
approved drugs in the NRDL. See “Risk Factors — Risks relating to Commercialization of Our Drug
Candidates — Our sales efforts may be hindered by pricing regulations or other cost-containment
policies aimed at reducing healthcare expenditures, potentially exposing us to pricing and volume
constraints and adversely affect our business, financial condition and results of operations.”
In collaboration with Huadong Medicine, we are executing a sales and marketing strategy that
adopts a multi-tiered approach to strengthen physician awareness, education, and adoption of senaparib
through coordinated activities at the national, regional, and city levels. At the national level, guideline
roadshows, industry conferences, product launch events, and specialized forums are conducted to shape
clinical guidelines and expert consensus, establish senaparib’s position in national treatment pathways;
at the regional level, forums for oncologists and targeted campaigns in key provinces and cities are
organized to provide education on patient selection, treatment optimization, and AE management; at the
city level, hospital engagement activities and patient support programs are implemented to expand
physician reach and improve patient education.
In determining the pricing strategy for senaparib, we took into consideration a number of factors,
including prices of comparable or competing drugs, differences in features between our drug and
comparable or competing drugs, our costs of production, health economics, market trends and
supply-demand dynamics. In December 2025, senaparib was included in the NRDL and has been
reimbursable for 1L maintenance therapy for OC “all-comers” since January 1, 2026. The NRDL
inclusion would reduce patient out-of-pocket costs. Following its NRDL inclusion, senaparib is eligible
for reimbursement nationwide under the national basic medical insurance system, representing
comprehensive national coverage. The retail price for senaparib after NRDL inclusion is consistent
nationally, and at RMB4,650 per box. Patients covered under the national basic medical insurance system
are eligible for reimbursement. Actual reimbursement rates are calculated per regulatory requirements for
each individual based on factors such as the type of medical insurance plan enrolled and geographic
region, among others. Such reimbursement rates are on average around 70% of the retail price for
innovative drugs like senaparib included in the NRDL, and is consistent with the industry norm,
according to Frost & Sullivan.
Globally, we are pursuing a broad label strategy for senaparib, targeting 1L maintenance therapy
for OC “all-comers” to enable the widest market access. In Europe, our MAA for senaparib was formally
accepted by the EMA in August 2025. To support global commercialization, we are actively exploring
ex-China partnerships and implementing a combination-focused lifecycle management strategy,
including combining senaparib with IMP9064, our A TR inhibitor, to extend IP protection and maximize
market reach. Our licensing of next-generation PARP1 selective inhibitors to Eikon Therapeutics, a
company founded by former Merck & Co. C-suite executives with deep experience in the development
of PARP1/2 inhibitors, reflects industry recognition of our scientific leadership and molecule design
capabilities. Through this collaboration, we aim to accelerate clinical development and broaden the
global indications of IMP1734 and other PARP1 selective inhibitors (IMP1707) by leveraging Eikon’s
infrastructure and strategic expertise.
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We believe the risks of internal competition or cannibalization between our PARP1/2 and PARP1
selective inhibitors, IMP1734 and IMP1707, are remote, as these inhibitors represent complementary
portfolio strategies addressing distinct therapeutic opportunities. Senaparib, our PARP1/2 inhibitor, is
approved for 1L maintenance therapy in OC “all-comers” in China with development focused primarily
on OC indications. Our PARP1 selective inhibitors, IMP1734 and IMP1707, currently in early-stage
clinical development, pursue differentiated strategies. These next-generation PARP1 selective inhibitors
offer improved safety profiles and wide therapeutic windows, enabling combination therapies and
expansion into indications with limited performance by current PARP1/2 inhibitors. We do not plan to
pursue 1L OC maintenance indications with PARP1 selective inhibitors in the near term.
Prescribing Information for Senaparib
The following sets forth the dosage, administration, adverse reactions, warnings and other material
aspects in the drug label of senaparib approved by the NMPA.
Dosage and administration : The recommended dosage of senaparib is 100 mg administered orally
once daily. Treatment should continue until disease progression, unacceptable toxicity, or completion of
two years of treatment. Patients who continue to derive clinical benefit after two years may continue
treatment. Senaparib capsules should be swallowed whole, preferably on an empty stomach. In the event
of a missed dose, the dose may be taken within four hours of the scheduled time; if more than four hours
have elapsed, the patient should skip the missed dose and continue with the next scheduled dose. Dose
modifications may be required based on individual tolerability. The recommended dose reduction
schedule is: first reduction to 80 mg once daily; second reduction to 60 mg once daily; and third
reduction to 40 mg once daily. No dose adjustment is required for patients with mild hepatic impairment
or mild to moderate renal impairment. Senaparib should be used with caution in patients with moderate
to severe hepatic or renal impairment. Senaparib is not recommended for pediatric patients under 18
years of age. Limited data are available for patients aged 65 years and older, and caution should be
exercised in this population.
Adverse reactions : The most common adverse reactions (occurring in /H1135010% of patients) include
hematologic toxicities (anemia, leukopenia, neutropenia, thrombocytopenia), gastrointestinal effects
(nausea, vomiting, diarrhea, decreased appetite), and other effects including fatigue, dizziness,
arthralgia, infections such as upper respiratory tract infections, and elevated liver function parameters.
Grade /H113503 adverse reactions commonly reported include anemia, thrombocytopenia, neutropenia, and
leukopenia. Serious adverse events (occurring in /H113501% of patients) include anemia, thrombocytopenia,
neutropenia, and leukopenia. Laboratory abnormalities include decreased hemoglobin, decreased platelet
count, decreased white blood cell count, dyslipidemia, and elevated liver enzymes.
Warnings and precautions : Hematologic toxicity requires monitoring of complete blood counts
prior to treatment initiation and every two weeks during the initial treatment period. Treatment should
be interrupted or dose reduced if severe hematologic abnormalities occur. Cases of myelodysplastic
syndrome and acute myeloid leukemia (MDS/AML) have been reported. If MDS/AML is suspected,
senaparib should be discontinued and appropriate hematologic evaluation should be conducted.
Senaparib is contraindicated during pregnancy. Females of reproductive potential should use effective
contraception during treatment and for six months following the last dose. Breastfeeding should be
discontinued during treatment and for one month following the last dose. Concomitant use with strong
CYP3A4 inhibitors or inducers should be avoided. Caution should be exercised when using
P-glycoprotein inhibitors concurrently with senaparib. Senaparib may cause dizziness and fatigue;
patients should exercise caution when driving or operating machinery.
Contraindications : Senaparib is contraindicated in patients with known hypersensitivity to the
active ingredient or any excipients.
Sales Performance of Senaparib
Since obtaining NMPA approval in early 2025, we have commenced commercial sales of senaparib
in China, with nationwide distribution commencing in late March 2025. For the six months ended June
30, 2025, we generated revenue from product sales of RMB7.2 million from sales of senaparib. Our sales
performance during the initial year following commercial launch demonstrates steady market
development and growing adoption of senaparib. In 2025, we generated revenue from product sales of
RMB20.2 million from sales of senaparib, with a gross profit of RMB18.7 million and a gross profit
margin of 92.2%.
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Our Sales Operation
We entered into a contract sales services agreement with Zhongmei Huadong in December 2023 for
the commercialization of senaparib in China, where we granted Zhongmei Huadong an exclusive right
to commercialize senaparib in China. Leveraging Zhongmei Huadong’s extensive sales network, broad
hospital coverage and a complementary product portfolio in gynecologic oncology, this collaboration is
poised to generate powerful commercial synergy in accelerating senaparib’s market penetration and
expanding its patient reach in China. See “— Our Material Collaboration and Licensing Arrangements
— Contract Sales Services Agreement with Huadong Medicine” for details of material salient terms.
In addition, we cooperated directly with distributors who purchase senaparib from us and resell to
their customers during the Track Record Period and up to the Latest Practicable Date. We select our
distributors based on their experience in the pharmaceutical industry, valid licenses and permits,
established relationships with hospitals and pharmacies, financial stability, and the qualifications and
expertise of their sales and management teams. We do not face cannibalization among our distributors,
as our selection focuses on group clients, including primary and secondary distributors within the group
and affiliated retail chains, which operate in clearly defined and non-overlapping territories. In 2025, we
engaged with 25 primary distributors and recorded revenue from sales of distributors of RMB20.2
million in the same year.
The following table sets forth details of the five largest distributors we have engaged during the
Track Record Period:
Distributors Background Amount of sales
(RMB’000)
For the year ended December 31, 2025
Sinopharm Group Co., Ltd.
(ʮ̡) /H1118
A leading China-based pharmaceutical company and a
listed company on the Hong Kong Stock Exchange
11,373.3
Shanghai Pharmaceuticals
Holding Co., Ltd. ( ɪऎᔼ
ʮ̡) /H1118/H1118/H1118
A leading China-based pharmaceutical company and a
listed company on the Hong Kong Stock Exchange
3,378.0
Distributor A (Customer A) /H1118A leading China-based pharmaceutical company 2,027.0
Distributor B (Customer B) /H1118A subsidiary of a leading China-based pharmaceutical
company and a listed company on the Hong Kong Stock
Exchange
1,525.8
Distributor C /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118A subsidiary of a leading China-based pharmaceutical
retailing company
444.2
We enter into distribution agreements with distributors cooperating with us directly, maintain a
buyer-seller relationship. The material salient terms of the standard distribution agreements primarily
include: (i) Duration. The term of the distribution agreement is typically one year and may be renewed
upon mutual consent. (ii) Pricing policies. We offer sales rebates to distributors based on the actual
payment amount. (iii) Logistics and delivery. We are typically responsible for delivering products to the
addresses specified by our distributors. (iv) Payment arrangement. We accept payments through bank
remittance and wire transfer. (v) Return policies. We generally do not accept product returns from
distributors except for limited reasons such as product quality issues.
We do not set restrictions for our distributors by designating specific sales regions in the
distribution agreements; instead, our distributors are allowed to market our products within the regions
covered by their own operations. We also do not impose mandatory sales targets on our distributors,
allowing purchases to reflect actual market demand rather than sales pressure. We work closely with
distributors to maintain balanced and reasonable inventory levels. We have implemented multiple
measures to manage inventory levels held by distributors and avoid channel stuffing. To ensure market
stability and prevent stockouts, we require distributors to maintain a safety inventory level. At the same
time, we coordinate with distributors on cash collection schedules, enabling their finance and
procurement teams to plan inventory prudently in line with payment terms, rather than accumulating
excessive stock. Product returns after delivery and acceptance are generally not permitted unless the
product is defective. During the Track Record Period and up to the Latest Practicable Date, we did not
receive any significant product returns from distributors. We recorded units product returns due to
shipping damage three units returned by distributors after receipt with a total amount of RMB22.5
thousand which has been deducted from revenue during the Track Record Period and up to the Latest
Practicable Date. To mitigate the risk of shipping-related damage, we have implemented enhanced
packaging and logistics control measures. Specifically, we reinforce our corrugated cartons with
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high-quality, impact-resistant cushioning materials to ensure that shipments remain secure and intact
during transit. For smaller-volume orders, we utilize customized outer packaging solutions to provide
additional protection. In addition, we have conducted transportation durability and strength testing on our
upgraded packaging to validate its performance under typical logistics conditions.
In addition, pursuant to the applicable PRC laws and regulations, pharmaceutical companies
engaging distributors for sales are required to follow the two-invoice system which generally requires a
pharmaceutical company to issue only one invoice to its distributor followed by the distributor issuing
a second invoice directly to the end customer, the public medical institution. As such, public medical
institutions are subject to the two-invoice system, while private medical institutions or pharmacies are
not subject to the two-invoice system. During the Track Record Period and up to the Latest Practicable
Date, our customers are pharmaceutical companies, sub-distributors pharmacies; at the same time,
Zhongmei Huadong is our CSO for senaparib in China and thus we do not issue drug sales invoice to
them. Further, we implemented specific SOPs and internal policies to ensure that all consumers or
distributors fulfill the two-invoice system. Based on assessment of our PRC Legal Advisor, we confirm
that during the Track Record Period and up to the Latest Practicable Date, we (i) had not been deemed
to have violated or circumvented any law, regulations, rules or policies in relation to the two-invoice
system, (ii) were not subject to any administrative fines or penalties by the competent authorities in
relation to the two-invoice system, and (iii) had not received any warning or notice from any competent
authorities in relation to the compliance of the two-invoice system.
Our in-house commercialization team, CSO, and distributors operate in clearly defined and
complementary roles and work in coordination to support the commercialization of our products. Our
in-house commercialization team focuses on the oversight of production quality and supply,
pharmacovigilance and the execution of commercialization projects, including product tenders, market
rollout plans, and distributor activities. The CSO, Zhongmei Huadong, is responsible for promoting
products for their approved indications, coordinating market access activities including product entry
into hospitals. They also collaborate with our in-house team to develop overall commercial strategies,
including business and channel strategies, pricing and reimbursement strategies, market access, medical
strategies, and conduct central market and medical affairs activities related to the products. Distributors,
on the other hand, focus on delivering the products to hospitals and pharmacies and facilitating smooth
product supply channel of our product.
INTELLECTUAL PROPERTY
We have an extensive global portfolio of patents to protect our drug candidates and technologies.
As of the Latest Practicable Date, we owned (including solely-owned and co-owned with other parties)
(i) 23 granted patents in China, (ii) 19 granted patent in the United States, (iii) 29 granted patents in other
jurisdictions, and (iv) 158 pending patent applications, including 26 patent applications in China, 17
patent applications in the United States, 105 patent applications in other jurisdictions, and 10 patent
applications under the Patent Cooperation Treaty. The patent portfolios for our Core Product and Key
Products as of the Latest Practicable Date are summarized below:
Senaparib (IMP4297) : As of the Latest Practicable Date, we solely owned six granted patents in
China, eight granted patents in the United States, 13 granted patents in other jurisdictions and 37 patent
applications, including four patent applications in China, five patent applications in the United States and
28 patent applications in other jurisdictions. The expected latest expiration for the issued patents and any
patents that may be issued from the currently pending patent applications is September 18, 2044, without
taking into account any possible patent term adjustments or extensions.
IMP1734 : As of the Latest Practicable Date, we owned (including solely-owned and co-owned
with other parties) 23 patent applications, including two patent applications in China, one patent
application in the United States, and 18 patent applications in other jurisdictions and one pending PCT
patent application that may enter various countries in the future. The expected latest expiration for the
issued patents and any patents that may be issued from the currently pending patent applications is May
8, 2045, without taking into account any possible patent term adjustments or extensions.
IMP9064: As of the Latest Practicable Date, we solely owned one granted patent in China, one
granted patent in US, five granted patents in other jurisdictions and 9 patent applications, including two
patent applications in China, one patent applications in the United States, and six patent applications in
other jurisdictions directed to IMP9064. The expected latest expiration for the issued patents and any
patents that may be issued from the currently pending patent applications is June 24, 2040, without taking
into account any possible patent term adjustments or extensions.
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The following table sets forth the portfolio of patents and patent applications material to our business operations as of the date of this prospectus:
Drug Candidate
Patent/Patent
Application Nature Type
Patent
Holder/Applicant Jurisdiction Inventors Status
Application
Date for
Pending Patent
Application
Grant Date for
Patent
Patent
Expiration*
Senaparib (IMP4297) /H1118 CN103097361B Composition of
matter related to
the chemical
structure of
IMP4297
Invention Shanghai Impact
Therapeutics Co., Ltd.
China Sui Xiong Cai, Y e Edward
Tian, Haijun Dong, Qingbin
Xu, Lizhen Wu, Lijun Liu,
Y angzhen Jiang, Qingli Bao,
Guoxiang Wang, Feng Yin,
Chengyun Gu, Xiuhua Hu,
Xiaozhu Wang, Sishun Kang,
Shengzhi Chen
Granted N/A August 6, 2014 March 31, 2032
CN104230827B China October 26, 2016
US9290460B2 Our Company United States March 22, 2016
US9926304B2 United States March 27, 2018
US10316027B2 United States June 11, 2019
US11358955B2 Impact Therapeutics
(Shanghai), Inc
United States June 14, 2022
EP2709990B1 Our Company Europe June 12, 2019
CN107405349B Formulation
comprising
IMP4297
Invention Shanghai Impact
Therapeutics Co., Ltd.
China Sui Xiong Cai, Y ushen Guo Granted N/A March 2, 2021 April 1, 2036
US11179392B Impact Therapeutics
(Shanghai), Inc
United States November 23,
2021
EP3278803B1 Europe June 22, 2022
IMP1734*** /H1118/H1118/H1118/H1118/H1118CN117980307A Composition of
matter related to
the chemical
structure of
IMP1734
Invention Impact Therapeutics
(Shanghai), Inc
China Sui Xiong Cai, Y e Edward
Tian, Xiaozhu Wang
Pending August 26, 2022 N/A N/A
US20240368169A1 United States N/A N/A
EP4392425A1 Europe N/A N/A
IMP9064 /H1118/H1118/H1118/H1118/H1118/H1118/H1118CN114423756B Composition of
matter related to
the chemical
structure of
IMP9064
Invention Shanghai Impact
Therapeutics Co., Ltd.
and Our Company
China Sui Xiong Cai, Y e Edward
Tian, Xiaozhu Wang
Granted N/A November 29,
2024
June 24, 2040
US12479848B2 Impact Therapeutics
(Shanghai), Inc
United States Granted N/A November 25,
2025
June 24, 2040
CN119591599A Impact Therapeutics
(Shanghai), Inc and
Our Company
China Pending June 24, 2020 N/A N/A
CN119591600A China N/A N/A
US20250320219A1 Impact Therapeutics
(Shanghai), Inc
United States N/A N/A
EP3997087A4 Europe N/A N/A
Note: * Patent expiration date does not include any applicable patent term extensions.
** The inventors of the patents are our employees or employees of our CRO service providers. Certain inventors are employees of our CRO service provide rs as such CROs were engaged under
commissioned development agreements to conduct specific research and development activities. Pursuant to invention assignment agreements with o ur employees and confirmation from our CRO service
providers, all work results and associated intellectual property rights are exclusively owned by the Company. Accordingly, the involvement of CRO s ervice providers as inventors does not affect the
Company’s control over or rights in the relevant patents, nor the development of the relevant product candidates.
*** The patents of IMP1734, including CN117980307A, US20240368169A1, EP4392425A1, have been out-licensed to Eikon based on the Eikon Agreement. Fo r further details, se e “ — Our Material
Collaboration and Licensing Arrangements — Collaboration Agreement with Eikon Therapeutics.”
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The actual protection afforded by a patent varies on a claim-by-claim and jurisdiction-by-
jurisdiction basis and depends on many factors, including the type of patent, the scope of its coverage,
the availability of any patent term extensions or adjustments, the availability of legal remedies in a
particular jurisdiction, and the validity and enforceability of the patent. We cannot provide any assurance
that patents will be issued with respect to any of our patent applications or any such patent applications
that may be filed in the future, nor can we provide any assurance that any of our issued patents or any
such patents that may be issued in the future will be commercially useful in protecting our drug
candidates and methods of manufacturing the same. For the details of risks related to our intellectual
property, see “Risk Factors — Risks Relating to Our Intellectual Property Rights.”
We may rely, in some circumstances, on trade secrets and/or confidential information to protect
aspects of our technology. We seek to protect our proprietary technology and processes, in part, by
entering into confidentiality agreements with consultants, scientific advisers and contractors, and
invention assignment agreements with our employees. We have entered into confidentiality, invention
assignment and non-competition agreements with our senior management and key members of our R&D
team and other employees who have access to trade secrets or confidential information about our
business. Under such agreements, we own all the rights to all inventions, technology, know-how and
trade secrets derived during the course of such employee’s work.
These agreements may not provide sufficient protection of our trade secret and/or confidential
information. These agreements may also be breached, resulting in the misappropriation of our trade
secret and/or confidential information, and we may not have an adequate remedy for any such breach.
In addition, our trade secret and/or confidential information may become known or be independently
developed by a third party, or misused by any collaborator to whom we disclose such information.
Despite any measures taken to protect our intellectual property, unauthorized parties may attempt to or
successfully copy aspects of our products or to obtain or use information that we regard as proprietary
without our consent. As a result, we may be unable to sufficiently protect our trade secrets and
proprietary information.
We also seek to preserve the integrity and confidentiality of our data and trade secrets by
maintaining physical security of our premises and physical and electronic security of our information
technology systems. Despite any measures taken to protect our data and intellectual property,
unauthorized parties may attempt to or successfully gain access to and use information that we regard
as proprietary. For more details on risks related to our intellectual property, please refer to the paragraph
headed “— Risk Factors — Risks Relating to Our Business — Risk Relating to Our Intellectual Property
Rights” in this prospectus.
We conduct our business under the brand name of “Impact Therapeutics” or “ᖹุ”. As of the
Latest Practicable Date, we had registered 53 trademarks in China and filed six trademark applications
in China and other jurisdictions. As of the Latest Practicable Date, we are also the owner of five domain
names.
We enter into license and collaboration agreements and other relationships with biopharmaceutical
companies and other industry participants, through which we may grant access to our own intellectual
property, or gain access to the intellectual property of others. See “— Our Material Collaboration and
Licensing Arrangements.”
During the Track Record Period and up to the Latest Practicable Date, (i) we were not involved in
any legal, arbitral or administrative proceedings in respect of, and we had not received notice of any
material claims of infringement, misappropriation or other violations of third-party intellectual property;
and (ii) we were not involved in any proceedings in respect of any intellectual property rights that may
be threatened or pending and that may have an influence on the research and development for any of our
drug candidates in which we may be a claimant or a respondent.
A freedom-to-operate search and analysis (“ FTO Analysis ”) has been conducted in China and the
United States in relation to our Core Product and Key Products. The FTO Analysis covers two
fundamental dimensions for FTO assessments of small molecule pharmaceuticals, namely the chemical
structures and target indications of the drug candidates, which is in line with industry practice. The
chemical structure-based analysis focused on the molecular structures of the drug candidates, which
forms the essential basis of FTO Analysis, while the indication-based analysis evaluated patent coverage
in respect of the specific therapeutic indications under development to assess the legality of
implementation in the intended use scenarios. Based on the FTO Analysis, our Directors are of the view
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that there are no valid and enforceable patents of any third party in China and the United States covering
chemical structures or indications currently under development of our Core Product and Key Products
and the FTO Analysis is sufficient to evaluate the risk of infringement of third parties’ IP rights in any
material aspects.
DATA PRIV ACY AND PROTECTION
We routinely receive, collect, generate, store, process, transmit and maintain medical data
treatment records and other personal details of the subjects enrolled in our clinical trials, and such
treatment records or personal details of the enrolled subjects are desensitized and de-identified. As such,
we are subject to the relevant local, state, national and international data protection and privacy laws,
directives regulations and standards that apply to the collection, use, retention, protection, disclosure,
transfer and other processing of personal data in the various jurisdictions in which we operate and
conduct our clinical trials, as well as contractual obligations. During the Track Record Period we did not
experience any breach of confidential information or any other information-related incidents that could
cause a material adverse effect on our business, financial condition, or results of operations. As
confirmed by our PRC Legal Adviser, we had complied with PRC laws and regulations related to data
security and privacy with our products, services and operations, and data transfer (including
patient-related information) in all material aspects, and we had neither incurred any related
administrative penalties nor received any related administrative inquiry notice. For more details of laws
and regulations regarding data privacy and protection, please see the section headed “Risk Factors —
Risks Relating to Laws and Regulations — We are subject to stringent privacy laws, information security
policies and contractual obligations related to data privacy and security, and we may be exposed to risks
related to our management of the medical data of subjects enrolled in our clinical trials and other personal
or sensitive information.”
SUPPLIERS AND PROCUREMENT
During the Track Record Period, our suppliers primarily consisted of CROs/SMOs and CDMOs.
We select our suppliers based on their quality, costs, delivery standards, industry reputation and
compliance with or qualification under relevant regulations and industry standards. We believe that we
maintain strong and stable relationships with our major suppliers. During the Track Record Period and
up to the Latest Practicable Date, we did not experience any material disputes with our suppliers,
difficulties in the procurement of materials or services, disruptions to our operations due to a shortage
of or delay in supply of materials or services, or significant fluctuations in material and/or service prices.
The following table sets forth details of our five largest suppliers during the Track Record Period:
Supplier Supplier background
Size of
operations Service purchased
Y ear(s) of
business
relationship
Purchase
amount
% of total
purchases Credit term
Payment
method
(RMB’000)
For the year ended December 31, 2025
Supplier A /H1118/H1118A leading China-based
CDMO and a listed
company on the
Shanghai Stock
Exchange and the
Hong Kong Stock
Exchange
RMB40
billion
CRO Services in
relation to senaparib
(IMP4297),
IMP7068, IMP9064,
IMP1707, IMP1734,
IMP22 and IMP25
2012 36,456 28.5% 60 days Bank
transfer
Supplier C /H1118/H1118A leading private U.S.-
based CRO with
global presence
Not publicly
disclosed
CRO Services in
relation to senaparib
(IMP4297)
2024 12,473 9.8% 45 days Bank
transfer
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Supplier Supplier background
Size of
operations Service purchased
Y ear(s) of
business
relationship
Purchase
amount
% of total
purchases Credit term
Payment
method
(RMB’000)
Supplier B /H1118/H1118A private technology
company providing
drug discovery
service with
advanced AI and
physics-based
technologies
Not publicly
disclosed
CRO Services in
relation to IMP22,
IMP25, IMP27 and
IMP29
2023 7,013 5.5% 60 days Bank
transfer
Supplier H /H1118/H1118A leading China-based
CRO and a listed
company on the
Shenzhen Stock
Exchange and the
Hong Kong Stock
Exchange
RMB6
billion
CRO Services in
relation to senaparib
(IMP4297)
2018 6,200 4.9% 60 days Bank
transfer
Supplier D /H1118/H1118A leading China-based
CRO and CDMO and
a listed company on
the Hong Kong Stock
Exchange
Over
RMB1.9
billion
CRO Services in
relation to IMP22,
IMP25, IMP27 and
IMP29
2019 5,701 4.5% 60 days Bank
transfer
67,843 53.2% 60
working
days
Bank
transfer
Supplier Supplier background
Size of
operations Service purchased
Y ear(s) of
business
relationship
Purchase
amount
% of total
purchases Credit term
Payment
method
(RMB’000)
For the year ended December 31, 2024
Supplier A /H1118/H1118A leading China-based
CDMO and a listed
company on the
Shanghai Stock
Exchange and the
Hong Kong Stock
Exchange
RMB40
billion
CRO Services in
relation to senaparib
(IMP4297),
IMP7068, IMP9064,
IMP1707, IMP1734,
IMP22 and IMP25
2012 31,786 19.6% 60 days Bank
transfer
Supplier E /H1118/H1118A leading global CRO
and a listed company
on the NASDAQ
Over US$2
billion
CRO Services in
relation to senaparib
(IMP4297) and
IMP7068
2018 24,302 15.0% 30 days Bank
transfer
Supplier F /H1118/H1118A leading U.S.-based
CRO with global
presence and a listed
company on the
NYSE
Over US$16
billion
CRO Services in
relation to senaparib
(IMP4297),
IMP9064 and
IMP1734
2016 15,770 9.7% 30 days Bank
transfer
Supplier G /H1118/H1118A leading private
China-based
biopharmaceutical
company
Over US$2
billion
Engagement of
independent third-
party CRO Service
providers and
reimbursement of
related expenses in
relation to senaparib
(IMP4297)
2017 12,079 7.5% 45 days Bank
transfer
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Supplier Supplier background
Size of
operations Service purchased
Y ear(s) of
business
relationship
Purchase
amount
% of total
purchases Credit term
Payment
method
(RMB’000)
Supplier H /H1118/H1118A leading China-based
CRO and a listed
company on the
Shenzhen Stock
Exchange and the
Hong Kong Stock
Exchange
RMB6
billion
CRO Services in
relation to senaparib
(IMP4297)
2018 8,654 5.3% 60 days Bank
transfer
92,591 57.1%
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
None of our Directors or their close associates or, to the knowledge of our Directors, any Shareholder
with over 5% of the share capital of our Company has any interest in any of our five largest suppliers
during the Track Record Period.
CUSTOMERS
During the Track Record Period, our revenue was derived from out-licensing revenue and the sales
of pharmaceutical products. The following table sets forth details of our five largest customers in each
year during the Track Record Period:
Customer Customer background
Services/products
sold
Y ear(s) of
business
relationship
Revenue
contribution
% of total
revenue
(RMB’000)
For the year ended December 31, 2025
Eikon Therapeutics,
Inc. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
A leading U.S.-based
biopharmaceutical/
biotech company
License out
(IMP1734 and
IMP1707)
2023 18,004 47.1%
Sinopharm Group
Co., Ltd. ( ਷ᖹછ
ʮ̡) /H1118
A leading China-based
pharmaceutical
company and a listed
company on the Hong
Kong Stock Exchange
senaparib
(IMP4297)
2025 11,373 29.7%
Shanghai
Pharmaceuticals
Holding Co., Ltd.
(ٰ
ʮ̡) /H1118/H1118/H1118
A leading China-based
pharmaceutical
company and a listed
company on the Hong
Kong Stock Exchange
senaparib
(IMP4297)
2025 3,378 8.8%
Customer A /H1118/H1118/H1118/H1118/H1118A leading China-based
pharmaceutical
company
senaparib
(IMP4297)
2025 2,027 5.3%
Customer B /H1118/H1118/H1118/H1118/H1118A leading China-based
pharmaceutical
company
senaparib
(IMP4297)
2025 1,526 4.0%
36,308 94.9%
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Customer Customer background
Services/products
sold
Y ear(s) of
business
relationship
Revenue
contribution
% of total
revenue
(RMB’000)
For the year ended December 31, 2024
Eikon Therapeutics,
Inc. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
A leading U.S.-based
biopharmaceutical/
biotech company
License out
(IMP1734 and
IMP1707)
2023 33,547 100%
33,547 100%
All of our five largest customers during the Track Record Period were Independent Third Parties.
None of our Directors or their close associates or, to the knowledge of our Directors, any Shareholder
with over 5% of the share capital of our Company has any interest in any of our five largest customers
during the Track Record Period.
OVERLAPPING OF CUSTOMERS AND SUPPLIERS
One of our customers in 2024 and 2025, Eikon Therapeutics, was also our supplier during the same
years. In 2024 and 2025, we received milestone payments from Eikon Therapeutics under our
collaboration agreement, and provided clinical trial materials to Eikon Therapeutics. For details, see “—
Our Material Collaboration and Licensing Arrangements — Collaboration Agreement with Eikon
Therapeutics.” In 2024 and 2025, (i) our purchases of Eikon Therapeutics as pass-through payments for
shared CRO services amounted to RMB1.3 million and RMB2.7 million, respectively, representing 0.8%
and 2.1% of our total purchases in the same years, and (ii) our revenue from Eikon Therapeutics
amounted to RMB33.5 million and RMB18.0 million, respectively, representing 100.0% and 47.1% of
our total revenue in the same years. The procurement of these ancillary services was incidental to our
primary customer relationship with Eikon Therapeutics. All of our sales to and purchases from this
supplier-customer were conducted in the ordinary course of business under normal commercial terms and
on an arm’s length basis. The terms with this supplier-customer were generally comparable to those with
other suppliers and customers. There was no instance of set-off trade receivables from this supplier-
customer with trade payables to our Company during the Track Record Period. Save as disclosed above,
to the best of our knowledge, none of our five largest customers in each period during the Track Record
Period was a supplier of us.
COMPETITION
The market for targeted anti-cancer therapeutics is evolving and highly competitive. While we are
confident that our research and development capabilities allow us to establish a favorable position in
industry, we face competition from both international and domestic biopharmaceutical companies, as
well as specialty pharmaceutical and biotechnology firms of varying sizes, along with academic and
research institutions. For details, see “Industry Overview” in this prospectus and “— Our Pipeline” in
this section.
EMPLOYEES
As of the Latest Practicable Date, we had a total of 92 full-time employees, a majority of whom
were based in China. The following table sets forth a breakdown of our employees categorized by
function as of the Latest Practicable Date.
Function Number Percentage
Research and Development /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111859 63.1%
General and Administrative /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 22.8%
Commercialization /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812 13.0%
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111892 100.0%
We recruit employees primarily through online recruitment, internal referrals and headhunters. We
enter into standard labor contracts, confidentiality and non-competition agreements with our employees
to protect proprietary information and secure company’s rights to work-related innovations. We provide
our employees with a diverse array of professional development opportunities and foster a performance-
driven environment, including pre-job training, periodic on-the-job training and special skills training.
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We are committed to ensuring that working conditions throughout our business network are safe
and that employees are treated with care and respect. We believe we offer our employees competitive
compensation packages, reflecting our stakeholder-centric ethos which we believe leads to sustainable
and durable growth. As required by PRC regulations, we participate in various government statutory
employee benefit plans, including social insurance, namely pension insurance, medical insurance,
unemployment insurance, work-related injury insurance, maternity insurance, and housing funds. We are
required under PRC law to make contributions to employee benefit plans at specified percentages of the
salaries, bonuses and certain allowances of our employees, up to a maximum amount specified by the
local government regulations from time to time.
Pursuant to the Article 19 of the Interpretation (II) of the Supreme People’s Court on Issues
Concerning the Application of Law in the trial of Labor Dispute Cases (the “New Judicial
Interpretation”), if an employer and an employee agree or the employee undertakes that social insurance
contributions are not required to be paid, the People’s Court shall deem such agreement or undertaking
invalid, and where an employer fails to pay social insurance contributions in accordance with the law,
and the employee requests to terminate the labor contract and claims economic compensation from the
employer in accordance with the PRC Labor Contract Law, the People’s Court shall support such claims.
See “Regulatory Overview — Laws and Regulations on Labor, Social Insurance and Housing Provident
Funds” for details. During the Track Record Period and up to the Latest Practicable Date, (i) we made
full social insurance contributions for our PRC employees; (ii) there were no written agreements with or
undertakings made by any of our employees under which employees undertook not to participate in social
insurance schemes; and (iii) no labor disputes or legal proceedings concerning social insurance
contributions had been raised against us. Based on the foregoing, our Directors and our PRC Legal
Advisors are of the view that the implementation of the New Judicial Interpretation is not expected to
have any material adverse impact on our business, results of operations, or financial condition.
As of the Latest Practicable Date, we have not established a labor union. We believe that we have
maintained good working relationships with our employees. During the Track Record Period and up to
the Latest Practicable Date, we did not experience any material labor disputes or strikes that may have
a material and adverse effect on our business, financial condition, or results of operations.
INSURANCE
We maintain insurance policies that we consider to be in line with market practice and adequate for
our business to safeguard against risks and unexpected events. Our principal insurance policies cover
losses arising from liabilities in our human clinical trials for the development of our clinical-stage drug
candidates. We also maintain product liability insurance policies. In addition, we purchase supplemental
medical insurance for our employees in addition to statutory social insurance required by relevant PRC
laws and regulations. We consider that the coverage from the insurance policies maintained by us is
adequate for our present operations and is in line with the industry norm. During the Track Record Period
and up to the Latest Practicable Date, we had not made, or been the subject of, any material insurance
claims.
SOCIAL, HEALTH, WORK SAFETY AND ENVIRONMENTAL MATTERS
We acknowledge our environmental protection and social responsibilities and have implemented
company-wide environmental, health and safety policies and standard operating procedures covering
work safety, environmental protection, fire safety, emergency response, and occupational health. Our
employees regularly receive training on these matters, and we are committed to complying with
environmental, social and governance (ESG) reporting requirements upon Listing. Our Board has overall
responsibility for (i) overseeing and determining environmental, social, and climate-related risks and
opportunities, (ii) establishing ESG-related targets, (iii) adopting the ESG-related policies, and (iv)
reviewing our Group’s ESG performance.
Environmental Protection
We are committed to protecting the environment in our business operations and have developed an
environmental protection management system outlining procedures for collecting, storing, and disposing
of waste to ensure compliance with applicable environmental standards, laws, and regulations. During
the Track Record Period and up to the Latest Practicable Date, we had not received any fines or penalties
for breach of environmental laws or regulations. To the best knowledge and belief of our Directors, we
are not subject to material environmental liability risk and do not expect to incur material compliance
costs in the future.
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Resource Consumption and Emissions
The waste we produce is non-hazardous waste, such as waste from general office operations. Our
greenhouse gas emissions primarily consist of Scope 1, Scope 2 and Scope 3 emissions. Scope 1
emissions are largely limited to small-scale emissions from our own office premises. Scope 2 emissions
primarily include the indirect emissions associated with purchased electricity to support our operations.
Scope 3 emissions, which involve indirect emissions mainly consist of indirect emissions outside of
Scope 2 emissions that occur in our value chain. As a biotechnology company, our operations are
currently focused on R&D activities, resulting in minimal greenhouse gas emissions across Scope 1,
Scope 2 and Scope 3. In pursuit of our sustainable development objectives, we rigorously oversee our
environmental protection performance across various domains, including resource efficiency and energy
consumption. We closely monitor our electricity and water consumption levels and actively implement
strategies to enhance energy efficiency and promote water conservation.
Y ear Ended December 31,
2024 2025
Resource consumption
Electricity (MWh) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111885.4 68.1
Water (tons) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118127 120
Note:
* Calculated as the total amount of resource consumption divided by the R&D expense of the respective year.
Goals and Targets
Our Board will set and annually review targets for each material key performance indicator in
accordance with Appendix C2 to the Listing Rules and other applicable regulations after Listing. For
environment-related KPIs, we will consider consumption and emission levels during the Track Record
Period alongside future business expansion to balance growth with environmental protection. Our current
objective is to establish a robust ESG governance mechanism for our Company, and as our business
expands, we aim to stabilize resource consumption and emissions. Based on our 2024 baseline and
projected revenue growth, we target a 3.0% to 5.0% reduction in electricity and water consumption per
million revenue by 2027, to be achieved by optimizing processes to maximize electricity utilization and
minimize water wastage in our daily operations.
Aligned with ESG standards in China and industry best practices, we are committed to minimizing
the environmental impacts of our operations. While we expect resource consumption to increase with
business expansion and drug commercialization, we have implemented environmental management plans
to enhance energy efficiency and ensure regulatory compliance. Our current objective is to establish a
robust ESG governance mechanism, using historical energy consumption data from the Track Record
Period as a baseline for developing reduction strategies and targets.
To achieve our goal of sustainable development, we have already implemented the following
environmentally friendly measures: (i) promote environmental awareness among all staff by encouraging
them to minimize paper waste and conserve water and electricity resources, such as placing water saving
or power-saving signs in prominent areas to capture attention and foster our employees’ commitment to
environment protection; (ii) encouraging our employees to avoid printing hard copies and requiring
double-sided printing whenever possible; (iii) regularly conducting inspections of our equipment to
check for abnormal conditions, and make prompt report to avoid potential damages; and (iv) carrying out
manual check after shift to eliminate unnecessary lighting; and promoting recycling schemes, seeking
alternative ways of disposing of and reducing waste in environmental-friendly ways.
Climate Change
We believe that we are not susceptible to climate change. Moreover, we consider that potential
changes to the regulations in the PRC regarding climate change will not adversely impact our business
operations. We will continue to monitor climate risks and develop emergency plans to address extreme
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weather conditions, such as hurricanes and rainstorms. As of the Latest Practicable Date, we had not
experienced any material impact on our business operations or financial performance from climate
change or extreme weather conditions.
Preclinical and Clinical Study
We have implemented measures to ensure clinical trial safety and regulatory compliance,
including: (a) formulating a comprehensive R&D project management policy to oversee the entire drug
development lifecycle from preclinical studies through clinical trials; (b) implementing guidelines for
employee health and safety, environmental protection, and operational safety; (c) monitoring and
recording adverse events during clinical trials; (d) analyzing adverse events and assessing associated
safety risks; (e) reporting serious adverse events and potential safety risks; and (f) facilitating
communication with relevant employees and CROs to ensure enforcement of clinical trial protocols. We
have established rules on CRO selection. The R&D department evaluates CRO candidates based on
project requirements, qualifications, ESG policies (including environmental friendliness of materials and
employee rights protections), and reputation, requesting documentation to ensure alignment with our
Group’s ESG policy. After preliminary selection, service proposals are submitted for approval by
department heads, the Chief Science Officer, and the CEO. Once approved, CROs are engaged in
accordance with our service procurement policy. For details, see “— Research and Development —
Collaboration with CROs and SMOs.”
Workplace Safety
We are dedicated to ensuring a safe working environment for our employees. We firmly believe that
a safe and healthy workplace is not only crucial for the well-being of our employees but also
indispensable for the sustainability of our business. We have implemented and upheld a comprehensive
set of rules, standard operating procedures, and measures to ensure the health and safety of our
employees. Our safety guidelines cover a range of areas including identifying safety practices, accident
prevention, and procedures for reporting accidents. We ensure that our employees continually
acknowledge their understanding of safety protocols as needed. During the Track Record Period and up
to the Latest Practicable Date, we did not encounter any significant workplace safety incidents.
Workplace Diversity
We are steadfast in our commitment to fostering an open and inclusive workplace that champions
equality. We adhere to a corporate policy of hiring employees based solely on their merits, offering equal
opportunities regardless of gender, age, race, religion, or any other social or personal characteristics. As
of the Latest Practicable Date, about 68.5% of our total employees were female. Our employee
management system operates on principles of fairness and transparency, and we actively work to enhance
gender and age diversity within our workforce.
PROPERTIES
We are headquartered in Shanghai, China. We currently do not own any land use rights or
properties. As of the Latest Practicable Date, we leased two properties in Shanghai and Nanjing for R&D
and office use, with an aggregate gross floor area of roughly 1,430.9 square meters. Pursuant to the
applicable PRC laws and regulations, both lessors and lessees must register lease agreements with the
relevant authorities and obtain property leasing filing certificates. As of the Latest Practicable Date, all
of the lessors of our leased properties had provided their title certificates of the relevant properties. As
of the Latest Practicable Date, we had not registered two lease agreements with the relevant government
authorities, while we were not subject to any penalties arising from the non-registration of lease
agreements during the Track Record Period and up to the Latest Practicable Date. As advised by our PRC
Legal Advisor, failure to register an executed lease agreement will not affect its validity. However, we
may be subject to a fine of no less than RMB1,000 and not exceeding RMB10,000 for each unregistered
lease agreement if the relevant PRC governmental authorities require us to rectify it and we fail to do
so within the prescribed time period, which we do not believe would have a material adverse impact on
our operation. However, we will consult with our legal advisors and aim to address the issue
appropriately during the lease negotiation process in the future. As of the Latest Practicable Date, we
were not subject to any penalties arising from the non-registration of the lease agreements.
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A W ARDS AND RECOGNITION
The table below sets forth the major awards and recognition we received as of the Latest
Practicable Date:
Y ear of Grant Award/Recognition Issuing Authority
2026 /H1118/H1118/H1118/H1118/H1118/H1118/H11182025 Shanghai Technology Giant
Cultivation Enterprise (2025ɪऎ̹
Ҧʃ̶ɛ੃ԃΆุ)
Science and Technology
Commission of Shanghai
Municipality (ኪҦஔ։
ึ), Shanghai Economy and
Informatization Commission ( ɪ
ึ),
Shanghai Department of Finance
(҅)
2026 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Pudong New Area Enterprise Research
Organization (೯ዚ࿴)
Shanghai Pudong New Area Science
and Technology Commission ( ɪ
ึ)
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H11182025 National Specialized, Excellent,
Featured and Innovative “Little Giant”
Enterprise (2025ॴਖ਼ၚतอ“ʃ
̶ɛ”Άุ)
Ministry of Industry and
Information Technology (ʈ
ʷ௅)
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H11182025 High and New Technology
Enterprise of Jiangsu Province (2025 ϋ
৷อҦஔΆุ)
Office of the Leading Group for the
Accreditation of High and New
Technology Enterprises ( Ό਷৷อ
၍ଣʈЪჯኬʃଡ଼፬
܃)
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H11182025 High and New Technology
Enterprise of Shanghai (2025 ϋɪऎ̹
৷อҦஔΆุ)
Shanghai High and New
Technology Enterprise
Accreditation Office ( ɪऎ̹৷อ
܃)
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Senaparib was included in the Shanghai
Biopharmaceutical ‘New and Excellent
Drugs and Medical Devices’ Product
Directory (ᔼ
ᖹ“อᎴᖹ૛”ͦ፽)
Shanghai Science and Technology
Commission (ኪҦஔ։
ึ), Shanghai Municipal Health
Commission ( ɪऎ̹ሊ͛਄ੰ։
ึ) and Shanghai Healthcare
Security Administration ( ɪऎ̹
ღ҅)
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182025 Nanjing Innovative Small- and
Middle-Sized Enterprise (2025ԯ
ʕʃΆุ)
Bureau of Industry and Information
Technology of Nanjing (ԯ̹ʈ
ʷ҅)
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182024 Shanghai Specialized, Excellent,
Featured and Innovative Small and
Medium Company (2024 ϋɪऎ̹̹ॴ
ਖ਼ၚतอʕʃΆุ)
Shanghai Economy and
Informatization Commission ( ɪ
ึ)
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182024 Shanghai Pudong New Area
Innovative Small- and Middle-Sized
Enterprise (2024อਜ௴อ
ʕʃΆุ)
Shanghai Pudong New Area Science
and Technology Commission ( ɪ
ึ)
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182024 High and New Technology
Enterprise of Shanghai (2024 ϋɪऎ̹
৷อҦஔΆุ)
Science and Technology
Commission of Shanghai
Municipality (ኪҦஔ։
ึ), Shanghai Department of
Finance (҅),
Shanghai Municipal Tax Service,
State Taxation Administration ( ਷
೼ਕᐼ҅ɪऎ̹ή˙೼ਕ҅)
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Shanghai Innovative and Research-
oriented Enterprises in the Y angtze
River Delta Region (ɧԉ௴อ
Άุ)
National Technology Innovation
Center for the Y angtze River
Delta Region (Ҧஔ௴
อʕː)
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Y ear of Grant Award/Recognition Issuing Authority
2021 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Shanghai SME Technology-based
Enterprises (ʕʃΆุ)
Science and Technology
Commission of Shanghai
Municipality (ኪҦஔ։
ึ)
2018 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Passed the final review of the National
Science and Technology Major Project
for “Significant New Drugs
Development” under the 13th Five-Y ear
Plan (“ ɤɧʞ”“ɽอᖹ௴Փ”ɽ
ਖ਼ධධͦ)
National Center for Health Science
and Technology Development of
the National Health Commission
(Ҧ೯
Ӻʕː)
LICENSES, PERMITS AND APPROV ALS
As of the Latest Practicable Date, as advised by our PRC Legal Advisor, we had obtained all
material licenses and permits necessary to and required for our business operations in the PRC, and such
licenses and permits had remained in effect. For more details regarding the laws and regulations to which
we are subject, see “Regulatory Overview”. The table below sets forth the details of licenses, permits and
approvals that are material to the our operations and clinical development.
License/
Permit Holder Scope
Issuing
Authority Issue Date Expiration Date
Drug Production
License (͛
ପ஢̙ᗇ)( လ
20230262) /H1118/H1118/H1118/H1118
Shanghai
Impact ( ɪऎ
ݼߵ)
Manufacturing
of senaparib
Shanghai MPA January 20,
2025
May 7, 2028
We had not experienced any material difficulty in renewing such licenses, permits, approvals and
certificates during the Track Record Period and up to the Latest Practicable Date, and we currently do
not expect to have any material difficulty in renewing them when they expire, if applicable. During the
Track Record Period and up to the Latest Practicable Date, no material unexpected or adverse changes
that could adversely affect the maintenance and renewal of our material licenses, permits, approvals and
certificates had occurred since the dates of issue of the relevant regulatory approvals for our business
operation.
LEGAL PROCEEDING AND COMPLIANCE
We are committed to maintaining the highest standards of compliance with the laws and regulations
applicable to our business. However, we may be subject to legal proceedings, investigations and claims
arising from the ordinary course of our business from time to time, and we may also initiate legal
proceedings in order to protect our intellectual property and other rights. Our Directors confirmed that,
during the Track Record Period and up to the Latest Practicable Date, we were not a party to any actual
or threatened legal or administrative proceedings which would have a material and adverse impact on our
business, financial condition or results of operations, and our Directors were not aware of any potential
or threatened legal, arbitral or administrative proceedings to which we will be named as a party. Our
Directors further confirm that none of our Directors or senior management personnel was personally
involved in any of these legal, arbitral or administrative proceedings. During the Track Record Period
and as of the Latest Practicable Date, we had not had any non-compliance incidents which our Directors
believe would, individually or in the aggregate, have a material operational or financial impact on our
company as a whole.
RISK MANAGEMENT AND INTERNAL CONTROL
We are committed to developing and maintaining risk management and internal control systems
comprised of policies and procedures tailored to our business operations. Our dedication lies in the
continual enhancement of these systems to ensure their effectiveness.
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Risk Management
We recognize that risk management is critical to the success of our business operation. Key
operational risks faced by us include changes in the general market conditions and the regulatory
environment of the Chinese and global biopharmaceuticals markets, our ability to develop, manufacture
and commercialize our drug candidates, and our ability to compete with other biopharmaceutical
companies. See “Risk Factors” for a discussion of various risks and uncertainties we face. We also face
various market risks. In particular, we are exposed to foreign currency, credit, and liquidity risks that
arise in the normal course of our business. See “Financial Information — Market Risk Disclosure” for
a discussion of these market risks. To address these challenges, we have adopted a consolidated set of
risk management policies that establish a framework for identifying, assessing, evaluating, and
continuously monitoring key risks aligned with our strategic objectives. Risks identified will be analyzed
on the basis of likelihood and impact, and will be properly followed up and mitigated and rectified by
our Group and reported to our Directors. Our Directors supervise the implementation of our risk
management policies. The following key principles outline our Group’s approach to risk management and
internal control we plan to implement:
 Our Directors will oversee and manage the overall risks associated with our business
operations by (i) reviewing and approving our risk management policy to ensure alignment
with our corporate objectives; (ii) reviewing and approving the annual report on corporate
risk management; (iii) monitoring the most significant risks related to our business
operations and evaluating our management’s handling of these risks; (iv) reviewing our
corporate risk in the light of our corporate risk tolerance; and (v) ascertaining the appropriate
application of our risk management framework across our Group.
 Our risk management department or risk management personnel will be responsible for (i)
developing our risk management policy and reviewing major risk management issues within
our Company; (ii) creating the annual risk management plan and report; (iii) offering
guidance on our risk management approach to relevant departments and supervising the
implementation of our risk management policy; (iv) reviewing reports on key risks from
relevant departments and providing feedback; and (v) ensuring that the appropriate structure,
processes and competences are in place across our Company.
 The relevant departments within our Company bear the responsibility of implementing our
risk management policy and executing day-to-day risk management practices. To standardize
risk management procedures across our organization and ensure a consistent level of
transparency and risk management performance, these teams will: (i) collect information
regarding the risks associated with their respective operations or functions; (ii) conduct
comprehensive risk assessments, encompassing the identification, prioritization,
measurement, and categorization of all key risks that could impact their objectives; (iii)
prepare the departmental risk management report for review by our management and Board;
(iv) continuously monitor key risks pertinent to their operations or functions; (v) implement
appropriate risk responses when necessary; (vi) develop and maintain a suitable mechanism
to facilitate the application of our risk management framework.
We consider that our Directors and members of our senior management possess the necessary
knowledge and experience in providing good corporate governance oversight in connection with risk
management and internal control.
Internal Control
Our Board is responsible for establishing our internal control system and reviewing its
effectiveness. We have engaged an internal control consultant (the “ Internal Control Consultant ”) to
perform certain agreed-upon procedures (the “ Internal Control Review ”) in connection with the internal
control of our Company and our major operating subsidiaries during the period from July 2024 to June
2025 in certain aspects, including entity-level controls, financial reporting and disclosure controls,
human resources and payroll management, general controls of IT system and other procedures of our
operations. The Internal Control Consultant performed the Internal Control Review in August 2025.
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Based on the Internal Control Review, key deficiencies were identified in the following areas:
governance structure, risk management and internal control monitoring, training programs, directors’ and
officers’ liability insurance coverage, and policies on intangible assets, business continuity, and disaster
recovery. The Internal Control Review also identified the need to strengthen controls over software
licensing and data transmission.
The Internal Control Consultant recommended that we address these deficiencies by improving our
governance structure, strengthening our management mechanisms, and refining our internal control
policies. As of September 2025, we have implemented a series of remedial measures to enhance its
internal control system. The Board has been established with independent Directors, key committees, and
a duly appointed company secretary. A comprehensive risk management and internal audit framework has
been implemented, and formal policies on intangible assets, insurance, business continuity, and disaster
recovery have been adopted. The directors’ and officers’ liability insurance policy has been secured. To
enhance IT controls, an authorized software list has been compiled to ensure compliance with licensing
requirements, and the implementation of software and data transmission monitoring tools is now
underway. Comprehensive training programs on financial management, anti-corruption, anti-bribery
compliance, and director responsibilities have been conducted. We confirm that all remediation actions
have been fully implemented in accordance with the recommendations of the Internal Control Consultant.
The Internal Control Consultant performed a follow-up review in September 2025 with regard to
those actions taken by us and there are no further material findings identified in the process of the
follow-up review. As of the Latest Practicable Date, there were no material outstanding issues relating
to our Company’s internal control. During the Track Record Period, we regularly reviewed and enhanced
our internal control system. Below is a summary of the internal control policies, measures and procedures
we have implemented or plan to implement:
 We have adopted various measures and procedures regarding each aspect of our business
operation, such as related party transactions, risk management, and protection of intellectual
property. We provide periodic training about these measures and procedures to our employees
as part of our employee training program. Our internal audit department will conduct audit
field work to monitor the implementation of our internal control policies, reports any
weaknesses identified to our management and audit committee, and follows up on the
rectification actions.
 Our Directors (who are responsible for monitoring the corporate governance of our Group),
with help from our legal advisors, will periodically review our compliance status with all
relevant laws and regulations after the Global Offering.
 We have established an audit committee effective upon the Listing which (i) makes
recommendations to our Directors on the appointment and removal of external auditors; and
(ii) reviews the financial statements and renders advice in respect to financial reporting as
well as oversees internal control procedures of our Group.
 We maintain strict anti-corruption policies and we believe we will therefore be less affected
by the increasingly stringent measures taken by the PRC government to correct corruptive
practices in the biopharmaceutical industry.
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The following discussion and analysis should be read in conjunction with the consolidated
financial information together with the accompanying notes in the Accountants’ Report set out in
Appendix I to this prospectus. Our consolidated financial information has been prepared in
accordance with the Hong Kong Financial Reporting Standards (“ HKFRS ”), which may differ in
certain material aspects from generally accepted accounting principles in other jurisdictions. You
should read the whole Appendix I and not rely merely on the information contained in this section.
The following discussion and analysis contain forward-looking statements that reflect our current
views with respect to the future events and financial performance that involve risks and
uncertainties. These statements are based on our assumptions and analysis made by us in light of
our experience and perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate under the circumstances.
However , our actual results may differ materially from those anticipated in these forward-looking
statements as a result of certain factors. In evaluating our business, you should carefully consider
the information provided in the section headed “Risk Factors” in this prospectus.
OVERVIEW
We are a commercial-stage biotechnology company focused on advancing synthetic lethality
(SL)-based precision anti-cancer therapies globally, delivering treatments to address the unmet medical
needs of cancer patients. We have commercialized our Core Product, senaparib, in China as a 1L
maintenance therapy for ovarian cancer (OC) across all patient populations regardless of mutation status
and demonstrating a compelling clinical profile. As of the Latest Practicable Date, our pipeline
comprised one commercial-stage, four clinical-stage and seven pre-IND stage assets. Additionally, we
have forged partnerships with leading global biotech and China pharmaceutical companies to date, as
validation of our pipeline and R&D platform. During the Track Record Period, we generated revenue
from sales of our pharmaceutical products and an out-licensing arrangement of our drug candidates with
Eikon Therapeutics. Our revenue was RMB33.5 million and RMB38.3 million in 2024 and 2025,
respectively. Our gross profit was RMB32.0 million and RMB36.7 million in 2024 and 2025,
respectively, and our gross profit margin was 95.4% and 95.9% during the same years, respectively. Our
loss was RMB254.8 million and RMB295.9 million in 2024 and 2025, respectively. Substantially all of
our operating losses resulted from R&D expenses, administrative expenses and finance costs on
redemption liabilities during the Track Record Period. We expect to incur significant expenses for at least
the next several years as we continue to advance our clinical development and pre-clinical research plans.
Subsequent to the Listing, our financial performance may fluctuate from period to period due to, among
other factors, the development status of our drug candidates and regulatory approval timeline.
BASIS OF PREPARATION
Our historical financial information has been prepared in accordance with HKFRS Accounting
Standards (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting
Standards and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants. All
HKFRS Accounting Standards effective for the accounting period commencing from January 1, 2025
together with the relevant transitional provisions, have been consistently applied by us in the preparation
of our historical financial information throughout the Track Record Period. Our historical financial
information has been prepared under the historical cost convention, except for certain financial
instruments which have been measured at fair value.
Our historical financial information has been prepared on a going concern basis notwithstanding
that, we recorded net liabilities of RMB957.9 million as of December 31, 2025, primarily due to the
significant amount of the recognition of financial liabilities arising from the redemption liability on
ordinary shares. We have entered into a supplemental agreement with the holders of our redeemable
ordinary shares, pursuant to which their redemption rights ceased to be exercisable on the date
immediately prior to the date of the first submission of the listing application to the Stock Exchange until
the earlier of the following dates: (i) the rejection of the listing application by the Stock Exchange, the
Securities and Futures Commission of Hong Kong (“SFC”) or the China Securities Regulatory
Commission (“CSRC”); (ii) the withdrawal of the listing application by the Company after approval by
the Board; or (iii) the Company fails to consummate the Global Offering within 18 months after the first
submission of the listing application by the Company to the Stock Exchange. Accordingly, our Directors
FINANCIAL INFORMATION
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are of the view that these liabilities are not expected to require settlement within 12 months from
December 31, 2025. These redemption rights will be terminated upon Listing, and the financial liability
will be reclassified to equity, which is expected to result in a shift from a net liabilities position to a net
assets position. Therefore, our Group will have sufficient working capital, to meet its financial liabilities
and obligations as and when they fall due and to sustain its operations for the next 12 months from
December 31, 2025, and it is appropriate that the historical financial information has been prepared on
a going concern basis.
SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS
Our Ability to Successfully Commercialize Our Core Product Senaparib for 1L Maintenance
Therapy for OC “all-comers” in China
Our business and financial performance are highly dependent on the successful commercialization
of our Core Product. Until additional drug candidates receive regulatory and marketing approval, we
expect our revenue to be driven primarily by sales of senaparib in China for this initial indication, and
from future partnerships and additional business development initiatives. Our ability to generate
meaningful revenue from senaparib hinges on the effectiveness of our commercialization infrastructure
and execution of our go-to-market strategy. To this end, we have built a scalable and capital-efficient
commercialization infrastructure through strategic partnerships and robust internal capabilities. In China,
we are executing a go-to-market strategy in collaboration with Zhongmei Huadong, a wholly-owned
subsidiary of Huadong Medicine. Together, we are building China’s largest gynecologic oncology
platform, anchored by senaparib, now the standard of care for 1L maintenance therapy for OC
“all-comers,” and Elahere
®, licensed by Huadong Medicine for 2L+ OC treatment. For details, see
“Business — Commercialization”.
Our Ability to Successfully Develop and Commercialize Senaparib for Additional Indications and
Advance Other Drug Candidates
Our future financial performance depends significantly on our ability to explore combination
therapies and expand the approved indications for our Core Product, senaparib, and to successfully
develop and commercialize our broader pipeline of drug candidates. Senaparib is currently being
developed for 1L maintenance therapy for OC “all-comers” in Europe, with our MAA formally accepted
by the EMA in August 2025. Additional clinical programs for senaparib are ongoing both in China and
globally. Beyond senaparib, our pipeline includes several clinical assets and seven pre-IND stage assets,
including small-molecule inhibitors targeting key SL pathways, as well as novel ADC and degrader
candidates as emerging modalities. For details, see “Business — Our Pipeline.” The ability of these
candidates to demonstrate favorable safety and efficacy profiles in clinical trials, and to obtain timely
regulatory approvals, is critical to our ability to diversify revenue streams, reduce reliance on senaparib,
and achieve sustainable growth.
Our Existing and Future Licensing and Collaboration Arrangements
During the Track Record Period, we generated revenue from out-licensing of our next-generation
PARP1 selective inhibitors to Eikon Therapeutics. We are also eligible to receive non-refundable and
non-creditable payments upon the achievement of specified development, regulatory and commercial
milestones, subject to terms and conditions of the agreement. We will also be eligible to receive tiered
royalties on net sales of the licensed products. The strategic collaboration allows us to maximize the
global value of our assets and provide capital support for our other pipeline assets and sustainable
long-term growth. For details, see “Business — Our Material Collaboration and Licensing
Arrangements.” Following the success of our existing out-license and collaboration partnership, we may
enter into new partnerships and collaborations depending on our development strategies. These factors
will influence, and may result in fluctuations in, our revenue, profit and results of operations from period
to period.
Our Cost Structure
Our results of operations are significantly affected by our cost structure, which primarily consists
of R&D expenses, administrative expenses and selling and distribution expenses. R&D activities are
central to our business. During the Track Record Period, our R&D costs primarily consisted of (i) staff
FINANCIAL INFORMATION
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costs, (ii) share-based payments, (iii) clinical service fees and (iv) non-clinical service fees. Our current
R&D activities primarily relate to the clinical development of our Core Product, senaparib, and other
pipeline assets. We expect to incur substantial R&D expenses for the foreseeable future as we advance
the clinical development of our drug candidates to maximize their clinical and commercial potential, as
well as to explore and advance the clinical development of our drug candidates for the treatment of
additional indications. During the Track Record Period, our administrative expenses primarily consisted
of (i) staff costs, (ii) share-based payments, (iii) consulting and professional fees and (iv) depreciation
and amortization expenses. During the Track Record Period, our selling and distribution expenses
primarily consisted of (i) staff costs, (ii) share-based payments and (iii) service fees. Our selling and
distribution expenses remained at a relatively low level during the Track Record Period. However, we
anticipate these expenses to increase substantially in the future as we continue to expand our
commercialization efforts for senaparib and prepare for the potential launch of future drug candidates.
We expect our cost structure to evolve as we continue to develop and expand our business. As we
continue to commercialize our Core Product, progress and expand pipeline and gradually bring additional
pipeline assets to regulatory approval and commercialization, we expect to incur additional costs in
relation to, among other things, our R&D, regulatory affairs, and sales and marketing activities. We also
anticipate increase in the legal, compliance, accounting, auditing, insurance, and investor and public
relations expenses as a result of becoming a public company in Hong Kong.
Funding for Our Operations
During the Track Record Period, we funded our operations primarily through equity financings,
revenue from an out-licensing arrangement of our drug candidates with Eikon Therapeutics and sales of
senaparib. Going forward, we expect to primarily fund our operations with cash on hand, as well as funds
generated from sales of senaparib in China and, following its anticipated approval in the second half of
2026, in Europe. However, with the continuing expansion of our business and product pipelines, we may
require further funding through public or private offerings, debt financing, collaboration arrangements
and licensing arrangements or other funding sources. Any fluctuation in the funding for our operations
will impact our cash flow and our results of operations.
MATERIAL ACCOUNTING POLICY INFORMATION AND SIGNIFICANT ACCOUNTING
JUDGEMENTS AND ESTIMATES
The preparation of our historical financial information requires our management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Such
judgments, estimates and assumptions are continually evaluated and are based on historical experience
and various other factors, including expectations of future events, that are believed to be reasonable
under the circumstances, from which our actual results may differ. Set out below are material accounting
policies, judgements and estimates which we believe are most important for understanding our results of
operations and financial condition. See Notes 2.4 and 3 and other notes to the relevant financial line
items or transactions to the Accountant’s Report set out in Appendix I to this prospectus for a detailed
description of our material accounting policies, judgments and estimates.
Material Accounting Policies
Revenue Recognition
Revenue from Contracts with Customers
Revenue from contracts with customers is recognised when control of goods or services is
transferred to the customers at an amount that reflects the consideration to which we expect to be entitled
in exchange for those goods or services. When the consideration in a contract includes a variable amount,
the amount of consideration is estimated to which we will be entitled in exchange for transferring the
goods or services to the customer. The variable consideration is estimated at contract inception and
constrained until it is highly probable that a significant revenue reversal in the amount of cumulative
revenue recognised will not occur when the associated uncertainty with the variable consideration is
subsequently resolved.
FINANCIAL INFORMATION
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Licensing revenue
Our licensing revenue may contain more than one performance obligation, including grants of
licences to the intellectual property rights and other deliverables. As part of the accounting for these
arrangements, we must develop assumptions that require judgement to determine the stand-alone selling
price for each performance obligation identified in the contract. In developing the stand-alone selling
price for a performance obligation, we consider competitor pricing for a similar or identical product,
market awareness of and perception of the product, expected product life and current market trends. In
general, the consideration allocated to each performance obligation is recognised when the respective
obligation is satisfied on acceptance of a good or a service, limited to the consideration that is not
constrained. Payments received before all of the relevant criteria for revenue recognition are satisfied are
recorded as contract liabilities.
Sales of pharmaceutical products
Revenue from the sales of products is recognised at the point in time when control of the products
is transferred to the customer upon receipt of the goods.
Impairment of non-financial assets
We assess whether there are any indicators of impairment for all non-financial assets (including
right-of-use assets and intangible assets) at the end of each period during the Track Record Period by
reviewing the internal and external sources of information. Non-financial assets are tested for impairment
when there are indicators that the carrying amounts may not be recoverable. As at the end of each period
during the Track Record Period , no indicators of the impairment for our non-financial assets were
identified, given that (i) there were no significant delays or disruptions in the Company’s R&D processes
during the Track Record Period, (ii) our non-financial assets were neither obsolete nor physically
damaged, and (iii) our actual losses incurred for the years ended December 31, 2024 and 2025 did not
exceed the estimated losses for the same years.
Share-based payments
We operate a restricted stock scheme. Employees, including Directors, of the Company receive
remuneration in the form of share-based payments, whereby employees render services in exchange for
equity instruments (“equity-settled transactions”). The cost of equity-settled transactions with employees
for grants is measured by reference to the fair value at the date at which they are granted. The fair value
of the restricted stock is determined by an external valuer based on investors’ recent capital contribution
price, further details of which are given in note 29 to the Accountant’s Report set out in Appendix I to
this prospectus.
Significant Accounting Judgements and Estimates
Research and development costs
All research costs are charged to profit or loss as incurred. Expenses incurred on each pipeline to
develop new products are capitalised and deferred in accordance with the accounting policy for R&D
expenses in Note 2.4 to the Accountants’ Report set out in Appendix I to this prospectus. Determining
the amounts to be capitalised requires management to make judgements on the technical feasibility of
existing pipelines to be successfully commercialised and bring economic benefits to the Company.
Leases – Estimating the incremental borrowing rate
We cannot readily determine the interest rate implicit in a lease, and therefore, we use an
incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that we
would have to pay to borrow over a similar term, and with a similar security, the funds necessary to
obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR
therefore reflects what we “would have to pay”, which requires estimation when no observable rates are
available (such as for subsidiaries that do not enter into financing transactions) or when it needs to be
FINANCIAL INFORMATION
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adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the
subsidiary’s functional currency). We estimate the IBR using observable inputs (such as market interest
rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s
stand-alone credit rating).
DESCRIPTION OF SELECTED COMPONENTS OF CONSOLIDATED STATEMENTS OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
The following table sets forth a summary of our consolidated statements of profit or loss and other
comprehensive income for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
Cost of sales /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,555) (1,571)
Gross profit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,992 36,680
Other income and gains, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,364 8,288
Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(194,807) (183,674)
Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(42,431) (69,135)
Selling and distribution expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,503) (13,842)
Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(55,558) (68,663)
Other expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3,809) (5,577)
Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,752) (295,923)
Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3) (1)
Loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,755) (295,924)
Other comprehensive income:
Other comprehensive (loss)/income that may be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations /H1118 (339) 58
Other comprehensive (loss)/income for the year, net of
tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(339) 58
Total comprehensive loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(255,094) (295,866)
Revenue
During the Track Record Period, our revenue was derived from out-licensing revenue and the sales
of pharmaceutical products. Licensing revenue during the Track Record Period was derived from upfront
and milestone payments under the collaboration agreement with Eikon Therapeutics. The sales of
pharmaceutical products in 2024 primarily represented the non-recurring sales of clinical trial materials
provided to Eikon Therapeutics, while the sales in 2025 represented revenue generated from the
commercial launch of senaparib in China during the same year. The following table sets forth a
breakdown of our revenue by type of goods or services in absolute amounts and as percentages of the
total revenue for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Licensing revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,891 95.1 18,004 47.1
Sales of pharmaceutical products /H1118 1,656 4.9 20,247 52.9
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 100.0 38,251 100.0
FINANCIAL INFORMATION
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The following table sets forth a breakdown of our revenue by geographical markets in absolute
amounts and as percentages of the total revenue for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Mainland China /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 20,247 52.9
United States /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 100.0 18,004 47.1
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 100.0 38,251 100.0
Cost of sales
During the Track Record Period, our cost of sales was primarily related to cost of raw materials,
service fees, staff costs in connection with the sales of our pharmaceutical products. In 2024 and 2025,
our cost of sales was RMB1.6 million and RMB1.6 million, respectively. In 2024, our cost of sales were
attributable to the sales of clinical trial materials provided to Eikon Therapeutics. In 2025, our cost of
sales were attributable to raw material procurement, manufacturing expenses, and personnel costs
associated with the production of senaparib.
Gross Profit and Gross Profit Margin
In 2024 and 2025, our gross profit was RMB32.0 million and RMB36.7 million, respectively. For
the same years, our gross profit margin was 95.4% and 95.9%, respectively.
Other Income and Gains, Net
During the Track Record Period, our other income mainly consisted of (i) bank interest income
derived from our bank deposits, (ii) government grants income that we received from the local
government authorities to support our R&D activities and business operation, and (iii) investment income
on financial assets at fair value through profit or loss. Our other gains mainly consisted of (i) unrealised
gains from financial assets at fair value through profit or loss and (ii) net foreign exchange gains,
representing the exchange differences of the value of the foreign currency we held against Renminbi
resulted from fluctuations in exchange rates. The following table sets forth a breakdown of our other
income and gains in absolute amounts and as percentages of the total other income and gains for the years
indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Other income:
Bank interest income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,558 61.1 2,786 33.6
Government grants /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118824 6.7 1,244 15.0
Investment income on financial
assets at fair value through
profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,829 14.8 4,060 49.0
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118109 0.9 – –
Gains:
Gain on disposal of items of
property, plant and equipment /H1118/H1118 – – 198 2.4
Unrealised gains from financial
assets at fair value through
profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868 0.5 – –
Foreign exchange gains, net /H1118/H1118/H1118/H1118/H11181,976 16.0 – –
Total other income and gains /H1118/H1118/H111812,364 100.0 8,288 100.0
FINANCIAL INFORMATION
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R&D Expenses
During the Track Record Period, our R&D expenses primarily consisted of (i) staff costs, (ii)
share-based payments, (iii) clinical service fees, (iv) non-clinical service fees and (v) others. The
following table sets forth a breakdown of our R&D expenses in absolute amounts and as percentages of
the total R&D expenses for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,222 27.3 51,079 27.8
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,117 1.1 45,691 24.9
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111888,747 45.5 39,451 21.5
Non-clinical service fees (1) /H1118/H1118/H1118/H1118/H111841,824 21.5 39,859 21.7
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,897 4.6 7,594 4.1
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118194,807 100.0 183,674 100.0
Note:
(1) Non-clinical service fees primarily consist of R&D service fees related to clinical trials indirectly, including the
expenses of manufacturing of investigational drug candidates, process optimization, preclinical pharmacokinetic
studies, and toxicology studies.
In 2024 and 2025, costs and expenses in relation to R&D activities incurred for our Core Product
were RMB81.7 million and RMB85.7 million, respectively, accounting for 42.0% and 46.6% of our total
costs and expenses in relation to R&D activities for the corresponding years. The following table sets
forth a breakdown of our R&D expenses incurred for our Core Product for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111826,324 32.2 25,000 29.2
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,046 1.3 22,362 26.1
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111838,040 46.5 26,328 30.7
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H111810,108 12.4 7,944 9.3
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,223 7.6 4,024 4.7
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111881,741 100.0 85,658 100.0
In 2024 and 2025, our R&D expenses accounted for 81.3% and 68.9% of our total operating
expenses (which equals the sum of R&D expenses, administrative expenses and selling and distribution
expenses), respectively. The following table sets forth a breakdown of our R&D expenses by each drug
candidate and by nature in absolute amounts and as percentages of the total R&D expenses for the years
indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Senaparib
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111826,324 13.5 25,000 13.6
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,046 0.5 22,362 12.2
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111838,040 19.5 26,328 14.3
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H111810,108 5.2 7,944 4.3
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,223 3.3 4,024 2.2
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111881,741 42.0 85,658 46.6
FINANCIAL INFORMATION
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Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
IMP1707
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,567 1.8 3,814 2.1
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118142 0.1 3,412 1.9
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118565 0.3 6,117 3.3
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H111810,630 5.5 1,087 0.6
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118257 0.1 498 0.3
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,161 7.8 14,928 8.2
IMP1734
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,082 3.6 5,815 3.2
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118281 0.1 5,202 2.8
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,548 2.8 4,192 2.3
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118195 0.1 1,254 0.7
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118606 0.3 786 0.4
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813,712 6.9 17,249 9.4
IMP7068
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,471 1.3 231 0.1
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111898 0.1 206 0.1
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825,213 12.9 (4,788) (2.6)
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H11183,598 1.8 909 0.5
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118231 0.1 34 0.0
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,611 16.2 (3,408) (1.9)
IMP9064
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,323 4.3 7,396 4.0
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118334 0.2 6,617 3.6
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,998 9.8 7,562 4.1
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H11184,503 2.3 680 0.4
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118837 0.4 1,008 0.5
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111832,995 17.0 23,263 12.6
Other Drug Candidates
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,455 2.8 8,823 4.8
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118216 0.1 7,892 4.3
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118383 0.2 39 0.0
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H111812,790 6.6 27,985 15.2
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118743 0.4 1,245 0.8
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,587 10.1 45,984 25.1
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118194,807 100.0 183,674 100.0
Note:
1. The negative amount of clinical service fees for IMP7068 in 2025 was primarily due to a downward adjustment to previously
accrued clinical service costs following the final settlement of the contract with a CRO service provider.
Administrative Expenses
During the Track Record Period, our administrative expenses primarily consisted of (i) staff costs,
(ii) share-based payments, (iii) consulting and professional fees, (iv) depreciation and amortization
expenses and (v) others. The following table sets forth a breakdown of our administrative expenses in
absolute amounts and as percentages of the total administrative expenses for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,644 39.2 19,947 28.8
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,918 13.9 19,645 28.5
Consulting and professional fees /H1118/H1118 9,950 23.4 7,118 10.2
FINANCIAL INFORMATION
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Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Depreciation and amortization
expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,903 13.9 749 1.1
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,016 9.6 21,676 31.4
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111842,431 100.0 69,135 100.0
Selling and Distribution Expenses
During the Track Record Period, our selling and distribution expenses primarily consisted of (i)
staff costs, (ii) share-based payments, (iii) service fees and (iv) others. The following table sets forth a
breakdown of our selling and distribution expenses in absolute amounts and as percentages of the total
administrative expenses for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) % (RMB’000) %
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,983 79.2 4,943 35.7
Share-based payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118312 12.5 836 6.0
Service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111848 1.9 7,131 51.5
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118160 6.4 932 6.8
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,503 100.0 13,842 100.0
Finance Costs
During the Track Record Period, our finance costs consisted of (i) interest on redemption liabilities,
and (ii) interest on lease liabilities. The following table sets forth a breakdown of our finance costs for
the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
Interest on redemption liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 68,516
Interest on lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118300 147
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,558 68,663
Other Expenses
During the Track Record Period, our other expenses primarily consisted of the fair value changes
related to the variable consideration payable in connection with the receipt of an equity interest in one
of our subsidiaries, and net foreign exchange losses. In 2024 and 2025, our other expenses were RMB3.8
million and RMB5.6 million, respectively.
Income Tax Expense
We incurred income tax expense of RMB3.0 thousand and RMB1.0 thousand in 2024 and 2025,
respectively. We are subject to income tax on an entity basis on profits arising in or derived from the
jurisdictions in which members of our Group are domiciled and operated. Our principal applicable taxes
and tax rates are set out below.
FINANCIAL INFORMATION
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Mainland China. Pursuant to the Corporate Income Tax Law of the PRC and the respective
regulations (the “CIT Law”), the subsidiaries which operate in mainland China are subject to CIT at a
rate of 25% on the taxable income during the Track Record Period. Our Company and Shanghai Impact
Therapeutics Co., Ltd., a subsidiary of us in mainland China, is qualified as a high and new technology
enterprise and was subject to income tax at a preferential tax rate of 15% from 2025 to 2027. IMPACT
Therapeutics (Shanghai), Inc., a subsidiary of us in mainland China, is also qualified as a high and new
technology enterprise and was subject to income tax at preferential tax rate of 15% from 2024 to 2026.
This qualification is subject to review by the relevant tax authority in the PRC for every three years.
Australia. Our subsidiary incorporated in Australia is subject to Australia company tax at the
statutory rate of 25% on the estimated assessable profits arising in Australia during the Track Record
Period. No Australia company tax was provided for as the subsidiary did not generate any assessable
profits arising in Australia during the Track Record Period.
United States. Our subsidiary incorporated in Delaware, United States, is subject to statutory
United States federal corporate income tax at a rate of 21%.
YEAR-TO-YEAR COMPARISON OF RESULTS OF OPERATIONS
Y ear Ended December 31, 2025 Compared to Y ear Ended December 31, 2024
Revenue. Our revenue increased from RMB33.5 million in 2024 to RMB38.3 million in 2025,
primarily due to an increase in revenue from sales of pharmaceutical products from RMB1.7 million to
RMB20.2 million, which was partially offset by an decrease in licensing revenue from RMB31.9 million
to RMB18.0 million in relation to our upfront and milestone payments under the Eikon Therapeutics. The
sales of pharmaceutical products in 2024 primarily represented the non-recurring sales of clinical trial
materials provided to Eikon Therapeutics, while that in 2025 represented revenue generated from the
commercial launch of senaparib in China during the same year.
Cost of Sales. Our cost of sales remained stable at RMB1.6 million in 2024 and 2025, respectively.
Gross Profit and Gross Profit Margin. As a result of the cumulative effect of the factors described
above, our gross profit increased from RMB32.0 million in 2024 to RMB36.7 million in 2025. Our gross
profit margin increased from 95.4% in 2024 to 95.9% in 2025. Movement in gross profit for 2024 was
primarily attributable to the collaboration with Eikon Therapeutics, while that for 2025 was primarily
driven by the sales of senaparib.
Other Income and Gains, Net. Our other income and gains, net decreased from RMB12.4 million
in 2024 to RMB8.3 million in 2025, primarily due to a decrease of RMB4.8 million in bank interest
income, partially offset by an increase of RMB2.2 million in investment income on financial assets.
R&D Expenses. Our R&D expenses decreased from RMB194.8 million in 2024 to RMB183.7
million in 2025, primarily due to a decrease of RMB49.3 million in clinical service fees which was
mainly attributable to (i) the completion of the primary study of the Phase III registrational trial of
senaparib as maintenance treatment following 1L chemotherapy in patients with advanced ovarian cancer
(OC) in China, (ii) the completion of the Phase I trial of IMP7068 in patients with recurrent
advanced/metastatic solid tumors and (iii) our shift of certain clinical programs towards in-house
development, under which clinical management and clinical operational activities previously outsourced
to CROs were performed internally, resulting in lower service-related expenditures. We expect that this
trend will continue in the future.
Administrative Expenses. Our administrative expenses increased from RMB42.4 million in 2024
to RMB69.1 million in 2025, primarily due to an increase of RMB13.7 million in share-based payments
and an increase in other expenses, mainly constituting of listing expenses of RMB17.1 million.
Selling and Distribution Expenses. Our selling and distribution expenses increased from RMB2.5
million in 2024 to RMB13.8 million in 2025, primarily driven by an increase of RMB3.0 million in staff
costs and an increase of RMB7.1 million in CSO service fees, both due to the increased marketing
activities following the commercial launch of our Core Product, senaparib, in China in 2025.
FINANCIAL INFORMATION
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Finance Costs. Our finance costs increased from RMB55.6 million in 2024 to RMB68.7 million
in 2025, primarily due to an increase of RMB13.3 million in interest expenses on redemption liabilities
in connection with the ordinary shares with preferred rights issued to our investors.
Other Expenses. Other expenses increased from RMB3.8 million in 2024 to RMB5.6 million in
2025, primarily because we recorded net foreign exchange losses of RMB2.1 million for 2025, as
compared to net foreign exchange losses of nil for 2024, as a result of the fluctuation in foreign exchange
rates.
Loss for the Y ear. As a result of the foregoing, we recorded a loss of RMB254.8 million and
RMB295.9 million in 2024 and 2025, respectively.
DISCUSSION OF CERTAIN SELECTED ITEMS FROM THE CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
The table below sets forth a summary of our consolidated statements of financial position as of the
dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Non-current assets
Property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118935 614
Right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,254 5,341
Other intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,504 4,674
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,815 915
Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,508 11,544
Current assets
Inventories /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,351 26,978
Trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,844 30,022
Financial assets at fair value through profit or loss /H1118/H1118/H1118/H1118/H1118/H1118110,068 –
Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534
Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118374,386 322,978
Total assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118388,894 334,522
Current liabilities
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 49,864
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,226 46,062
Financial liabilities at fair value through profit or loss /H1118/H1118/H1118 687 5,209
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,798 3,655
Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111889,529 104,790
Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118284,857 218,188
Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118299,365 229,732
Non-current liabilities
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111891,535 171,698
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,987 1,780
Financial liabilities at fair value through profit or loss /H1118/H1118/H1118 35,425 33,921
Redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224
Total non-current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,043,655 1,187,623
Net liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(744,290) (957,891)
FINANCIAL INFORMATION
– 246 –


--- page 256 ---
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Equity
Equity attributable to owners of the parent
Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118214,866 234,188
Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(959,156) (1,192,079)
Total deficits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(744,290) (957,891)
Property, Plant and Equipment
During the Track Record Period, our property, plant and equipment primarily consisted of leasehold
improvements, electronic equipment and others. Our property, plant and equipment decreased from
RMB0.9 million as of December 31, 2024 to RMB0.6 million as of December 31, 2025, primarily due
to the depreciation of the property, plant and equipment.
Right-of-use Assets
During the Track Record Period, our right-of-use assets represent leases of properties and office
premises. Our right-of-use decreased from RMB8.3 million as of December 31, 2024 to RMB5.3 million
as of December 31, 2025, primarily due to the depreciation of the right-of-use assets.
Other Intangible Assets
During the Track Record Period, our other intangible assets represent patents, software and others.
Our other intangible assets increased from RMB3.5 million as of December 31, 2024 to RMB4.7 million
as of December 31, 2025, primarily due to the purchase of new software.
Prepayments, Other Receivables and Other Assets
During the Track Record Period, our prepayments, other receivables and other assets primarily
included prepayments, deposits and other receivables, deductible value-added tax and amounts due from
a related party. The following table sets forth a breakdown of our prepayments, other receivables and
other assets as of the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Prepayments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,497 6,243
Deposits and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,516 1,222
Deductible value-added tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,573 17,978
Amounts due from a related party (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,073 –
Deferred listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,494
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,659 30,937
Non-current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,815) (915)
Total current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,844 30,022
Note:
(1) Amounts due from a related party are non-trade in nature and were settled prior to the Listing.
FINANCIAL INFORMATION
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Our prepayments, other receivables and other assets decreased from RMB31.7 million to RMB30.9
million as of December 31, 2025. The level of our prepayments, other receivables and other assets
primarily depends on our business operation. As of March 31, 2026, approximately RMB6.4 million,
representing 20.8% of our prepayments, other receivables and other assets as of December 31, 2025, had
been subsequently settled.
Inventories
During the Track Record Period, our inventories mainly included raw materials, goods in process
and finished goods. The following table sets forth the details of our inventories as of the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Raw materials /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,401 6,519
Goods in process /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118620 7,395
Finished goods /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118330 13,064
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,351 26,978
Our inventories amounted to RMB4.4 million as of December 31, 2024 due to the preparation of
the commercial launch of senaparib. Our inventories increased from RMB4.4 million as of December 31,
2024 to RMB27.0 million as of December 31, 2025, as we obtained the marketing approval of senaparib
in 2025 and build up inventory. The following table sets forth an aging analysis of our inventories as of
the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Within one year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,351 26,978
As of March 31, 2026, approximately RMB6.6 million, representing 24.4% of our inventories as
of December 31, 2025, had been subsequently utilized or sold.
We believe we are generally not subject to any material recoverability issue with our inventories
and no provision for inventories was recorded during the Track Record Period. Our inventories are stated
at the lower of cost and net realizable value. Net realizable value is based on estimated selling prices less
any estimated costs to be incurred to completion and disposal. As of December 31, 2025, net realizable
value exceeds inventory cost.
Our inventories consist of raw materials, goods in progress and finished goods which are
maintained as strategic stock to support commercialization activities. For senaparib’s inclusion in the
NRDL, we have initiated gradual scaling of inventory preparations in advance, anticipating an increase
in utilization. As of December 31, 2025, no inventory items were identified as approaching their
respective expiration dates, and we anticipate all inventories will be fully consumed before expiration in
the ordinary course of business.
Considering the relatively low subsequent utilization of inventories, we have implemented
stringent inventory control system to closely monitor and manage our inventory turnover. Specifically,
we have appointed dedicated personnel responsible for monitoring expiration dates and utilization of our
inventories to identify obsolete and near-expiry inventories, if any, so that we can take prompt remedial
measures and adjust our procurement plan accordingly. We apply a consistent and prudent inventory
assessment policy, including regular reviews for impairment indicators.
FINANCIAL INFORMATION
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Trade Receivables
During the Track Record Period, our trade receivables consisted of receivables from our customers
for payment obligations set out in the relevant agreements, primarily included trade receivables from our
customers as of the balance sheet dates. Our trade receivables were increased from nil as of December
31, 2024 to RMB7.4 million as of December 31, 2025, primarily because we commenced the
commercialization and sales of senaparib in 2025 and received payments from our customers. As of
March 31, 2026, approximately RMB7.4 million, representing 100.0% of our trade receivables as of
December 31, 2025 had been subsequently settled.
Financial Assets at Fair Value through Profit or Loss
Our financial assets at fair value through profit or loss represented wealth management products
issued by banks, with expected return rates from 0.65% to 2.60% per annum. Our financial assets at fair
value through profit or loss decreased from RMB110.1 million as of December 31, 2024 to nil as of
December 31, 2025. The changes in our financial assets at fair value through profit or loss were primarily
because we adjusted our investment amounts in wealth management products due to changes in the
interest rates of bank deposits and investment return rates of wealth management products.
We currently only invest in low-risk financial products, specifically principal-protected structured
deposits. We have established treasury management policy to standardize the types of financial products
and their purchase procedures. In practice, investment transactions are initiated by the finance
department, reviewed and approved by the head of the finance department, and executed accordingly.
Such transactions do not require board-level approval.
According to the Rules of Procedure for the Board, any future significant transactions — including
external investments, asset acquisitions or disposals, asset pledges, external guarantees, and entrusted
wealth management — will require prior approval by the Board when such transactions meet specified
thresholds. For certain exceptional matters, approval from the Shareholders’ Meeting is also required.
Our investments classified as financial assets measured at fair value through profit or loss will comply
with Chapter 14 of the Listing Rules after the Listing.
Cash and Cash Equivalents and Restricted Cash
During the Track Record Period, our cash and cash equivalents primarily consisted of cash at
banks, denominated primarily in Renminbi, U.S. dollar and Australian dollar, and our short-term deposits
with a maturity of generally within three months held in designated bank accounts. The following table
sets forth the details of our cash and cash equivalents and restricted cash as of the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,123 258,535
Less: Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534
Denominated in RMB /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118153,688 182,971
Denominated in USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111876,379 75,461
Denominated in AUD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111856 103
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,123 258,535
Our cash and cash equivalents increased from RMB230.1 million as of December 31, 2024 to
RMB258.5 million as of December 31, 2025, primarily due to an increase of cash and bank balance of
RMB28.4 million.
FINANCIAL INFORMATION
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Trade Payables
During the Track Record Period, our trade payables mainly consisted of payables in relation to our
R&D activities, purchase of materials and production of our drugs. Our trade payables decreased from
RMB67.8 million as of December 31, 2024 to RMB49.9 million as of December 31, 2025, primarily due
to a decrease in service fees payable to our third-party service providers.
The following table sets forth an aging analysis of our trade payables as of the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Within 3 months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111861,973 49,864
3 months to 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,845 –
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 49,864
As of March 31, 2026, approximately RMB49.5 million, representing 99.2% of our trade payables
as of December 31, 2025, had been subsequently settled.
Other Payables and Accruals
During the Track Record Period, our other payables and accruals mainly consisted of (i)
consideration payable arising from the receipt in equity interests from the non-controlling interests, (ii)
advance receipts for exclusive commercialization rights, (iii) salary and welfare payable, (iv) other
payables and (v) other tax payables. The following table sets forth a breakdown of our other payables
and accruals as of the dates indicated:
As of December 31,
2024 2025
(RMB’000) (RMB’000)
Non-current:
Advance receipts for exclusive commercialization rights /H1118/H1118 91,535 171,698
Current:
Salary and welfare payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,061 9,245
Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 854
Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,620 5,388
Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118740 1,007
Accrued listing expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,154
Advance receipts for exclusive commercialization rights /H1118/H1118 2,805 24,189
Consideration payable arising from the acquisition in
equity interests from the non-controlling interests /H1118/H1118/H1118/H1118/H1118 – 225
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118110,761 217,760
Our current other payables and accruals amounted to RMB19.2 million and RMB46.1 million as
of December 31, 2024 and 2025, respectively. Our non-current other payables and accruals increased
from RMB91.5 million as of December 31, 2024 to RMB171.7 million as of 2025, primarily driven by
the increase in advance receipts for exclusive sales service rights in connection with our collaboration
with Zhongmei Huadong based on a collaboration agreement entered into in December 2023. According
to the terms of the agreement, Huadong Medicine was granted 15-year exclusive sales service rights for
senaparib in Mainland China, while we retain responsibility for research and development, regulatory
matters, product supply, and distribution of senaparib and are entitled to receive upfront and milestone
payments for this exclusive collaboration. In 2024, Zhongmei Huadong made an upfront payment of
FINANCIAL INFORMATION
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RMB100.0 million to us. In 2025, we received additional milestone payments of RMB110.0 million from
Zhongmei Huadong. As of March 31, 2026, approximately RMB29.3 million, representing 13.5% of our
other payables and accruals as of December 31, 2025, had been subsequently settled.
Financial Liabilities at Fair Value through Profit or Loss
During the Track Record Period, our financial liabilities at fair value through profit or loss
consisted of financial liabilities designated upon initial recognition as at fair value through profit or loss.
We have designated our variable consideration payable arising from the receipt of equity interests from
the non-controlling interests as financial liabilities at fair value through profit or loss during the Track
Record Period. We recorded financial liabilities at fair value through profit or loss of RMB36.1 million
and RMB39.1 million as of December 31, 2024 and 2025, respectively. For details, see Note 24 to the
Accountants’ Report set out in Appendix I to this prospectus.
LIQUIDITY AND CAPITAL RESOURCES
Our primary uses of cash during the Track Record Period were to fund the R&D of our Core
Product and other pipeline products. During the Track Record Period, we generated cash inflow from our
out-licensing and collaboration agreement and our sales of pharmaceutical products. As of March 31,
2026, being the latest practicable date for determining our indebtedness, we had cash and cash
equivalents and financial assets at fair value through profit or loss of RMB284.4 million.
Current Assets and Liabilities
The following table sets forth our current assets and current liabilities as of the dates indicated:
As of December 31,
As of
March 31,
2024 2025 2026
(RMB’000) (RMB’000) (RMB’000)
(unaudited)
Current assets
Inventories /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,351 26,978 29,817
Trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443 16,322
Prepayments, other receivables and other
assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,844 30,022 26,551
Financial assets at fair value through profit
and loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118110,068 – –
Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118111
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534 305,882
Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118374,386 322,978 378,573
Current liabilities
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 49,864 61,312
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,226 46,062 53,177
Financial liabilities at fair value through profit
or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118687 5,209 7,929
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,798 3,655 3,226
Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111889,529 104,790 125,644
Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118284,857 218,188 252,929
FINANCIAL INFORMATION
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We recorded net current assets as of December 31, 2024 and 2025 and March 31, 2026 primarily
because we had prepayments, other receivables and other assets of RMB29.8 million, RMB30.0 million
and RMB26.6 million as of December 31, 2024 and 2025 and March 31, 2026. We recorded cash and cash
equivalents and financial assets at fair value through profit and loss of RMB340.2 million, RMB258.5
million and RMB305.9 million as of December 31, 2024 and 2025 and March 31, 2026, respectively,
which was partially offset by other payables and accruals of RMB19.2 million, RMB46.1 million and
RMB41.2 million as of the same dates. We expect to continue to incur significant expenses for the
foreseeable future as we advance the development of our drug candidates, which will be funded by a
combination of our cash on hand, sales of pharmaceutical products, our income from out-licensing and
collaboration agreement, and proceeds from the Global Offering.
Cash Flows
The following table sets forth a summary of our cash flows for the years indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
Net cash generated used in operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(81,311) (95,880)
Net cash generated (used in)/from investing activities /H1118/H1118/H1118/H1118(109,854) 112,816
Net cash generated from financing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118148,332 13,469
Net (decrease)/increase in cash and cash equivalents /H1118/H1118/H1118/H1118/H1118(42,833) 30,405
Effect of foreign exchange rate changes, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,637 (1,993)
Cash and cash equivalents at beginning of the year /H1118/H1118/H1118/H1118/H1118271,318 230,122
Cash and cash equivalents at end of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534
Net Cash Generated Used in Operating Activities
In 2025, our net cash used in operating activities was RMB95.9 million, which was primarily
attributable to a loss before tax of RMB295.9 million, adjusted for non-cash and non-operating items.
Adjustments for such non-cash and non-operating items primarily included (i) positive adjustments,
which primarily included finance costs of RMB68.7 million, equity-settled share-based payment expense
of RMB62.8 million and increase in other payables and accruals of RMB105.5 million, and (ii) negative
adjustments, which primarily included an increase in inventories of RMB22.6 million and a decrease in
trade payables of RMB18.0 million.
In 2024, our net cash used in operating activities was RMB81.3 million, which was primarily
attributable to a loss before tax of RMB254.8 million, adjusted for non-cash and non-operating items.
Adjustments for such non-cash and non-operating items primarily included (i) positive adjustments,
which primarily included finance costs of RMB55.6 million and an increase in other payables and
accruals of RMB97.7 million, and (ii) negative adjustments, which primarily included an increase in
inventories of RMB4.4 million.
Net Cash Generated (Used in)/from Investing Activities
In 2025, our net cash generated from investing activities was RMB112.8 million, which was mainly
due to redemption of financial assets at fair value through profit or loss of RMB2,001.1 million, partially
offset by purchase of financial assets at fair value through profit or loss of RMB1,887.0 million.
In 2024, our net cash used in investing activities was RMB109.9 million, which was mainly due
to purchase of financial assets at fair value through profit or loss of RMB555.0 million, partially offset
by redemption of financial assets at fair value through profit or loss of RMB446.8 million.
FINANCIAL INFORMATION
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Net Cash Generated from Financing Activities
In 2025, our net cash generated from financing activities was RMB13.5 million, which was mainly
due to proceeds from the issuance of shares of RMB19.5 million.
In 2024, our net cash generated from financing activities was RMB148.3 million, which was
mainly due to proceeds from the issuance of shares of RMB454.3 million, partially offset by receipt of
non-controlling interests of RMB300.0 million.
CASH OPERATING COSTS
The following table sets forth key information relating to our cash operating costs for the years
indicated:
Y ear Ended December 31,
2024 2025
(RMB’000) (RMB’000)
R&D costs for our Core Product
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,745 28,341
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,948 23,499
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,780 5,426
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,351 2,717
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118105,824 59,983
R&D costs for other drug candidates
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,666 29,568
Clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822,094 37,713
Non-clinical service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,639 30,716
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,918 3,691
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111886,317 101,688
Other costs
Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,812 19,179
Sales service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 4,177
Direct production costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,335 21,570
Non-income taxes and governmental charges /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118308 1,120
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,161 30,508
Total other costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,616 76,554
Total cash operating costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118228,757 238,225
WORKING CAPITAL CONFIRMATION
Our Directors are of the opinion that, taking into account the financial resources available to our
Group, including cash and cash equivalents and the estimated net proceeds from the Listing, we have
sufficient working capital to cover at least 125% of our costs, including R&D expenses, administrative
expenses and selling and distribution expenses, for at least the next 12 months from the expected date
of this prospectus. Our cash burn rate refers to the average monthly amount of (i) net cash used in
operating activities, (ii) lease payments, and (iii) capital expenditures. We had cash and cash equivalents
of RMB258.5 million as of December 31, 2025. We estimate that we will receive net proceeds of
approximately HKD741.5 million, equivalent to RMB650.0 million, assuming no over-allotment option
are exercised and assuming an Offer Price of HK$19.75 per Offer Share, being the low-end of the
indicative Offer Price range in this prospectus. If we take into account the estimated net proceeds from
the Listing, assuming an average monthly cash burn rate going forward of approximately 2.7 times the
level observed for the years ended December 31, 2024 and December 31, 2025, and for the one month
ended January 31, 2026, we estimate that we will be able to maintain our financial viability for 55
months, or if we do not take into account the estimated net proceeds from the Listing, we estimate that
we will be able to maintain our financial viability for 15 months assuming that there is no cash outflow
arising from financial liabilities related to redemption rights under this circumstance. We will continue
to monitor our cash flows from operations closely and expect to raise additional financing.
FINANCIAL INFORMATION
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INDEBTEDNESS
During the Track Record Period, we had indebtedness in the form of lease liabilities, financial
liabilities at fair value through profit or loss and redemption liabilities on ordinary shares. The following
table sets forth a breakdown of our indebtedness as of the dates indicated:
As of December 31,
As of
March 31,
2024 2025 2026
(RMB’000) (RMB’000) (RMB’000)
(unaudited)
Current
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,798 3,655 3,226
Financial liabilities at fair value through profit
or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118687 5,209 7,929
Non-current
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,987 1,780 1,414
Financial liabilities at fair value through profit
or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835,425 33,921 31,588
Redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118911,708 980,224 997,119
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118954,605 1,024,789 1,041,276
Lease Liabilities
Our lease liabilities primarily comprise leases of properties and office premises. As of December
31, 2024 and 2025 and March 31, 2026, we had a total of current and non-current lease liabilities of
RMB6.8 million, RMB5.4 million and RMB4.6 million, respectively. The following table sets forth our
lease liabilities as of the dates indicated:
As of December 31,
As of
March 31,
2024 2025 2026
(RMB’000) (RMB’000) (RMB’000)
(unaudited)
Lease liabilities:
Current /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,798 3,655 3,226
Non-current /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,987 1,780 1,414
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,785 5,435 4,640
Financial Liabilities at Fair Value through Profit or Loss
As of December 31, 2024 and 2025 and March 31, 2026, we had financial liabilities at fair value
through profit or loss of RMB36.1 million, RMB39.1 million and RMB39.5 million. For details of our
financial liabilities at fair value through profit or loss, see “— Discussion of Certain Selected Items from
the Consolidated Statements of Financial Position — Financial Liabilities at Fair V alue through Profit or
Loss.”
FINANCIAL INFORMATION
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Redemption Liabilities on Ordinary Shares
The following table sets forth our redemption liabilities on ordinary shares as of the dates
indicated:
As of December 31,
As of
March 31
2024 2025 2026
(RMB’000) (RMB’000) (RMB’000)
(unaudited)
Series D /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118393,816 393,816 393,816
Series D+ /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118322,573 322,573 322,573
Series D++ /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118140,061 140,061 140,061
Interest payable related to redemption
liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 123,774 140,669
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224 997,119
The movements of the redemption liabilities on equity shares included in financial liabilities at
amortised cost as of December 31, 2024 and 2025 and March 31, 2026 are set out below:
As of December 31,
As of
March 31
2024 2025 2026
(RMB’000) (RMB’000) (RMB’000)
(unaudited)
At beginning of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 911,708 980,224
Recognition of redemption liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118856,450 – –
Interest expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 68,516 16,895
At end of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224 997,119
Indebtedness Statement
Except as discussed above, we did not have any other material mortgages, charges, debentures, loan
capital, debt securities, loans, bank overdrafts or other similar indebtedness, finance lease or hire
purchase commitments, liabilities under acceptances (other than normal trade bills), acceptance credits,
which are either guaranteed, unguaranteed, secured or unsecured, or guarantees or other contingent
liabilities as of the Latest Practicable Date. Our Directors confirm that our Group did not experience any
difficulty in obtaining bank loans and other borrowings, default in payment of bank loans and other
borrowings or material breach of covenants during the Track Record Period and up to the Latest
Practicable Date. As of the Latest Practicable Date, we didn’t have unutilized banking facilities. Our
Directors confirm that there have been no material changes in our indebtedness since March 31, 2026 up
to the date of this prospectus.
CAPITAL EXPENDITURES
In 2024 and 2025, we incurred capital expenditures of RMB1.7 million and RMB1.5 million,
respectively, in connection with the purchase of property, plant and equipment for our business operation.
We plan to fund our future capital expenditures primarily with our cash on hand, our income from sales
of pharmaceutical products, out-licensing and collaboration agreement, and net proceeds from the Global
Offering. See the section “Future Plans and Use of Proceeds” in the prospectus for more details. We may
reallocate the funds to be utilized on capital expenditures based on our ongoing business needs.
FINANCIAL INFORMATION
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CAPITAL COMMITMENTS
As of December 31, 2024 and 2025, we did not have any capital commitment.
CONTINGENT LIABILITIES
As of December 31, 2024 and 2025, we did not have any contingent liabilities. As of the Latest
Practicable Date, there had been no material changes or arrangements to our contingent liabilities.
OFF-BALANCE SHEET COMMITMENTS AND ARRANGEMENTS
As of the Latest Practicable Date, we had not entered into any off-balance sheet transactions.
RELATED PARTY TRANSACTIONS
During the Track Record Period, we entered into certain transactions with our related parties. For
details, see Note 31 to the Accountants’ Report set out in Appendix I to this prospectus. Our Directors
confirm that each of the significant related party transactions during the Track Record Period was
conducted on an arm’s length basis, and would not distort our results of operations over the Track Record
Period or make our historical results not reflective of our future performance.
KEY FINANCIAL RATIO
The following table sets forth our key financial ratio as of the dates indicated:
As of December 31,
2024 2025
Current ratio (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.2 3.1
Note:
(1) Current ratio is calculated as total current assets divided by total current liabilities as of the dates indicated.
MARKET RISK DISCLOSURE
The risks associated with our financial instruments primarily include foreign currency risk, credit
risk and liquidity risk. Our management manages these exposures to ensure appropriate measures are
implemented on a timely and effective manner. See Note 35 to the Accountants’ Report set out in
Appendix I to this prospectus for more details.
Foreign Currency Risk
Certain of our cash and bank balance are denominated in foreign currency of respective group
entities which expose us to foreign currency risk. We did not have a foreign currency hedging policy
against our exposure to currency risk during the Track Record Period and up to the Latest Practicable
Date. However, our management monitors foreign exchange exposure and will consider hedging
significant foreign currency exposure should the need arise. See Note 35 to the Accountants’ Report set
out in Appendix I to this prospectus for more details.
Credit Risk
The carrying amounts of cash and bank balances, trade receivables, prepayments, other receivables
and other assets included in the consolidated statements of financial position represent our maximum
exposure to credit risk in relation to our financial assets. We trade only with recognized and creditworthy
third parties. It is our policy that all customers who wish to trade on credit terms are subject to credit
verification procedures. Receivable balances are monitored on an ongoing basis, and we believe that our
exposure to bad debts is not significant. Our Directors believe that there is no material credit risk inherent
in our outstanding balance of other receivables. See Note 35 to the Accountants’ Report set out in
Appendix I to this prospectus for more details.
FINANCIAL INFORMATION
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Liquidity Risk
We monitor and maintain a level of cash and cash equivalents deemed adequate by our management
to finance the operations and mitigate the effects of fluctuations in cash flows. Our Directors are satisfied
that we will have sufficient financial resources to meet our financial obligations as they fall due and to
sustain our operations for the foreseeable future. See Note 35 to the Accountants’ Report set out in
Appendix I to this prospectus for more details.
DIVIDEND
We do not currently have a formal dividend policy or a pre-determined dividend payout ratio.
Investors should not purchase our ordinary shares with the expectation of receiving cash dividends. Any
future determination to pay dividends will be made at the discretion of our Directors and may be based
on a number of factors, including our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that our Directors may deem
relevant. Regulations in the PRC currently permit payment of dividends of a PRC company only out of
accumulated distributable after-tax profits less any recovery of accumulated losses and appropriations to
statutory and other reserves that we are required to make, as determined in accordance with its articles
of association and the accounting standards and regulations in China.
Taking into account the aforesaid, as advised by our PRC Legal Advisor, we may not have
sufficient or any distributable profits to make dividend distributions to our Shareholders in a given year,
in view of our accumulated losses, or even if we become profitable, as we will only be able to declare
or pay dividends out of our distributable profits until (i) the accumulated losses are covered by our
after-tax profits, and (ii) sufficient statutory and other reserves are drawn in accordance with the relevant
laws, regulations and our constitutional documents. In light of our accumulated losses as disclosed in this
prospectus, it is unlikely that we will be eligible to pay dividends out of our profits in the foreseeable
future.
DISTRIBUTABLE RESERVES
As of December 31, 2025, we did not have any distributable reserves.
LISTING EXPENSE
Listing expenses to be borne by us are estimated to be approximately HK$89.9 million (including
underwriting commission, assuming an Offer Price of HK$20.75 per Share, being the mid-point of the
indicative Offer Price range of HK$19.75 to HK$21.75 per Share), which represent 10.3% of the gross
proceeds from the Global Offering, assuming no Shares are issued pursuant to the Over-allotment Option.
The above listing expenses are comprised of (i) underwriting-related expenses of HK$40.1 million, and
(ii) non-underwriting-related expenses of HK$49.8 million, including (a) the Joint Sponsors’ expenses of
HK$7.8 million, (b) the legal advisors’ expenses of HK$29.1 million, (c) the reporting accountants’
expenses of HK$4.3 million, and (d) other fees and expenses of HK$8.6 million. During the Track
Record Period, we incurred listing expenses of HK$25.8 million, HK$19.5 million of which was charged
to our consolidated statements of profit or loss, and HK$6.3 million of which was attributable to the issue
of Shares and will be deducted from equity. We expect to incur additional listing expenses of
approximately HK$64.1 million after the Track Record Period, approximately HK$22.6 million of which
is expected to be charged to our consolidated statements of profit or loss, and approximately HK$41.5
million of which is attributable to the issue of Shares and will be deducted from equity upon Listing. The
listing expenses above are the latest practicable estimate for reference only, and the actual amount may
differ from this estimate.
FINANCIAL INFORMATION
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UNAUDITED PRO FORMA STATEMENT OF ADJUSTED CONSOLIDATED NET TANGIBLE
ASSETS
The following unaudited pro forma statement of adjusted consolidated net tangible assets of our
Group prepared in accordance with Rule 4.29 of the Listing Rules is set out below to illustrate the effect
of the Global Offering on the consolidated net tangible assets of our Group attributable to our owners
as of December 31, 2025 as if the Global Offering had taken place on such date. The unaudited pro forma
statement of adjusted consolidated net tangible assets has been prepared for illustrative purposes only
and because of its hypothetical nature, it may not give a true and fair picture of the consolidated net
tangible assets of our Group attributable to our owners as of December 31, 2025 or at any further date
following the Global Offering. See “Appendix II Unaudited Pro Forma Financial Information.”
NO MATERIAL ADVERSE CHANGE
Our Directors confirm that, there has been no material adverse change in our financial or trading
position prospects since December 31, 2025 and up to the date of this prospectus and there is no event
since December 31, 2025 which would materially affect the information shown in our consolidated
financial statements included in the Accountants’ Report set out in Appendix I to this prospectus.
DISCLOSURE UNDER RULES 13.13 TO 13.19 OF THE LISTING RULES
Our Directors confirm that, except for the amounts due from related parties as disclosed in this
section, as of the Latest Practicable Date, there was no circumstance that would give rise to a disclosure
requirement under Rules 13.13 to 13.19 of the Listing Rules.
FINANCIAL INFORMATION
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BEFORE THE COMPLETION OF THE GLOBAL OFFERING
As of the Latest Practicable Date, the registered capital of our Company was RMB234,188,130
divided into 234,188,130 Unlisted Shares with a nominal value of RMB1.00 each.
UPON THE COMPLETION OF THE GLOBAL OFFERING
Immediately following the completion of the Global Offering and the conversion of certain
Unlisted Shares into H Shares, assuming that the Over-allotment Option is not exercised, the share
capital of our Company will be as follows:
Description of Shares Number of Shares
Approximate
percentage of our
share capital
(%)
Unlisted Shares in issue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
H Shares converted from Unlisted Shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 84.80
H Shares to be issued pursuant to the Global Offering /H1118/H1118/H1118 41,977,000 15.20
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118276,165,130 100.00
Immediately following the completion of the Global Offering and the conversion of certain
Unlisted Shares into H Shares, assuming that the Over-allotment Option is fully exercised, the share
capital of our Company will be as follows:
Description of Shares Number of Shares
Approximate
percentage of our
share capital
(%)
Unlisted Shares in issue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
H Shares converted from Unlisted Shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 82.91
H Shares to be issued pursuant to the Global Offering /H1118/H1118/H1118 48,273,400 17.09
Total/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118282,461,530 100.00
RANKING
Upon the completion of the Global Offering and the conversion of certain Unlisted Shares into H
Shares, the Shares will consist of Unlisted Shares and H Shares. H Shares and Unlisted Shares are all
ordinary Shares in the share capital of our Company. However, apart from certain qualified domestic
institutional investors in the PRC, the qualified PRC investors under the Shanghai — Hong Kong Stock
Connect or the Shenzhen — Hong Kong Stock Connect and other persons who are entitled to hold our
H Shares pursuant to relevant PRC laws and regulations or upon approvals of any competent authorities,
H Shares generally cannot be subscribed for by or traded between legal or natural persons of the PRC.
Unlisted Shares and H Shares will rank pari passu with each other in all respects and, in particular,
will rank equally for all dividends or distributions declared, paid or made after the date of this
prospectus. All dividends in respect of the H Shares are to be paid by us in Hong Kong dollars or in the
form of H Shares.
CONVERSION OF UNLISTED SHARES INTO H SHARES
According to the regulations issued by the CSRC, the holders of Unlisted Shares may, at their own
option, authorize our Company to apply to the CSRC for conversion of their respective Unlisted Shares
into H Shares, and such converted Shares may be listed and traded on an overseas stock exchange
provided that the required filings with the CSRC for the conversion, listing and trading of such converted
Shares have been completed. Additionally, such conversion, trading and listing shall meet applicable
SHARE CAPITAL
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requirement of internal approval process and in all respects comply with the regulations prescribed by
the securities regulatory authorities of the State Council and the regulations, requirements and procedures
prescribed by the relevant overseas stock exchange.
If any Unlisted Shares are to be converted, listed and traded as H Shares on the Stock Exchange,
the filings with the relevant PRC regulatory authorities, including the CSRC, and the approval of the
Stock Exchange are necessary for such conversion. Based on the procedures for the conversion of
Unlisted Shares into H Shares as set forth below, we will apply for the listing of all of the Unlisted Shares
on the Stock Exchange as H Shares in advance of any proposed conversion after the Global Offering to
ensure that the conversion process can be completed promptly upon notice to the Stock Exchange and
delivery of Shares for entry in the H Share register of members.
After all the requisite filings have been completed and approvals have been obtained, the relevant
Unlisted Shares will be withdrawn from the Unlisted Share register of members, and our Company will
re-register such Shares on the H Share register of members maintained in Hong Kong and instruct the
H Share Registrar to issue H Share certificates. Registration on the H Share register of members of our
Company will be on the conditions that (i) the H Share Registrar lodges with the Stock Exchange a letter
confirming the entry of the relevant H Shares on the H Share register of members and the due dispatch
of H Share certificates, and (ii) the admission of the H Shares to be traded on the Stock Exchange
complies with the Listing Rules and the General Rules of HKSCC and the HKSCC Operational
Procedures in force from time to time. Until the converted Shares are re-registered in the H Share register
of members of our Company, such Shares would not be listed as H Shares. For details of our existing
Shareholders’ proposed conversion of Unlisted Shares into H Shares, see “History, Development and
Corporate Structure — Capitalization.”
TRANSFER OF SHARES ISSUED PRIOR TO THE GLOBAL OFFERING
Pursuant to the PRC Company Law, our Shares issued prior to the Listing shall not be transferred
within one year from the Listing Date.
Shares transferred by our Directors and senior management each year during their term of office
shall not exceed 25% of their total respective shareholdings in our Company unless otherwise permitted
by applicable laws and regulations. The Shares that the aforementioned persons hold in our Company
cannot be transferred within half a year after they leave their positions as Directors or senior management
in our Company.
See “Underwriting — Underwriting Arrangements — Hong Kong Public Offering — Undertakings
pursuant to the Hong Kong Underwriting Agreement” for details of the lock-up undertakings.
REGISTRATION OF SHARES NOT LISTED ON OVERSEAS STOCK EXCHANGE
According to the Notice on Adjustment of Business Acceptance of Registration and Depository of
Non-Overseas Listed Shares of Overseas Listed Companies of China Securities Depositary and Clearing
Corporation Limited (΅೮াπ၍ุ
) and the Guide to the Program for “Full Circulation” of H shares of Shenzhen
Branch of China Securities Depositary and Clearing Corporation Limited (ப
ٰ“ஷ”), our Company is required to register and deposit our Shares
that are not listed on the overseas stock exchange with the Shenzhen Branch of the CSDC after the
Listing.
SHAREHOLDERS’ MEETING
For details of circumstances under which our Shareholders’ meeting is required, see “Appendix III
— Summary of Articles of Association.”
SHARE CAPITAL
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GENERAL MANDATE TO ISSUE SHARES AND SELL AND/OR TRANSFER TREASURY
SHARES
Subject to the completion of the Global Offering, pursuant to the Shareholder resolutions of our
Company, our Board has been granted a general mandate to issue Shares and sell and/or transfer treasury
Shares. See “Appendix IV — Statutory and General Information — A. Further Information about Our
Group — 4. Resolutions of Our Shareholders.”
EMPLOYEE INCENTIVE SCHEME
We adopted the Employee Incentive Scheme in January 26, 2025. For further information regarding
the terms and information of the participants of the Employee Incentive Scheme, see “History,
Development and Corporate Structure — Employee Incentive Scheme” and “Appendix IV — Statutory
and General Information — D. Employee Incentive Scheme.”
SHARE CAPITAL
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So far as our Directors are aware, immediately following the completion of the Global Offering
(assuming that the Over-allotment Option is not exercised) and the conversion of Unlisted Shares to H
Shares, the following persons will have interests and/or short positions in the Shares or underlying Shares
of our Company which would fall to be disclosed to our Company pursuant to the provisions of Divisions
2 and 3 of Part XV of the SFO, or will be, directly or indirectly, interested in 10% or more of the nominal
value of any class of our share capital carrying rights to vote in all circumstances at general meetings
of our Company.
As of the
Latest Practicable Date
Immediately following the completion of the
Global Offering
Shareholder Nature of interest
Number and
description of
Shares (1)
Approximate
percentage of
interest in the
total share
capital of our
Company
Number and
description
of Shares
Approximate
percentage of
interest in the
Unlisted
Shares/H
Shares (2)
Approximate
percentage of
interest in the
total share
capital of our
Company (2)
(%) (%) (%)
Dr. Yi SHI (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Interest in controlled
corporations
36,583,060
Unlisted
Shares
15.62 38,470,660
H Shares
13.93 13.93
Shanghai Liyi Investment
Management Partnership
(LP) ( ɪऎᓿ᎚ҳ༟၍ଣΥ
ྫΆุ(Υྫ))
(4) /H1118/H1118/H1118/H1118
Interest in controlled
corporations
16,930,352
Unlisted
Shares
7.23 16,930,352
H Shares
6.13 6.13
Shanghai Liyao
Investment Management
Co., Ltd. ( ɪऎᓿᓚҳ༟၍
ʮ̡)
(4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118
Interest in controlled
corporations
32,563,765
Unlisted
Shares
13.91 32,563,765
H Shares
11.79 11.79
Dr. Fei CHEN (4) /H1118/H1118/H1118/H1118/H1118/H1118/H1118Interest in controlled
corporations
32,563,765
Unlisted
Shares
13.91 32,563,765
H Shares
11.79 11.79
Decheng IMPACT Limited (5) /H1118Beneficial owner 23,559,685
Unlisted
Shares
10.06 23,559,685
H Shares
8.53 8.53
Decheng Capital China
Life Sciences USD Fund
III, L.P .
(5) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Interest in controlled
corporations
23,559,685
Unlisted
Shares
10.06 23,559,685
H Shares
8.53 8.53
Decheng Capital Management
III (Cayman), LLC (5) /H1118/H1118/H1118
Interest in controlled
corporations
23,559,685
Unlisted
Shares
10.06 23,559,685
H Shares
8.53 8.53
Dr. Xiangmin Cui (5) /H1118/H1118/H1118/H1118/H1118Interest in controlled
corporations
23,559,685
Unlisted
Shares
10.06 23,559,685
H Shares
8.53 8.53
Guangxi Tencent V enture
Investment Co., Ltd. ( ᄿГ
ʮ̡) /H1118/H1118/H1118
Beneficial owner 15,593,533
Unlisted
Shares
6.66 15,593,533
H Shares
5.65 5.65
Shenzhen Tencent Insight
Investment Co., Ltd. ( ଉέ
ʮ̡)(6)
Interest in controlled
corporations
15,593,533
Unlisted
Shares
6.66 15,593,533
H Shares
5.65 5.65
Tencent Ruitou Enterprise
Management Co., Ltd. ( ଉέ
ʮ
̡) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Interest in controlled
corporations
15,593,533
Unlisted
Shares
6.66 15,593,533
H Shares
5.65 5.65
Tencent Holdings Limited
(6) /H1118Interest in controlled
corporations
15,593,533
Unlisted
Shares
6.66 19,365,333
H Shares (6)
7.01 7.01
Notes:
(1) For the avoidance of doubt, both Unlisted Shares and H Shares are ordinary Shares in the share capital of our Company, and
are considered as one class of Shares.
(2) The calculation is based on: (i) the total number of 276,165,130 H Shares in issue immediately following the completion of
the Global Offering since all the 234,188,130 Unlisted Shares will be converted into H Shares and 41,977,000 H Shares will
be issued pursuant to the Global Offering, and (ii) the assumption that the Over-allotment Option is not exercised.
SUBSTANTIAL SHAREHOLDERS
– 262 –


--- page 272 ---
(3) LA V Enterprise Hong Kong Limited (“LA V Enterprise”) holds 14,220,861 Shares; LA V Innovation (Hong Kong) Co., Limited
(“LA V Innovation”) holds 8,789,975 Shares; LA V Integra Limited (“LA V Integra”) holds 6,846,397 Shares; LA V Impetus
Limited (“LA V Impetus”) holds 6,725,827 Shares; and 1,887,600 Shares (calculated based on the Offer price of HK$20.75,
being the mid-point of the indicative Offer Price range) to subscribed by LA V Star Limited and LA V Star Opportunities
Limited, close associates of LA V Fund VI Opportunities, L.P . (“LA V VI Opportunities”), as cornerstone investors.
LA V Innovation is wholly owned by Lilly Asia V entures Fund II, L.P . (“LA V II”), the general partner of which is Lilly Asia
V entures Fund GP , L.P ., whose general partner is LA V Corporate GP , Ltd., a Cayman exempted company wholly-owned by
Dr. Yi SHI (“Dr. Shi”).
LA V Enterprise is wholly owned by LA V Biosciences Fund IV , L.P . (“LA V IV”). The general partner of LA V IV is LA V GP
IV , L.P ., whose general partner is LA V Corporate IV GP , Ltd., a Cayman exempted company wholly owned by Dr. Shi.
LA V Integra is wholly owned by LA V Biosciences Fund V , L.P . (“LA V V”). The general partner of LA V V is LA V GP V , L.P .,
whose general partner is LA V Corporate V GP , Ltd., a Cayman exempted company wholly owned by Dr. Shi.
LA V Impetus is owned by LA V Fund VI, L.P . (“LA V VI”) and LA V VI Opportunities, each holding 50% interest. The general
partner of LA V VI is LA V GP VI, L.P ., the general partner of which is LA V Corporate VI GP , Ltd., a Cayman exempted
company wholly owned by Dr. Shi. The general partner of LA V VI Opportunities is LA V GP VI Opportunities, L.P ., the
general partner of which is LA V Corporate VI GP Opportunities, Ltd., a Cayman exempted company wholly owned by Dr.
Shi.
As such, under the SFO, Dr. Shi is deemed to be interested in an aggregate of 36,583,060 Shares held by LA V Enterprise,
LA V Innovation, LA V Integra and LA V Impetus.
(4) Shanghai Lihan Biotechnology Partnership Enterprise (LP) (ҦΥྫΆุ(Υྫ)) (“Shanghai Lihan”)
owns 14,640,236 Shares; Suzhou Lirui Equity Investment Center (LP)ᛆҳ༟ʕː(Υྫ) (“Suzhou Lirui”)
owns 8,368,406 Shares; Shanghai Lihao Biotech, L.P . (ҦΥྫΆุ(Υྫ)) (“Shanghai Lihao”) owns
2,290,116 Shares; Suzhou Likang Equity Investment Centre (LP) (ᛆҳ༟ʕː(Υྫ) (“Suzhou Likang”)
owns 5,139,637 Shares; and Suzhou Lirun Equity Investment Centre (LP) (ᛆҳ༟ʕː(Υྫ) (“Suzhou
Lirun”) owns 2,125,370 Shares.
The general partner of Shanghai Lihan is Shanghai Liyi Investment Management Partnership (LP) ( ɪऎᓿ᎚ҳ༟၍ଣΥྫ
Άุ(Υྫ)) (“Liyi Investment I”) and the sole limited partner is Shanghai Li’an. The general partner of Shanghai Li’an
is Liyi Investment I. The general partner of Liyi Investment I is Shanghai Liyao Investment Management Co., Ltd. ( ɪऎᓿ
ʮ̡) (“Shanghai Liyao”), which is in turn wholly owned by Dr. CHEN Fei (࠭Dr. Chen”), an
Independent Third Party.
The general partner of Suzhou Lirui is Shanghai Liyi Investment Management Partnership (LP) ( ɪऎᓿ൪ҳ༟၍ଣΥྫΆ
ุ(Υྫ)) (“Liyi Investment II”). The general partner of Liyi Investment II is Shanghai Liyao, which is in turn wholly
owned by Dr. Chen. No limited partner of Suzhou Lirui holds over one-third interest in Suzhou Lirui.
The general partner of Suzhou Likang is Liyi Investment II. The general partner of Liyi Investment II is Shanghai Liyao,
which is in turn wholly owned by Dr. Chen. No limited partner of Suzhou Likang holds over one-third interest in Suzhou
Likang.
The general partner of Shanghai Lihao is Liyi Investment I. The general partner of Liyi Investment I is Shanghai Liyao, which
is in turn wholly owned by Dr. Chen. The sole limited partner of Shanghai Lihao is Suzhou Likang.
The general partner of Suzhou Lirun is Shanghai Likun Enterprise Management Partnership (LP) ( ɪऎᓿ䃑Άุ၍ଣΥྫΆ
ุ(Υྫ)) (“Shanghai Likun”). The general partner of Shanghai Likun is Shanghai Liyao, which is in turn wholly owned
by Dr. Chen. No limited partner of Suzhou Lirun holds over one-third interest in Suzhou Lirun.
As such, under the SFO, (i) Liyi Investment I is deemed to be interested in an aggregate of 16,930,352 H Shares held by
Shanghai Lihan and Shanghai Lihao; and (ii) each of Shanghai Liyao and Dr. Chen is deemed to be interested in an aggregate
of 32,563,765 H Shares held by Shanghai Lihan, Suzhou Lirui, Shanghai Lihao, Suzhou Likang and Suzhou Lirun.
(5) Decheng IMPACT Limited (“Decheng”) is wholly owned by Decheng Capital China Life Sciences USD Fund III,
L.P .(“Decheng USD Fund”). The general partner of Decheng USD Fund is Decheng Capital Management III (Cayman), LLC
(“Decheng Management”), which is wholly controlled by Dr. Xiangmin Cui. As such, under the SFO, each of Decheng USD
Fund, Decheng Management and Dr. Xiangmin Cui is deemed to be interested in the Shares held by Decheng.
(6) Guangxi Tencent V enture Investment Co., Ltd. (ʮ̡) (“Tencent”) is wholly owned by Shenzhen
Tencent Insight Investment Co., Ltd. (ʮ̡) (“Tencent Insight”). Tencent Insight is a wholly owned
subsidiary of Tencent Ruitou Enterprise Management Co., Ltd. (ʮ̡) (“Tencent Ruitou”).
Tencent Ruitou is ultimately controlled by Tencent Holdings Limited (ʮ̡), a company listed on the Main
Board of the Stock Exchange (stock codes: HKEX: 00700 (HKD Counter) and 80700 (RMB Counter)). As such, under SFO,
each of Tencent Insight, Tencent Ruitou and Tencent Holdings Limited is deemed to be interested in the Shares held by
Tencent. The interest held by Tencent Holdings Limited following completion of the Global Offering includes 3,771,800
Shares (calculated based on the Offer price of HK$20.75, being the mid-point of the indicative Offer Price range) to be
subscribed by Huang River Investment Limited and Prosper High Holding Limited, close associates of Tencent Holdings
Limited, as cornerstone investors. For details, see “Cornerstone Investors”.
Save as disclosed above and in “Appendix IV — Statutory and General Information — C. Further
Information about our Directors and Substantial Shareholders — 3. Disclosure of Interests,” our
Directors are not aware of any person who will, immediately following the completion of the Global
Offering (assuming that the Over-allotment Option is not exercised) and the conversion of Unlisted
Shares to H Shares, have any interest and/or short position in the Shares or underlying Shares of our
Company which will fall to be disclosed to our Company pursuant to the provisions of Divisions 2 and
3 of Part XV of the SFO, or who will be, directly or indirectly, interested in 10% or more of the issued
voting shares of any other member of our Group.
SUBSTANTIAL SHAREHOLDERS
– 263 –


--- page 273 ---
BOARD OF DIRECTORS
Upon the Listing, our Board will comprise nine Directors, including three executive Directors,
three non-executive Directors and three independent non-executive Directors. Our Directors serve a term
of three years and may be re-elected for successive re-appointments.
The table below sets out certain information of our Directors.
Name Age Position
Date of
appointment as
Director
The Earliest
Time of joining
our Group Responsibilities
Executive Directors
Dr. Sui Xiong CAI
(ᇹ༹ඪ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
68 Executive Director
and Chief
Executive
Officer
June 2014 January 2010 Overall strategic
planning of our
Group and business
operations and
making key business
and operational
decisions of our
Group
Dr. Y e Edward TIAN
(͞௉) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
69 Executive Director,
Executive Vice
President &
Chief Scientific
Officer
June 2014 October 2009 Overseeing the
Group’s innovative
R&D activities
Ms. Ning MA ( ৵ྐྵ) /H1118/H111844 Executive Director
and Executive
Vice President
March 2025 September 2009 Overseeing CMC and
preclinical research
in drug development,
quality management,
portfolio project
management (PPM),
and procurement
management
Non-executive
Directors
Dr. Cong XU (ᑋ) /H1118/H111840 Non-executive
Director and
Chairman of the
Board
July 2020 July 2020 Participating in
formulating
corporate and
business strategies
of our Group
Dr. Qiang XU /H1118/H1118/H1118/H1118/H1118/H111864 Non-executive
Director
September 2018 June 2018 Participating in
formulating
corporate and
business strategies
of our Group
Mr. Tao LIU ( ᄎᏹ) /H1118/H1118/H111845 Non-executive
Director
June 2018 June 2018 Participating in
formulating
corporate and
business strategies
of our Group
Independent
Non-executive
Directors
Dr. Edward Ming GUO
(׼)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
69 Independent
non-executive
Director
Listing Date September 2025,
with effect
from the
Listing Date
Supervising and
providing
independent
judgment to our
Board
Mr. Chi Hung SIU
(ጽқඪ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
55 Independent
non-executive
Director
Listing Date September 2025,
with effect
from the
Listing Date
Supervising and
providing
independent
judgment to our
Board
Dr. Liming SHAO
(׼)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
66 Independent
non-executive
Director
Listing Date September 2025,
with effect
from the
Listing Date
Supervising and
providing
independent
judgment to our
Board
DIRECTORS AND SENIOR MANAGEMENT
– 264 –


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Executive Directors
Dr. Sui Xiong CAI ( ᇹ༹ඪ), aged 68, is our chief executive officer and executive Director. He was
appointed as a Director in June 2014, and re-designated as an executive Director on September 23, 2025.
Dr. Cai worked at the University of Oregon from 1990 to 1993 after his doctoral degree, published
over 20 papers, and obtained six issued patents within the U.S. In 1994, he worked at ACEA
Pharmaceuticals Inc., published four papers, and obtained seven issued patents within the U.S. After
CoCensys Inc. acquired ACEA Pharmaceuticals Inc. in May 1994, he worked at CoCensys Inc. until
March 1998, published over 15 papers, and obtained over 25 issued patents within the U.S. Since the
spinoff of Cytovia Inc. from CoCensys Inc. in April 1998, Dr. Cai worked at Cytovia Inc. until May 2000,
published one paper, and obtained over 40 issued patents within the U.S. After the acquisition of Cytovia
Inc. by Maxim Pharmaceuticals Limited in June 2000, Dr. Cai worked at Maxim Pharmaceuticals until
December 2005, published 19 papers. After EpiCept Corporation completed the merger with Maxim
Pharmaceuticals Limited in January 2006, Dr. Cai served as senior director of chemistry at EpiCept
Corporation until 2009, published over 35 papers, and obtained three issued patents within the U.S.
Dr. Cai obtained his bachelor’s degree in chemistry from University of Science and Technology of
China (ኪҦஔɽኪ) in 1983, and his doctoral degree in organic chemistry from University of
Oregon in June 1990.
Dr. Y e Edward TIAN ( ͞௉), aged 69, is our executive vice president, chief science officer and
executive Director. He was appointed as a Director in June 2014, and re-designated as an executive
Director on September 23, 2025.
Dr. Tian has extensive experience in the research and development in biotech and pharma industry.
Prior to joining our Group. Since 1996, Dr. Tian worked at Parke, Davis & Co. until it was acquired by
Pfizer Inc. in 2000, and Dr. Tian continued to work at Pfizer Inc. until 2002. He also worked at TransTech
Pharma, Inc. from 2005 to 2009.
Dr. Tian obtained his bachelor’s degree in physical chemistry and instrumental analysis from
Tsinghua University ( ૶ശɽኪ) in the PRC in July 1982, his master’s degree in molecular biology from
Chinese Academy of Science (ኪ৫) in the PRC in April 1986, and his doctoral degree in
pharmacology and neuroscience from Michigan State University in the United States in March 1992.
Ms. Ning MA ( ৵ྐྵ), aged 44, is our executive vice president and executive Director. She was
appointed as a Director in March 2025, and re-designated as an executive Director on September 23,
2025.
From July 2007 to September 2008, she worked as a senior research assistant at Roche Research
& Development (China) Co., Ltd. (೯(ʕ਷)ʮ̡). From October 2008 to September 2009,
she worked as an assistant scientist in the chemistry department of GlaxoSmithKline (China) R&D
Center ( ໤ᚆ९̦д(ʕ਷)೯ʕː).
Ms. Ma obtained her bachelor’s degree in chemistry from Xuzhou Normal University (ᇍɽ
ኪ, currently known as Jiangsu Normal University (ᇍɽኪ)) in the PRC in June 2004, and her
master’s degree in organic chemistry from Zhengzhou University in the PRC in June 2007. She also
obtained an Executive MBA degree from China Europe International Business School in the PRC in
November 2024.
Non-executive Directors
Dr. Cong XU (ᑋ), aged 40, is the Chairman of the Board and non-executive Director. He was
appointed as a Director in July 2020, and re-designated as a non-executive Director on September 23,
2025.
DIRECTORS AND SENIOR MANAGEMENT
– 265 –


--- page 275 ---
Dr. Xu has over 15 years of experience in the biomedical and financial industries. Prior to joining
our Group, Dr. Xu joined Lilly Suzhou Pharmaceutical Co., Ltd. Shanghai Branch (ʮ
̡ɪऎʱʮ̡), which is a subsidiary of Eli Lilly and Company, a company listed on the New Y ork Stock
Exchange (“NYSE”) (stock code: LL Y), in August 2012. He has been serving as a managing director of
Lilly Asia V entures (ږsince January 2018. Dr. Xu has been serving as a non-executive
director of EdiGene Inc. (ʮ̡) and NovoDodex Biopharmaceuticals Co., Ltd. ( ए
ʮ̡) since August 2018 and March 2021, respectively. Dr. Xu has been serving as
a non-executive director of ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (ᔼᖹҦஔ
(ɪऎ)ʮ̡), a company listed on the Stock Exchange (stock code: 1541) since October 2020.
He has been serving as a director of Shanghai Allist Pharmaceuticals Co., Ltd (ٰ
ʮ̡), a company listed on the Shanghai Stock Exchange (stock code: 688578) since November
2024. He has also been serving as a director of Shanghai Kechow Pharma, Inc. (ࠢ
ʮ̡) since March 2024. He has served as a director of ArriV ent BioPharma, Inc., a company listed on
NASDAQ Global Market (stock code: A VBP) from January 2022 to December 2023.
Dr. Xu obtained a bachelor’s degree in clinical medicine from Tongji Medical College of Huazhong
University of Science and Technology (ҦɽኪΝ᏶ᔼኪ৫) in the PRC in June 2007 and a Ph.D.
in biological sciences from Clemson University in the United States in May 2012. He also obtained a
master’s degree in business administration from the University of British Columbia in May 2018.
Dr. Xu has confirmed, and the Board is of the view, that no actual or potential conflicts of interest,
disputes or competition will arise between the Company and any of the entities in which Dr. Xu currently
or previously serves. In particular, none of the companies where Dr. Xu currently serves as a director
engages in synthetic lethality (SL)-based precision anti-cancer therapies. The Company has also
implemented adequate corporate governance measures to ensure Dr. Xu’s continued awareness of his
fiduciary duties as a director.
Dr. Qiang XU , aged 64, is our non-executive Director. He was appointed as a director of our
Company in September 2018, and re-designated as a non-executive Director on September 23, 2025.
Dr. Xu has extensive experience in the pharmaceutical industry and academic research. From
March 2001 to November 2010, he served as a vice president of research of Osel, Inc., a biotechnology
company in the emerging field of Bacterial Therapeutics. Dr. Xu has been a partner of Decheng Capital
since January 2013. He has been serving as a director of Shandong BCFoods Co., Ltd. (ۜ࠮
ʮ̡) since July 2016, Hangzhou Kind Pharmaceuticals Co., Ltd. (ʮ̡) since
June 2019, and Shanghai Kechow Pharma, Inc. (ʮ̡) since October 2019,
respectively.
Dr. Xu obtained his bachelor’s degree from Qingdao Agricultural University (ุ༵ɽኪ)i nt h e
PRC in July 1982, his master’s degree in agriculture from Shandong Agricultural University (ุ༵
ɽኪ) in the PRC in December 1985, and his doctoral degree from Kansas State University in the United
States in July 1991. Dr. Xu was a postdoctoral research fellow at Louisiana State University, Baton
Rouge from September 1991 to July 1992, Kansas State University from September 1992 to July 1995,
and University of California, Berkeley from September 1995 to July 1997, respectively.
Mr. Tao LIU ( ᄎᏹ), aged 45, is our non-executive Director. He was appointed as a director of our
Company in June 2018, and re-designated as a non-executive Director on September 23, 2025.
Mr. Liu has more than 12 years of experience in venture capital investment. Mr. Liu has been the
chairman and founder of Shanghai China Summit Investment Management Co., Ltd. ( ɪऎശᏊҳ༟၍ଣ
ʮ̡) since August 2011.
Mr. Liu obtained his master’s degree in business administration from Shanghai Jiao Tong
University ( ɪऎʹஷɽኪ) in the PRC in March 2010. He was granted the securities qualification
certificate by Asset Management Association of China (ุ՘ึ) in May 2017.
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Independent Non-executive Directors
Dr. Edward Ming GUO (׼)aged 69, was appointed as an independent non-executive Director
on September 23, 2025 with effect upon the Listing.
Dr. Guo has more than 20 years of industrial experience in research and development of new drug,
regulatory, project management, corporate management, strategic planning, and entrepreneurship. From
1995 to 2005, he served in various technical and managerial roles at Pfizer Inc. From March 2005 to
2010, he worked at Ascenta Therapeutics, Inc. as the vice president of pharmaceutical sciences and
manufacturing. Dr. Guo served as an adjunct professor from 2007 to 2009 and served as a teaching staff
as well a supervisor for master thesis since 2009 at Peking University ( ̏ԯɽኪ). Dr. Guo is the
co-founder of Ascentage Pharma Group International ( ԭସᔼᖹණྠ), a company listed on the Stock
Exchange (stock code: 6855). Dr. Guo retired from Ascentage Pharma Group International in October
2021, with his last position as the chief operating officer. Dr. Guo served as the independent
non-executive director at Porton Fine Chemicals Ltd. (ʮ̡) (a company
listed on the Shenzhen Stock Exchange with stock code of 300363) from October 2012 to March 2016.
Dr. Guo obtained a bachelor’s degree in chemistry from Peking Normal University (ᇍɽኪ)
in the PRC in January 1982. He received his master’s degree in medicine from Peking Union Medical
College (ɽኪ) in the PRC in June 1985, and his Ph.D. degree in Chemistry from the
University of California at San Diego in the United States in March 1991.
Mr. Chi Hung SIU ( ጽқඪ), aged 55, was appointed as an independent non-executive Director on
September 23, 2025 with effect upon the Listing.
He joined KPMG (Hong Kong) in 1994 and held the positions of a partner, the principal partner
of real estate of KPMG (China) and the principal partner of Capital Markets Development (Southern
China) of KPMG (China) from 2008 to June 2018.
He served as an executive director of LVGEM (China) Real Estate Investment Company Limited
(ၠ౻(ʕ਷)ʮ̡) (listed on the Stock Exchange, stock code: 00095) from September 2019
to September 2021 and an independent non-executive director of Roiserv Lifestyle Services Co., Ltd. ( ࿲
ʮ̡) (listed on the Stock Exchange, stock code: 2146) from April 2020 to July
2022, Central China Management Co., Ltd. (ʮ̡) (listed on the Stock Exchange, stock
code: 9982) from May 2021 to May 2024, MicroPort NeuroTech Limited (ʮ̡) (listed
on the Stock Exchange, stock code: 2172) from June 2022 to June 2024, Dongjiang Environmental
Company Limited (ʮ̡) (listed on the Shenzhen Stock Exchange, stock code:
002672; listed on the Stock Exchange, stock code: 0895) from December 2020 to June 2025.
He has been serving as an independent non-executive director of China Gas Industry Investment
Holdings Co., Ltd (listed on the Stock Exchange, stock code: 1940) since June 2020, China Aluminum
International Engineering Corporation Limited (ʮ̡) (listed on the Shanghai
Stock Exchange, stock code: 601068; listed on the Stock Exchange, stock code: 2068) since April 2022,
Sichuan Energy Investment Development Co., Ltd. (ʮ̡) (listed on the Stock
Exchange, stock code: 1713) since August 2024. Bank of Zhengzhou Co., Ltd (ʮ̡)
(listed on the Shenzhen Stock Exchange, stock code: 002936; listed on the Stock Exchange, stock code:
6196) since March 2025, and INTSIG INFORMA TION CO., LTD. (ʮ̡)
(listed on the Shanghai Stock Exchange, stock code: 688615) since June 2025.
Mr. Siu obtained his bachelor’s degree in business administration from the Chinese University of
Hong Kong in Hong Kong in December 1994. He was a member of the American Institute of Certified
Public Accountants and is currently a member of the Hong Kong Institute of Certified Public Accountants
and a member of the Hong Kong Independent Non-Executive Director Association. He also obtained an
independent director qualification certificate of listed company from the Shenzhen Stock Exchange and
the Shanghai Stock Exchange in February 2021 and September 2025, respectively.
Dr. Liming SHAO (׼)aged 66, was appointed as an independent non-executive Director on
September 23, 2025 with effect upon the Listing.
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Dr. Shao has over 40 years of experience in the fields of organic chemistry, industrial chemistry,
and pharmaceutical research. He began his career in 1982 at the Drug Research Laboratory of the
Shanghai Institute of Family Planning Research, affiliated with the WHO Human Reproduction Research
Centre, where he served as an assistant researcher until 1987.
From 1993 to 1996, Dr. Shao conducted postdoctoral research at the Department of Chemistry and
Chemical Biology at Harvard University, and subsequently held research positions in the Molecular and
Cellular Biology Department at Harvard beginning in 1996. During this period, he also held various
senior roles at Sepracor Inc. and Sunovion Pharmaceuticals Inc. in Massachusetts, USA, including senior
scientist, director, and senior director of the Preclinical Research and Translational Medicine
Department.
Since 2012, Dr. Shao has served as a Distinguished Professor and doctoral supervisor at the School
of Pharmacy, Fudan University.
Dr. Shao obtained a bachelor’s degree in science in organic chemistry from Fudan University in
July 1982, a master’s degree in engineering in industrial chemistry from the University of Tokyo in
March 1990, and a doctorate in engineering in industrial chemistry from the same university in March
1993.
SENIOR MANAGEMENT
The following table sets out certain information of our senior management.
Name Age Position
Date of
appointment
as senior
management
Earliest of
joining our
Group Responsibilities
Dr. Sui Xiong CAI
(ᇹ༹ඪ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
68 Executive Director
and Chief
Executive
Officer
January 2010 January 2010 Overall strategic
planning of our
Group and business
operations and
making key business
and operational
decisions of our
Group
Dr. Y e Edward TIAN
(͞௉) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
69 Executive Director,
Executive Vice
President &
Chief Scientific
Officer
October 2009 October 2009 Overseeing the
Group’s innovative
R&D activities
Ms. Ning MA
(৵ྐྵ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
44 Executive Director
and Executive
Vice President
September 2022 September 2009 Overseeing CMC and
preclinical research
in drug development,
quality management,
portfolio project
management (PPM),
and procurement
management
Ms. Y anhua XU
(஢ዲശ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
43 Chief medical
officer
January 2025 January 2025 Overseeing the overall
clinical development
strategy of our
Group
Ms. Huijun DENG
(቎ᅆё) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
51 Finance executive
director
May 2024 May 2024 Overseeing the overall
financial
management of our
Group
Ms. Yifan HAN
(ᒵɓɭ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
36 Secretary of the
Board, Investor
relations
associate director
June 2023 June 2023 Maintaining
shareholder
relations, managing
financing activities,
and overseeing the
Group’s capital
market operations
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Dr. Sui Xiong CAI ( ᇹ༹ඪ), aged 68, is our executive Director and chief executive officer. For
details of his biography, see “— Board of Directors” above.
Dr. Y e Edward TIAN ( ͞௉), aged 69, is our executive Director, vice president and chief science
officer. For details of his biography, see “— Board of Directors” above.
Ms. Ning MA ( ৵ྐྵ), aged 44, is our executive Director and executive vice president. For details
of her biography, see “— Board of Directors” above.
Ms. Y anhua XU ( ஢ዲശ), aged 43, is our chief medical officer.
Ms. Xu has over 17 years of experience in oncology clinical research and development across
academic institutions, multinational pharmaceutical companies, and biotech enterprises. From August
2007 to July 2011, she served as a clinical physician at ZhongShan Hospital Fudan University ( ూ͇ɽ
᙮ʕʆᔼ৫), where she participated as a key sub-investigator in oncology clinical trials. Ms. Xu
served as clinical physician at AstraZeneca PLC (listed on the London Stock Exchange, Nasdaq
Stockholm and Nasdaq, ticker: AZN) from August 2011 to October 2019. From October 2019 to January
2025, Ms. Xu served as head of clinical development at Ningbo Newbay Technology Development Co.,
Ltd. (ʮ̡).
Ms. Xu obtained her master’s degree in clinical medicine from Shanghai Medical College, Fudan
University ( ూ͇ɽኪɪऎᔼኪ৫), where she completed a seven-year program specializing in internal
medicine.
Ms. Huijun DENG ( ቎ᅆё), aged 51, is our finance executive director.
From September 1997 to January 1999, she worked at Guangzhou Jinma Power Equipment Group
Investment Branch (৵ਗɢண௪ණྠҳ༟ʱʮ̡). From December 1999 to June 2008, she worked
at Xi’an Janssen Pharmaceutical Co., Ltd. (ʮ̡). From June 2008 to June 2013, she
served as the financial controller in Taigao Nutrition Technology (Beijing) Co., Ltd. (Ҧ(̏
ԯ)ʮ̡). From June 2013 to February 2019, she worked as the senior financial director in Hologic.
She has worked as the managing director of Custom Orient Capital International Co., Ltd. From March
2022 to July 2023, she served as the finance director of Beijing Coyote Bioscience Co., Ltd. ( ̏ԯ̔ˈ
ʮ̡).
Ms. Deng obtained her bachelor’s degree in economics from the Central South University (ɽ
ኪ) in the PRC July 1997; her master’s degree in professional accounting (MPAcc) from the Research
Institute (הcurrently known as Ministry of Finance of China, Institute of Fiscal
Sciences (Ӻ৫)) in the PRC in December 2007.
Ms. Deng is a Fellow of the Chartered Institute of Management Accountants (FCMA), a member
of CIMA (Chartered Institute of Management Accountants) and AICPA (American Institute of CPAs), and
holds the Chartered Global Management Accountant (CGMA) designation.
Ms. Yifan HAN ( ᒵɓɭ), aged 36, is the secretary to the Board and our investor relations associate
director.
Ms. Han has extensive experience in auditing, mergers and acquisitions, and investor relations
within the healthcare and biopharmaceutical sectors. From September 2014 to April 2016, she began her
career as an audit associate at Ernst & Y oung Hua Ming LLP . Later she served as a senior consultant in
the M&A Transaction Group at PwC Consulting from April 2016 to June 2017. She subsequently worked
as senior audit manager (M&A due diligence) at Horizon Healthcare Investment & Holding (Shanghai)
Co., Ltd. (ʮ̡), a wholly owned subsidiary of Far East Horizon Limited ( Ⴣ
ʮ̡) (stock code: 3360), from June 2017 to May 2018. She worked as a senior finance
manager at Genor Biopharma Co. Ltd. (ʮ̡), a subsidiary of JHBP (CY) HOLDINGS
LIMITED (listed on the Stock Exchange, stock code: 6998) from May 2019 to October 2020. After that,
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she worked as a senior manager of investor relations at VISEN Pharmaceuticals Shanghai Co., Ltd. ( ၪ
ᖹุ(ɪऎ)ʮ̡), a subsidiary of VISEN Pharmaceuticals (listed on the Stock Exchange, stock
code: 2561) from November 2020 to June 2023.
Ms. Han obtained a bachelor’s degrees in business administration (entrepreneurship management)
and a bachelor’s degree in German language and literature from Zhejiang University in the PRC, and a
master’s degree in German language and literature from Nanjing University in the PRC.
Ensuring Operational Stability Through a Well-Structured R&D Team
The Board is of the view that the Group maintains a strong talent pipeline and sufficient personnel
reserves. As of the Latest Practicable Date, the Group had a robust R&D team of 59 professionals who
operate under the leadership of experienced senior management and are strategically allocated across
different functions of drug discovery and development. Employee work products are classified as service
inventions and vest in the Company. The processes of product initiation, R&D, clinical trials, regulatory
submission and commercialization are undertaken collectively by various team leaders rather than
relying on any single individual.
Accordingly, the Board considers that the departure or retirement of any core R&D personnel,
including Dr. Cai or Dr. Tian, would not have a material impact on the Group’s R&D activities or its
operations as a whole, as the existing R&D team would be able to assume the relevant responsibilities
and ensure an orderly transition.
INTERESTS OF OUR DIRECTORS AND SENIOR MANAGEMENT
Save as otherwise disclosed in this prospectus, to the best knowledge, information and belief of our
Directors having made all reasonable enquiries, as of the Latest Practicable Date:
(i) none of our Directors and senior management has held any other directorship in any public
company the securities of which are listed on any securities market in Hong Kong or overseas
during the three years immediately preceding the date of this prospectus;
(ii) none of our Directors and senior management was related to other Directors and senior
management;
(iii) save as disclosed in “Appendix IV — Statutory and General Information — C. Further
Information about Our Directors and Substantial Shareholders — 3. Disclosure of Interests,”
none of our Directors and chief executive held any interest in the shares and underlying
shares of our Company and our associated corporations which should be disclosed pursuant
to Part XV of the SFO; and
(iv) there was no other matter with respect to the appointment of our Directors that needs to be
brought to the attention of our Shareholders, and there was no information relating to our
Directors that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing
Rules.
CONFIRMATION FROM OUR DIRECTORS
Each of our Directors confirms that as of the Latest Practicable Date, he or she did not have any
interest in a business which competes or is likely to compete, either directly or indirectly, with our
business which would require disclosure under Rule 8.10 of the Listing Rules. From time to time our
non-executive Directors may serve on the boards of both private and public companies within the broader
healthcare industry. However, as our non-executive Directors are not members of our executive
management team and not involved in the daily operation of our Group, we do not believe that their
interests in such companies as directors would render us incapable of carrying on our business
independently from such other companies in which our non-executive Directors may hold directorships
from time to time.
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Each of our Directors confirms that he or she (i) has obtained the legal advice referred to under
Rule 3.09D of the Listing Rules on September 20, 2025, and (ii) understands his or her obligations as
a director of a listed issuer.
Each of our independent non-executive Directors has confirmed (i) his independence as regards
each of the factors referred to in Rule 3.13(1) to (8) of the Listing Rules, (ii) he had no past or present
financial or other interest in the business of our Company or our subsidiaries or any connection with any
core connected person of our Company as of the Latest Practicable Date, and (iii) that there have been
no other factors that might affect his independence at the time of his/her appointment.
REMUNERATION OF OUR DIRECTORS AND THE FIVE HIGHEST PAID INDIVIDUALS
For details of the service contracts and appointment letters we entered into with our Directors, see
“Appendix IV — Statutory and General Information — C. Further Information about Our Directors and
Substantial Shareholders — 1. Particulars of Directors’ Service Contracts.”
The aggregate amount of emoluments of our Directors for the two years ended December 31, 2024
and 2025 amounted to approximately RMB10.50 million and RMB63.80 million, respectively. The
aggregate amount of emoluments of our five highest paid individuals for the two years ended December
31, 2024 and 2025 amounted to approximately RMB6.34 million and RMB12.80 million, respectively.
Under the current compensation arrangement, we estimate the total compensation before taxation,
including estimated share-based compensation, to be accrued to our Directors for the year ending
December 31, 2026 to be approximately RMB16.54 million. The actual remuneration of our Directors in
2026 may be different from the expected remuneration set out above.
Save as disclosed above, no other payments have been paid, or are payable, by our Group to our
Directors or the five highest paid individuals during the Track Record Period. No remuneration was paid
by our Company to, or receivable by, our Directors or the five highest paid individuals as an inducement
to join or upon joining our Company, or as compensation for loss of office in connection with the
management positions of any member of our Group. During the Track Record Period, none of our
Directors waived any emoluments.
JOINT COMPANY SECRETARIES
Ms. Yifan HAN ( ᒵɓɭ) was appointed as a joint company secretary of our Company with effect
from September 23, 2025. For details of her biography, see “— Senior Management” above.
Ms. Yip Chui Mei ( ໢ၯత) was appointed as a joint company secretary of our Company with
effect from September 23, 2025. Ms. Yip is an assistant manager of SWCS Corporate Services Group
(Hong Kong) Limited and has over 10 years of experience in the company secretarial field.
Ms. Yip obtained a master’s degree in corporate governance from Hong Kong Metropolitan
University (previously known as The Open University of Hong Kong) in November 2018 and is an
associate of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in
the United Kingdom.
CORPORATE GOVERNANCE
We have established three Board committees, namely the Audit Committee, the Nomination
Committee and the Remuneration Committee. Our Board committees operate in accordance with the
terms of reference established by our Board.
Audit Committee
We have established the Audit Committee with written terms of reference in compliance with Rule
3.21 of the Listing Rules and paragraph D.3 of the Corporate Governance Code. The Audit Committee
comprises one non-executive Director and two independent non-executive Directors, Mr. Chi Hung Siu
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(ጽқඪ), Mr. Tao LIU ( ᄎᏹ) and Dr. Edward Ming GUO (׼with Mr. Chi Hung Siu ( ጽқඪ)
serving as the chairperson. Mr. Siu has the appropriate accounting or related financial management
expertise as required under Rules 3.10(2) and 3.21 of the Listing Rules.
Nomination Committee
We have established the Nomination Committee with written terms of reference in compliance with
Rule 3.27A of the Listing Rules and paragraph B.3 of the Corporate Governance Code. The Nomination
Committee comprises one executive Director, one non-executive Director and three independent
non-executive Directors, namely Dr. Cong XU (ᑋ), Dr. Edward Ming GUO (׼Dr. Liming SHAO
(׼Mr. Chi Hung Siu ( ጽқඪ), and Ms. Ning MA ( ৵ྐྵ), with Dr. Liming SHAO (׼serving
as the chairperson.
Remuneration Committee
We have established the Remuneration Committee with written terms of reference in compliance
with Rule 3.25 of the Listing Rules and paragraph E.1 of the Corporate Governance Code. The
Remuneration Committee comprises one non-executive Director and two independent non-executive
Directors, namely Dr. Edward Ming GUO (׼Mr. Chi Hung Siu ( ጽқඪ) and Dr. Qiang XU, with
Dr. Edward Ming GUO (׼serving as the chairperson.
Corporate Governance Code
Our Company is committed to achieving high standards of corporate governance and intends to
comply with the Corporate Governance Code after the Listing.
Diversity Policy
We have adopted a diversity policy which sets out the objective and approach for achieving and
maintaining the diversity of our Board and our workforce. In accordance with the diversity policy, we
seek to achieve Board diversity by taking into account a number of factors, including but not limited to
gender, age, ethnicity, culture and educational background, professional experience, skills, knowledge
and length of service. The ultimate selection of Board candidates will be based on merit and potential
contribution to our Board having due regard to the benefits of diversity on our Board and also the specific
needs of our Company without focusing on a single diversity aspect. We are also committed to promoting
diversity within our workforce (including senior management) to enhance the effectiveness of our
corporate governance as a whole.
Our Directors have a balanced mix of knowledge and skills, including overall management and
strategic development as well as knowledge and experience in areas such as biotech and pharmaceutical
R&D, biomedical and financial industries, venture capital, organic and industrial chemistry, drug
development, regulatory affairs, project and corporate management and accounting. They obtained
degrees in various fields including organic chemistry, pharmacology, neuroscience, chemistry, clinical
medicine, business administration, agriculture, science, industrial chemistry, engineering and medicine.
Furthermore, our Board has a diverse age and gender representation with one female Director and eight
male Directors ranging from 40 years old to 69 years old.
After the Listing, we will from time to time discuss and agree on expected goals to ensure diversity,
and review and, where necessary, update the diversity policy to ensure its continued effectiveness. We
will report on the implementation of the diversity policy in our corporate governance report on an annual
basis.
EMPLOYEE INCENTIVE SCHEME
We adopted the Employee Incentive Scheme on January 26, 2025. For further information
regarding the terms and information of the participants of the Employee Incentive Scheme, see “History,
Development and Corporate Structure” and “Appendix IV — Statutory and General Information — D.
Employee Incentive Scheme.”
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COMPLIANCE ADVISOR
We have appointed Rainbow Capital (HK) Limited as our Compliance Advisor pursuant to Rule
3A.19 of the Listing Rules. The Compliance Advisor will provide us with guidance and advice as to
compliance with the Listing Rules and applicable laws and regulations. Pursuant to Rule 3A.23 of the
Listing Rules, the Compliance Advisor will advise our Company in certain circumstances, including:
(i) before the publication of any regulatory announcement, circular or financial report;
(ii) where a transaction, which might be a notifiable or connected transaction, is contemplated,
including share issues, sales or transfer of treasury shares and share repurchases;
(iii) where we propose to use the proceeds from the Global Offering in a manner different from
that detailed in this prospectus or where our business activities, developments or results
deviate from any forecast, estimate or other information in this prospectus; and
(iv) where the Stock Exchange makes an inquiry to our Company under Rule 13.10 of the Listing
Rules.
Pursuant to the Note to Rule 3A.24 of the Listing Rules, the Compliance Adviser must, on a timely
basis, inform our Company of any amendment or supplement to the Listing Rules and any new or
amended laws and regulations in Hong Kong applicable to us.
The term of appointment of our Compliance Advisor will commence on the Listing Date and is
expected to end on the date on which our Company complies with Rule 13.46 of the Listing Rules in
respect of our financial results for the first full financial year commencing after the Listing Date.
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THE CORNERSTONE PLACING
We have entered into cornerstone investment agreements (each a “ Cornerstone Investment
Agreement ”, and together, the “ Cornerstone Investment Agreements ”) with the cornerstone investors
set out below (each a “ Cornerstone Investor ”, and together, the “ Cornerstone Investors ”), pursuant to
which the Cornerstone Investors have agreed to, subject to certain conditions, subscribe, or cause their
designated entities to subscribe, at the Offer Price for such number of Offer Shares (rounded down to the
nearest whole board lot of 200 H Shares) that may be purchased for an aggregate amount of
approximately US$35.87 million (or approximately HK$280.98 million, calculated based on the
exchange rate set out in the section headed “Information about this Prospectus and the Global Offering
— Exchange Rate Conversion”) (the “ Cornerstone Placing ”).
Assuming an Offer Price of HK$19.75, being the low-end of the indicative Offer Price range set
out in this Prospectus, the total number of Offer Shares to be subscribed by the Cornerstone Investors
would be 14,176,600 Offer Shares, representing approximately (i) 33.77% of the Offer Shares and 5.13%
of our total issued share capital immediately upon completion of the Global Offering (assuming the
Over-allotment Option is not exercised); and (ii) 29.37% of the Offer Shares and 5.02% of our total
issued share capital immediately upon completion of the Global Offering (assuming the Over-allotment
Option is fully exercised).
Assuming an Offer Price of HK$20.75, being the mid-point of the indicative Offer Price range set
out in this Prospectus, the total number of Offer Shares to be subscribed by the Cornerstone Investors
would be 13,493,800 Offer Shares, representing approximately (i) 32.15% of the Offer Shares and 4.89%
of our total issued share capital immediately upon completion of the Global Offering (assuming the
Over-allotment Option is not exercised); and (ii) 27.95% of the Offer Shares and 4.78% of our total
issued share capital immediately upon completion of the Global Offering (assuming the Over-allotment
Option is fully exercised).
Assuming an Offer Price of HK$21.75, being the high-end of the indicative Offer Price range set
out in this Prospectus, the total number of Offer Shares to be subscribed by the Cornerstone Investors
would be 12,873,400 Offer Shares, representing approximately (i) 30.67% of the Offer Shares and 4.66%
of our total issued share capital immediately upon completion of the Global Offering (assuming the
Over-allotment Option is not exercised); and (ii) 26.67% of the Offer Shares and 4.56% of our total
issued share capital immediately upon completion of the Global Offering (assuming the Over-allotment
Option is fully exercised).
We believe that the Cornerstone Placing demonstrates our Cornerstone Investors’ confidence in our
Company and its business prospect, and that the Cornerstone Placing will help to raise the profile of our
Company. Our Company became acquainted with each of the Cornerstone Investors in its ordinary course
of operation through the Group’s business network or through introduction by the Overall Coordinators
in the Global Offering.
Among the Cornerstone Investors, (i) each of LA V Star Limited (“ LA V Star ”) and LA V Star
Opportunities Limited (“ LA V Star Opportunities ”) is a close associate of LA V Innovation Hong Kong
Co., Limited, LA V Enterprise Hong Kong Limited, LA V Impetus Limited and LA V Integra Limited
(together “ LA V USD ”), each an existing shareholder of our Company, (ii) each of Huang River
Investment Limited (“ Huang River ”) and Prosper High Holding Limited (“ Prosper High ”) is a close
associate of Guangxi Tencent V enture Investment Co., Ltd. (ʮ̡)( “ Tencent ”),
an existing shareholder of our Company, and (iii) Worldwide Healthcare Partners LLC (“ WWHCP ”) is
an existing shareholder of our Company. LA V Star, LA V Star Opportunities, Huang River, Prosper High
and WWHCP (collectively, the “ Existing Shareholder Entities ”) have been permitted to participate in
the Cornerstone Placing pursuant to Chapter 4.15 of the Guide and paragraph 18 of Chapter 2.3 of the
Guide under a waiver from strict compliance with the requirements under Rules 9.09(b) and 10.04 of the
Listing Rules, and a waiver consent under paragraph 1C (2) of Appendix F1 to the Listing Rules granted
by the Stock Exchange. For further details of the abovementioned waiver and consent, see “Waivers and
Exemption” in this prospectus. As the Offer Shares to be subscribed by LA V Star and LA V Star
Opportunities shall be aggregated with the existing Shares held by LA V USD, the Offer Shares to be
subscribed by LA V Star and LA V Star Opportunities will not count towards the public float of the
Company under Rule 8.08 of the Listing Rules.
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The three largest public Shareholders will not hold more than 50% of the H Shares held in public
hands at the time of the Listing in compliance with Rule 8.08(3) of the Listing Rules.
The Cornerstone Placing will form part of the International Offering, and, save as otherwise
obtained consent from the Stock Exchange, the Cornerstone Investors and their respective close
associates will not subscribe for any Offer Shares under the Global Offering (other than pursuant to the
Cornerstone Investment Agreements). The Offer Shares to be subscribed by the Cornerstone Investors
will rank pari passu in all respects with the fully paid H Shares in issue following the Global Offering
of the Company and will be counted towards the public float of our Company under Rule 19A.13A of
the Listing Rules (other than the Offer Shares to be subscribed by LA V Star and LA V Star Opportunities).
Immediately following the completion of the Global Offering, other than LA V Star and LA V Star
Opportunities, (i) the Cornerstone Investors or their close associates will not, by virtue of their
cornerstone investments, have any Board representation in our Company; and (ii) none of the
Cornerstone Investors and their close associates will become a substantial Shareholder of our Company.
Other than a guaranteed allocation of the relevant Offer Shares at the final Offer Price, the Cornerstone
Investors do not have any preferential rights under each of their respective Cornerstone Investment
Agreements, as compared with other public Shareholders. There are no side arrangements or agreements
between our Company and the Cornerstone Investors or any benefit, direct or indirect, conferred on the
Cornerstone Investors by virtue of or in relation to the Listing, other than a guaranteed allocation of the
relevant Offer Shares at the final Offer Price, following the principles as set out in Chapter 4.15 of the
Guide for New Listing Applicants.
The Company is of the view that the Cornerstone Placing will help to raise the profile of the
Company and to signify that such investors have confidence in the business and prospects of the Group.
Other than the Existing Shareholder Entities, our Company became acquainted with each of the
Cornerstone Investors through the business network of the Group or through introduction by the
underwriters in the Global Offering.
To the best knowledge of the Company and after making reasonable enquiries, (i) the Cornerstone
Investors, their general partners (in the case of funds) and respective ultimate beneficial owners (other
than the Existing Shareholder Entities) are independent from our Company, the Controlling Shareholders,
our connected persons and their respective associates and they are not our existing Shareholders; (ii) the
Cornerstone Investors are independent from each other and make independent investment decisions; (iii)
the Cornerstone Investors (other than the Existing Shareholder Entities) are not accustomed to take
instructions from our Company or any of our Directors, chief executive, the Controlling Shareholders,
substantial Shareholders or existing Shareholders or any of its subsidiaries or their respective close
associates in relation to the acquisition, disposal, voting or other disposition of the Shares registered in
their name or otherwise held by them; and (iv) the subscription of Offer Shares (other than the Existing
Shareholder Entities) pursuant to the Cornerstone Investment Agreements is not directly or indirectly
financed by our Company, the Controlling Shareholders, or any of our Directors, chief executive of our
Company, substantial Shareholders, existing Shareholders or any of its subsidiaries or their respective
close associates.
As confirmed by each of the Cornerstone Investors, its subscription under the Cornerstone Placing
would be financed by its own internal financial resources, financial resources of its shareholders or the
assets managed for its investors (in the case of Cornerstone Investors which are funds or investment
managers) and it has sufficient funds to settle its respective investment under the Cornerstone Placing.
Each of the Cornerstone Investors has confirmed that all necessary approvals have been obtained with
respect to the Cornerstone Placing and that no specific approval from any stock exchange (if relevant)
or the shareholders of any listed companies (if relevant) is required for the relevant Cornerstone Placing.
Save as disclosed below, each of the Cornerstone Investors and its ultimate beneficial owner are not
listed on any stock exchange.
The Cornerstone Investors have agreed to pay for the relevant Offer Shares that they have
subscribed before dealings in the Company’s H Shares commence on the Stock Exchange. There will be
no deferred settlement of the Offer Shares to be subscribed by the Cornerstone Investors. Where delayed
delivery takes place, each Cornerstone Investor that may be affected by such delayed delivery
arrangement has agreed that it shall nevertheless pay for the relevant Offer Shares in full before the
Listing. Such delayed delivery arrangement is in place to facilitate the over-allocation in the International
Offering. There will be no delayed delivery if there is no over-allocation in the International Offering.
CORNERSTONE INVESTORS
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The total number of Offer Shares to be subscribed by the Cornerstone Investors may be affected
by reallocation of the Offer Shares between the International Offering and the Hong Kong Public
Offering. If the total demand for H shares in the Hong Kong Public Offering falls within the circumstance
as set out in the section headed “Structure of the Global Offering — The Hong Kong Public Offering —
Reallocation” in this Prospectus, our Company and the Overall Coordinators have the absolute discretion,
but not obliged, to deduct the number of Offer Shares to be subscribed by the Cornerstone Investors on
a pro rata basis in accordance with the terms of the Cornerstone Investment Agreements to satisfy the
public demands under the Hong Kong Public Offering. Details of the actual number of Offer Shares to
be allocated to the Cornerstone Investors will be disclosed in the allotment results announcement of our
Company to be published on or around May 12, 2026.
THE CORNERSTONE INVESTORS
The information about our Cornerstone Investors set forth below has been provided by the
Cornerstone Investors in connection with the Cornerstone Placing.
Nanjing Biotech and Pharmaceutical Valley Construction and Development Co., Ltd. and HTCI (in
connection with Huatai Back-to-back TRS and the Huatai Client TRS)
Huatai Capital Investment Limited (“ HTCI ”) will act as the single counterparty of a back-to-back
total return swap transaction (the “ Huatai Back-to-back TRS ”) to be entered into by HTCI and Huatai
Securities Co., Ltd. (“ Huatai Securities ”) in connection with a total return swap order (the “ Huatai
Client TRS ”) placed by and fully funded by ultimate client (the “ Ultimate Client (BPV) ”), by which
HTCI will pass the full economic exposure of the Offer Shares placed to HTCI ultimately to the Ultimate
Client (BPV). HTCI will hold the Offer Shares on a non-discretionary basis to hedge the Huatai
Back-to-back TRS in connection with the Huatai Client TRS order placed by the Ultimate Client (BPV),
and will pass on the full economic exposure of the Offer Shares ultimately to the Ultimate Client (BPV)
through the Huatai Back-to-back TRS and the Huatai Client TRS, subject to customary fees and
commissions. HTCI will not take part in any economic return or bear any economic loss in relation to
the Offer Shares. The Ultimate Client (BPV) may, after expiration of the lock-up period beginning from
the date of the cornerstone investment agreement entered into among HTCI, the Company, the Overall
Coordinators and the Joint Sponsors, and ending on the date which is six months from the Listing Date,
request to early terminate the Huatai Client TRS at its own discretion. Upon the final maturity or early
termination of the Huatai Client TRS by the Ultimate Client (BPV), HTCI will accordingly terminate the
Huatai Back-to-back TRS and dispose of the Offer Shares on the secondary market and the Ultimate
Client (BPV) will receive a final settlement amount of the Huatai Client TRS in cash in accordance with
the terms and conditions of the Huatai Back-to-back TRS and the Huatai Client TRS. HTCI will not
exercise the voting right of the Offer Shares during the tenor of the Huatai Back-to-back TRS.
To the best of HTCI’s knowledge after having made all reasonable inquiries, the Ultimate Client
(BPV) is an Independent Third Party of (i) the Company, the connected persons or associates thereof, and
(ii) HTCI and the companies which are members of the same group of HTCI.
HTCI is an indirectly wholly-owned subsidiary of Huatai Securities, of which its shares are listed
on the Shanghai Stock Exchange (stock code: 601688) and the Stock Exchange (stock code: 6886), and
the global depositary receipts of which are listed on the London Stock Exchange (LON: HTSC).
The Ultimate Client (BPV) is Nanjing Biotech and Pharmaceutical V alley Construction and
Development Co., Ltd. (ʮ̡)( “ BPV”). BPV is wholly owned by Nanjing
Jiangbei New Area Industrial Investment Group Co., Ltd. (ʮ̡), which
is directly owned as to approximately 40.71% by Nanjing Jiangbei New Area Management Committee
(Nanjing High Technology Industrial Development Management Committee, China (Jiangsu) Pilot Free
Trade Zone Nanjing Area Management Committee) (ึ(ԯ৷อҦஔପุක೯ਜ
ึeʕ਷(Ϫᘽ)ึ)) (“ Nanjing Jiangbei New Area ”), and
approximately 43.33% Nanjing Y angtze State-owned Assets Investment Group Co., Ltd. (ԯ౮ɿ਷༟
ப΂ʮ̡), which is in turn wholly owned by Nanjing Jiangbei New Area. Nanjing Jiangbei
New Area is ultimately administered by Nanjing government of Jiangsu province.
CORNERSTONE INVESTORS
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Tencent Holdings
Huang River Investment Limited (“ Huang River ”) is wholly owned by Tencent Holdings Limited
(“Tencent Holdings ”), a company listed on the Stock Exchange (stock code: 00700 (HKD Counter) and
80700 (RMB Counter)). Tencent is principally engaged in the provision of communication, social, digital
content, games, marketing services, fintech and business services in the PRC.
Prosper High Holding Limited (“ Prosper High ”) is an exempted company with limited liability
incorporated in the Cayman Islands. Prosper High is wholly owned by TPP Fund II, L.P ., whose general
partner is TPP GP II, Ltd., which is in turn ultimately controlled by Tencent Holdings. No limited partner
of TPP Fund II, L.P . holds 30% or more partnership interest.
LA V
LA V Star Limited (“ LA V Star”) is wholly owned by LA V Fund VI, L.P . (“ LA V Fund VI ”). The
general partner of LA V Fund VI is LA V GP VI, L.P ., whose general partner is LA V Corporate VI GP , Ltd.,
a Cayman exempted company wholly owned by Dr. Yi SHI (“ Dr. Shi ”). None of the limited partners of
LA V Fund VI holds 30% or more of the partnership interest.
LA V Star Opportunities Limited (“ LA V Star Opportunities ”) is wholly owned by LA V Fund VI
Opportunities, L.P . (“ LA V Opportunities ”). The general partner of LA V Opportunities is LA V GP VI
Opportunities, L.P ., whose general partner is LA V Corporate VI GP Opportunities, Ltd., a Cayman
exempted company wholly owned by Dr. Shi. None of the limited partners of LA V Opportunities holds
30% or more of the partnership interest.
LA V Star and LA V Star Opportunities are within a group of offshore investment vehicles, the
investments of which are denominated in U.S. dollar, controlled by Dr. Shi.
Foresight
Foresight Global Superior Choice SPC — Global Superior Choice Fund 1 SP (“ GSC Fund 1 ”),
Foresight Global Superior Choice SPC — Vision Fund 1 SP (“ Vision Fund 1 ”), Foresight Global
Superior Choice SPC — Horizon Fund 1 SP (“ Horizon Fund 1 ”) and Foresight Global Superior Choice
SPC — Horizon Next SP (“ Horizon Next Fund ”, together with other funds, the “ Funds ”) are all sub
funds of Foresight Global Superior Choice SPC, which was incorporated in the Cayman Islands on
October 17, 2016. The Funds are currently managed on discretionary basis by Foresight Fund (Hong
Kong) Limited (“ Foresight HK ”), a wholly owned subsidiary of Foresight Fund Management Company.
Foresight HK was incorporated in Hong Kong on April 26, 2022, and has been a licensed corporation as
defined under the SFO for Type 4 (Advising on Securities) and Type 9 (Asset management) since March
24, 2023. Foresight Fund Management Company is the investment advisor of the Funds and is a
Shanghai-based asset management company and was founded by Mr. Chen Guangming. No ultimate
beneficial owner of any limited partner or general partner holds 30% or more interest in the Funds. Apart
from Mr. Chen Guangming (׼no other ultimate beneficial owner holds 30% or more interest in
Foresight Fund Management Company.
WWHCP
Worldwide Healthcare Partners LLC (“ WWHCP ”) is a limited liability company organized under
the laws of the State of Delaware. Exome Asset GP LLC, a Delaware limited liability company, serves
as the general partner of WWHCP . WWHCP is held by more than 30 limited partners and none of the
limited partners hold 30% or more interests in this fund. Exome Asset Management LLC, a Delaware
limited liability company, is the investment manager of WWHCP . Exome Holdco LLC is the ultimate
beneficial owner of Exome Asset GP LLC and Exome Asset Management LLC. Exome Holdco LLC is
owned by Samuel Isaly, Alex Forschner and Joseph Narvaez as to 76%, 12% and 12%, respectively.
CORNERSTONE INVESTORS
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First Quarter Moon OFC — Phecda Fund
First Quarter Moon OFC — Phecda Fund (the “ Sub-fund ”) is a sub-fund of First Quarter Moon
OFC, an open-ended fund company incorporated in Hong Kong in November 2025 governed by the SFC,
primarily engaged in investments in Hong Kong, China and US equity markets, and managed on
discretionary basis by First Quarter Moon Asset Management Limited. First Quarter Moon Asset
Management Limited is held by four individuals, namely Xin Huang, Weilin Zhang (؍Qishen Jing
(౻ᘅⴊ) and Rongrong Zhang ( ੵ࿲࿲), none of which holds 30% or more interest. Global Access
Electronics Limited holds 48.4% interest in the Sub-fund, and no other limited partner hold 30% or more
interest in the Sub-fund. Global Access Electronics Limited is wholly owned by Sai MicroElectronics
Inc. (ʮ̡), a company listed on the Shenzhen Stock Exchange (stock code:
300456).
The table below sets forth details of the Cornerstone Placing:
Based on the Offer Price of HK$19.75 (being the low-end of the indicative Offer Price range)
Assuming the Over-allotment
Option is not exercised
Assuming the Over-allotment
Option is exercised
Cornerstone Investor
Subscription
amount (1)
Number of
Offer
Shares (2)
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
(USD in
millions)
BPV and HTCI (in
connection with
Huatai Back-to-back
TRS and the Huatai
Client TRS) /H1118/H1118/H1118/H1118/H1118/H111812.25 4,860,200 11.58% 1.76% 10.07% 1.72%
Tencent Holdings
(3) /H1118/H1118/H1118 9.99 3,962,800 9.44% 1.43% 8.21% 1.40%
Huang River /H1118/H1118/H1118/H1118/H11188.00 3,173,000 7.56% 1.15% 6.57% 1.12%
Prosper High /H1118/H1118/H1118/H1118/H11181.99 789,800 1.88% 0.29% 1.64% 0.28%
LA V Entities (3) /H1118/H1118/H1118/H1118/H1118/H11185.00 1,982,800 4.72% 0.72% 4.11% 0.70%
LA V Star /H1118/H1118/H1118/H1118/H1118/H1118/H11182.50 991,400 2.36% 0.36% 2.05% 0.35%
LA V Star
Opportunities /H1118/H1118/H1118/H1118 2.50 991,400 2.36% 0.36% 2.05% 0.35%
Foresight /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185.00 1,982,800 4.72% 0.72% 4.11% 0.70%
GSC Fund 1 /H1118/H1118/H1118/H1118/H1118/H11181.45 575,000 1.37% 0.21% 1.19% 0.20%
Vision Fund 1 /H1118/H1118/H1118/H1118/H11182.55 1,011,400 2.41% 0.37% 2.10% 0.36%
Horizon Fund 1 /H1118/H1118/H1118/H1118 0.50 198,200 0.47% 0.07% 0.41% 0.07%
Horizon Next Fund /H1118/H1118 0.50 198,200 0.47% 0.07% 0.41% 0.07%
First Quarter Moon
OFC – Phecda Fund /H1118 2.5 991,400 2.36% 0.36% 2.05% 0.35%
WWHCP (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181.00 396,600 0.94% 0.14% 0.82% 0.14%
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835.74 14,176,600 33.77% 5.13% 29.37% 5.02%
Notes:
(1) Exclusive of brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction levy, and are to
be converted to Hong Kong dollars based on the exchange rate as disclosed in this prospectus.
(2) Subject to rounding down to the nearest whole board lot of 200 Offer Shares. Calculated based on the exchange rate set out
in the section headed “Information about this Prospectus and the Global Offering — Exchange Rate Conversion”.
(3) Each of LA V Star and LA V Star Opportunities is a close associate of LA V USD. Taking into account the number of Offer
Shares to be subscribed by LA V Star and LA V Star Opportunities, LA V USD will hold an aggregate of 38,565,860 H Shares
upon the completion of the Global Offering, representing approximately 13.96% of the total issued share capital of the
Company (assuming the Over-allotment Option is not exercised), and approximately 13.65% of the total issued share capital
of the Company (assuming the Over-allotment Option is exercised).
CORNERSTONE INVESTORS
– 278 –


--- page 288 ---
Each of Huang River and Prosper High is a close associate of Tencent. Taking into account the number of Offer Shares to
be subscribed by Huang River and Prosper High, Tencent Holdings will hold an aggregate of 19,556,333 H Shares upon the
completion of the Global Offering, representing approximately 7.08% of the total issued share capital of the Company
(assuming the Over-allotment Option is not exercised), and approximately 6.92% of the total issued share capital of the
Company (assuming the Over-allotment Option is exercised).
WWHCP is an existing shareholder of the Company. Exome Asset Management LLC is the investment manager of WWHCP
and Emerging Markets Healthcare Partners LLC (“ EMH”), another existing shareholder the Company. Taking into account
the number of Offer Shares to be subscribed by WWHCP , WWHCP and EMH will collectively hold an aggregate of 1,312,646
H Shares upon the completion of the Global Offering, representing approximately 0.48% of the total issued share capital of
the Company (assuming the Over-allotment Option is not exercised), and approximately 0.46% of the total issued share
capital of the Company (assuming the Over-allotment Option is exercised).
Based on the Offer Price of HK$20.75 (being the mid-point of the indicative Offer Price range)
Assuming the Over-allotment
Option is not exercised
Assuming the Over-allotment
Option is exercised
Cornerstone Investor
Subscription
amount (1)
Number of
Offer
Shares (2)
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
(USD in
millions)
BPV and HTCI (in
connection with
Huatai Back-to-back
TRS and the Huatai
Client TRS) /H1118/H1118/H1118/H1118/H1118/H111812.25 4,626,000 11.02% 1.68% 9.58% 1.64%
Tencent Holdings
(3) /H1118/H1118/H1118 9.99 3,771,800 8.99% 1.37% 7.81% 1.34%
Huang River /H1118/H1118/H1118/H1118/H11188.00 3,020,000 7.19% 1.09% 6.26% 1.07%
Prosper High /H1118/H1118/H1118/H1118/H11181.99 751,800 1.79% 0.27% 1.56% 0.27%
LA V Entities (3) /H1118/H1118/H1118/H1118/H1118/H11185.00 1,887,600 4.50% 0.68% 3.91% 0.67%
LA V Star /H1118/H1118/H1118/H1118/H1118/H1118/H11182.50 943,800 2.25% 0.34% 1.96% 0.33%
LA V Star
Opportunities /H1118/H1118/H1118/H1118 2.50 943,800 2.25% 0.34% 1.96% 0.33%
Foresight /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185.00 1,887,200 4.50% 0.68% 3.91% 0.67%
GSC Fund 1 /H1118/H1118/H1118/H1118/H1118/H11181.45 547,400 1.30% 0.20% 1.13% 0.19%
Vision Fund 1 /H1118/H1118/H1118/H1118/H11182.55 962,600 2.29% 0.35% 1.99% 0.34%
Horizon Fund 1 /H1118/H1118/H1118/H1118 0.50 188,600 0.45% 0.07% 0.39% 0.07%
Horizon Next Fund /H1118/H1118 0.50 188,600 0.45% 0.07% 0.39% 0.07%
First Quarter Moon
OFC – Phecda Fund /H1118 2.5 943,800 2.25% 0.34% 1.96% 0.33%
WWHCP (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181.00 377,400 0.90% 0.14% 0.78% 0.13%
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835.74 13,493,800 32.15% 4.89% 27.95% 4.78%
Notes:
(1) Exclusive of brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction levy, and are to
be converted to Hong Kong dollars based on the exchange rate as disclosed in this prospectus.
(2) Subject to rounding down to the nearest whole board lot of 200 Offer Shares. Calculated based on the exchange rate set out
in the section headed “Information about this Prospectus and the Global Offering — Exchange Rate Conversion”.
(3) Each of LA V Star and LA V Star Opportunities is a close associate of LA V USD. Taking into account the number of Offer
Shares to be subscribed by LA V Star and LA V Star Opportunities, LA V USD will hold an aggregate of 38,470,660 H Shares
upon the completion of the Global Offering, representing approximately 13.93% of the total issued share capital of the
Company (assuming the Over-allotment Option is not exercised), and approximately 13.62% of the total issued share capital
of the Company (assuming the Over-allotment Option is exercised).
Each of Huang River and Prosper High is a close associate of Tencent. Taking into account the number of Offer Shares to
be subscribed by Huang River and Prosper High, Tencent Holdings will hold an aggregate of 19,365,333 H Shares upon the
completion of the Global Offering, representing approximately 7.01% of the total issued share capital of the Company
(assuming the Over-allotment Option is not exercised), and approximately 6.86% of the total issued share capital of the
Company (assuming the Over-allotment Option is exercised).
WWHCP is an existing shareholder of the Company. Exome Asset Management LLC is the investment manager of WWHCP
and EMH, another existing shareholder the Company. Taking into account the number of Offer Shares to be subscribed by
WWHCP , WWHCP and EMH will collectively hold an aggregate of 1,293,446 H Shares upon the completion of the Global
Offering, representing approximately 0.47% of the total issued share capital of the Company (assuming the Over-allotment
Option is not exercised), and approximately 0.46% of the total issued share capital of the Company (assuming the
Over-allotment Option is exercised).
CORNERSTONE INVESTORS
– 279 –


--- page 289 ---
Based on the Offer Price of HK$21.75 (being the high-end of the indicative Offer Price range)
Assuming the Over-allotment
Option is not exercised
Assuming the Over-allotment
Option is exercised
Cornerstone Investor
Subscription
amount (1)
Number of
Offer
Shares (2)
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
Approximate
%o ft h e
Offer Shares
Approximate
% of the total
issued share
capital
(USD in
millions)
BPV and HTCI (in
connection with
Huatai Back-to-back
TRS and the Huatai
Client TRS) /H1118/H1118/H1118/H1118/H1118/H111812.25 4,413,200 10.51% 1.60% 9.14% 1.56%
Tencent Holdings
(3) /H1118/H1118/H1118 9.99 3,598,400 8.57% 1.30% 7.45% 1.27%
Huang River /H1118/H1118/H1118/H1118/H11188.00 2,881,200 6.86% 1.04% 5.97% 1.02%
Prosper High /H1118/H1118/H1118/H1118/H11181.99 717,200 1.71% 0.26% 1.49% 0.25%
LA V Entities (3) /H1118/H1118/H1118/H1118/H1118/H11185.00 1,800,800 4.29% 0.65% 3.73% 0.64%
LA V Star /H1118/H1118/H1118/H1118/H1118/H1118/H11182.50 900,400 2.14% 0.33% 1.87% 0.32%
LA V Star
Opportunities /H1118/H1118/H1118/H1118 2.50 900,400 2.14% 0.33% 1.87% 0.32%
Foresight /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185.00 1,800,600 4.29% 0.65% 3.73% 0.64%
GSC Fund 1 /H1118/H1118/H1118/H1118/H1118/H11181.45 522,200 1.24% 0.19% 1.08% 0.18%
Vision Fund 1 /H1118/H1118/H1118/H1118/H11182.55 918,400 2.19% 0.33% 1.90% 0.33%
Horizon Fund 1 /H1118/H1118/H1118/H1118 0.50 180,000 0.43% 0.07% 0.37% 0.06%
Horizon Next Fund /H1118/H1118 0.50 180,000 0.43% 0.07% 0.37% 0.06%
First Quarter Moon
OFC – Phecda Fund /H1118 2.5 900,400 2.14% 0.33% 1.87% 0.32%
WWHCP (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181.00 360,000 0.86% 0.13% 0.75% 0.13%
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835.74 12,873,400 30.67% 4.66% 26.67% 4.56%
Notes:
(1) Exclusive of brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction levy, and are to
be converted to Hong Kong dollars based on the exchange rate as disclosed in this prospectus.
(2) Subject to rounding down to the nearest whole board lot of 200 Offer Shares. Calculated based on the exchange rate set out
in the section headed “Information about this Prospectus and the Global Offering — Exchange Rate Conversion”.
(3) Each of LA V Star and LA V Star Opportunities is a close associate of LA V USD. Taking into account the number of Offer
Shares to be subscribed by LA V Star and LA V Star Opportunities, LA V USD will hold an aggregate of 38,383,860 H Shares
upon the completion of the Global Offering, representing approximately 13.90% of the total issued share capital of the
Company (assuming the Over-allotment Option is not exercised), and approximately 13.59% of the total issued share capital
of the Company (assuming the Over-allotment Option is exercised).
Each of Huang River and Prosper High is a close associate of Tencent. Taking into account the number of Offer Shares to
be subscribed by Huang River and Prosper High, Tencent Holdings will hold an aggregate of 19,191,933 H Shares upon the
completion of the Global Offering, representing approximately 6.95% of the total issued share capital of the Company
(assuming the Over-allotment Option is not exercised), and approximately 6.79% of the total issued share capital of the
Company (assuming the Over-allotment Option is exercised).
WWHCP is an existing shareholder of the Company. Exome Asset Management LLC is the investment manager of WWHCP
and EMH, another existing shareholder the Company. Taking into account the number of Offer Shares to be subscribed by
WWHCP , WWHCP and EMH will collectively hold an aggregate of 1,276,046 H Shares upon the completion of the Global
Offering, representing approximately 0.46% of the total issued share capital of the Company (assuming the Over-allotment
Option is not exercised), and approximately 0.45% of the total issued share capital of the Company (assuming the
Over-allotment Option is exercised).
CORNERSTONE INVESTORS
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CLOSING CONDITIONS
The obligation of each Cornerstone Investor to subscribe for the Offer Shares under the respective
Cornerstone Investment Agreement is subject to, among other things, the following closing conditions:
(a) the Underwriting Agreements for the Hong Kong Public Offering and the International
Offering being entered into and having become effective and unconditional (in accordance
with their respective original terms or as subsequently waived or varied by agreement of the
parties thereto) by no later than the time and date as specified in the Underwriting
Agreements, and neither of the Underwriting Agreements having been terminated;
(b) the Offer Price having been agreed between the Company and the Overall Coordinators (for
themselves and on behalf of the Underwriters) of the Global Offering and the Price
Determination Agreement having been entered into by the parties thereto;
(c) the Listing Committee of the Stock Exchange having granted the approval for the listing of,
and permission to deal in, the H Shares (including the H Shares subscribed for by the
Cornerstone Investors) as well as other applicable waivers and approvals, and such approval,
permission or waiver having not been revoked prior to the commencement of dealings in the
H Shares on the Stock Exchange;
(d) the CSRC having accepted the CSRC Filing (as defined under the respective Cornerstone
Investment Agreement) and published the filing results in respect of the CSRC Filing on its
website, and such notice of acceptance and/or filing results published not having otherwise
been rejected, withdrawn, revoked or invalidated prior to the commencement of dealings in
the H Shares on the Stock Exchange;
(e) no laws shall have been enacted or promulgated by any governmental authority which
prohibits the consummation of the transactions contemplated in the Global Offering or in the
respective Cornerstone Investment Agreements and there shall be no orders or injunctions
from a court of competent jurisdiction in effect precluding or prohibiting consummation of
such transactions; and
(f) the respective acknowledgements, representations, warranties, undertakings and
confirmations of relevant Cornerstone Investor under the respective Cornerstone Investment
Agreement are (as of the date of the respective Cornerstone Investment Agreement) and will
be (as of the Listing Date) accurate, complete and true in all respects or all material respects
(as the case may be) and not misleading or deceptive and that there is no material breach of
the respective Cornerstone Investment Agreement on the part of the relevant Cornerstone
Investor.
RESTRICTIONS ON THE CORNERSTONE INVESTORS
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at any
time during the period of six months from (and inclusive of) the Listing Date (the “ Lock-up Period ”),
dispose of, in any way, any of the Offer Shares or any interest in any company or entity holding such
Offer Shares that they have purchased pursuant to the relevant Cornerstone Investment Agreement, save
for certain limited circumstances, such as transfers to any of its wholly-owned subsidiaries, entities under
the same management or control (as the case maybe) who will be bound by the same obligations of such
Cornerstone Investor, including the Lock-up Period restriction.
CORNERSTONE INVESTORS
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FUTURE PLANS
See “Business — Our Strategies” in this prospectus for a detailed description of our future plans.
USE OF PROCEEDS
We estimate that we will receive net proceeds from the Global Offering of approximately HK$781
million, after deducting estimated underwriting commissions, fees and expenses payable by us in
connection with the Global Offering, assuming an Offer Price of HK$20.75 per H Share, being the
mid-point of the indicative Offer Price range of HK$19.75 to HK$21.75 per H Share, and assuming the
Over-allotment Option is not exercised.
We currently intend to apply the net proceeds from the Global Offering as follows:
(a) Approximately 51%, or HK$398.37 million, will be used to fund the ongoing and planned
clinical development, regulatory approval as well as commercialization of our Core Product,
senaparib, of which:
(i) Approximately 30%, or HK$234.33 million, will be used to fund the ongoing clinical
development and regulatory approval of senaparib in ovarian cancer (OC):
(1) Approximately 6%, or HK$46.87 million, will be used to fund the follow-up
study of the Phase III registrational trial (FLAMES study), which supported the
regulatory approval of senaparib as the 1L maintenance therapy for OC
“all-comers” in China. The funds will support continued patient monitoring and
data collection through 2027, including OS and other long-term efficacy and
safety endpoints, with the SABRINA trial expected to receive NDA approval in
the first half of 2027.
(2) Approximately 4%, or HK$31.24 million, will be used to fund the regulatory
development of senaparib globally, including pursuing regulatory approval of
senaparib as 1L maintenance therapy for OC “all comers” in Europe, where MAA
was officially accepted by the EMA in August 2025, as well as regulatory
approvals for this indication in other regions. The funds will support regulatory
activities including submissions, agency interactions, and post-approval
commitments, with the EMA approval expected in the second half of 2026.
(3) Approximately 20%, or HK$156.22 million, will be used to fund the ongoing
global Phase Ib/II trial developing senaparib in combination with IMP9064, an
A TR inhibitor and our Key Product, for PARP inhibitor-treated OC, with Phase
Ib data read-out expected in the second half of 2026. The funds will support
patient enrollment, clinical site operations, and biomarker analyses through
completion of the Phase II portion, expected by 2028.
(ii) Approximately 15%, or HK$117.17 million, will be used to fund the ongoing and
planned clinical development of senaparib as combination therapies in other advanced
solid tumors, of which:
(1) Approximately 2%, or HK$15.62 million, will be used to fund the ongoing global
Phase Ib/II trial of senaparib in combination with temozolomide (TMZ) for small
cell lung cancer (SCLC), which has received Orphan Drug Designation (ODD)
from the FDA. The funds will support completion of patient enrollment and
follow-up, with final Phase II data read-out expected in the second half of 2026.
FUTURE PLANS AND USE OF PROCEEDS
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(2) Approximately 13%, or HK$101.54 million, will be used to fund planned clinical
development of senaparib in combination with antibody-drug conjugates (ADCs),
radionuclide-drug conjugates (RDCs), anti-angiogenic agents, and immune
checkpoint inhibitors for other advanced solid tumors. The funds will support
initiation of exploratory combination trials and further development through
2028.
For details of senaparib’s clinical development plan, see “Business — Strategies —
Unlock the full-cycle value of senaparib as the cornerstone of our growth through
commercialization, indication expansion, and global development” and “Business —
Our Pipeline — Senaparib (IMP4297), Our Core Product, a PARP1/2 Inhibitor with A
Compelling Clinical Profile — Clinical Development Plan.”
(iii) Approximately 6%, or HK$46.87 million, will be used to fund the commercialization
of senaparib in China as 1L maintenance therapy for OC “all-comers” in China,
including (i) conducting medical affairs, marketing and distribution activities, (ii)
secure manufacturing capacity and commercial supply of senaparib, and (iii) recruiting
additional personnel to expand our in-house commercial team. For details of our
commercialization plan, see “Business — Commercialization.”
(b) Approximately 31%, or HK$242.15 million, will be used to fund the ongoing clinical
development of our Key Products, IMP1734 and IMP9064, including:
(i) Approximately 21%, or HK$164.03 million, will be used to fund the ongoing clinical
trials of IMP1734, of which:
(1) Approximately 7%, or HK$54.68 million, will be used to fund the ongoing Phase
I/II trial of IMP1734 as monotherapy for advanced solid tumors and advanced
breast cancer (BC). The funds will support patient enrollment and clinical
operations through the expected Phase II data read-out in December 2026, and
will further enable the advancement toward subsequent pivotal studies through
2028.
(2) Approximately 7%, or HK$54.68 million, will be used to fund the ongoing Phase
I trial of IMP1734 in combination with abiraterone for the treatment of prostate
cancer. The funds will support dose escalation, patient enrollment, and safety
assessments, with Phase I data read-out expected in the second half of 2026, and
will further enable the advancement toward subsequent pivotal studies through
2028.
(3) Approximately 7%, or HK$54.68 million, will be used to fund the ongoing Phase
I trial of IMP1734 in combination with paclitaxel for the treatment of OC and BC.
The funds will support dose escalation and initial efficacy assessments, with
Phase I data read-out expected in the second half of 2026, and will further enable
the advancement toward subsequent pivotal studies through 2028.
For details of IMP1734’s clinical development plan, see “Business — Our Pipeline —
IMP1734, Our Key Product, a Highly Potent, Next-Generation PARP1 Selective
Inhibitor in Phase I/II Stage — Clinical Development Plan.”
(ii) Approximately 10%, or HK$78.11 million, will be used to fund the ongoing Phase I/II
trial of IMP9064 monotherapy and combination therapies for the treatment of advanced
solid tumors.
For details of IMP9064’s clinical development plan, please see “Business — Our
Pipeline — IMP9064, Our Key Product, an A TR Inhibitor in Phase II Stage — Clinical
Development Plan.”
FUTURE PLANS AND USE OF PROCEEDS
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(c) Approximately 8%, or HK$62.49 million, will be used to fund the research and development
activities for our other pipeline assets, IMP1707, IMP7068, IMP22, IMP25, IMP08, IMP13
and IMP10. For details, see “Business — Strategies — Enhance our synthetic lethality
capabilities by strategically developing our pipeline.”
(d) Approximately 8%, or HK$62.49 million, will be used to fund the development of our R&D
platforms and to expand our drug pipeline:
(i) Approximately 6%, or HK$46.87 million, will be used to fund the continued
development of our self-developed R&D platforms underpinning our therapeutic
innovation, of which:
(1) Approximately 4%, or HK$31.24 million, will be used to advance our emerging
technology platforms comprising a linker-payload platform for ADC
development, including antibody development, linker-payload discovery, and
ADC conjugation. We are also pursuing preclinical development of specific drug
candidates derived from the platform.
(2) Approximately 2%, or HK$15.62 million, will be used to fund our degrader
platform, including PROTACs and molecular glues. We are pursuing preclinical
development of specific drug candidates derived from the platform.
For details, see “Business — Research and Development — Our Proprietary
Technology Platform.”
(ii) Approximately 2%, or HK$15.62 million, will be used to fund the exploration and
development of small molecule inhibitors. We aim to identify and validate novel SL
targets, initiate lead discovery and optimization for first-in-class opportunities, and
conduct preclinical efficacy studies in PDX models with biomarker-driven patient
selection strategies.
For details, see “Business — Strategies — Invest in R&D to expand innovation
frontiers and maintain a competitive edge.”
(e) Approximately 2%, or HK$15.62 million, will be used for working capital and other general
corporate purposes.
The following table sets forth the implementation timeframe for R&D and commercialisation
activities of our Core Product, senaparib:
Use of Proceeds Clinical Program Jurisdiction Current Stage
Allocated
Amount
(HK$
million)
%o fN e t
IPO
Proceeds
Expected Development
Stage and Estimated
Timeline
Clinical
Development and
Regulatory
Approval in OC /H1118/H1118
234.33 30%
FLAMES study
follow-up /H1118/H1118/H1118/H1118/H1118
1L maintenance
therapy for OC
“all-comers”
China Follow-up study 46.87 6% Complete follow-up study
by 2027
Global regulatory
development /H1118/H1118/H1118/H1118
1L maintenance
therapy for OC
“all-comers”
Europe &
others
Regulatory review 31.24 4% Obtain EMA approval in the
second half of 2026
Senaparib in
combination with
IMP9064 /H1118/H1118/H1118/H1118/H1118/H1118
PARP inhibitor-
treated OC
Global Global Phase Ib/II
trial
156.22 20% Phase Ib data read-out in the
second half of 2026;
complete
Phase II by 2028
FUTURE PLANS AND USE OF PROCEEDS
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Use of Proceeds Clinical Program Jurisdiction Current Stage
Allocated
Amount
(HK$
million)
%o fN e t
IPO
Proceeds
Expected Development
Stage and Estimated
Timeline
Combination
Therapies in
Other Advanced
Solid Tumors /H1118/H1118/H1118
117.17 15%
Senaparib in
combination with
TMZ /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
SCLC Global Global Phase Ib/II 15.62 2% Phase II data read-out in the
second half of 2026
Future combinations /H1118Future
combinations
with ADCs,
RDCs, anti-
angiogenic
agents, ICI
Global Preclinical 101.54 13% Initiation of exploratory
combination trials
between 2026 to 2027
Commercialization
in China /H1118/H1118/H1118/H1118/H1118
46.87 6%
Commercialization
activities and
manufacturing of
senaparib /H1118/H1118/H1118/H1118/H1118/H1118
1L maintenance
therapy for OC
“all-comers”
China Commercialization 46.87 6% Fund medical affairs,
marketing and distribution
activities through 2027;
secure manufacturing
capacity and commercial
supply of senaparib
through 2027
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 398.37 51%
If the net proceeds of the Global Offering are not immediately applied to the above purposes, we
will only deposit those net proceeds into short-term interest-bearing bank accounts at licensed
commercial banks and/or other authorized financial institutions (as defined under the Securities and
Futures Ordinance or applicable laws and regulations in other jurisdictions).
If the Offer Price is set at HK$21.75 per H Share, being the high end of the indicative Offer Price
range, the net proceeds from the Global Offering will increase to approximately HK$820.78 million. If
the Offer Price is set at HK$19.75 per H Share, being the low end of the indicative Offer Price range,
the net proceeds from the Global Offering will decrease to approximately HK$741.45 million. The above
allocation of the net proceeds from the Global Offering will be adjusted on a pro rata basis in the event
that the Offer Price is fixed at a higher or lower level compared to the mid-point of the indicative Offer
Price range stated in this prospectus.
If the Over-allotment Option is exercised in full, the net proceeds that we will receive will be
approximately HK$904.57 million, assuming an Offer Price of HK$20.75 per H Share (being the
mid-point of the indicative Offer Price range). In the event that the Over-allotment Option is exercised,
we intend to apply the additional net proceeds to the above purposes in the proportions stated above.
If any part of our plan does not proceed as planned for reasons such as changes in government
policies that would render any of our plans not viable, or the occurrence of force majeure events, our
Directors will carefully evaluate the situation and may reallocate the net proceeds from the Global
Offering.
We will issue an appropriate announcement if there is any material change to the above proposed
use of proceeds.
FUTURE PLANS AND USE OF PROCEEDS
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HONG KONG UNDERWRITERS
Goldman Sachs (Asia) L.L.C.
China International Capital Corporation Hong Kong Securities Limited
CMB International Capital Limited
Tiger Brokers (HK) Global Limited
UNDERWRITING ARRANGEMENTS
Hong Kong Public Offering
Hong Kong Underwriting Agreement
Pursuant to the Hong Kong Underwriting Agreement, the Company is offering 4,197,800 Hong
Kong Offer Shares (subject to reallocation) for subscription by the public in Hong Kong on and subject
to the terms and conditions of this Prospectus at the Offer Price. Subject to the Hong Kong Stock
Exchange granting the listing of, and permission to deal in, the H Shares to be issued pursuant to the
Global Offering (including any H Shares which may be issued pursuant to the exercise of the
Over-allotment Option), and certain other conditions set out in the Hong Kong Underwriting Agreement,
the Hong Kong Underwriters have agreed to severally (and not jointly or jointly and severally) subscribe
or procure subscribers for their respective applicable proportions of the Hong Kong Offer Shares now
being offered which are not taken up under the Hong Kong Public Offering on and subject to the terms
and conditions of this Prospectus and the Hong Kong Underwriting Agreement. The Hong Kong
Underwriting Agreement is conditional on and subject to, amongst other things, the International
Underwriting Agreement having been signed and becoming unconditional and not having been
terminated in accordance with its terms.
Grounds for Termination
The Joint Sponsors and the Overall Coordinators (for themselves and on behalf of the Hong Kong
Underwriters) shall, in their sole and absolute discretion, be entitled by notice (in writing) to the
Company to terminate the Hong Kong Underwriting Agreement with immediate effect if prior to 8:00
a.m. on the Listing Date:
(A) there develops, occurs, exists or comes into force:
(a) any new law or regulation or any change or development involving a prospective
change or any event or series of events or circumstances likely to result in a change or
a development involving a prospective change in existing laws or regulations, or the
interpretation or application thereof by any court or any competent Authority in or
affecting Hong Kong, the PRC, the United States, the United Kingdom, the European
Union (or any member thereof), Japan, Singapore, or other jurisdictions relevant to the
Group or the Global Offering (each a “ Relevant Jurisdiction ” and collectively, the
“Relevant Jurisdictions ”); or
(b) any change or development involving a prospective change, or any event or series of
events or circumstances likely to result in a change or development involving a
prospective change, in any local, national, regional or international financial, political,
military, industrial, economic, fiscal, legal, regulatory, currency, credit or market
conditions or sentiments, Taxation, equity securities or currency exchange rate or
controls or any monetary or trading settlement system, or foreign investment
regulations (including, without limitation, a devaluation of the Hong Kong dollar,
United States dollar or Renminbi against any foreign currencies, a change in the system
under which the value of the Hong Kong dollar is linked to that of the United States
dollar or the Renminbi is linked to any foreign currency or currencies) or other
financial markets (including, without limitation, conditions and sentiments in stock and
bond markets, money and foreign exchange markets, the inter-bank markets and credit
markets) in or affecting any Relevant Jurisdictions, or affecting an investment in the
Offer Shares; or
(c) any event or series of events, or circumstances in the nature of force majeure
(including, without limitation, any acts of government, declaration of a regional,
national or international emergency or war, calamity, crisis, economic sanctions,
strikes, labor disputes, other industrial actions, lock-outs, fire, explosion, flooding,
tsunami, earthquake, volcanic eruption, civil commotion, riots, rebellion, public
UNDERWRITING
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disorder, paralysis in government operations, acts of war, epidemic, pandemic,
outbreak or escalation, mutation or aggravation of diseases (including without
limitation COVID-19, SARS, MERS, H5N1, H1N1, swine or avian influenza or such
related/mutated forms), accident or interruption or delay in transportation, local,
national, regional or international outbreak or escalation of hostilities (whether or not
war is or has been declared), act of God or act of terrorism (whether or not
responsibility has been claimed)) in or affecting any of the Relevant Jurisdictions; or
(d) the imposition or declaration of any moratorium, suspension or limitation (including
without limitation, any imposition of or requirement for any minimum or maximum
price limit or price range) on (i) the trading in shares or securities generally on the
Stock Exchange, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the
Tokyo Stock Exchange, the Singapore Stock Exchange, the New Y ork Stock Exchange,
the NASDAQ Global Market or the London Stock Exchange; or (ii) the trading in any
securities of the Company listed or quoted on a stock exchange or an over-the-counter
market; or
(e) the imposition or declaration of any general moratorium on banking activities in or
affecting any of the Relevant Jurisdictions or any disruption in commercial banking or
foreign exchange trading or securities settlement or clearing services, procedures or
matters in or affecting any of the Relevant Jurisdictions; or
(f) other than with the prior written consent of the Overall Coordinators, the issue or
requirement to issue by the Company of a supplement or amendment to the Prospectus
or other documents in connection with the offer and sale of the Offer Shares pursuant
to the Companies (Winding Up and Miscellaneous Provisions) Ordinance or the Listing
Rules or upon any requirement or request of the Stock Exchange and/or the SFC; or
(g) the commencement by any authority or other regulatory or political body or
organization of any public action or investigation against a member of the Group or a
director or a senior management member of any member of the Group or announcing
an intention to take any such action; or
(h) the imposition of sanctions or export controls in whatever form, directly or indirectly,
on the Company or any member of the Group or by or on any Relevant Jurisdiction, or
the withdrawal of trading privileges which existed on the date of the Hong Kong
Underwriting Agreement, in whatever form, directly or indirectly, by, or for, any
Relevant Jurisdiction; or
(i) any valid demand by creditors for payment or repayment of indebtedness of any
member of the Group or in respect of which any member of the Group is liable prior
to its stated maturity; or
(j) any order or petition for the winding up or liquidation of any member of the Group or
any composition or arrangement made by any member of the Group with its creditors
or a scheme of arrangement entered into by any member of the Group or any resolution
for the winding-up of any member of the Group or the appointment of a provisional
liquidator, receiver or manager over all or part of the assets or undertaking of any
member of the Group or anything analogous thereto occurring in respect of any member
of the Group; or
(k) any non-compliance of the prospectus (or any other documents used in connection with
the contemplated offering, allotment, issue, subscription or sale of any of the Offer
Shares), the CSRC Filings or any aspect of the Global Offering with the Listing Rules
or any other applicable Laws; or
(l) any litigation, dispute, legal action or claim or regulatory or administrative
investigation or action being threatened, instigated or announced against any member
of the Group Director or senior management members as named in the Prospectus; or
(m) that the Chairman of the Board, any Director or any member of senior management of
the Company named in the Prospectus seeks to retire, or is removed from office or
vacating his/her office; or
UNDERWRITING
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(n) any contravention by any member of the Group or any Director of the Listing Rules or
applicable Laws; or
(o) any non-executive Director or independent non-executive Director vacates his or her
office, or being charged with an indictable offense or is prohibited by operation of law
or otherwise disqualified from taking directorship of a company; or
(p) any change or prospective change, or a materialization of, any of the risks set out in the
section headed “Risk Factors” in the Prospectus.
which, in any such case individually or in the aggregate, in the sole and absolute opinion of
the Joint Sponsors and the Overall Coordinators (for themselves and on behalf of the Hong
Kong Underwriters):
(a) has or will or may have a material adverse effect, whether directly or indirectly, on the
assets, liabilities, business, general affairs, management, prospects, shareholders’
equity, profits, losses, results of operations, position or condition, financial or
otherwise, or performance of the Company or the Group as a whole (“ Material
Adverse Effect ”); or
(b) has or will or may have a material adverse effect on the success or marketability of the
Global Offering or the level of applications under the Hong Kong Public Offering or
the level of indications of interest under the International Offering; or
(c) makes or will make or may make it impracticable, inadvisable, inexpedient or incapable
for any material part of this Agreement, the Hong Kong Public Offering or the Global
Offering to be performed or implemented as envisaged, or for the Hong Kong Public
Offering and/or the Global Offering to proceed, or to market the Global Offering or the
delivery or distribution of the Offer Shares on the terms and in the manner
contemplated by the Offering Documents (as defined in the Hong Kong Underwriting
Agreement); or
(d) has or will or may have the effect of making any part of this Agreement (including
underwriting) incapable of performance in accordance with its terms or preventing the
processing of applications and/or payments pursuant to the Global Offering or pursuant
to the underwriting thereof; or
(B) there has come to the notice of the Joint Sponsors and/or the Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) that:
(a) any statement contained in any of the Offering Documents, the Operative Documents
(as defined in the Hong Kong Underwriting Agreement), the CSRC Filings and/or any
notices, announcements, advertisements, communications or other documents issued or
used by or on behalf of the Company in connection with the Hong Kong Public
Offering (including any supplement or amendment thereto) (the “ Global Offering
Documents ”) was, when it was issued, or has become untrue, incomplete, incorrect,
inaccurate in any material respect or misleading; or that any estimate, forecast,
expression of opinion, intention or expectation contained in any such documents, was,
when it was issued, or has become unfair or misleading in any respect or based on
untrue, dishonest or unreasonable assumptions or given in bad faith; or
(b) any matter has arisen or has been discovered which would, had it arisen or been
discovered immediately before the date of the Prospectus, constitute a material
omission or misstatement in any Global Offering Document; or
UNDERWRITING
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(c) any breach of, or any event or circumstance rendering untrue or incomplete or incorrect
or misleading in any respect, any of the representations, warranties and undertakings
given by the Company in the Hong Kong Underwriting Agreement or the International
Underwriting Agreement; or
(d) any event, act or omission which gives rise or is likely to give rise to any liability of
the Company pursuant to the indemnities in the Hong Kong Underwriting Agreement;
or
(e) any breach of any of the obligations or undertakings imposed upon the Company or any
cornerstone investor (as applicable) to the Hong Kong Underwriting Agreement, the
International Underwriting Agreement or the Cornerstone Investment Agreements; or
(f) there is any change or development involving a prospective change, constituting or
having a Material Adverse Effect; or
(g) that the Chairman of the Board, any Director or any member of senior management of
the Company named in the Prospectus seeks to retire, or is removed from office or
vacating his/her office; or
(h) any Director or any member of senior management of the Company named in the
prospectus is being charged with an indictable offence or prohibited by operation of law
or otherwise disqualified from taking part in the management or taking directorship of
a company, or the commencement by any government, political, regulatory body of any
investigation or other action against any Director in his or her capacity as such or an
announcement by any governmental, political regulatory body that it intends to
commence any such investigation or take any such action; or
(i) the Company withdraws the prospectus (and/or any other documents used in connection
with the subscription or sale of any of the Offer Shares pursuant to the Global Offering)
or the Global Offering; or
(j) that the approval by the Listing Committee of the listing of, and permission to deal in,
the H Shares in issue and to be issued pursuant to the Global Offering (including
pursuant to any exercise of the Over-allotment Option) is refused or not granted, other
than subject to customary conditions, on or before the Listing Date, or if granted, the
approval is subsequently withdrawn, cancelled, qualified (other than by customary
conditions), revoked or withheld; or
(k) any person (other than any of the Joint Sponsors) has withdrawn its consent to the issue
of the Prospectus with the inclusion of its reports, letters and/or legal opinions (as the
case may be) and references to its name included in the form and context in which it
respectively appears; or
(l) any prohibition on the Company for whatever reason from offering, allotting, issuing
or selling any of the Offer Shares (including the Over-allotment Option Shares)
pursuant to the terms of the Global Offering; or
(m) any person (other than the Joint Sponsors and the Overall Coordinators) has withdrawn
or sought to withdraw its consent to being named in any of the Offering Documents or
to the issue of any of the Offering Documents; or
(n) an order or petition is presented for the winding-up or liquidation of any member of the
Group, or any member of the Group makes any composition or arrangement with its
creditors or enters into a scheme of arrangement or any resolution is passed for the
winding-up of any member of the Group or a provisional liquidator, receiver or
manager is appointed over all or part of the assets or undertaking of any member of the
Group or anything analogous thereto occurs in respect of any member of the Group; or
UNDERWRITING
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(o) (A) the notice of acceptance of the CSRC Filings issued by the CSRC and/or the results
of the CSRC Filings published on the website of the CSRC is rejected, withdrawn,
revoked or invalidated; or (B) other than with the prior written consent of the Overall
Coordinators, the issue or requirement to issue by the Company of a supplement or
amendment to the CSRC Filings pursuant to the CSRC Rules or upon any requirement
or request of the CSRC; or (C) any non-compliance of the CSRC Filings with the CSRC
Rules or any other applicable Laws; or
(p) (i) a material portion of the orders placed or confirmed in the bookbuilding process or
(ii) any investment commitment made by any cornerstone investors under the
Cornerstone Investment Agreements signed with such cornerstone investors, has been
withdrawn, terminated or cancelled; or the payment of the relevant order or investment
amount has not been received or settled in the stipulated time and manner or otherwise.
Undertaking to the Stock Exchange pursuant to the Listing Rules
Undertakings by the Company
Pursuant to Rule 10.08 of the Listing Rules, the Company has undertaken to the Stock Exchange
that it will not issue any further Shares or securities convertible into equity securities of the Company
(whether or not of a class already listed) or form the subject of any agreement to such issue within six
months from the date on which our Shares first commence dealing on the Stock Exchange (whether or
not such issue of Shares or securities will be completed within six months from the commencement of
dealing), except pursuant to the Global Offering (including the exercise of the Over-allotment Option)
or under any of the circumstances provided under Rule 10.08 of the Listing Rules.
Undertakings pursuant to the Hong Kong Underwriting Agreement
Undertakings by the Company
The Company has undertaken to each of the Joint Sponsors, the Sponsor-OCs, the Overall
Coordinators, the Joint Global Coordinators, the CMIs, the Joint Bookrunners, the Joint Lead Managers
and the Hong Kong Underwriters that except pursuant to the Global Offering (including pursuant to the
Over-allotment Option) or adoption of any share scheme pursuant to Chapter 17 of the Listing Rules as
approved by the Stock Exchange, at any time after the date of the Hong Kong Underwriting Agreement
up to and including the date falling six months after the Listing Date (the “ First Six Month Period ”),
the Company will not, without the prior written consent of the Joint Sponsors and the Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) and unless in compliance
with the requirements of the Listing Rules:
(i) offer, allot, issue, sell, accept subscription for, offer to allot, issue or sell, contract or agree
to allot, issue or sell, assign, mortgage, charge, pledge, hypothecate, lend, grant or sell any
option, warrant, contract or right to subscribe for or purchase, grant or purchase any option,
warrant, contract or right to allot, issue or sell, or otherwise transfer or dispose of or create
an Encumbrance (as defined in the Hong Kong Underwriting Agreement) over, or agree to
transfer or dispose of or create an Encumbrance over, either directly or indirectly,
conditionally or unconditionally, or repurchase, any legal or beneficial interest in the share
capital or any other equity securities of the Company, or any interest in any of the foregoing
(including, without limitation, any securities convertible into or exchangeable or exercisable
for or that represents the right to receive, or any warrants or other rights to purchase any
share capital or other equity securities of the Company, as applicable), or deposit any share
capital or other equity securities of the Company, as applicable, with a depositary in
connection with the issue of depositary receipts; or
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership (legal or beneficial) of the H Shares or any other
equity securities of the Company, or any interest in any of the foregoing (including, without
limitation, any securities convertible into or exchangeable or exercisable for or that represent
the right to receive, or any warrants or other rights to purchase, any H Shares); or
(iii) enter into any transaction with the same economic effect as any transaction specified in (i)
or (ii) above; or
UNDERWRITING
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(iv) offer to or agree to or announce any intention to effect any transaction specified in (i), (ii)
or (iii) above,
in each case, whether any of the transactions specified in (i), (ii) or (iii) above is to be settled by delivery
of H Shares or other equity securities of the Company, as applicable, or, in cash or otherwise (whether
or not the issue of such H Shares or other shares or other equity securities of the Company will be
completed within the First Six-Month Period). In the event that, during the six-month period immediately
following the First Six-Month Period (the “ Second Six-Month Period ”), the Company enters into any
such transactions or offers to or agrees to or announces any intention to effect any such transactions, the
Company will take all reasonable steps to ensure that such an issue or disposal will not, and no other act
of the Company will, create a disorderly or false market for any Shares or other equity securities of the
Company.
Commissions and Expenses
All Capital Market Intermediaries participating in the Global Offering will receive an underwriting
commission of 4.00% of the aggregate Offer Price payable for all of the Offer Shares (including any
Offer Shares issued pursuant to the exercise of the Over-allotment Option). In addition, at the discretion
of the Company, the Underwriters may also receive an incentive fee of not more than 1.50% of the
aggregate Offer Price in respect of all the Offer Shares to be issued by the Company under the Global
Offering (including any Offer Shares to be issued pursuant to the exercise of the Over-allotment Option).
The ratio of fixed fee and discretionary fee payable by the Company to all syndicate members
participating in the Global Offering is expected to be approximately 69.1:30.9 (assuming the
discretionary fee will be paid in full). An amount of US$500,000 is payable by the Company as sponsor
fees to each Joint Sponsors.
Hong Kong Underwriters’ Interests in the Company
Save for the obligations under the Hong Kong Underwriting Agreement and as disclosed in this
prospectus, none of the Hong Kong Underwriters has any shareholding or beneficial interests in any
member of the Group or has any right or option (whether legally enforceable or not) to subscribe for or
purchase or to nominate persons to subscribe for or purchase securities in any member of the Group.
Following the completion of the Global Offering, the Hong Kong Underwriters and their affiliated
companies may hold a certain portion of the H Shares as a result of fulfilling their obligations under the
Hong Kong Underwriting Agreement.
International Offering
In connection with the International Offering, it is expected that the Company will enter into the
International Underwriting Agreement with, among others, the Overall Coordinators (for themselves and
on behalf of the International Underwriters). Under the International Underwriting Agreement and
subject to the Over-allotment Option, it is expected that the International Underwriters would, subject to
certain conditions set out therein, severally but not jointly, agree to procure purchasers for, or to
purchase, the International Offer Shares being offered pursuant to the International Offering or procure
purchasers for their respective applicable proportions of International Offer Shares. Please refer to the
section headed “Structure of the Global Offering — The International Offering” in this prospectus for
details. It is expected that the International Underwriting Agreement may be terminated on similar
grounds as those in the Hong Kong Underwriting Agreement. Potential investors should note that if the
International Underwriting Agreement is not entered into, or is terminated, the Global Offering will not
proceed.
Over-allotment Option
The Company expects to grant to the International Underwriters, exercisable by the Overall
Coordinators (for themselves and on behalf of the International Underwriters), the Over-allotment
Option, which will be exercisable from the date of the International Underwriting Agreement until 30
days after the last day for the lodging of applications under the Hong Kong Public Offering, to issue up
to 6,296,400 H Shares by the Company, representing approximately 15% of the initial Offer Shares, at
the same price per Offer Share under the International Offering, to, among other things, cover
over-allocations in the International Offering, if any.
UNDERWRITING
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ACTIVITIES BY SYNDICATE MEMBERS
The underwriters of the Hong Kong Public Offering and the International Offering (together, the
“Syndicate Members ”) and their affiliates may each individually undertake a variety of activities (as
further described below) around the world which do not form part of the underwriting. These entities
engage in a wide range of commercial and investment banking, brokerage, funds management, trading,
hedging, investing and other activities for their own account and for the account of others. In the ordinary
course of their various business activities, the Syndicate Members and their respective affiliates may
purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans,
commodities, currencies, credit default swaps and other financial instruments for their own account and
for the accounts of their customers. Such investment and trading activities may involve or relate to assets,
securities and/or instruments of the Company and/or persons and entities with relationships with the
Company and may also include swaps and other financial instruments entered into for hedging purposes
in connection with the Group’s loans and other debt.
In relation to the H Shares, the activities of the Syndicate Members and their affiliates could
include acting as agent for buyers and sellers of the H Shares, entering into transactions with those buyers
and sellers in a principal capacity, including as a lender to initial purchasers of the H Shares (which
financing may be secured by the H Shares) in the Global Offering, proprietary trading in the H Shares,
and entering into over-the-counter or listed derivative transactions or listed and unlisted securities
transactions (including issuing securities such as derivative warrants listed on a stock exchange) which
have as their underlying assets, assets including the H Shares. Such transactions may be carried out as
bilateral agreements or trades with selected counterparties. Those activities may require hedging activity
by those entities involving, directly or indirectly, the buying and selling of the H Shares, which may have
a negative impact on the trading price of the H Shares. All such activity could occur in Hong Kong and
elsewhere in the world and may result in the Syndicate Members and their affiliates holding long and/or
short positions in the H Shares, in baskets of securities or indices including the H Shares, in units of
funds that may purchase the H Shares, or in derivatives related to any of the foregoing. Such activities
may affect the market price or value of the H Shares, the liquidity or trading volume in the H Shares and
the volatility of the price of the H Shares, and the extent to which this occurs from day to day cannot
be estimated. It should be noted that when engaging in any of these activities, the Syndicate Members
will be subject to certain restrictions, including the following: (a) the Syndicate Members must not, in
connection with the distribution of the Offer Shares, effect any transactions (including issuing or entering
into any option or other derivative transactions relating to the Offer Shares), whether in the open market
or otherwise, with a view to stabilizing or maintaining the market price of any of the Offer Shares at
levels other than those which might otherwise prevail in the open market; and (b) the Syndicate Members
must comply with all applicable laws and regulations, including the market misconduct provisions of the
SFO, including the provisions prohibiting insider dealing, false trading, price rigging and stock market
manipulation. Certain of the Syndicate Members or their respective affiliates have provided from time
to time, and expect to provide in the future, investment banking and other services to the Company and
its affiliates for which such Syndicate Members or their respective affiliates have received or will receive
customary fees and commissions.
JOINT SPONSORS’ INDEPENDENCE
Each of the Joint Sponsors satisfies the independence criteria applicable to sponsors as set out in
Rule 3A.07 of the Listing Rules.
UNDERWRITING
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THE GLOBAL OFFERING
The Joint Sponsors have made an application on behalf of our Company to the Listing Committee
of the Stock Exchange for the listing of, and permission to deal in, the H Shares to be issued as mentioned
in this Prospectus.
41,977,000 Offer Shares will initially be made available (subject to the Over-allotment Option)
under the Global Offering comprising: (a) the Hong Kong Public Offering of initially 4,197,800 H Shares
(subject to reallocation) in Hong Kong as described in “— The Hong Kong Public Offering” below; and
(b) the International Offering of initially 37,779,200 H Shares (subject to reallocation and the
Over-allotment Option) (a) outside the United States (including to professional and institutional investors
within Hong Kong) in offshore transactions in reliance on Regulation S and (b) in the United States
solely to QIBs in reliance on an exemption from registration under the U.S. Securities Act provided by,
and in accordance with the restrictions of, Rule 144A or another exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act, as described in “— The International
Offering” below.
Investors may either: (i) apply for Hong Kong Offer Shares under the Hong Kong Public Offering;
or (ii) apply for or indicate an interest for International Offer Shares under the International Offering, but
may not do both.
The Offer Shares will represent approximately 15.2% of the total Shares in issue immediately
following the completion of the Global Offering (assuming the Over-allotment Option are not exercised).
If the Over-allotment Option is exercised in full, the Offer Shares (including H Shares to be issued
pursuant to the full exercise of the Over-allotment Option) will represent approximately 17.1% of the
total Shares in issue immediately following the completion of the Global Offering and the issue of H
Shares pursuant to the Over-allotment Option.
References in this Prospectus to applications, application monies or the procedures for applications
relate solely to the Hong Kong Public Offering.
THE HONG KONG PUBLIC OFFERING
Number of Offer Shares Initially Offered
Our Company is initially offering 4,197,800 H Shares (subject to reallocation) for subscription by
the public in Hong Kong at the Offer Price, representing approximately 10% of the Offer Shares initially
available under the Global Offering. The Offer Shares initially offered under the Hong Kong Public
Offering, subject to any reallocation of Offer Shares between the Hong Kong Public Offering and the
International Offering, will represent approximately 1.5% of the total Shares in issue immediately
following the completion of the Global Offering (assuming the Over-allotment Option are not exercised).
The Hong Kong Public Offering is open to members of the public in Hong Kong as well as to
professional and institutional investors. Professional investors generally include brokers, dealers,
companies (including fund managers) whose ordinary business involves dealing in shares and other
securities and corporate entities that regularly invest in shares and other securities.
Completion of the Hong Kong Public Offering is subject to the conditions set out in “— Conditions
of the Global Offering” below.
Allocation
Allocation of Offer Shares to investors under the Hong Kong Public Offering will be based solely
on the level of valid applications received under the Hong Kong Public Offering. The basis of allocation
may vary, depending on the number of Hong Kong Offer Shares validly applied for by applicants. Such
allocation could, where appropriate, consist of balloting, which could mean that some applicants may
receive a higher allocation than others who have applied for the same number of Hong Kong Offer
Shares, and those applicants who are not successful in the ballot may not receive any Hong Kong Offer
Shares.
STRUCTURE OF THE GLOBAL OFFERING
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For allocation purposes only, the total number of Hong Kong Offer Shares available under the
Hong Kong Public Offering (after taking into account any reallocation referred to below) will be divided
equally (to the nearest board lot) into two pools (with any odd lots being allocated to pool A): pool A
and pool B. The Hong Kong Offer Shares in pool A will be allocated on an equitable basis to applicants
who have applied for Hong Kong Offer Shares with an aggregate price of HK$5 million (excluding
brokerage, SFC transaction levy, AFRC transaction levy and the Stock Exchange trading fee payable) or
less. The Hong Kong Offer Shares in pool B will be allocated on an equitable basis to applicants who
have applied for Hong Kong Offer Shares with an aggregate price of more than HK$5 million (excluding
brokerage, SFC transaction levy, AFRC transaction levy and the Stock Exchange trading fee payable) and
up to the total value in pool B.
Investors should be aware that applications in pool A and applications in pool B may receive
different allocation ratios. If any Hong Kong Offer Shares in one (but not both) of the pools are
unsubscribed, such unsubscribed Hong Kong Offer Shares will be transferred to the other pool to satisfy
demand in that other pool and be allocated accordingly. For the purpose of the immediately preceding
paragraph only, the “price” for Hong Kong Offer Shares means the price payable on application therefor
(without regard to the Offer Price as finally determined). Applicants can only receive an allocation of
Hong Kong Offer Shares from either pool A or pool B and not from both pools. Multiple or suspected
multiple applications under the Hong Kong Public Offering and any application for more than 2,098,800
Hong Kong Offer Shares (being approximately 50% of the Hong Kong Offer Shares initially available
under the Hong Kong Public Offering) is liable to be rejected.
Reallocation
The Offer Shares to be offered in the Hong Kong Public Offering and the International Offering
may, in certain circumstances, be reallocated as between these offerings at the discretion of the Overall
Coordinators. Subject to the allocation cap described in the subsequent paragraph, the Overall
Coordinators may in its discretion reallocate Offer Shares from the International Offering to the Hong
Kong Public Offering to satisfy valid applications under the Hong Kong Public Offering. In addition, if
the Hong Kong Public Offering is not fully subscribed, the Overall Coordinators will have the discretion
(but shall not be under any obligation) to reallocate to the International Offering all or any unsubscribed
Hong Kong Offer Shares in such amounts as they deem appropriate.
In each case, the additional Offer Shares reallocated to the Hong Kong Public Offering will be
allocated between Pool A and Pool B and the number of Offer Shares allocated to the International
Offering will be correspondingly reduced in such manner as the Overall Coordinators deem appropriate.
In the event of reallocation of Offer Shares between the International Offering and the Hong Kong Public
Offering in the circumstances where (a) the International Offer Shares are fully subscribed or
oversubscribed and the Hong Kong Offer Shares are fully subscribed or oversubscribed irrespective of
the number of times, or (b) the International Offer Shares are undersubscribed and the Hong Kong Offer
Shares are fully subscribed or oversubscribed irrespective of the number of times, then up to 2,098,600
Offer Shares may be reallocated from the International Offering to the Hong Kong Public Offering, so
that the total number of Offer Shares available for subscription under the Hong Kong Public Offering will
increase up to 6,296,400 Offer Shares, representing approximately 15% of the number of Offer Shares
initially available under the Global Offering (before any exercise of the Over-allotment Option) and the
final Offer Price should be fixed at the lower end of the indicative Offer Price range (that is, HK$19.75
per Offer Share) stated in this prospectus, in accordance with Chapter 4.14 of the Guide for New Listing
Applicants.
Given the initial allocation of the Offer Shares to the Hong Kong Public Offering and the
International Offering follows Mechanism B set out under paragraph 2 of Chapter 4.14 of the Guide for
New Listing Applicants and the provision of Paragraph 4.2(b) of Practice Note 18 of the Listing Rules,
no mandatory clawback or reallocation mechanism is required to increase the number of Offer Shares
under the Hong Kong Public Offering to a certain percentage of the total number of Offer Shares offered
under the Global Offering.
STRUCTURE OF THE GLOBAL OFFERING
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Applications
Each applicant under the Hong Kong Public Offering will be required to give an undertaking and
confirmation in the application submitted by him/her/it that he/she/it and any person(s) for whose benefit
he/she/it is making the application has not applied for or taken up, or indicated an interest for, and will
not apply for or take up, or indicate an interest for, any International Offer Shares under the International
Offering. Such applicant’s application under the International Offering will be rejected if such
undertaking and/or confirmation is/are breached and/or untrue (as the case may be) or if he/she/it has
been or will be placed or allocated International Offer Shares under the International Offering.
Applicants under the Hong Kong Public Offering may (depending on application channels) be
required to pay, on application, the Offer Price of HK$21.75 per H Share plus brokerage of 1.0%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and the Stock Exchange trading fee of
0.00565%, amounting to a total of HK$4,393.88 for one board lot of 200 H Shares.
THE INTERNATIONAL OFFERING
Number of Offer Shares Initially Offered
Subject to reallocation, the Over-allotment Option, the International Offering will consist of an
offering of initially 37,779,200 H Shares, representing approximately 90% of the Offer Shares initially
available under the Global Offering. The Offer Shares initially offered under the International Offering,
subject to any reallocation of Offer Shares between the Hong Kong Public Offering and the International
Offering, will represent approximately 13.7% of the total Shares in issue immediately following the
completion of the Global Offering (assuming the Over-allotment Option are not exercised).
Allocation
The International Offering will include selective marketing of Offer Shares to QIBs in the United
States in accordance with Rule 144A as well as professional and institutional investors and other
investors anticipated to have a sizeable demand for such Offer Shares in Hong Kong and other
jurisdictions outside the United States in reliance on Regulation S. Professional investors generally
include brokers, dealers, companies (including fund managers) whose ordinary business involves dealing
in shares and other securities and corporate entities that regularly invest in shares and other securities.
Allocation of Offer Shares pursuant to the International Offering will be effected in accordance with the
“book-building” process described in “— Pricing and Allocation” below and based on a number of
factors, including the level and timing of demand, the total size of the relevant investor’s invested assets
or equity assets in the relevant sector and whether or not it is expected that the relevant investor is likely
to buy further H Shares and/or hold or sell its H Shares after the Listing. Such allocation is intended to
result in a distribution of the H Shares on a basis which would lead to the establishment of a solid
professional and institutional shareholder base to the benefit of our Group and the Shareholders as a
whole.
The Overall Coordinator (for themselves and on behalf of the Underwriters) require any investor
who has been offered Offer Shares under the International Offering and who has made an application
under the Hong Kong Public Offering to provide sufficient information to the Overall Coordinators so
as to allow them to identify the relevant applications under the Hong Kong Public Offering and to ensure
that they are excluded from any allocation of Offer Shares under the International Offering.
Reallocation
The total number of Offer Shares to be issued or sold pursuant to the International Offering may
change as a result of any reallocation of Offer Shares between the Hong Kong Public Offering and the
International Offering as described in the subsection headed “— The Hong Kong Public Offering —
Reallocation”, and the exercise of the Over-allotment Option in whole or in part as described in the
subsection headed “— Over-allotment Option.”
STRUCTURE OF THE GLOBAL OFFERING
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OVER-ALLOTMENT OPTION
In connection with the Global Offering, we may grant the Over-allotment Option to the
International Underwriters, exercisable by the Overall Coordinators in their sole and absolute discretion
on behalf of the International Underwriters.
Pursuant to the Over-allotment Option (if granted), the International Underwriters have the right,
exercisable by the Overall Coordinators (in their sole and absolute discretion on behalf of the
International Underwriters) at any time from the Listing Date until 30 days from the last day for the
making of applications under the Hong Kong Public Offering (being the last day for the exercise of the
Over-allotment Option, which is Sunday, June 7, 2026), to require us to allot and issue up to 6,296,400
additional Offer Shares representing not more than 15% of the total number of Offer Shares initially
available under the Global Offering, at the Offer Price, to cover over-allocations in the International
Offering.
If the Over-allotment Option is exercised in full, the additional Offer Shares will represent
approximately 2.2% of the total number of Shares in issue immediately following completion of the
Global Offering and the exercise of the Over-allotment Option. We will make an announcement if the
Over-allotment Option is exercised.
STABILIZATION
Stabilization is a practice used by underwriters in some markets to facilitate the distribution of
securities. To stabilize, the underwriters may bid for, or purchase, the securities in the secondary market,
during a specified period of time, to retard and, if possible, prevent a decline in the initial public market
price of the securities below the offer price. In Hong Kong, the price at which stabilization is effected
is not permitted to exceed the offer price.
In connection with the Global Offering, the Stabilization Manager (or its affiliates or any person
acting for it), on behalf of the Underwriters, may over-allocate or effect transactions with a view to
stabilizing or supporting the market price of the H 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
Stabilization Manager (or its affiliates or any person acting for it) to conduct any such stabilizing action.
Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the Stabilization
Manager (or its affiliates or any person acting for it) and in what the Stabilization Manager reasonably
regards as the best interest of our Company, (b) may be discontinued at any time and (c) is required to
be brought to an end within 30 days after the last day for lodging applications under the Hong Kong
Public Offering.
Stabilization action permitted in Hong Kong pursuant to the Securities and Futures (Price
Stabilizing) Rules of the SFO includes (a) over-allocating for the purpose of preventing or minimizing
any reduction in the market price of the H Shares, (b) selling or agreeing to sell the H Shares so as to
establish a short position in them for the purpose of preventing or minimizing any reduction in the market
price of the H Shares, (c) purchasing or subscribing for or agreeing to purchase or subscribe for the H
Shares pursuant to the Over-allotment Option in order to close out any position established under
paragraph (a) or (b) above, (d) purchasing or agreeing to purchase any of the H Shares for the sole
purpose of preventing or minimizing any reduction in the market price of the H Shares, (e) selling or
agreeing to sell any H Shares in order to liquidate any position established as a result of those purchases
and (f) offering or attempting to do anything as described in paragraph (b), (c), (d) or (e) above.
Specifically, prospective applicants for and investors in the Offer Shares should note that: (a) the
Stabilization Manager (or its affiliates or any person acting for it) may, in connection with the stabilizing
action, maintain a long position in the H Shares; (b) there is no certainty as to the extent to which and
the time or period for which the Stabilization Manager (or its affiliates or any person acting for it) will
maintain such a long position; (c) liquidation of any such long position by the Stabilization Manager (or
its affiliates or any person acting for it) and selling in the open market may have an adverse impact on
the market price of the H Shares; (d) no stabilizing action can be taken to support the price of the H
Shares for longer than the stabilization period, which will begin on the Listing Date and is expected to
STRUCTURE OF THE GLOBAL OFFERING
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expire on Sunday, June 7, 2026, being the 30th day after the last day for lodging applications under the
Hong Kong Public Offering. After this date, when no further stabilizing action may be taken, demand for
the H Shares, and therefore the price of the H Shares, could fall; (e) the price of the H Shares cannot be
assured to stay at or above the Offer Price by the taking of any stabilizing action; and (f) stabilizing bids
or transactions effected in the course of the stabilizing action may be made at any price at or below the
Offer Price and can, therefore, be done at a price below the price paid by applicants for, or investors in,
the Offer Shares.
Our Company will ensure or procure that an announcement in compliance with the Securities and
Futures (Price Stabilizing) Rules of the SFO will be made within seven days of the expiration of the
stabilization period.
Over-allocation
Following any over-allocation of H Shares in connection with the Global Offering, the Stabilization
Manager (or its affiliates or any person acting for it) may cover such over-allocations by exercising the
Over-allotment Option in full or in part, by using H Shares purchased by the Stabilization Manager (or
its affiliates or any person acting for it) in the secondary market at prices that do not exceed the Offer
Price, or by a combination of these methods.
PRICING AND ALLOCATION
The Offer Price will not be more than HK$21.75 per H Share and is expected to be not less than
HK$19.75 per H Share, unless otherwise announced by our Company no later than the morning of the
last day for lodging applications under the Hong Kong Public Offering, as further explained below.
The International Underwriters will be soliciting from prospective investors indications of interest
in acquiring Offer Shares in the International Offering. Prospective professional and institutional
investors will be required to specify the number of Offer Shares under the International Offering they
would be prepared to acquire either at different prices or at a particular price. This process, known as
“book-building,” is expected to continue up to, and to cease on or about, the last day for lodging
applications under the Hong Kong Public Offering.
The Overall Coordinators (for themselves and on behalf of the Underwriters) may, where it deems
appropriate, based on the level of interest expressed by prospective investors during the book-building
process, and with the consent of our Company, reduce the number of Offer Shares and/or the Offer Price
below that stated in this Prospectus at any time on or prior to the morning of the last day for lodging
applications under the Hong Kong Public Offering. In such case, our Company will, as soon as practicable
following the decision to make such reduction, and in any event not later than the morning of the last day
for lodging applications under the Hong Kong Public Offering, cause to be published on the website of the
Stock Exchange at www.hkexnews.hk and our website at www.impacttherapeutics.com notices of the
reduction in the number of Offer Shares and/or the Offer Price, the cancelation of the Global Offering and
the relaunch of the offering at the revised number of Offer Shares and/or Offer Price. The Company will
then relaunch the offer at the revised number of Offer Shares and/or the revised Offer Price with a
supplemental or new prospectus as required under Rule 11.13 of the Listing Rules, and complete the
requisite settlement processes on the FINI platform afresh. The Global Offering must first be canceled and
subsequently relaunched on the FINI platform pursuant to the supplemental or new prospectus. In the
absence of any such announcement or supplemental or new prospectus, the number of Offer Shares will not
be reduced and/or the Offer Price, if agreed upon between the Company and the Overall Coordinators (for
themselves and on behalf of the Underwriters), will under no circumstances be set outside the Offer Price
range as stated in this prospectus. Before submitting applications for the Hong Kong Offer Shares,
applicants should have regard to the possibility that any announcement of a reduction in the number of
Offer Shares and/or the Offer Price range may not be made until the last day for lodging applications under
the Hong Kong Public Offering.
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The level of applications in the Hong Kong Public Offering, the level of indications of interest in
the International Offering and the basis of allocation of the Hong Kong Offer Shares are expected to be
announced on Tuesday, May 12, 2026 on the website of the Stock Exchange at www.hkexnews.hk and
our website at www.impacttherapeutics.com .
UNDERWRITING
The Hong Kong Public Offering is fully underwritten by the Hong Kong Underwriters under the
terms and conditions of the Hong Kong Underwriting Agreement. Our Company expects to enter into the
International Underwriting Agreement relating to the International Offering on the Price Determination
Date.
CONDITIONS OF THE GLOBAL OFFERING
Acceptance of all applications for Offer Shares will be conditional on:
(a) the Listing Committee granting approval for the listing of, and permission to deal in, the H
Shares to be issued pursuant to the Global Offering on the Main Board of the Stock
Exchange, and such approval and permission not subsequently having been withdrawn or
revoked prior to the commencement of dealings in the H Shares on the Stock Exchange;
(b) the Offer Price having been agreed between the Overall Coordinators (for themselves on
behalf of the Underwriters) and the Company;
(c) the execution and delivery of the International Underwriting Agreement; and
(d) the obligations of the Hong Kong Underwriters under the Hong Kong Underwriting
Agreement and the obligations of the International Underwriters under the International
Underwriting Agreement becoming and remaining unconditional and not having been
terminated in accordance with the terms of the respective agreements,
in each case on or before the dates and times specified in the respective Underwriting Agreements (unless
and to the extent such conditions are validly waived on or before such dates and times) and, in any event,
not later than the date which is 30 days after the date of this Prospectus.
The consummation of each of the Hong Kong Public Offering and the International Offering is
conditional upon, among other things, the other offering becoming unconditional and not having been
terminated in accordance with its terms.
If the above conditions are not fulfilled or waived prior to the dates and times specified, the Global
Offering will lapse and the Stock Exchange will be notified immediately. Notice of the lapse of the Hong
Kong Public Offering will be published on the website of the Stock Exchange at www.hkexnews.hk and
our website at www.impacttherapeutics.com on the next day following such lapse. In such a situation,
all application monies will be returned, without interest, on the terms set out in “How to Apply for Hong
Kong Offer Shares — D. Dispatch/Collection of H Share Certificates and Refund of Application
Monies.” In the meantime, all application monies will be held in separate bank account(s) with the
receiving bank or other bank(s) in Hong Kong licensed under the Banking Ordinance (Chapter 155 of the
Laws of Hong Kong).
The H Share certificates for the Offer Shares will only become valid evidence of title at 8:00 a.m.
on the Listing Date, which is expected to be Wednesday, May 13, 2026 (Hong Kong time), provided that
the Global Offering has become unconditional in all respects at or before that time.
DEALINGS IN THE H SHARES
Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in
Hong Kong on Wednesday, May 13, 2026, it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Wednesday, May 13, 2026. The H Shares will be traded in board
lots of 200 H Shares each and the stock code of the H Shares will be 7630.
STRUCTURE OF THE GLOBAL OFFERING
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IMPORTANT NOTICE TO INVESTORS
OF HONG KONG OFFER SHARES
FULLY ELECTRONIC APPLICATION PROCESS
We have adopted a fully electronic application process for the Hong Kong Public
Offering and below are the procedures for application.
This prospectus is available at the website of the Stock Exchange at www.hkexnews.hk
under the “HKEXnews > New Listings > New Listing Information” section, and our website
at www.impacttherapeutics.com.
The contents of this prospectus are identical to the prospectus as registered with the Registrar
of Companies in Hong Kong pursuant to Section 342C of the Companies (Winding Up and
Miscellaneous Provisions) Ordinance.
A. APPLICATION FOR HONG KONG OFFER SHARES
1. Who Can Apply
Y ou can apply for Hong Kong Offer Shares if you or the person(s) for whose benefit you are
applying for:
 are 18 years of age or older;
 have a Hong Kong address (for the White Form eIPO service only);
 are outside the United States, and are not a United States Person (as defined in Regulation
S under the U.S. Securities Act); and
 are not a legal or natural person of the PRC (except those who have complied with all
relevant PRC laws and regulations in relation to such application, including but not limited
to qualified domestic institutional investors).
Unless permitted by the Listing Rules or a waiver and/or consent has been granted by the Stock
Exchange to us, you cannot apply for any Hong Kong Offer Shares if you or the person(s) for whose
benefit you are applying for:
 are an existing Shareholder of our Company;
 are a Director, or chief executive of our Company and/or a director, supervisor or chief
executive of any of its subsidiaries;
 are a close associate (as defined in the Listing Rules) of any of the above persons;
 are a connected person (as defined in the Listing Rules) of our Company or will become a
connected person of our Company immediately upon the completion of the Global Offering;
or
 have been allocated or have applied for or indicated an interest in any International Offer
Shares or otherwise participate in the International Offering.
2. Application Channels
The Hong Kong Public Offering period will begin at 9:00 am on Tuesday, May 5, 2026 and end
at 12:00 noon on Friday, May 8, 2026 (Hong Kong time).
HOW TO APPLY FOR HONG KONG OFFER SHARES
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To apply for Hong Kong Offer Shares, you may use one of the following application channels:
Application Channel Platform Target Investors Application Time
White Form eIPO
service /H1118/H1118/H1118/H1118/H1118/H1118/H1118
www.eipo.com.hk Investors who would
like to receive a
physical Share
certificate. Hong
Kong Offer Shares
successfully applied
for will be allotted
and issued in your
own name.
From 9:00 am on
Tuesday, May 5,
2026 to 11:30 am on
Friday, May 8, 2026,
Hong Kong time.
The latest time for
completing full
payment of
application monies
will be 12:00 noon
on Friday, May 8,
2026, Hong Kong
time.
HKSCC EIPO
channel /H1118/H1118/H1118/H1118/H1118/H1118
Y our broker or
custodian who is a
HKSCC Participant
will submit electronic
application
instruction(s) on your
behalf through
HKSCC’s FINI
system in accordance
with your instruction
Investors who would
not like to receive a
physical Share
certificate. Hong
Kong Offer Shares
successfully applied
for will be allotted
and issued in the
name of HKSCC
Nominees, deposited
directly into CCASS
and credited to your
designated HKSCC
Participant’s stock
account.
Contact your broker or
custodian for the
earliest and latest
time for giving such
instructions, as this
may vary by broker
or custodian.
The White Form eIPO service and the HKSCC EIPO channel are facilities subject to capacity
limitations and potential service interruptions and you are advised not to wait until the last day of the
application period to apply for Hong Kong Offer Shares.
For those applying through the White Form eIPO service, once you complete payment in respect
of any application instructions given by you or for your benefit through the White Form eIPO service
to make an application for Hong Kong Offer Shares, an actual application shall be deemed to have been
made. If you are a person for whose benefit the electronic application instructions are given, you shall
be deemed to have declared that only one set of electronic application instructions has been given for
your benefit. If you are an agent for another person, you shall be deemed to have declared that you have
only given one set of electronic application instructions for the benefit of the person for whom you are
an agent and that you are duly authorized to give those instructions as an agent.
For the avoidance of doubt, giving an application instruction under the White Form eIPO service
more than once and obtaining different application reference numbers without effecting full payment in
respect of a particular reference number will not constitute an actual application.
If you apply through the White Form eIPO service, you are deemed to have authorized the White
Form eIPO service provider to apply on the terms and conditions in this prospectus, as supplemented
and amended by the terms and conditions of the White Form eIPO service.
By instructing your broker or custodian to apply for the Hong Kong Offer Shares on your behalf
through the HKSCC EIPO channel, you (and, if you are joint applicants, each of you jointly and
severally) are deemed to have instructed and authorized HKSCC to cause HKSCC Nominees (acting as
nominee for the relevant HKSCC Participants) to apply for Hong Kong Offer Shares on your behalf and
to do on your behalf all the things stated in this prospectus and any supplement to it.
HOW TO APPLY FOR HONG KONG OFFER SHARES
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For those applying through HKSCC EIPO channel, an actual application will be deemed to have
been made for any application instructions given by you or for your benefit to HKSCC (in which case
an application will be made by HKSCC Nominees on your behalf) provided such application instruction
has not been withdrawn or otherwise invalidated before the closing time of the Hong Kong Public
Offering.
HKSCC Nominees will only be acting as a nominee for you and neither HKSCC nor HKSCC
Nominees shall be liable to you or any other person in respect of any actions taken by HKSCC or HKSCC
Nominees on your behalf to apply for Hong Kong Offer Shares or for any breach of the terms and
conditions of this prospectus.
3. Information Required to Apply
Y ou must provide the following information with your application:
For Individual/Joint Applicants For Corporate Applicants
 Full name(s) 2 as shown on your identity
document
 Identity document’s issuing country or
jurisdiction
 Identity document type, with order of
priority:
i. HKID card; or
ii. National identification document;
or
iii. Passport; and
 Identity document number
 Full name(s)
2 as shown on your identity
document
 Identity document’s issuing country or
jurisdiction
 Identity document type, with order of
priority:
i. Legal entity identifier (“ LEI”)
registration document; or
ii. Certificate of incorporation; or
iii. Business registration certificate; or
iv. Other equivalent document; and
 Identity document number
Notes:
1. If you are applying through the White Form eIPO service, you are required to provide a valid e-mail address, a
contact telephone number and a Hong Kong address. Y ou are also required to declare that the identity information
provided by you follows the requirements as described in Note 2 below. In particular, where you cannot provide a
HKID number, you must confirm that you do not hold a HKID card.
2. The applicant’s full name as shown on their identity document must be used and the surname, given name, middle and
other names (if any) must be input in the same order as shown on the identity document. If an applicant’s identity
document contains both an English and Chinese name, both English and Chinese names must be used. Otherwise,
either English or Chinese names will be accepted. The order of priority of the applicant’s identity document type must
be strictly followed and where an individual applicant has a valid HKID card (including both Hong Kong Residents
and Hong Kong Permanent Residents), the HKID number must be used when making an application to subscribe for
Hong Kong Offer Shares. Similarly for corporate applicants, a LEI number must be used if an entity has a LEI
certificate.
3. If the applicant is a trustee, the client identification data ( “CID”) of the trustee, as set out above, will be required.
If the applicant is an investment fund (i.e. a collective investment scheme, or CIS), the CID of the asset management
company or the individual fund, as appropriate, which has opened a trading account with the broker will be required,
as above.
4. The maximum number of joint account holders on FINI is capped at 4 in accordance with market practice.
5. If you are applying as a nominee, you must provide: (i) the full name (as shown on the identity document), the identity
document’s issuing country or jurisdiction, the identity document type; and (ii), the identity document number, for
each of the beneficial owners or, in the case(s) of joint beneficial owners, for each joint beneficial owner. If you do
not include this information, the application will be treated as being made for your benefit.
6. If you are applying as an unlisted company and (i) the principal business of that company is dealing in securities; and
(ii) you exercise statutory control over that company, then the application will be treated as being for your benefit and
you should provide the required information in your application as stated above.
“Unlisted company” means a company with no equity securities listed on the Stock Exchange or any other stock
exchange.
HOW TO APPLY FOR HONG KONG OFFER SHARES
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--- page 311 ---
“Statutory control” means you:
 control the composition of the board of directors of the company;
 control more than half of the voting power of the company; or
 hold more than half of the issued share capital of the company (not counting any part of it which carries no
right to participate beyond a specified amount in a distribution of either profits or capital).
For those applying through HKSCC EIPO channel, and making an application under a power of
attorney, we and the Overall Coordinators, as our agent, have discretion to consider whether to accept
it on any conditions we think fit, including evidence of the attorney’s authority. Failing to provide any
required information may result in your application being rejected.
4. Permitted Number of Hong Kong Offer Shares for Application
Board lot size /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118: 200 H Shares
Permitted number of Hong
Kong Offer Shares for
application and amount
payable on
application/successful
allotment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
: Hong Kong Offer Shares are available for application in
specified board lot sizes only. Please refer to the amount
payable associated with each specified board lot size in the
table below.
The maximum Offer Price is HK$21.75 per H Share.
If you are applying through the HKSCC EIPO channel,
your broker or custodian may require you to pre-fund your
application in such amount as determined by the broker or
custodian, based on the applicable laws and regulations in
Hong Kong. Y ou are responsible for complying with any
such pre-funding requirement imposed by your broker or
custodian with respect to the Hong Kong Offer Shares you
applied for.
By instructing your broker or custodian to apply for the
Hong Kong Offer Shares on your behalf through the
HKSCC EIPO channel, you (and, if you are joint
applicants, each of you jointly and severally) are deemed to
have instructed and authorized HKSCC to cause HKSCC
Nominees (acting as nominee for the relevant HKSCC
Participants) to arrange payment of the final Offer Price,
brokerage, SFC transaction levy, the Stock Exchange
trading fee and the AFRC transaction levy by debiting the
relevant nominee bank account at the Designated Bank for
your broker or custodian.
If you are applying through the White Form eIPO service,
you may refer to the table below for the amount payable for
the number of H Shares you have selected. Y ou must pay
the respective maximum amount payable on application in
full upon application for Hong Kong Offer Shares.
1 Subject to change, if the Company’s Articles of Incorporation and applicable company law prescribe a lower cap.
HOW TO APPLY FOR HONG KONG OFFER SHARES
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--- page 312 ---
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful allotment
No. of Hong Kong
Offer Shares
applied for
Maximum Amount
payable (2)
on application/
successful allotment
HK$ HK$ HK$ HK$
200 4,393.88 3,000 65,908.05 40,000 878,773.96 500,000 10,984,674.38
400 8,787.73 4,000 87,877.40 50,000 1,098,467.43 600,000 13,181,609.26
600 13,181.61 5,000 109,846.74 60,000 1,318,160.93 700,000 15,378,544.13
800 17,575.48 6,000 131,816.09 70,000 1,537,854.41 800,000 17,575,479.00
1,000 21,969.35 7,000 153,785.44 80,000 1,757,547.90 900,000 19,772,413.88
1,200 26,363.21 8,000 175,754.79 90,000 1,977,241.39 1,000,000 21,969,348.76
1,400 30,757.09 9,000 197,724.14 100,000 2,196,934.88 1,250,000 27,461,685.93
1,600 35,150.96 10,000 219,693.49 200,000 4,393,869.76 1,500,000 32,954,023.13
1,800 39,544.83 20,000 439,386.98 300,000 6,590,804.63 1,750,000 38,446,360.31
2,000 43,938.70 30,000 659,080.47 400,000 8,787,739.50 2,098,800
(1) 46,109,269.15
(1) Maximum number of Hong Kong Offer Shares you may apply for.
(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Hong Kong Stock Exchange trading fee and AFRC
transaction levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the
Listing Rules) and the SFC transaction levy, the Hong Kong Stock Exchange trading fee and AFRC transaction levy are paid
to the Stock Exchange (in the case of the SFC transaction levy, collected by the Stock Exchange on behalf of the SFC; and
in the case of the AFRC transaction levy, collected by the Stock Exchange on behalf of the AFRC).
5. Multiple Applications Prohibited
Y ou or your joint applicant(s) shall not make more than one application for your own benefit,
except where you are a nominee and provide the information of the underlying investor in your
application as required under the paragraph headed “ — A. Applications for Hong Kong Offer Shares —
3. Information Required to Apply” in this section. If you are suspected of submitting or cause to submit
more than one application, all of your applications will be rejected. Multiple applications made either
through (i) the White Form eIPO service, (ii) HKSCC EIPO channel, or (iii) both channels concurrently
are prohibited and will be rejected. If you have made an application through the White Form eIPO
service or HKSCC EIPO channel, you or the person(s) for whose benefit you have made the application
shall not apply for any Global Offer Shares.
6. Terms and Conditions of An Application
By applying for Hong Kong Offer Shares through the White Form eIPO service or HKSCC EIPO
channel, you (or as the case may be, HKSCC Nominees will do the following things on your behalf):
(i) undertake to execute all relevant documents and instruct and authorize us and/or the Overall
Coordinators, as our agents, to execute any documents for you and to do on your behalf all
things necessary to register any Hong Kong Offer Shares allocated to you in your name or
in the name of HKSCC Nominees as required by the Articles of Association, and (if you are
applying through the HKSCC EIPO channel) to deposit the allotted Hong Kong Offer Shares
directly into CCASS for the credit of your designated HKSCC Participant’s stock account on
your behalf;
(ii) confirm that you have read and understand the terms and conditions and application
procedures set out in this prospectus and the designated website of the White Form eIPO
service (or as the case may be, the agreement you entered into with your broker or custodian),
and agree to be bound by them;
(iii) (if you are applying through the HKSCC EIPO channel) agree to the arrangements,
undertakings and warranties under the participant agreement between your broker or
custodian and HKSCC and observe the General Rules of HKSCC and the HKSCC
Operational Procedures for giving application instructions to apply for Hong Kong Offer
Shares;
(iv) confirm that you are aware of the restrictions on offers and sales of shares set out in this
prospectus and they do not apply to you, or the person(s) for whose benefit you have made
the application;
HOW TO APPLY FOR HONG KONG OFFER SHARES
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--- page 313 ---
(v) confirm that you have read this prospectus and any supplement to it and have relied only on
the information and representations contained therein in making your application (or as the
case may be, causing your application to be made) and will not rely on any other information
or representations;
(vi) agree that the Company, the Joint Sponsors, the Overall Coordinators, the Joint Global
Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Capital Market
Intermediaries, the Underwriters, any of their respective directors, officers, employees,
partners, agents, advisers and any other parties involved in the Global Offering (the
“Relevant Persons ”), the H Share Registrar and HKSCC will not be liable for any
information and representations not in this prospectus and any supplement to it;
(vii) agree to disclose the details of your application and your personal data and any other personal
data which may be required about you and the person(s) for whose benefit you have made the
application to us, the Relevant Persons, the H Share Registrar, HKSCC, HKSCC Nominees,
the Stock Exchange, the SFC and any other statutory regulatory or governmental bodies or
otherwise as required by laws, rules or regulations, for the purposes under the paragraph
headed “— G. Personal Data — 3. Purposes and 4. Transfer of personal data” in this section;
(viii) agree (without prejudice to any other rights which you may have once your application (or
as the case may be, HKSCC Nominees’ application) has been accepted) that you will not
rescind it because of an innocent misrepresentation;
(ix) agree that subject to Section 44A(6) of the Companies (Winding Up and Miscellaneous
Provisions) Ordinance, any application made by you or HKSCC Nominees on your behalf
cannot be revoked once it is accepted, which will be evidenced by the notification of the
result of the ballot by the H Share Registrar by way of publication of the results at the time
and in the manner as specified in the paragraph headed “— B. Publication of Results” in this
section;
(x) confirm that you are aware of the situations specified in the paragraph headed “— C.
Circumstances in Which Y ou Will Not Be Allocated Hong Kong Offer Shares” in this section;
(xi) agree that your application or HKSCC Nominees’ application, any acceptance of it and the
resulting contract will be governed by and construed in accordance with the laws of Hong
Kong;
(xii) agree to comply with the Companies Ordinance, the Companies (Winding Up and
Miscellaneous Provisions) Ordinance, the Articles of Association and laws of any place
outside Hong Kong that apply to your application and that neither we nor the Relevant
Persons will breach any law inside and/or outside Hong Kong as a result of the acceptance
of your offer to purchase, or any action arising from your rights and obligations under the
terms and conditions contained in this prospectus;
(xiii) confirm that (a) your application or HKSCC Nominees’ application on your behalf is not
financed directly or indirectly by the Company, any of the directors, supervisors, chief
executives, substantial shareholder(s) or existing shareholder(s) of the Company or any of its
subsidiaries or any of their respective close associates; and (b) you are not accustomed or will
not be accustomed to taking instructions from the Company, any of the directors, supervisors,
chief executives, substantial shareholder(s) or existing shareholder(s) of the Company or any
of its subsidiaries or any of their respective close associates in relation to the acquisition,
disposal, voting or other disposition of the H Shares registered in your name or otherwise
held by you;
(xiv) warrant that the information you have provided is true and accurate;
(xv) confirm that you understand that we and the Overall Coordinators will rely on your
declarations and representations in deciding whether or not to allocate any Hong Kong Offer
Shares to you and that you may be prosecuted for making a false declaration;
(xvi) agree to accept Hong Kong Offer Shares applied for or any lesser number allocated to you
under the application;
HOW TO APPLY FOR HONG KONG OFFER SHARES
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--- page 314 ---
(xvii) declare and represent that this is the only application made and the only application intended
by you to be made to benefit you or the person for whose benefit you are applying;
(xviii) (if the application is made for your own benefit) warrant that no other application has been
or will be made for your benefit by giving electronic application instructions to HKSCC
directly or indirectly or through the White Form eIPO service or by any one as your agent
or by any other person; and
(xix) (if you are making the application as an agent for the benefit of another person) warrant that
(1) no other application has been or will be made by you as agent for or for the benefit of
that person or by that person or by any other person as agent for that person by giving
electronic application instructions to HKSCC and (2) you have due authority to give
electronic application instructions on behalf of that other person as its agent.
B. PUBLICATION OF RESULTS
Results of Allocation
Y ou can check whether you are successfully allocated any Hong Kong Offer Shares through:
Platform Date/Time
Applying through White Form eIPO service or HKSCC EIPO channel :
Website /H1118/H1118/H1118/H1118/H1118The designated results of allocation at
www.iporesults.com.hk (alternatively:
www.eipo.com.hk/eIPOAllotment ) with a
“search by ID” function.
The full list of (i) wholly or partially successful
applicants using the White Form eIPO service
and HKSCC EIPO channel, and (ii) the number
of Hong Kong Offer Shares conditionally
allotted to them, among other things, will be
displayed on the “Allotment Results” page of
the White Form eIPO service at
www.iporesults.com.hk (alternatively:
www.eipo.com.hk/eIPOAllotment ).
24 hours, from 11:00
p.m. on Tuesday, May
12, 2026 to 12:00 p.m.
on Monday, May 18,
2026 (Hong Kong
time)
The Stock Exchange’s website at
www.hkexnews.hk and our website at
www.impacttherapeutics.com which will
provide links to the above mentioned websites
of the H Share Registrar.
No later than 11:00 p.m.
on Tuesday, May 12,
2026 (Hong Kong
time)
Telephone /H1118/H1118/H1118+852 2862 8555 — the allocation results
telephone enquiry line provided by the H Share
Registrar
between 9:00 a.m. and
6:00 p.m., on
Wednesday, May 13,
2026, Thursday, May
14, 2026, Friday, May
15, 2026 and Monday,
May 18, 2026
For those applying through HKSCC EIPO channel, you may also check with your broker or
custodian from 6:00 p.m. on Monday, May 11, 2026 (Hong Kong time). HKSCC Participants can log into
FINI and review the allotment result from 6:00 p.m. on Monday, May 11, 2026 (Hong Kong time) on a
24-hour basis and should report any discrepancies on allotments to HKSCC as soon as practicable.
HOW TO APPLY FOR HONG KONG OFFER SHARES
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Allocation Announcement
We expect to announce the results of the final Offer Price, the level of indications of interest in the
International Offering, the level of applications in the Hong Kong Public Offering and the basis of
allocations of Hong Kong Offer Shares on the Stock Exchange’s website at www.hkexnews.hk and our
website at www.impacttherapeutics.com by no later than 11:00 p.m. on Tuesday, May 12, 2026 (Hong
Kong time).
C. CIRCUMSTANCES IN WHICH YOU WILL NOT BE ALLOCATED HONG KONG OFFER
SHARES
Y ou should note the following situations in which Hong Kong Offer Shares will not be allocated
to you or the person(s) for whose benefit you are applying for:
1. If your application is revoked:
Y our application or the application made by HKSCC Nominees on your behalf may be revoked
pursuant to Section 44A(6) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance.
2. If we or our agents exercise our discretion to reject your application:
The Company, the Overall Coordinators, the H Share Registrar and their respective agents and
nominees have full discretion to reject or accept any application, or to accept only part of any application,
without giving any reasons.
3. If the allocation of Hong Kong Offer Shares is void:
The allocation of Hong Kong Offer Shares will be void if the Stock Exchange does not grant
permission to list the H Shares either:
 within three weeks from the closing date of the application lists; or
 within a longer period of up to six weeks if the Stock Exchange notifies us of that longer
period within three weeks of the closing date of the application lists.
4. If:
 you make multiple applications or suspected multiple applications. Y ou may refer to the
paragraph headed “ — A. Applications for Hong Kong Offer Shares — 5. Multiple
Applications Prohibited ” in this section on what constitutes multiple applications;
 your application instruction is incomplete;
 your payment (or confirmation of funds, as the case may be) is not made correctly;
 the Underwriting Agreements do not become unconditional or are terminated;
 we or the Overall Coordinators believe that by accepting your application, it or we would
violate applicable securities or other laws, rules or regulations.
5. If there is money settlement failure for allotted H Shares:
Based on the arrangements between HKSCC Participants and HKSCC, HKSCC Participants will be
required to hold sufficient application funds on deposit with their Designated Bank before balloting.
After balloting of Hong Kong Offer Shares, the Receiving Bank will collect the portion of these funds
required to settle each HKSCC Participant’s actual Hong Kong Public Offering Share allotment from
their Designated Bank.
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There is a risk of money settlement failure. In the extreme event of money settlement failure by
a HKSCC Participant (or its Designated Bank), who is acting on your behalf in settling payment for your
allotted H Shares, HKSCC will contact the defaulting HKSCC Participant and its Designated Bank to
determine the cause of failure and request such defaulting HKSCC Participant to rectify or procure to
rectify the failure.
However, if it is determined that such settlement obligation cannot be met, the affected Hong Kong
Offer Shares will be reallocated to the International Offering. Hong Kong Offer Shares applied for by you
through the broker or custodian may be affected to the extent of the settlement failure. In the extreme
case, you will not be allocated any Hong Kong Offer Shares due to the money settlement failure by such
HKSCC Participant. None of us, the Relevant Persons, the H Share Registrar and HKSCC is or will be
liable if Hong Kong Offer Shares are not allocated to you due to the money settlement failure.
D. DESPATCH/COLLECTION OF H SHARE CERTIFICATES AND REFUND OF
APPLICATION MONIES
Y ou will receive one Share certificate for all Hong Kong Offer Shares allotted to you under the
Hong Kong Public Offering (except pursuant to applications made through the HKSCC EIPO channel
where the Share certificates will be deposited into CCASS as described below). No temporary document
of title will be issued in respect of the H Shares. No receipt will be issued for sums paid on application.
H Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday, May 13,
2026 (Hong Kong time), provided that the Global Offer has become unconditional and the right of
termination described in the section headed “Underwriting” has not been exercised. Investors who trade
H Shares prior to the receipt of Share certificates or the Share certificates becoming valid do so entirely
at their own risk. The right is reserved to retain any Share certificate(s) and (if applicable) any surplus
application monies pending clearance of application monies.
The following sets out the relevant procedures and time:
White Form eIPO service HKSCC EIPO channel
Despatch/collection of Share certificate 1
For physical share
certificates of
1,000,000 or more
Offer Shares issued
under your own name
Collection in person from our H Share
Registrar, Computershare Hong Kong
Investor Services Limited, at Shops
1712-1716, 17th Floor, Hopewell
Centre, 183 Queen’s Road East, Wan
Chai, Hong Kong.
Time: from 9:00 a.m. to 1:00 p.m. on
Wednesday, May 13, 2026 (Hong Kong
time)
If you are an individual, you must not
authorize any other person to collect for
you. If you are a corporate applicant,
your authorized representative must bear
a letter of authorization from your
corporation stamped with your
corporation’s chop.
Both individuals and authorized
representatives must produce, at the
time of collection, evidence of identity
acceptable to the H Share Registrar.
Note: If you do not collect your Share
certificate(s) personally within the time
above, it/they will be sent to the address
specified in your application instructions
by ordinary post at your own risk
Share certificate(s) will
be issued in the name
of HKSCC
Nominees, deposited
into CCASS and
credited to your
designated HKSCC
Participant’s stock
account
No action by you is
required
HOW TO APPLY FOR HONG KONG OFFER SHARES
– 307 –


--- page 317 ---
White Form eIPO service HKSCC EIPO channel
For physical share
certificates of less
than 1,000,000 Offer
Shares issued under
your own name /H1118/H1118/H1118/H1118/H1118
Y our Share certificate(s) will be sent to
the address specified in your application
instructions by ordinary post at your
own risk
Time: Tuesday, May 12, 2026
Refund mechanism for surplus application monies paid by you
Date /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Wednesday, May 13, 2026 Subject to the
arrangement between
you and your broker
or custodian
Responsible party /H1118/H1118/H1118/H1118/H1118H Share Registrar Y our broker or
custodian
Application monies paid
through single bank
account /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
White Form e-Refund payment instructions
to your designated bank account
Y our broker or
custodian will
arrange refund to
your designated bank
account subject to the
arrangement between
you and it
Application monies paid
through multiple
bank accounts /H1118/H1118/H1118/H1118/H1118/H1118
Refund cheque(s) will be despatched to
the address as specified in your
application instructions by ordinary post
at your own risk
Note:
1. Except in the event of a tropical cyclone warning signal number 8 or above, a black rainstorm warning and/or an
“extreme conditions” announcement issued after a super typhoon in force in Hong Kong in the morning on the
Tuesday, May 12, 2026 rendering it impossible for the relevant share certificates to be dispatched to HKSCC in a
timely manner, the Company shall procure the H Share Registrar to arrange for delivery of the supporting documents
and share certificates in accordance with the contingency arrangements as agreed between them. Y ou may refer to “—
E. Severe Weather Arrangements” in this section.
E. SEVERE WEATHER ARRANGEMENTS
The Opening and Closing of the Application Lists
The application lists will not open or close on Friday, May 8, 2026 if, there is/are: (i) a tropical
cyclone warning signal number 8 or above; (ii) a black rainstorm warning; and/or (iii) Extreme
conditions (collectively, “ Severe Weather Signals ”), in force in Hong Kong at any time between 9:00
a.m. and 12:00 noon on Friday, May 8, 2026.
Instead they will open between 11:45 a.m. and 12:00 noon and/or close at 12:00 noon on the next
business day which does not have Severe Weather Signals in force at any time between 9:00 a.m. and
12:00 noon. Prospective investors should be aware that a postponement of the opening/closing of the
application lists may result in a delay in the listing date. Should there be any changes to the dates
mentioned in the section headed “Expected Timetable” in this prospectus, an announcement will be made
and published on the Stock Exchange’s website at www.hkexnews.hk and our website at
www.impacttherapeutics.com of the revised timetable. If a Severe Weather Signal is hoisted on
Tuesday, May 12, 2026, the H Share Registrar will make appropriate arrangements for the delivery of the
share certificates to the CCASS Depository’s service counter so that they would be available for trading
on Wednesday, May 13, 2026.
HOW TO APPLY FOR HONG KONG OFFER SHARES
– 308 –


--- page 318 ---
If a Severe Weather Signal is hoisted on Wednesday, May 13, 2026:
 for physical share certificates of equal to or over 1,000,000 offer shares issued under your
own name, you may pick them up from the H Share Registrar’s office after the Severe
Weather Signal is lowered or cancelled (e.g. in the afternoon of Wednesday, May 13, 2026
or on Thursday, May 14, 2026).
If a Severe Weather Signal is hoisted on Tuesday, May 12, 2026
 for physical share certificates of less than 1,000,000 offer shares issued under your own
name, despatch will be made by ordinary post when the post office re-opens after the Severe
Weather Signal is lowered or cancelled (e.g. in the afternoon of Tuesday, May 12, 2026 or
on Wednesday, May 13, 2026.
Prospective investors should be aware that if they choose to receive physical share certificates
issued in their own name, there may be a delay in receiving the share certificates.
F. ADMISSION OF THE H SHARES INTO CCASS
If the Stock Exchange grants the listing of, and permission to deal in, the H Shares on the Stock
Exchange and we comply with the stock admission requirements of HKSCC, the H Shares will be
accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect
from the date of commencement of dealings in the H Shares or any other date HKSCC chooses.
Settlement of transactions between Exchange Participants is required to take place in CCASS on the
second settlement day after any trading day. All activities under CCASS are subject to the General Rules
of HKSCC and the HKSCC Operational Procedures in effect from time to time. All necessary
arrangements have been made enabling the H Shares to be admitted into CCASS. Y ou should seek the
advice of your broker or other professional advisor for details of the settlement arrangement as such
arrangements may affect your rights and interests.
G. PERSONAL DATA
The following Personal Information Collection Statement applies to any personal data collected
and held by the Company, the H Share Registrar, the receiving bank and the Relevant Persons about you
in the same way as it applies to personal data about applicants other than HKSCC Nominees. This
personal data may include client identifier(s) and your identification information. By giving application
instructions to HKSCC, you acknowledge that you have read, understood and agree to all of the terms
of the Personal Information Collection Statement below.
1. Personal Information Collection Statement
This Personal Information Collection Statement informs the applicant for, and holder of, Hong
Kong Offer Shares, of the policies and practices of the Company and the H Share Registrar in relation
to personal data and the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong).
2. Reasons for the collection of your personal data
It is necessary for applicants and registered holders of Hong Kong Offer Shares to ensure that
personal data supplied to the Company or its agents and the H Share Registrar is accurate and up-to-date
when applying for Hong Kong Offer Shares or transferring Hong Kong Offer Shares into or out of their
names or in procuring the services of the H Share Registrar. Failure to supply the requested data or
supplying inaccurate data may result in your application for Hong Kong Offer Shares being rejected, or
in the delay or the inability of the Company or the H Share Registrar to effect transfers or otherwise
render their services. It may also prevent or delay registration or transfers of Hong Kong Offer Shares
which you have successfully applied for and/or the despatch of Share certificate(s) to which you are
entitled. It is important that applicants for and holders of Hong Kong Offer Shares inform the Company
and the H Share Registrar immediately of any inaccuracies in the personal data supplied.
HOW TO APPLY FOR HONG KONG OFFER SHARES
– 309 –


--- page 319 ---
3. Purposes
Y our personal data may be used, held, processed, and/or stored (by whatever means) for the
following purposes: processing your application and refund cheque and White Form e-Refund payment
instruction(s), where applicable, verification of compliance with the terms and application procedures set
out in this prospectus and announcing results of allocation of Hong Kong Offer Shares; compliance with
applicable laws and regulations in Hong Kong and elsewhere; registering new issues or transfers into or
out of the names of the holders of the H Shares including, where applicable, HKSCC Nominees;
maintaining or updating the register of members of the Company; verifying identities of applicants for
and holders of the H Shares and identifying any duplicate applications for the H Shares; facilitating Hong
Kong Offer Shares balloting; establishing benefit entitlements of holders of the H Shares, such as
dividends, rights issues, bonus issues, etc.; distributing communications from the Company and its
subsidiaries; compiling statistical information and profiles of the holder of the H Shares; disclosing
relevant information to facilitate claims on entitlements; and any other incidental or associated purposes
relating to the above and/or to enable the Company and the H Share Registrar to discharge their
obligations to applicants and holders of the H Shares and/or regulators and/or any other purposes to
which applicants and holders of the H Shares may from time to time agree.
4. Transfer of personal data
Personal data held by the Company and the H Share Registrar relating to the applicants for and
holders of Hong Kong Offer Shares will be kept confidential but the Company and the H Share Registrar
may, to the extent necessary for achieving any of the above purposes, disclose, obtain or transfer
(whether within or outside Hong Kong) the personal data to, from or with any of the following: the
Company’s appointed agents such as financial advisers, receiving bank and overseas principal share
registrar; HKSCC or HKSCC Nominees, who will use the personal data and may transfer the personal
data to the H Share Registrar for the purposes of providing its services or facilities or performing its
functions in accordance with its rules or procedures and operating FINI and CCASS (including where
applicants for the Hong Kong Offer Shares request a deposit into CCASS); any agents, contractors or
third-party service providers who offer administrative, telecommunications, computer, payment or other
services to the Company or the H Share Registrar in connection with their respective business operation;
the Stock Exchange, the SFC and any other statutory regulatory or governmental bodies or otherwise as
required by laws, rules or regulations, including for the purpose of the Stock Exchange’s administration
of the Listing Rules and the SFC’s performance of its statutory functions; and any persons or institutions
with which the holders of Hong Kong Offer Shares have or propose to have dealings, such as their
bankers, solicitors, accountants or brokers etc.
5. Retention of personal data
The Company and the H Share Registrar will keep the personal data of the applicants and holders
of Hong Kong Offer Shares for as long as necessary to fulfil the purposes for which the personal data
were collected. Personal data which is no longer required will be destroyed or dealt with in accordance
with the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong).
6. Access to and correction of personal data
Applicants for and holders of Hong Kong Offer Shares have the right to ascertain whether the
Company or the H Share Registrar hold their personal data, to obtain a copy of that data, and to correct
any data that is inaccurate. The Company and the H Share Registrar have the right to charge a reasonable
fee for the processing of such requests. All requests for access to data or correction of data should be
addressed to the Company and the H Share Registrar, at their registered address disclosed in the section
headed “Corporate information” in this prospectus or as notified from time to time, for the attention of
the company secretary, or the H Share Registrar for the attention of the privacy compliance officer.
HOW TO APPLY FOR HONG KONG OFFER SHARES
– 310 –


--- page 320 ---
The following is the text of a report received from the independent reporting accountants,
Ernst & Young, Certified Public Accountants, Hong Kong, prepared for the purpose of
incorporation in this Prospectus.
⭰㰟㛪姯⸒Ṳ⋀㈧
榀㸖毩歁㵳勘䙮怺 979噆
⤑⏋✱ᷧ⺎27㧺
Tel 曢婘: +852 2846 9888
Fax ₚ䜆: +852 2868 4432
ey.com
Ernst & Young
27/F, One Taikoo Place
979 King’s Road
Quarry Bay, Hon
g Kong
ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE
DIRECTORS OF IMPACT THERAPEUTICS, INC, GOLDMAN SACHS (ASIA) L.L.C. AND
CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LIMITED
Introduction
We report on the historical financial information of IMPACT Therapeutics, Inc (the “Company”)
and its subsidiaries (together, the “Group”) set out on pages I-3 to I-43, which comprises the consolidated
statements of profit or loss and other comprehensive income, statements of changes in equity and
statements of cash flows of the Group for each of the years ended 31 December 2024 and 2025 (the
“Relevant Periods”), and the consolidated statements of financial position of the Group and the
statements of financial position of the Company as at 31 December 2024 and 2025 and material
accounting policy information and other explanatory information (together, the “Historical Financial
Information”). The Historical Financial Information set out on pages I-3 to I-43 forms an integral part
of this report, which has been prepared for inclusion in the prospectus of the Company dated 5 May 2026
(the “Prospectus”) in connection with the initial listing of the shares of the Company on the Main Board
of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
Directors’ responsibility for the Historical Financial Information
The directors of the Company are responsible for the preparation of the Historical Financial
Information that gives a true and fair view in accordance with the basis of preparation set out in note 2.1
to the Historical Financial Information and for such internal control as the directors determine is
necessary to enable the preparation of the Historical Financial Information that is free from material
misstatement, whether due to fraud or error.
Reporting accountants’ responsibility
Our responsibility is to express an opinion on the Historical Financial Information and to report our
opinion to you. We conducted our work in accordance with Hong Kong Standard on Investment Circular
Reporting Engagements 200 Accountants’ Reports on Historical Financial Information in Investment
Circulars issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). This standard
requires that we comply with ethical standards and plan and perform our work to obtain reasonable
assurance about whether the Historical Financial Information is free from material misstatement.
Our work involved performing procedures to obtain evidence about the amounts and disclosures in
the Historical Financial Information. The procedures selected depend on the reporting accountants’
judgement, including the assessment of risks of material misstatement of the Historical Financial
Information, whether due to fraud or error. In making those risk assessments, the reporting accountants
consider internal control relevant to the entity’s preparation of the Historical Financial Information that
gives a true and fair view in accordance with the basis of preparation set out in note 2.1 to the Historical
Financial Information in order to design procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Our work also
included evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the directors, as well as evaluating the overall presentation of the Historical Financial
Information.
APPENDIX I ACCOUNTANTS’ REPORT
– I-1 –


--- page 321 ---
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Opinion
In our opinion, the Historical Financial Information gives, for the purposes of the accountants’
report, a true and fair view of the financial position of the Group and the Company as at 31 December
2024 and 2025, and of the financial performance and cash flows of the Group for each of the Relevant
Periods in accordance with the basis of preparation set out in note 2.1 to the Historical Financial
Information.
Report on matters under the Rules Governing the Listing of Securities on the Stock Exchange and
the Companies (Winding Up and Miscellaneous Provisions) Ordinance
Adjustments
In preparing the Historical Financial Information, no adjustments to the Underlying Financial
Statements as defined on page I-3 have been made.
Dividends
We refer to note 11 to the Historical Financial Information which states that no dividends have been
paid by the Company in respect of the Relevant Periods.
Ernst & Y oung
Certified Public Accountants
Hong Kong
5 May 2026
APPENDIX I ACCOUNTANTS’ REPORT
– I-2 –


--- page 322 ---
I. HISTORICAL FINANCIAL INFORMATION
Preparation of Historical Financial Information
Set out below is the Historical Financial Information which forms an integral part of this
accountants’ report.
The financial statements of the Group for the Relevant Periods, on which the Historical Financial
Information is based, were audited by Ernst & Y oung in accordance with Hong Kong Standards on
Auditing (“HKSAs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”)
(the “Underlying Financial Statements”).
The Historical Financial Information are presented in Renminbi (“RMB”) and all values are
rounded to the nearest thousand (RMB’000) except when otherwise indicated.
APPENDIX I ACCOUNTANTS’ REPORT
– I-3 –


--- page 323 ---
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
Notes
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 33,547 38,251
Cost of sales /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,555) (1,571)
Gross profit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,992 36,680
Other income and gains, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 12,364 8,288
Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(194,807) (183,674)
Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(42,431) (69,135)
Selling and distribution expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,503) (13,842)
Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 (55,558) (68,663)
Other expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3,809) (5,577)
LOSS BEFORE TAX /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 (254,752) (295,923)
Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810 (3) (1)
LOSS FOR THE YEAR /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,755) (295,924)
Attributable to:
Owners of the parent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,755) (295,924)
OTHER COMPREHENSIVE (LOSS)/INCOME
Other comprehensive (loss)/income that may be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign
operations /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(339) 58
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE
YEAR, NET OF TAX /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(339) 58
TOTAL COMPREHENSIVE LOSS FOR THE YEAR /H1118/H1118 (255,094) (295,866)
Attributable to:
Owners of the parent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(255,094) (295,866)
LOSS PER SHARE A TTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT
Basic and diluted (RMB) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812 (1.27) (1.29)
APPENDIX I ACCOUNTANTS’ REPORT
– I-4 –


--- page 324 ---
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at 31 December
Notes 2024 2025
RMB’000 RMB’000
NON-CURRENT ASSETS
Property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813 935 614
Right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 8,254 5,341
Other intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 3,504 4,674
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 1,815 915
Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,508 11,544
CURRENT ASSETS
Inventories /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817 4,351 26,978
Trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818 – 7,443
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 29,844 30,022
Financial assets at fair value through profit or loss /H1118/H1118/H1118/H1118/H1118/H111820 110,068 –
Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 11
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 230,122 258,534
Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118374,386 322,978
Total assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118388,894 334,522
CURRENT LIABILITIES
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 67,818 49,864
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 19,226 46,062
Financial liabilities at fair value through profit or loss /H1118/H1118/H111824 687 5,209
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 1,798 3,655
Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111889,529 104,790
NET CURRENT ASSETS /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118284,857 218,188
TOTAL ASSETS LESS CURRENT LIABILITIES /H1118/H1118/H1118/H1118/H1118 299,365 229,732
NON-CURRENT LIABILITIES
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 91,535 171,698
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 4,987 1,780
Financial liabilities at fair value through profit or loss /H1118/H1118/H111824 35,425 33,921
Redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 911,708 980,224
Total non-current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,043,655 1,187,623
Net liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(744,290) (957,891)
EQUITY
Equity attributable to owners of the parent /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827 214,866 234,188
Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 (959,156) (1,192,079)
Total deficits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(744,290) (957,891)
APPENDIX I ACCOUNTANTS’ REPORT
– I-5 –


--- page 325 ---
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Y ear ended 31 December 2024
Attributable to owners of the parent
Notes
Paid-in
capital
Capital
reserve*
Other
reserves*
Share-based
payment
reserve*
Exchange
fluctuation
reserve*
Accumulated
losses* Total equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118178,610 719,285 – 11,091 (13,038) (991,338) (95,390)
Loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– – (254,755) (254,755)
Other comprehensive loss for the year:
Exchange differences related to foreign
operations /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (339) – (339)
Total comprehensive loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (339) (254,755) (255,094)
Capital injection from shareholders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827, 28 36,256 418,041 – – – – 454,297
Recognition of redemption liabilities on ordinary
shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 – – (856,450) – – – (856,450)
Recognition of equity-settled share-based
payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829 – – – 8,347 – – 8,347
V esting of restricted share units /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 3,388 – (3,388) – – –
At 31 December 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118214,866 1,140,714 (856,450) 16,050 (13,377) (1,246,093) (744,290)
APPENDIX I ACCOUNTANTS’ REPORT
– I-6 –


--- page 326 ---
Y ear ended 31 December 2025
Attributable to owners of the parent
Notes
Paid-in
capital/Share
capital
Capital
reserve *
Other
reserves *
Share-based
payment
reserve *
Exchange
fluctuation
reserve *
Accumulated
losses * Total equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118214,866 1,140,714 (856,450) 16,050 (13,377) (1,246,093) (744,290)
Loss for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– (295,924) (295,924)
Other comprehensive income for the year: /H1118/H1118/H1118
Exchange differences related to foreign
operations /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– 5 8 – 5 8
Total comprehensive income/(loss) for the year /H1118 –––– 5 8 (295,924) (295,866)
Capital injection from shareholders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827, 28 19,322 13 5––– – 19,457
Conversion into a joint stock company /H1118/H1118/H1118/H1118/H1118/H111825 – (270,082) – – – 270,082 –
Recognition of equity-settled share-based
payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829 – – – 62,808 – – 62,808
V esting of restricted share units /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 56,887 – (56,887) – – –
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188 927,654 (856,450) 21,971 (13,319) (1,271,935) (957,891)
* The reserve accounts comprised the consolidated deficits of RMB959,156,000 and RMB1,192,079,000 as at 31 December 2024 and 31 December 2025, respec tively.
APPENDIX I ACCOUNTANTS’ REPORT
– I-7 –


--- page 327 ---
CONSOLIDATED STATEMENTS OF CASH FLOWS
Y ear ended 31 December
Notes 2024 2025
RMB’000 RMB’000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,752) (295,923)
Adjustments for:
Bank interest income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (7,558) (2,786)
Investment income on financial assets at fair value
through profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (1,829) (4,060)
Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 55,558 68,663
Equity-settled share-based payment expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829 8,347 62,808
Foreign exchange differences, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 (1,976) 2,051
Unrealised gains from financial assets at fair value
through profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (68) –
Change in fair value of financial liabilities at fair value
through profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 3,076 3,524
Depreciation of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H111813 922 434
Depreciation of right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 4,587 2,913
Loss on lease termination /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 725 –
Amortisation of intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 1,145 1,127
Gain on disposal of items of property, plant and
equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 – (198)
(191,823) (161,447)
Increase in trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818 – (7,443)
(Increase)/Decrease in prepayments, other receivables and
other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 (4,252) 5,316
Increase in inventories /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817 (4,351) (22,627)
Decrease in restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 5,039 –
Increase/(decrease) in trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 8,798 (17,954)
Increase in other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 97,723 105,490
Cash used in operations /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(88,866) (98,665)
Income tax paid /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(3) (1)
Interest received /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,558 2,786
Net cash flows used in operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(81,311) (95,880)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of items of property, plant and equipment and
intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,695) (1,510)
Purchase of financial assets at fair value through profit or
loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(555,000) (1,887,000)
Redemption of financial assets at fair value through profit
or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118446,829 2,001,128
Proceeds from disposal of items of property, plant and
equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812 198
Net cash flows (used in)/from investing activities /H1118/H1118/H1118/H1118/H1118/H1118 (109,854) 112,816
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827 454,297 19,457
Payment of deposits for leases /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(950) –
Withdrawal of deposits of leases /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,628 –
Acquisition of non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(300,000) (281)
Payment of listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (4,210)
Lease payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 (6,643) (1,497)
Net cash flows from financing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118148,332 13,469
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIV ALENTS /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(42,833) 30,405
Cash and cash equivalents at beginning of year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118271,318 230,122
Effect of foreign exchange rate changes, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,637 (1,993)
CASH AND CASH EQUIV ALENTS AT END OF
YEAR /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 230,122 258,534
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 328 ---
STATEMENTS OF FINANCIAL POSITION OF THE COMPANY
Notes
As at 31 December
2024 2025
RMB’000 RMB’000
NON-CURRENT ASSETS
Investments in subsidiaries /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816 582,498 617,616
Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118582,498 617,616
CURRENT ASSETS
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 633,061 603,517
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 28,039 2,522
Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118661,100 606,039
CURRENT LIABILITIES
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 3,004 7,601
Other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 19,022 5,725
Financial liabilities at fair value through profit or loss /H1118/H1118/H111824 687 5,209
Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822,713 18,535
NET CURRENT ASSETS /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118638,387 587,504
TOTAL ASSETS LESS CURRENT LIABILITIES /H1118/H1118/H1118/H1118/H1118 1,220,885 1,205,120
NON-CURRENT LIABILITIES
Financial liabilities at fair value through profit or loss /H1118/H1118/H111824 35,425 33,921
Redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 911,708 980,224
Total non-current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118947,133 1,014,145
Net assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118273,752 190,975
EQUITY
Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827 214,866 234,188
Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 58,886 (43,213)
Total equity /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118273,752 190,975
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 329 ---
II. NOTES TO THE HISTORICAL FINANCIAL INFORMATION
1. CORPORATE INFORMATION
The Company was established in the People’s Republic of China (the “PRC”) on 10 June 2009, as a limited liability company
under the Companies Law of the PRC. The registered office of the Company is located at No. 10, Xinghuo Road, Hi-Tech
Development Zone, Nanjing, Jiangsu Province, PRC. The Company was converted into a joint stock limited liability company on
20 June 2025.
During the Relevant Periods, the Company and its subsidiaries were principally involved in the research, development and
commercialisation of pharmaceutical products.
As at the date of this report, the Company had direct and indirect interests in its subsidiaries, all of which are private limited
liability companies, the particulars of which are as follows:
Name Notes
Place and date of
registration and place of
operations
Nominal value of issued
ordinary/
registered share capital
Percentage
of equity attributable
to the Company
Principal activitiesDirect Indirect
Shanghai Impact
Therapeutics Co., Ltd.
(Formerly known as:
Shanghai Junpaiyingshi
Pharmaceutical Co., Ltd.)
ʮ̡
(ಀ͜Τ:ྼᖹ
ʮ̡)* /H1118/H1118/H1118/H1118/H1118/H1118/H1118
a PRC/Chinese
mainland
24 September
2020
RMB200,000,000 50.00 50.00 Global research and
development and
commercialisation
Impact Therapeutics
(Shanghai), Inc. ɪऎ຃
ʮ̡* /H1118/H1118/H1118/H1118
a PRC/Chinese
mainland
5 August 2014
RMB47,000,000 100.00 – Global research and
development
Impact Pharmaceutical
(Y angzhou) Co., Ltd.ߵ
ᖹุ(౮ψ)ʮ̡* /H1118
b PRC/Chinese
mainland
26 March 2024
RMB50,000,000 100.00 – Global research and
development
Suzhou Impact
Pharmaceutical
Co., Ltd.ᖹุ
ʮ̡* /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
b PRC/Chinese
mainland
14 September
2024
RMB30,000,000 100.00 – Global research and
development
IMPACT Therapeutics
Australia Pty Ltd /H1118/H1118/H1118/H1118
b Australia 3 May
2016
AUD22,689,895 100.00 – Overseas research
and development
IMPACT Therapeutics
USA, Inc /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
b United States of
America (the
“USA”)
2 February 2023
USD1,500 100.00 – Overseas research
and development
IMPACT Therapeutics US
LLC /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
b USA 20 January
2021
USD1,500 – 100.00 Overseas research
and development
Notes:
a. The statutory financial statements of these entities for the years ended 31 December 2024 prepared in accordance with
Accounting Standards for Business Enterprises were audited by Shanghai Xusheng Accounting Firm, certified public
accountants registered in the PRC.
No statutory financial statements of these entities prepared in accordance with PRC generally accepted accounting
principles and regulations for Business Enterprises have been audited for the year ended 31 December 2025 as at the
date of this report.
b. No audited financial statements of these entities have been prepared for the years ended 31 December 2024 and 2025
as these entities were either newly incorporated or not subject to any statutory audit requirements under the relevant
rules and regulations in their jurisdictions of incorporation.
* The English names of these companies represent the best effort made by the directors of the Company to translate the
Chinese names as these companies have not been registered with any official English names.
2.1 BASIS OF PREPARATION
The Historical Financial Information have been prepared in accordance with HKFRS Accounting Standards (which include
all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations) as issued by the
Hong Kong Institute of Certified Public Accountants (“HKICPA”).
All HKFRS Accounting Standards effective for the accounting period commencing from 1 January 2025, together with the
relevant transitional provisions, have been consistently applied by the Group in the preparation of the Historical Financial
Information throughout the Relevant Periods.
The Historical Financial Information have been prepared under the historical cost convention, except for certain financial
instruments which have been measured at fair value.
The Historical Financial Information have been prepared assuming the Group will continue as a going concern
notwithstanding that the Group recorded net liabilities of RMB957,891,000 as at 31 December 2025, which was primarily due to the
redemption liabilities on ordinary shares totalling RMB980,224,000 which were classified as liabilities.
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 330 ---
In September 2025, the Company and the holders of the redemption liabilities on ordinary shares entered into a supplemental
agreement, stipulating that the redemption rights ceased to be exercisable on the date immediately prior to the first submission of
listing application to the Stock Exchange until the earlier of the following dates: (i) the rejection of the listing application by the
Stock Exchange, the Securities and Futures Commission of Hong Kong (“SFC”) or the China Securities Regulatory Commission
(“CSRC”); (ii) the withdrawal of the listing application by the Company after approval by the Board; or (iii) the failure of the
Company to consummate the global offering within 18 months after the first submission of the listing application by the Company
to the Stock Exchange. The directors of the Company are of the view that the Company is not required to return the investment funds
in relation to the redemption liabilities on ordinary shares on or before within twelve months and as a result, the redemption liabilities
on ordinary shares are not expected to be redeemed within twelve months from 31 December 2025.
The directors and management of the Company have considered that the redemption rights of these financial instruments
would be terminated upon listing and the financial liability would then be reclassified to equity, resulting in the change from a net
liabilities position to a net assets position.
Basis of consolidation
The Historical Financial Information includes the financial statements of the Company and its subsidiaries for the Relevant
Periods. A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power
over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
Generally, there is a presumption that a majority of voting rights results in control. When the Company has less than a
majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether
it has power over an investee, including:
(a) the contractual arrangement with the other vote holders of the investee;
(b) rights arising from other contractual arrangements; and
(c) the Group’s voting rights and potential voting rights.
The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent
accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control and continue to
be consolidated until the date that such control ceases.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and
to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets
and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full
on consolidation.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one
or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any
non-controlling interest and the exchange fluctuation reserve; and recognises the fair value of any investment retained and any
resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income
is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly
disposed of the related assets or liabilities.
2.2 ISSUED BUT NOT YET EFFECTIVE HKFRS ACCOUNTING STANDARDS
The Group has not applied the following new and amended HKFRS Accounting Standards, that have been issued but are not
yet effective, in the Historical Financial Information. The Group intends to apply these new and amended HKFRS Accounting
Standards, if applicable, when they become effective.
Amendments to HKFRS 10 and HKAS 28 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Sale or Contribution of Assets between an Investor and its
Associate or Joint V enture
1
HKFRS 18 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Presentation and Disclosure in Financial Statements 3
HKFRS 19 and its amendments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Subsidiaries without Public Accountability: Disclosures 3
Amendments to HKFRS 9 and HKFRS 7 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Amendments to the Classification and Measurement of
Financial Instruments 2
Amendments to HKFRS 9 and HKFRS 7 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Contracts Referencing Nature-dependent Electricity 2
Amendments to HKAS 21 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Translation to a Hyperinflationary Presentation Currency 3
Annual Improvements to HKFRS Accounting Standards —
V olume 11 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118
Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7 2
1 No mandatory effective date yet determined but available for adoption
2 Effective for annual periods beginning on or after 1 January 2026
3 Effective for annual/reporting periods beginning on or after 1 January 2027
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 331 ---
Further information about those HKFRS Accounting Standards that are expected to be applicable to the Group is described
below.
HKFRS 18 replaces HKAS 1 Presentation of Financial Statements . While a number of sections have been brought forward
from HKAS 1 with limited changes, HKFRS 18 introduces new requirements for presentation within the statement of profit or loss
and other comprehensive income, including specified totals and subtotals. Entities are required to classify all income and expenses
within the statement of profit or loss and other comprehensive income into one of the five categories: operating, investing, financing,
income taxes and discontinued operations and to present two new defined subtotals. It also requires disclosures about
management-defined performance measures in a single note and introduces enhanced requirements on the grouping (aggregation and
disaggregation) and the location of information in both the primary financial statements and the notes. Some requirements previously
included in HKAS 1 are moved to HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors , which is renamed
as HKAS 8 Basis of Preparation of Financial Statements . As a consequence of the issuance of HKFRS 18, limited, but widely
applicable, amendments are made to HKAS 7 Statement of Cash Flows , HKAS 33 Earnings per Share and HKAS 34 Interim
Financial Reporting . In addition, there are minor consequential amendments to other HKFRS Accounting Standards. HKFRS 18 and
the consequential amendments to other HKFRS Accounting Standards are effective for annual periods beginning on or after 1 January
2027 with earlier application permitted. Retrospective application is required. The Group is currently analysing the new requirements
and assessing the impact of HKFRS 18 on the presentation and disclosure of the Group’s financial statements. The application of
HKFRS 18 is not expected to have a material impact on the financial position of the Group but is expected to affect the presentation
of the statement of profit or loss and other comprehensive income and statement of cash flows and additional disclosure will be
included in the financial statements. Except for HKFRS 18, the directors of the Company anticipate that the application of these new
and amended HKFRS Accounting Standards will have no material impact on the Group’s financial performance and financial position
in the foreseeable future.
2.3/H6186 MATERIAL ACCOUNTING POLICY INFORMATION
Fair value measurement
The Group measures its certain financial instruments at fair value through profit or loss at the end of each reporting period.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset
or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market,
in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the
Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value
measurement is observable, either directly or indirectly
Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
Impairment of non-financial assets
Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories
and deferred tax assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or
cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the
recoverable amount is determined for the cash-generating unit to which the asset belongs. In testing a cash-generating unit for
impairment, a portion of the carrying amount of a corporate asset (e.g., a headquarters building) is allocated to an individual
cash-generating unit if it can be allocated on a reasonable and consistent basis or, otherwise, to the smallest group of cash-generating
units.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period
in which it arises in those expense categories consistent with the function of the impaired asset.
An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised
impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A
previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates
used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been
determined (net of any depreciation/amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of
such an impairment loss is credited to profit or loss in the period in which it arises.
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 332 ---
Related parties
A party is considered to be related to the Group if:
(a) the party is a person or a close member of that person’s family and that person
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the Group or of a parent of the Group;
or
(b) the party is an entity where any of the following conditions applies:
(i) the entity and the Group are members of the same group;
(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary
of the other entity);
(iii) the entity and the Group are joint ventures of the same third party;
(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity
related to the Group;
(vi) the entity is controlled or jointly controlled by a person identified in (a);
(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management
personnel of the entity (or of a parent of the entity); and
(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the
Group or to the parent of the Group.
Property, plant and equipment and depreciation
Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any
impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable
costs of bringing the asset to its working condition and location for its intended use.
Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and
maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria
are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where
significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as
individual assets with specific useful lives and depreciates them accordingly.
Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its
residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:
Category Principal annual rate
Leasehold improvements /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Shorter of remaining lease terms
and estimated useful lives
Electronic equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833.33%
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820.00% to 25.00%
Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a
reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method
are reviewed, and adjusted if appropriate, at least at each financial year end.
An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised
in profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the
relevant asset.
Other intangible assets (other than goodwill)
Other intangible assets acquired separately are measured on initial recognition at cost. The cost of other intangible assets
acquired in a business combination is the fair value at the date of acquisition. The useful lives of other intangible assets are assessed
to be either finite or indefinite. Other intangible assets with finite lives are subsequently amortised over the useful economic life and
assessed for impairment whenever there is an indication that the other intangible asset may be impaired. The amortisation period and
the amortisation method for an other intangible asset with a finite useful life are reviewed at least at each financial year end.
APPENDIX I ACCOUNTANTS’ REPORT
– I-13 –


--- page 333 ---
Other intangible assets with indefinite useful lives are tested for impairment annually either individually or at the
cash-generating unit level. Such other intangible assets are not amortised. The useful life of other intangible assets with an indefinite
life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the
useful life assessment from indefinite to finite is accounted for on a prospective basis.
Software
Purchased software is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated
useful life of 3 years to 10 years.
Patents
Purchased patents are stated at cost less any impairment losses and are amortised on the straight-line basis over their
estimated useful lives of 10 years.
Others
Others refers to a vehicle licence plate which is stated at cost less any impairment losses and is amortised on the straight-line
basis over its estimated useful life of 10 years.
Research and development costs
All research costs are charged to profit or loss as incurred.
Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate
the technical feasibility of completing the other intangible asset so that it will be available for use or sale, its intention to complete
and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete
the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does
not meet these criteria is expensed when incurred.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of
low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use
the underlying assets.
(a) Right-of-use assets
Right-of-use assets are recognised at the commencement date of the lease (that is the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less accumulated depreciation and any impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the
estimated useful lives of the assets as follows:
Properties and office premises /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183 to 4 years
If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset.
(b) Lease liabilities
Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising
the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognised as an
expense in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date,
the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change
in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in
assessment of an option to purchase the underlying asset.
(c) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (that is those leases that have
a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the
recognition exemption for leases of low-value assets to leases of office equipment and laptop computers that are considered
to be of low value.
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Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line
basis over the lease term.
Investments and other financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit
or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a
significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant
financing component, the Group initially measures a financial asset at its fair value plus in the case of a financial asset not at fair
value through profit or loss, transaction costs.
In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive
income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount
outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss,
irrespective of the business model.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate
cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold
financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other
comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and
selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value
through profit or loss.
Purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or
convention in the marketplace are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification as follows:
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net
changes in fair value recognised in profit or loss.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e., removed from the Group’s consolidated statements of financial position) when:
 the rights to receive cash flows from the asset have expired; or
 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a)
the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor
retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability.
The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has
retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash
flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
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General approach
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months
(a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since
initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as
at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers
reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking
information. The Group considers that there has been a significant increase in credit risk when contractual payments are more than
30 days past due.
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases,
the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is
unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Financial assets at amortised cost are subject to impairment under the general approach and they are classified within the
following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.
Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for
which the loss allowance is measured at an amount equal to 12-month ECLs
Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are
not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to
lifetime ECLs
Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated
credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs
Simplified approach
For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient
of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs.
Under the simplified approach, the Group does not track changes in credit risk, but instead recognises a loss allowance based on
lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, redemption
liabilities on ordinary shares, or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of redemption liabilities on ordinary shares and
payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade payables, other payables and accruals, financial liabilities at fair value through
profit or loss, lease liabilities and redemption liabilities on ordinary shares.
Subsequent measurement
The subsequent measurement of financial liabilities depends on their classification as follows:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at
fair value through profit or loss.
Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the initial date
of recognition, and only if the criteria in HKFRS 9 are satisfied. Gains or losses on liabilities designated at fair value through profit
or loss are recognised in profit or loss, except for the gains or losses arising from the Group’s own credit risk which are presented
in other comprehensive income with no subsequent reclassification to profit or loss. The net fair value gain or loss recognised in
profit or loss does not include any interest charged on these financial liabilities. The Group has designated its variable consideration
payable arising from the acquisition in equity interests from the non-controlling interests as financial liabilities at fair value through
profit or loss, details of which are included in note 24 to the Historical Financial Information.
Financial liabilities at amortised cost
After initial recognition, trade payables, other payables and accruals, lease liabilities and redemption liabilities on ordinary
shares are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would
be immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the effective interest rate amortisation process.
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Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in profit or loss.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original
liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or
loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there
is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise
the assets and settle the liabilities simultaneously.
Redemption liabilities on ordinary shares
For the redeemable ordinary shares issued by the Company as detailed in note 25, financial liabilities are measured at
amortised cost and initially recognised at present value of redemption amount with a corresponding debited to equity. Changes of
the amortised cost during the Relevant Periods were recognised in profit or loss. When the redemption rights related to the
redeemable ordinary shares are terminated, the redemption liabilities on ordinary shares are extinguished and credited to equity.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on the first-in and first-out basis. Net
realisable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash on hand and at banks, and short-term highly
liquid deposits with a maturity of generally within three months that are readily convertible into known amounts of cash, subject to
an insignificant risk of changes in value and held for the purpose of meeting short-term cash commitments.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and at banks,
and short-term deposits as defined above, less bank overdrafts which are repayable on demand and form an integral part of the
Group’s cash management.
Income tax
Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised
outside profit or loss, either in other comprehensive income or directly in equity.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of each reporting period, taking into
consideration interpretations and practices prevailing in the countries in which the Group operates.
Deferred tax is provided, using the liability method, on all temporary differences at the end of each reporting period between
the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss and does not give rise to equal taxable and deductible temporary differences; and
 in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal
of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and
any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
 when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary
differences; and
 in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only
recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
taxable profit will be available against which the temporary differences can be utilised.
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The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting periods.
Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by
the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax
liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Government grants
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received, and
all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic
basis over the periods that the costs, for which it is intended to compensate, are expensed.
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an
amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group
will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract
inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
(a) Sales of pharmaceutical products
Revenue from the sales of products is recognised at the point in time when control of the products is transferred to
the customer upon receipt of the goods.
(b) Licensing revenue
The Group’s licensing revenue may contain more than one performance obligation, including grants of licences to the
intellectual property rights and other deliverables. As part of the accounting for these arrangements, the Group must develop
assumptions that require judgement to determine the stand-alone selling price for each performance obligation identified in
the contract. In developing the stand-alone selling price for a performance obligation, the Group considers competitor pricing
for a similar or identical product, market awareness of and perception of the product, expected product life and current market
trends. In general, the consideration allocated to each performance obligation is recognised when the respective obligation
is satisfied on acceptance of a good or a service, limited to the consideration that is not constrained. Payments received before
all of the relevant criteria for revenue recognition are satisfied are recorded as contract liabilities.
Licences of intellectual property: Upfront payments for licensing the Group’s intellectual property are evaluated to
determine if the licence is distinct from the other performance obligations identified in the arrangement. For licences
determined to be distinct, the Group recognises revenues from up-front fees allocated to the licence at the point in time when
the licence is transferred to the licensee and the licensee is reasonably able to use and benefit from the licence.
Milestone payments: Milestones related to development-based activities may include initiation of studies, clinical
trials or commercial sales. Due to the uncertainty involved in meeting these development-based targets, they are generally
fully constrained at contract inception. The management of the Company will assess whether the variable consideration is
fully constrained in each reporting period based on the facts and circumstances surrounding the milestones. Upon changes
to constraint associated with the developmental milestones, variable consideration will be included in the transaction price
when a significant reversal of revenue recognised is not expected to occur and allocated to the separate performance
obligations. Regulatory milestones are fully constrained until the period in which those regulatory approvals are achieved due
to the inherent uncertainty with the approval process. Regulatory milestones are included in the transaction price in the period
regulatory approval is obtained.
Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of
sales, and the licence is deemed to be the predominant item to which the royalties relate, the Group recognises revenue at
the later of (i) the first occurrence of the specified sales milestone, and (ii) when the performance obligation to which some
or all of the royalty has been allocated has been satisfied (or partially satisfied).
Other income
Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly
discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate,
to the net carrying amount of the financial asset.
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Contract liabilities
A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer
before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the
contract (i.e., transfers control of the related services to the customer).
Share-based payments
The Company operates a restricted stock scheme. Employees (including directors) of the Group receive remuneration in the
form of share-based payments, whereby employees render services in exchange for equity instruments (“equity-settled transactions”).
The cost of equity-settled transactions with employees for grants is measured by reference to the fair value at the date at which they
are granted. The fair value of the restricted stock is determined by an external valuer based on investors’ recent capital contribution
price, further details of which are given in note 29 to the Historical Financial Information.
The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in
equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for
equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period
has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit
or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair value of
awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity
instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions.
Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are
also service and/or performance conditions.
For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no
expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective
of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are
satisfied.
Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the
total fair value of the share-based payments or is otherwise beneficial to the employee as measured at the date of modification. Where
an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised
for the award is recognised immediately.
Other employee benefits
Pension scheme
The employees of the Group which operates in Chinese mainland are required to participate in a central pension scheme
operated by the local municipal government. The subsidiaries operating in Chinese mainland are required to contribute a certain
percentage of its payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable
in accordance with the rules of the central pension scheme.
Dividends
Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.
Events after the reporting period
If the Group receives information after the reporting period, but prior to the date of authorisation for issue, about conditions
that existed at the end of each reporting period, it will assess whether the information affects the amounts that it recognises in its
financial statements. The Group will adjust the amounts recognised in its financial statements to reflect any adjusting events after
the reporting period and update the disclosures that relate to those conditions in light of the new information. For non-adjusting
events after the reporting period, the Group will not change the amounts recognised in its financial statements, but will disclose the
nature of the non-adjusting events and an estimate of their financial effects, or a statement that such an estimate cannot be made,
if applicable.
Foreign currencies
The Historical Financial Information are presented in RMB, which is the Company’s functional currency. Each entity in the
Group uses RMB as its functional currency and items included in the financial statements of each entity are measured using that
functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective
functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies
are translated at the functional currency rates of exchange ruling at the end of each reporting period. Differences arising on settlement
or translation of monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured
at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference
on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other
comprehensive income or profit or loss, respectively).
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In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a
non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which
the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are
multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance
consideration.
The functional currencies of certain overseas subsidiaries are currencies other than RMB. As at the end of each reporting
period, the assets and liabilities of these entities are translated into RMB at the exchange rates prevailing at the end of each reporting
period and their statements of profit or loss are translated into RMB at the exchange rates that approximate to those prevailing at
the dates of the transactions.
The resulting exchange differences are recognised in other comprehensive income and accumulated in the exchange
fluctuation reserve, except to the extent that the differences are attributable to non-controlling interests. On disposal of a foreign
operation, the cumulative amount in the reserve relating to that particular foreign operation is recognised in profit or loss.
3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the Group’s Historical Financial Information required management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and
the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require
a material adjustment to the carrying amounts of the assets or liabilities affected in the future.
Judgements
In the process of applying the Group’s accounting policies, management has made the following judgements apart from those
involving estimations which have the most significant effect on the amounts recognised in the Historical Financial Information.
Research and development costs
All research costs are charged to profit or loss as incurred. Expenses incurred on each pipeline to develop new products are
capitalised and deferred in accordance with the accounting policy for research and development expenses in note 2.3 to the Historical
Financial Information. Determining the amounts to be capitalised requires management to make judgements on the technical
feasibility of existing pipelines to be successfully commercialised and bring economic benefits to the Company.
Deferred tax assets
Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable
that taxable profit will be available against which the deductible temporary differences and the unused tax losses can be utilised.
Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon
the likely timing and level of future taxable profits, together with future tax planning strategies.
The Group has tax losses of RMB1,235,187,000 and RMB1,591,142,000 as at 31 December 2024 and 31 December 2025
carried forward, respectively. These losses related to the Company and subsidiaries that have a history of losses, have not expired,
and may not be used to offset taxable income elsewhere in the Group. The Company and its subsidiaries have neither any taxable
temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses as deferred
tax assets. On this basis, the Group has determined that it cannot recognise deferred tax assets on the tax losses carried forward.
Further details are included in note 26 to the Historical Financial Information.
Estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the end of each reporting
period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below.
Leases — Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in a lease, and therefore, it uses an incremental borrowing rate
(“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR therefore reflects what the Group “would have to pay”, which requires estimation when no observable rates
are available (such as for subsidiaries that do not enter into financing transactions) or when it needs to be adjusted to reflect the terms
and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Group estimates the IBR
using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such
as the subsidiary’s stand-alone credit rating).
Impairment of non-financial assets (other than goodwill)
The Group assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use
assets) at the end of each reporting period. Indefinite life intangible assets are tested for impairment annually and at other times when
such an indicator exists. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may
not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs
of disposal is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable
market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken, management must
estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate
the present value of those cash flows.
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– I-20 –


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4. OPERATING SEGMENT INFORMATION
Operating segment information
For management purposes, the Group has only one reportable operating segment, which is the research, development and
commercialisation of pharmaceutical products. Since this is the only reportable operating segment of the Group, no further operating
segment analysis thereof is presented.
Geographical information
(a) Revenue from external customers
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Geographical markets
Chinese mainland /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 20,247
USA /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 18,004
Total revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
(b) Non-current assets
No geographical information related to non-current assets is presented as nearly all non-current assets of the Group are
located in Chinese mainland.
Information about major customers
Revenue of RMB33,547,000 for the year ended 31 December 2024 was derived from a single customer.
Revenue of RMB18,004,000 and RMB5,055,000 for the year ended 31 December 2025 were derived from two single
customers, respectively.
5. REVENUE, OTHER INCOME AND GAINS
An analysis of revenue is as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Revenue from contracts with customers /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
Revenue from contracts with customers
(a) Disaggregated revenue information
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Types of goods and services
Sales of pharmaceutical products /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,656 20,247
Licensing revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,891 18,004
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
Timing of revenue recognition
Transferred at a point in time /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,547 38,251
There was no revenue recognised during the Relevant Periods that was included in the contract liabilities at the beginning
of each of the Relevant Periods.
(b) Performance obligations
Information about the Group’s performance obligations is summarised below:
Sales of pharmaceutical products
The performance obligation is satisfied upon delivery of the products and payment is generally due within 45 days
from the date of billing.
APPENDIX I ACCOUNTANTS’ REPORT
– I-21 –


--- page 341 ---
Licensing revenue
In November 2023, the Group entered into an exclusive licence agreement (the “Eikon Agreement”) with Eikon
Therapeutics Inc. (“Eikon”) to research, develop, improve, manufacture, use, sell, contract and commercialise PARP1
selective inhibitor overseas. Pursuant to the Eikon Agreement, the Group is entitled to receive upfront payment, milestone
payment and royalty payment for licensing and preclinical support.
Under the practical expedient allowed by HKFRS 15, the Group does not disclose the value of unsatisfied performance
obligation.
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Other income
Government grants* /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118824 1,244
Bank interest income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,558 2,786
Investment income on financial assets at fair value through
profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,829 4,060
Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118109 –
Total other income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,320 8,090
Gains
Gain on disposal of items of property, plant and equipment /H1118/H1118/H1118 – 198
Unrealised gains from financial assets at fair value through
profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868 –
Foreign exchange gains, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,976 –
Total gains /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,044 198
Total other income and gains /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,364 8,288
* Government grants mainly represent various financial supports provided by the local governments for the
Group’s research and development activities and business operation. There are no unfulfilled conditions
relating to these government grants.
6. LOSS BEFORE TAX
The Group’s loss before tax is arrived at after charging/(crediting):
Y ear ended 31 December
Notes 2024 2025
RMB’000 RMB’000
Cost of inventories sold /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,555 1,571
Depreciation of property, plant and equipment (i) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813 922 434
Depreciation of right-of-use assets (ii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 4,587 2,913
Amortisation of other intangible assets (iii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 1,145 1,127
Auditor’s remuneration /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111865 343
Gain on disposal of items of property, plant and equipment
(iv) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (198)
Lease payments not included in the measurement of lease
liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814 341 215
Foreign exchange differences, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,976) 2,051
Government grants /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (824) (1,244)
Investment income on financial assets at fair value through
profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (1,829) (4,060)
Interest expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 55,558 68,663
Fair value losses on financial liabilities at fair value through
profit or loss (iv) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,076 3,524
Listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 17,121
Unrealised gains from financial assets at fair value through
profit or loss (v) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 (68) –
Employee benefit expense (excluding directors’ remuneration)
(vi)
Wages, salaries and other allowances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111854,897 57,555
Pension scheme contributions and social welfare /H1118/H1118/H1118/H1118/H1118/H1118/H1118 8,245 8,793
Equity-settled share-based payment expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 5,093 7,587
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111868,235 73,935
Notes:
(i) The depreciation of property, plant and equipment is included in “Research and development expenses” and
“Administrative expenses” in the consolidated statements of profit or loss and other comprehensive income.
APPENDIX I ACCOUNTANTS’ REPORT
– I-22 –


--- page 342 ---
(ii) The depreciation of right-of-use assets is included in “Research and development expenses” and “Administrative
expenses” in the consolidated statements of profit or loss and other comprehensive income.
(iii) The amortisation of other intangible assets is included in “Research and development expenses” and “Administrative
expenses” in the consolidated statements of profit or loss and other comprehensive income.
(iv) The fair value losses on financial liabilities at fair value through profit or loss is included in “Other expenses” in the
consolidated statements of profit or loss and other comprehensive income.
(v) The unrealised gains from financial assets at fair value through profit or loss is included in “Other gains” in the
consolidated statements of profit or loss and other comprehensive income.
(vi) The employee benefit expense is included in “Selling and distribution expenses”, “Research and development
expenses” and “Administrative expenses” in the consolidated statements of profit or loss and other comprehensive
income.
7. FINANCE COSTS
An analysis of finance costs is as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Interest from redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 68,516
Interest on lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118300 147
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,558 68,663
8. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION
Directors’ and chief executive’s remuneration for the Relevant Periods, disclosed pursuant to the Listing Rules, section
383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about
Benefits of Directors) Regulation, is as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Other emoluments:
Salaries, allowances and benefits in kind /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,716 8,163
Equity-settled share-based payment expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,254 55,221
Pension scheme contributions and social welfare /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118533 420
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,503 63,804
(a) Independent non-executive directors
There were no fees and other emoluments payable to the independent non-executive directors during the Relevant Periods.
(b) Executive directors, non-executive directors and the chief executive
Salaries, allowances
and benefits in kind
Equity-settled share-
based payment
expense
Pension scheme
contributions and
social welfare Total
RMB’000 RMB’000 RMB’000 RMB’000
Y ear ended 31 December 2024
Executive director and chief executive
officer:
Dr. Sui Xiong Cai (i) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,175 1,621 199 3,995
Executive directors:
Dr. Y e Edward Tian (ii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,175 1,621 189 3,985
Ms. Ning Ma (iii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,366 12 145 2,523
Non-executive directors:
Dr. Qiang Xu (iv) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Mr. Tao Liu (v) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Dr. Cong Xu (vi) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,716 3,254 533 10,503
APPENDIX I ACCOUNTANTS’ REPORT
– I-23 –


--- page 343 ---
Salaries, allowances
and benefits in kind
Equity-settled share-
based payment
expense
Pension scheme
contributions and
social welfare Total
RMB’000 RMB’000 RMB’000 RMB’000
Y ear ended 31 December 2025
Executive director and chief executive
officer:
Dr. Sui Xiong Cai (i) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,150 25,073 135 28,358
Executive directors:
Dr. Y e Edward Tian (ii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,150 19,318 139 22,607
Ms. Ning Ma (iii) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,863 10,830 146 12,839
Non-executive directors:
Dr. Qiang Xu (iv) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Mr. Tao Liu (v) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Dr. Cong Xu (vi) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,163 55,221 420 63,804
Notes:
(i) Dr. Sui Xiong Cai was appointed as a director in June 2014.
(ii) Dr. Y e Edward Tian was appointed as a director in June 2014.
(iii) Ms. Ning Ma was appointed as a director in March 2025.
(iv) Dr. Qiang Xu was appointed as a director in June 2018.
(v) Mr. Tao Liu was appointed as a director in June 2018.
(vi) Dr. Cong Xu was appointed as a director in July 2020.
During the Relevant Periods, certain directors were granted restricted shares, in respect of their services to the Group, under
the incentive scheme of the Company, which have been recognised in profit or loss over the vesting period, were determined as at
the dates of grant and the amounts included in the financial information for the Relevant Periods are included in the above directors’
and chief executive’s remuneration disclosures.
There was no arrangement under which a director or the chief executive waived or agreed to waive any remuneration during
the Relevant Periods.
9. FIVE HIGHEST PAID EMPLOYEES
The five highest paid employees during the Relevant Periods included three and three directors, respectively, the details of
whose remuneration are set out in note 8 above. Details of the remuneration of the remaining two and two highest paid employees
who are not the directors or the chief executive of the Company are as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Salaries, allowances and benefits in kind /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,880 4,404
Equity-settled share-based payment expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111830 8,184
Pension scheme contributions and social welfare /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118432 209
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,342 12,797
The numbers of non-director and non-chief executive highest paid employees whose remuneration fell within the following
bands are as follows:
Y ear ended 31 December
2024 2025
HK$2,500,001 to HK$3,000,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181–
HK$4,000,001 to HK$4,500,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181–
HK$4,500,001 to HK$5,000,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1
HK$9,000,000 to HK$9,500,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822
During the Relevant Periods, restricted shares were granted to the non-director and non-chief executive highest paid
employees in respect of their services to the Group, further details of which are included in the disclosures in note 29 to the Historical
Financial Information. The fair values of such restricted shares which have been recognised in profit or loss over the vesting periods,
were determined as at the dates of grant and the amounts included in the Historical Financial Information are included in the above
non-director and non-chief executive highest paid employees’ remuneration disclosures.
APPENDIX I ACCOUNTANTS’ REPORT
– I-24 –


--- page 344 ---
10. INCOME TAX
The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members
of the Group are domiciled and operate.
Chinese mainland
Pursuant to the Corporate Income Tax Law of the PRC and the respective regulations (the “CIT Law”), the subsidiaries which
operate in Chinese mainland are subject to CIT at a rate of 25% on the taxable income during the Relevant Periods.
The Company has been qualified as a high and new technology enterprise and is subject to income tax at a preferential tax
rate of 15% from 2025 to 2027. This qualification is subject to review by the relevant tax authority in the PRC for every three years.
IMPACT Therapeutics (Shanghai), Inc., a subsidiary of the Group in Chinese mainland, has been qualified as a high and new
technology enterprise and is subject to income tax at a preferential tax rate of 15% from 2024 to 2026. This qualification is subject
to review by the relevant tax authority in the PRC for every three years.
Shanghai Impact Therapeutics Co., Ltd., a subsidiary of the Group in Chinese mainland, has been qualified as a high and new
technology enterprise and is subject to income tax at a preferential tax rate of 15% from 2025 to 2027. This qualification is subject
to review by the relevant tax authority in the PRC for every three years.
Australia
The subsidiary incorporated in Australia was subject to Australia company tax at the statutory rate of 25% on the estimated
assessable profits arising in Australia during the Relevant Periods. No Australia company tax was provided for as the subsidiary did
not generate any assessable profits arising in Australia during the Relevant Periods.
USA
The subsidiary incorporated in Delaware, USA, is subject to statutory United States federal corporate income tax at a rate
of 21%.
The income tax expense of the Group for the Relevant Periods is analysed as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Current – Chinese mainland income tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831
Deferred tax (note 26) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Total tax charge for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831
A reconciliation of the tax credit applicable to loss before tax at the statutory tax rate for the jurisdiction where the operations
of the Group are substantially based to the tax expense at the effective tax rate is as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,752) (295,923)
Tax at the statutory tax rate (25%) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(63,688) (73,981)
Lower tax rates enacted by local authority /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,123 33,203
Additional deductible allowance for research and development
expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(37,271) (25,355)
Income not subject to tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(9,013) (1,098)
Expenses not deductible for tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,891 10,290
Tax losses and temporary differences not recognised /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111886,961 56,942
Tax charge at the Group’s effective rate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831
The Group has tax losses arising in Chinese mainland of RMB1,077,941,000 and RMB1,427,903,000 as at 31 December 2024
and 31 December 2025, respectively, that will expire in one to ten years for offsetting against its future taxable profits.
The Group has RMB2,316,000 and RMB7,440,000 of accumulated tax losses in Australia as at 31 December 2024 and 31
December 2025, respectively, that can be carried forward indefinitely to offset against future taxable profits of the company in which
the losses were incurred.
The Group has RMB154,930,000 and RMB155,799,000 of accumulated tax losses in USA as at 31 December 2024 and 31
December 2025, respectively, that can be carried forward indefinitely to offset against future taxable profits of the company in which
the losses were incurred.
Deferred tax assets have not been recognised in respect of these losses as it is not considered probable that sufficient taxable
profits will be available against which the tax losses can be utilised.
APPENDIX I ACCOUNTANTS’ REPORT
– I-25 –


--- page 345 ---
11. DIVIDENDS
No dividend was paid or declared by the Company during the Relevant Periods.
12. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
On 20 June 2025, the Company was converted into a joint stock limited liability company. A total of 234,188,130 shares with
a par value of RMB1.00 each were issued and allotted to the respective shareholders of the Company according to the paid-in capital
registered under these shareholders on that day. The conversion of paid-in capital to share capital with a par value of RMB1.00 each
is applied retrospectively for the Relevant Periods for the purpose of computation of basic loss per share.
The calculation of the basic loss per share amounts is based on the loss attributable to ordinary equity holders of the parent,
and the weighted average numbers of ordinary shares outstanding during the Relevant Periods.
No adjustment has been made to the basic loss per share amounts presented for the Relevant Periods in respect of a dilution
as the impact of the redemption liabilities on ordinary shares outstanding had an anti-dilutive effect on the basic loss per share
amounts presented.
The calculation of basic loss per share is based on:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Loss
Loss attributable to ordinary equity holders of the parent /H1118/H1118/H1118/H1118/H1118/H1118/H1118(254,755) (295,924)
Y ear ended 31 December
2024 2025
Shares
Weighted average number of ordinary shares outstanding during the
year used in the basic earnings per share calculation (’000) /H1118/H1118/H1118/H1118/H1118 200,514 228,563
Loss per share attributable to ordinary equity holders of the parent
Basic and diluted (RMB) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1.27) (1.29)
13. PROPERTY, PLANT AND EQUIPMENT
The Group
Leasehold
improvements
Electronic
equipment Others Total
RMB’000 RMB’000 RMB’000 RMB’000
As at 31 December 2024
At 1 January 2024:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,323 1,107 1,374 7,804
Accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(4,815) (946) (861) (6,622)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118508 161 513 1,182
At 1 January 2024, net of accumulated
depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118508 161 513 1,182
Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118429 258 – 687
Disposal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – (12) (12)
Depreciation provided during the year /H1118/H1118 (532) (156) (234) (922)
At 31 December 2024, net of
accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118405 263 267 935
At 31 December 2024:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,752 1,245 1,318 8,315
Accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,347) (982) (1,051) (7,380)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118405 263 267 935
APPENDIX I ACCOUNTANTS’ REPORT
– I-26 –


--- page 346 ---
Leasehold
improvements
Electronic
equipment Others Total
RMB’000 RMB’000 RMB’000 RMB’000
As at 31 December 2025
At 1 January 2025:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,752 1,245 1,318 8,315
Accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,347) (982) (1,051) (7,380)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118405 263 267 935
At 1 January 2025, net of accumulated
depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118405 263 267 935
Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 84 7 113
Depreciation provided during the year /H1118/H1118 (164) (101) (169) (434)
At 31 December 2025, net of
accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118263 246 105 614
At 31 December 2025:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,773 1,313 761 7,847
Accumulated depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,510) (1,067) (656) (7,233)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118263 246 105 614
14. LEASES
The Group as a lessee
The Group has lease contracts for various items of properties and office premises used in its operations. Leases of properties
and office premises generally have lease terms between 3 and 4 years. Generally, the Group is restricted from assigning and
subleasing the leased assets outside the Group. Other rental agreements generally have lease terms of 12 months or less.
(a) Right-of-use assets
The carrying amounts of the Group’s right-of-use assets and the movements during the Relevant Periods are as
follows:
Properties and
office premises
RMB’000
As at 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118438
Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,078
Termination of lease contracts /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(14,675)
Depreciation charge /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(4,587)
As at 31 December 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,254
As at 31 December 2024 and 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,254
Depreciation charge /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,913)
As at 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,341
(b) Lease liabilities
The carrying amounts of lease liabilities and the movements during the Relevant Periods are as follows:
As at 31 December
2024 2025
RMB’000 RMB’000
Carrying amount at 1 January /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 6,785
New leases /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,078 –
Termination of lease contracts /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(13,950) –
Accretion of interest recognised during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118300 147
Payments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(6,643) (1,497)
Carrying amount at the end of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,785 5,435
Analysed into:
Current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,798 3,655
Non-current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,987 1,780
The maturity analysis of lease liabilities is disclosed in note 35 to the Historical Financial Information.
APPENDIX I ACCOUNTANTS’ REPORT
– I-27 –


--- page 347 ---
(c) The amounts recognised in profit or loss in relation to leases are as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Interest on lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118300 147
Depreciation charge of right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,587 2,913
Expenses relating to short-term leases /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118341 215
Loss on lease termination /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118725 –
Total amount recognised in profit or loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,953 3,275
(d) The total cash outflows for leases are disclosed in note 30(c) to the Historical Financial Information.
15. OTHER INTANGIBLE ASSETS
The Group
Patents Software Others Total
RMB’000 RMB’000 RMB’000 RMB’000
31 December 2024
Cost at 1 January 2024, net of
accumulated amortisation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,457 940 144 4,541
Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 108 – 108
Amortisation provided during the year /H1118/H1118 (598) (528) (19) (1,145)
At 31 December 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,859 520 125 3,504
At 31 December 2024:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,021 1,956 197 10,174
Accumulated amortisation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,162) (1,436) (72) (6,670)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,859 520 125 3,504
Patents Software Others Total
RMB’000 RMB’000 RMB’000 RMB’000
31 December 2025
Cost at 1 January 2025, net of
accumulated amortisation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,859 520 125 3,504
Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 2,297 – 2,297
Amortisation provided during the year /H1118/H1118 (599) (508) (20) (1,127)
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,260 2,309 105 4,674
At 31 December 2025:
Cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,021 4,253 197 12,471
Accumulated amortisation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,761) (1,944) (92) (7,797)
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,260 2,309 105 4,674
16. INVESTMENTS IN SUBSIDIARIES
The Company
As at 31 December
2024 2025
RMB’000 RMB’000
Investments, at cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118582,498 617,616
Less: impairment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118582,498 617,616
Particulars of the subsidiaries of the Company are set out in note 1 to the Historical Financial Information.
APPENDIX I ACCOUNTANTS’ REPORT
– I-28 –


--- page 348 ---
17. INVENTORIES
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Raw materials /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,401 6,519
Goods in process /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118620 7,395
Finished goods /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118330 13,064
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,351 26,978
18. TRADE RECEIV ABLES
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443
Less: impairment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Net carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443
The Group’s trading terms with its customers are mainly on credit. The credit period is generally within 45 days. Each
customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables to minimise credit
risk. Overdue balances are reviewed regularly by senior management. The Group does not hold any collateral or other credit
enhancements over its trade receivable balances. Trade receivables are non-interest-bearing.
An ageing analysis of the trade receivables as at the end of each of the Relevant Periods, based on the transaction dates and
net of loss allowance, is as follows:
As at 31 December
2024 2025
RMB’000 RMB’000
Within 1 month /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 6,318
1 to 3 months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 1,125
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443
During the Relevant Periods, the Group estimated that the expected credit loss rate for trade receivables is minimal.
19. PREPAYMENTS, OTHER RECEIV ABLES AND OTHER ASSETS
The Group
As at 31 December
Note 2024 2025
RMB’000 RMB’000
Prepayments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,497 6,243
Deposits and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,516 1,222
Deductible value-added tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,573 17,978
Amount due from a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(a) 1,073 –
Deferred listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,494
Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,659 30,937
Non-current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,815) (915)
Total current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,844 30,022
APPENDIX I ACCOUNTANTS’ REPORT
– I-29 –


--- page 349 ---
The Company
As at 31 December
Note 2024 2025
RMB’000 RMB’000
Amounts due from subsidiaries /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(a) 631,024 595,979
Amounts due from a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(a) 1,073 –
Prepayments /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118353 92
Deposits and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118103 96
Deductible value-added tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118508 1,856
Deferred listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,494
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118633,061 603,517
Note:
(a) The balances are non-trade, unsecured and interest-free and have no fixed terms of repayment.
The financial assets included in the above balances relate to receivables for which there was no recent history of default and
past due amounts. In addition, there is no significant change in the economic factors based on the assessment of the forward-looking
information, so the directors of the Company are of the opinion that the ECLs in respect of these balances are minimal. The balances
are not secured with collateral.
20. FINANCIAL ASSETS AT FAIR V ALUE THROUGH PROFIT OR LOSS
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Wealth management products /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118110,068 –
As at 31 December 2024, the financial assets at fair value through profit or loss represented wealth management products
issued by banks, with expected return rates from 2.00% to 2.60% per annum.
21. CASH AND CASH EQUIV ALENTS AND RESTRICTED CASH
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,123 258,535
Less: Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,122 258,534
Denominated in RMB /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118153,688 182,971
Denominated in USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111876,379 75,461
Denominated in AUD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111856 103
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,123 258,535
The Company
As at 31 December
2024 2025
RMB’000 RMB’000
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,039 2,522
Less: Restricted cash /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,039 2,522
Denominated in RMB /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,800 2,281
Denominated in USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118239 241
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,039 2,522
APPENDIX I ACCOUNTANTS’ REPORT
– I-30 –


--- page 350 ---
The RMB is not freely convertible into other currencies, however, under Chinese mainland’s Foreign Exchange Control
Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange Regulations, the Group is permitted to
exchange RMB for other currencies through banks authorised to conduct foreign exchange business.
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term time deposits are made for varying
periods of between one month and three months depending on the immediate cash requirements of the Group, and earn interest at
the respective short-term time deposit rates. The bank balances and time deposits are deposited with creditworthy banks with no
recent history of default.
22. TRADE PAYABLES
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Within 3 months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111861,973 49,864
3 months to 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,845 –
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 49,864
The Company
As at 31 December
2024 2025
RMB’000 RMB’000
Within 3 months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,004 7,601
The trade payables are non-interest-bearing and are typically settled within 2 to 3 months from the invoice date.
23. OTHER PAYABLES AND ACCRUALS
The Group
As at 31 December
Notes 2024 2025
RMB’000 RMB’000
Non-current:
Advance receipts for exclusive commercialisation rights /H1118/H1118/H1118/H1118(b) 91,535 171,698
Current:
Salary and welfare payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,061 9,245
Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(a) – 854
Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,620 5,388
Accrued listing expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,154
Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118740 1,007
Advance receipts for exclusive commercialisation rights /H1118/H1118/H1118/H1118(b) 2,805 24,189
Consideration payable arising from the acquisition of equity
interests from the non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(c) – 225
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,226 46,062
The Company
As at 31 December
Note 2024 2025
RMB’000 RMB’000
Current:
Salary and welfare payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118224 261
Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,792 63
Amounts due to subsidiaries /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,000 –
Accrued listing expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 5,154
Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111862 2
Consideration payable arising from the acquisition of equity
interests from the non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(c) – 225
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,022 5,725
APPENDIX I ACCOUNTANTS’ REPORT
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Notes:
(a) Details of contract liabilities are as follows:
As at 31 December
2024 2025
RMB’000 RMB’000
Short-term advances received from customers
Sales of pharmaceutical products /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 854
Contract liabilities include advances received for sales of pharmaceutical products. The increase in contract liabilities
during the Relevant Periods was mainly due to the increase in short-term advances received from customers in relation
to the provision of pharmaceutical products during the Relevant Periods.
(b) Advance receipts for exclusive commercialisation rights represent advances received from the commercialisation
partnership.
In December 2023, the Group entered into a sales service agreement with Hangzhou Zhongmeihuadong
Pharmaceutical Co., a wholly-owned subsidiary of Huadong Medicine Co., Ltd. (“Huadong Medicine”).
According to the terms of the agreement, Huadong Medicine received 15-year exclusive sales service rights of
Senaparib (IMP4297) in Chinese mainland, while the Group continued to be responsible for research and
development, regulatory approvals and affairs, product supply, and distribution of Senaparib (IMP4297) and was
entitled to receive an upfront payment for such exclusive collaboration.
During the year ended 31 December 2024 and 2025, the Group received the upfront payment and milestone payment
of RMB94,340,000 and RMB103,774,000 (exclusive of value-added tax of RMB5,660,000 and RMB6,226,000),
respectively. As at 31 December 2024 and 31 December 2025, RMB2,805,000 and RMB24,189,000 were recognised
as the current portion of other payables and accruals, and RMB91,535,000 and RMB171,698,000 were recognised as
other non-current liabilities, respectively.
(c) On 6 November 2023, the Group signed an agreement with a non-controlling shareholder to acquire non-controlling
interests in Shanghai Impact Therapeutics Co., Ltd. at (i) a fixed consideration of RMB300,000,000; and (ii) a variable
consideration payable related to the annual net sales revenue of Senaparib (IMP4297).
24. FINANCIAL LIABILITIES AT FAIR V ALUE THROUGH PROFIT OR LOSS
The Group and the Company
As at 31 December
2024 2025
RMB’000 RMB’000
V ariable consideration payable arising from the acquisition of equity
interests from the non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,112 39,130
Less: Current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(687) (5,209)
Non-current portion /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835,425 33,921
As described in note 23(c), the fair value of variable consideration payable as at the end of each of the Relevant Periods was
determined by an independent valuer, and the changes in fair value were recognised in profit or loss.
The movements of financial liabilities at fair value through profit or loss for the Relevant Periods are set out below:
As at 31 December
2024 2025
RMB’000 RMB’000
Opening balance /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833,036 36,112
Change in fair value (Note 6) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,076 3,524
Transfer to other payables and accruals based on the actual sales
amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (506)
Closing balance /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,112 39,130
APPENDIX I ACCOUNTANTS’ REPORT
– I-32 –


--- page 352 ---
25. REDEMPTION LIABILITIES ON ORDINARY SHARES
The Group and the Company
As at 31 December
2024 2025
RMB’000 RMB’000
Series D /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118393,816 393,816
Series D+ /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118322,573 322,573
Series D++ /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118140,061 140,061
Interest payable related to redemption liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 123,774
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224
In January 2024, the Company entered into a supplementary agreement with holders of Series D ordinary shares (“Series D
shares”), pursuant to which the holders of 24,089,597 shares agreed to commence the redemption feature. Pursuant to the
supplementary agreement, trigger events of redemption feature had commenced and thus the Company had mandatory obligations
to settle the redemption liabilities at these holders’ option.
In January 2024, the Company entered into a purchase agreement of Series D+ ordinary shares (“Series D+ shares”) with the
investors of the Company, pursuant to which the Company issued 25,627,129 Series D+ ordinary shares with a par value of RMB1
each for a total consideration of RMB322,573,000.
In October 2024, the Company entered into a purchase agreement of Series D++ ordinary shares (“Series D++ shares”) with
the investors of the Company, pursuant to which the Company issued 9,946,369 Series D++ ordinary shares with a par value of
RMB1 each for a total consideration of RMB140,061,000.
The key terms of the redemption liabilities on ordinary shares are summarised as follows:
(a) Redemption features
Upon occurrence of any of the following events, the shares shall be redeemable by the Company at the option of the
shareholders:
(i) the Company fails to achieve qualified Initial Public Offering (“IPO”) before 31 December 2026;
(ii) the Company materially violates the transaction documents and fails to rectify such breach within 30 days after
receiving a written notice from any investor of D, D+, D++ series, which constitutes a material adverse effect
on the operations of the Company;
(iii) the Company becomes involved in a material litigation or arbitration dispute and fails to resolve such dispute
within 30 days after receiving a written notice from any investor of D, D+, D++ series, which constitutes a
material adverse effect on the operations of the Company; or
(iv) the earlier of the following events occurs: (a) the PARP1/2 inhibitor IMP4297 (Senaparib) capsules have not
obtained the marketing approval from the National Medical Products Administration (NMPA) of China by 31
October 2025; or (b) the Company receives a formal written notice from the NMPA of China, and the content
of such notice explicitly states that the aforementioned marketing approval application is not approved.
The redemption price of the shares issued in the investments shall equal to the sum of the redemption shares’ original
issue price plus an interest accrued at a simple interest rate of 8% per annum and any declared but unpaid dividend on the
redemption shares’ original issue price for the period starting from (and including) the applicable closing date until (and
including) the redemption date.
Cease of the redemption rights
In September 2025, the Company and the holders of the redemption liabilities on ordinary shares entered into a supplemental
agreement, stipulating that the redemption rights ceased to be exercisable on the date immediately prior to the first submission of
listing application to the Stock Exchange until the earlier of the following dates: (i) the rejection of the listing application by the
Stock Exchange, the Securities and Futures Commission of Hong Kong (“SFC”) or the China Securities Regulatory Commission
(“CSRC”); (ii) the withdrawal of the listing application by the Company after approval by the Board; or (iii) the failure of the
Company to consummate the global offering within 18 months after the first submission of the listing application by the Company
to the Stock Exchange.
Presentation and classification
The Company recognised the financial instruments issued to investors as financial liabilities, because not all triggering events
mentioned in the key terms above are within the control of the Company and these financial instruments did not meet the definition
of equity for the Company.
The movements of the redemption liabilities on ordinary shares included in financial liabilities at amortised cost as at 31
December 2024 and 31 December 2025 are set out below:
As at 31 December
2024 2025
RMB’000 RMB’000
At beginning of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 911,708
Recognition of redemption liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118856,450 –
Interest expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111855,258 68,516
At end of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224
APPENDIX I ACCOUNTANTS’ REPORT
– I-33 –


--- page 353 ---
26. DEFERRED TAX
The Group
The movements in deferred tax assets and liabilities during the Relevant Periods are as follows:
Deferred tax liabilities
Right-of-use assets
RMB’000
At 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118110
Deferred tax charged to profit or loss during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,954
Gross deferred tax liabilities at 31 December 2024 and 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,064
Deferred tax credited to profit or loss during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(729)
Gross deferred tax liabilities at 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,335
Deferred tax assets
Lease liabilities
Losses available for
offsetting against
future taxable profits Total
RMB’000 RMB’000 RMB’000
At 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 1 01 1 0
Deferred tax charged to profit or loss during the year /H1118/H1118 1,696 258 1,954
Gross deferred tax assets at 31 December 2024 and 1
January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,696 368 2,064
Deferred tax credited to profit or loss during the year /H1118/H1118 (361) (368) (729)
Gross deferred tax assets at 31 December 2025 /H1118/H1118/H1118/H1118/H1118 1,335 – 1,335
For presentation purposes, certain deferred tax assets and liabilities have been offset in the consolidated statements of
financial position as at 31 December 2024 and 31 December 2025. The following is an analysis of the deferred tax balances for
financial reporting purposes:
As at 31 December
2024 2025
RMB’000 RMB’000
Net deferred tax assets recognised in the consolidated statements of
financial position /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Net deferred tax liabilities recognised in the consolidated statements
of financial position /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Deferred tax assets have not been recognised in respect of the following item:
As at 31 December
2024 2025
RMB’000 RMB’000
Tax losses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,235,187 1,591,142
The above tax losses are available for offsetting against future taxable profits of the companies in which the losses arose.
Deferred tax assets have not been recognised in respect of these losses as it is not considered probable that taxable profits will be
available against which the tax losses can be utilised.
APPENDIX I ACCOUNTANTS’ REPORT
– I-34 –


--- page 354 ---
27. PAID-IN CAPITAL/SHARE CAPITAL
Pursuant to the shareholders’ resolutions dated 20 June 2025, the then existing shareholders of the Company approved the
conversion of the Company into a joint stock company with limited liability with 234,188,130 shares at a nominal value of RMB1.0
each.
The Group and the Company
As at 31 December
2024 2025
RMB’000 RMB’000
Issued and fully paid /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118214,866 234,188
A summary of movements in the Company’s paid-in capital/share capital is as follows:
Paid-in capital
Notes Paid-in capital
At 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118178,610
Capital injection from shareholders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(a) 36,256
At 31 December 2024 and 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118214,866
Capital injection from shareholders /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(b) 19,322
Conversion into a joint stock company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(234,188)
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–
Share capital
Number of
ordinary shares Share capital
RMB’000
Authorised and issued
As at 1 January 2024, 31 December 2024 and
1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––
Conversion into a joint stock company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 234,188
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118234,188,130 234,188
Notes:
(a) In February, April, May and November 2024, the registered capital of RMB36,256,000 of the Company was
subscribed by several investors at a consideration of RMB463,317,000. The excess of the consideration over the
registered capital of RMB427,061,000 was credited to capital reserve.
(b) In January, March and April 2025, the registered capital of RMB1,538,000 of the Company was subscribed by several
investors at a consideration of RMB1,673,000. The excess of the consideration over the registered capital of
RMB135,000 was credited to capital reserve.
In April 2025, total capital of RMB17,784,000 was injected into the Company by several employee stock ownership platforms
and credited to the paid-in capital.
28. RESERVES
The Group
The amounts of the Group’s reserves and the movements therein are presented in the consolidated statements of changes in
equity of the Historical Financial Information.
(a) Capital reserve
The capital reserve represents share premium of the Group, the reserve arising pursuant to the acquisition of
non-controlling interests, debt waiver and issue of shares. Details of the movements in capital reserve are set out in the
consolidated statements of changes in equity of the Historical Financial Information.
(b) Share-based payment reserve
The share-based payment reserve comprises the fair value of restricted share units granted which are yet to be
exercised, further details of which are included in note 29 to the Historical Financial Information.
APPENDIX I ACCOUNTANTS’ REPORT
– I-35 –


--- page 355 ---
The Company
Capital
reserve/share
premium
Share-based
payment reserve Other reserves
Accumulated
losses Total equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118690,786 11,091 – (144,210) 557,667
Loss and total comprehensive loss for
the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – (68,719) (68,719)
Capital injection from shareholders /H1118 418,04 1––– 418,041
Recognition of redemption liabilities
on ordinary shares (note 25) /H1118/H1118/H1118/H1118 – – (856,450) – (856,450)
Recognition of equity-settled share-
based payment (note 29) /H1118/H1118/H1118/H1118/H1118/H1118– 8,347 – – 8,347
V esting of restricted share units /H1118/H1118/H1118/H1118 3,388 (3,388) – – –
At 31 December 2024 and
1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,112,215 16,050 (856,450) (212,929) 58,886
Loss and total comprehensive loss for
the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – (165,042) (165,042)
Capital injection from shareholders /H1118 1 3 5––– 1 3 5
Conversion into a joint stock
company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(270,082) – – 270,082 –
Recognition of equity-settled share-
based payment (note 29) /H1118/H1118/H1118/H1118/H1118/H1118– 62,808 – – 62,808
V esting of restricted share units /H1118/H1118/H1118 56,887 (56,887) – – –
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118899,155 21,971 (856,450) (107,889) (43,213)
29. SHARE-BASED PAYMENT
The Group adopted the restricted share unit (“RSU”) scheme which became effective in 2020, for the purpose of attracting
and retaining directors, senior management and employees who promote the success of the Group’s operations. Hangzhou
Wanquandao Biomedical Technology Partnership (Limited Partnership) (ҦΥྫΆุ (Υྫ))
(“Wanquandao”), Hangzhou Qianxishan Biomedical Technology Partnership (Limited Partnership) (ҦΥྫΆ
ุ (Υྫ)) (“Qianxishan”) and BOUNDLESS CREEK, LLC (“Boundless”) are used as restricted share platforms to facilitate the
administration of the RSU scheme.
The restricted shares granted to grantees shall vest and become tradable with the achievement of certain conditions.
The following restricted shares were outstanding during the Relevant Periods:
Number of
RSUs authorised
As at 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,703,982
Granted during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118364,594
Exercised during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,042,023)
As at 31 December 2024 and 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,026,553
Granted during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810,500,250
Forfeited during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,365,581)
Exercised during the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(8,209,091)
As at 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,952,131
The exercise prices and the fair values at grant date of the restricted shares granted during the Relevant Periods are as follows:
Y ear of grant
Number of
RSUs granted Exercise price
Fair value at
grant date Unlocking period
RMB per RSU RMB per RSU
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118307,387 1.38 6.84 -
9.50
Unlocking in the parts of 25%, 25%, 25% and 25%
on the first, second, third and fourth anniversaries
of the vesting commencement date.
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,163,316 1.38
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,470,703
APPENDIX I ACCOUNTANTS’ REPORT
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Y ear of grant
Number of
RSUs granted Exercise price
Fair value at
grant date Unlocking Period
RMB per RSU RMB per share
2024 /H1118/H1118/H1118/H1118/H1118/H1118/H111857,207 1.38 6.84 -
9.50
The restricted shares granted are unlocking subject to the
performance condition (including conditions related to
the IPO process, conditions related to the R&D progress
or conditions related to sales targets) to be fulfilled.
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H11185,336,934 1.38
Total /H1118/H1118/H1118/H1118/H1118/H1118/H11185,394,141
During the years ended 31 December 2024 and 2025, equity-settled share-based payment expenses of RMB8,347,000 and
RMB62,808,000 were charged to profit or loss, respectively.
The fair values of the RSUs granted to the directors, senior management and employees during the grant dates were estimated
as at the date of grant using the back-solve and discounted cash flow methods, taking into account the terms and conditions upon
which the restricted stocks were granted. The following table lists the inputs to the model:
At grant date
2024 2025
Risk-free rate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181.44%-1.93% 1.55%
V olatility /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111830.84%-38.33% 33.00%
30. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS
(a) Major non-cash transactions
During the Relevant Periods, the Group had non-cash additions to right-of-use assets and lease liabilities of RMB27,078,000
and nil, respectively, in respect of lease agreements.
(b) Changes in liabilities arising from financing activities
Y ear ended 31 December 2024
Lease liabilities
Redemption liabilities
on ordinary shares Total
RMB’000 RMB’000 RMB’000
At 31 December 2023 and 1 January 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––
Changes from financing cash flows /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(6,643) – (6,643)
Recognition of redemption liabilities on
ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 856,450 856,450
New leases /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,078 – 27,078
Accretion of interest recognised during the year /H1118/H1118/H1118/H1118/H1118 300 55,258 55,558
Termination of lease contracts /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(13,950) – (13,950)
At 31 December 2024 and 1 January 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,785 911,708 918,493
Y ear ended 31 December 2025
Lease liabilities
Redemption
liabilities on
ordinary shares
Accrued listing
expenses Total
RMB’000 RMB’000 RMB’000 RMB’000
At 31 December 2024 and 1 January
2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,785 911,708 – 918,493
Changes in operating cash flows /H1118/H1118/H1118/H1118/H1118 – – (13,251) (13,251)
Changes from financing cash flows /H1118/H1118/H1118/H1118 (1,497) – (4,210) (5,707)
Accretion of interest recognised during
the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118147 68,516 – 68,663
Deferred listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 5,494 5,494
Listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 17,121 17,121
At 31 December 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,435 980,224 5,154 990,813
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 357 ---
(c) Total cash outflows for leases
The total cash outflows for leases included in the consolidated statements of cash flows are as follows:
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Within operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118341 215
Within financing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,643 1,497
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,984 1,712
31. RELATED PARTY TRANSACTIONS
(a) Name and relationship:
Name of related party Relationship with the Group
Impact Therapeutics Holding Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118An entity controlled by a shareholder with significant
influence over the Group
(b) Outstanding balances with related parties:
The Group
As at 31 December
2024 2025
RMB’000 RMB’000
Non-trade:
Prepayments, other receivables and other assets
Amounts due from a related party
Impact Therapeutics Holding Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,073 –
The Company
As at 31 December
2024 2025
RMB’000 RMB’000
Non-trade:
Prepayments, other receivables and other assets
Amounts due from a related party
Impact Therapeutics Holding Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,073 –
Amounts due from subsidiaries
Impact Therapeutics (Shanghai), Inc. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118630,870 595,979
Shanghai Impact Therapeutics Co., Ltd. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118154 –
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118631,024 595,979
Other payables and accruals
Amounts due to subsidiaries
Impact Pharmaceutical (Y angzhou) Co., Ltd. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,000 –
The amounts due from a related party and subsidiaries and the amounts due to subsidiaries are non-trade, unsecured,
interest-free and repayable on demand.
(c) Compensation of key management personnel of the Group
The Group
Y ear ended 31 December
2024 2025
RMB’000 RMB’000
Salaries, allowances and benefits in kind /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,396 13,453
Pension scheme contributions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118776 845
Equity-settled share-based payment expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,511 61,380
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,683 75,678
APPENDIX I ACCOUNTANTS’ REPORT
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Further details of directors’ and the chief executive’s emoluments are included in note 8 to the Historical Financial
Information.
32. COMMITMENTS
At the end of each of the Relevant Periods, the Group did not have any significant contractual commitments.
33. FINANCIAL INSTRUMENTS BY CATEGORY
The carrying amounts of each of the categories of financial instruments as at the end of each of the Relevant Periods are as
follows:
The Group
Financial assets
As at 31 December
2024 2025
RMB’000 RMB’000
Financial assets at fair value through profit or loss:
Wealth management products /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118110,068 –
Financial assets at amortised cost:
Trade receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 7,443
Prepayments, other receivables and other assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,589 1,222
Cash and bank balances /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230,123 258,535
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118342,780 267,200
Financial liabilities
As at 31 December
2024 2025
RMB’000 RMB’000
Financial liabilities at fair value through profit
or loss:
V ariable consideration payable arising from the acquisition of equity
interests from the
non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,112 39,130
Financial liabilities at amortised cost:
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 49,864
Financial liabilities included in other payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118 5,620 5,613
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,785 5,435
Redemption liabilities on ordinary shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118911,708 980,224
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,028,043 1,080,266
34. FAIR V ALUE AND FAIR V ALUE HIERARCHY OF FINANCIAL INSTRUMENTS
Management has assessed that the fair values of cash and bank balances, trade receivables, financial assets included in
prepayments, other receivables and other assets, and financial liabilities included in trade payables and other payables and accruals
approximate to their carrying amounts largely due to the short-term maturities of these instruments.
The Group’s finance department headed by the finance director is responsible for determining the policies and procedures for
the fair value measurement of financial instruments. At the end of each of the Relevant Periods, the finance department analyses the
movements in the values of financial instruments and determines the major inputs applied in the valuation. The directors review the
results of the fair value measurement of financial instruments periodically for financial reporting.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:
The fair values of the non-current portion of financial assets included in prepayments, other receivables and other assets and
non-current portion of other payables and accruals have been calculated by discounting the expected future cash flows using rates
currently available for instruments with similar terms, credit risk and remaining maturities.
The Group has estimated the fair value of variable consideration payable arising from the acquisition of equity interests from
the non-controlling interests by using a discounted cash flow valuation model based on the market interest rates of instruments with
similar terms and risks. Further details are set out in note 24 to the Historical Financial Information.
APPENDIX I ACCOUNTANTS’ REPORT
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--- page 359 ---
Below is a summary of the valuation technique to the valuation of financial instruments as at 31 December 2024 and 31
December 2025:
Financial liabilities
Fair value
hierarchy
Valuation
technique
Significant
unobservable
input Range
Sensitivity of fair
value to the input
V ariable consideration payable
arising from the acquisition of
equity interests from the
non-controlling interests /H1118/H1118/H1118/H1118
Level 3 Discounted
cash flow
Discount rate 31 December
2024: 11.3%-
13.2%
31 December
2025: 11.0%-
12.9%
note (a)
Note:
(a) 1% increase/decrease in discount rate, with all other variables held constant, would decrease/increase the fair value
of variable consideration payable arising from the acquisition of equity interests from the non-controlling interests by
RMB926,000/RMB973,000 and RMB728,000/RMB755,000 as at 31 December 2024 and 31 December 2025.
Fair value hierarchy
The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:
Assets measured at fair value:
As at 31 December 2024
Fair value measurement using
Quoted prices in
active markets
(Level 1)
Significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3) Total
RMB’000 RMB’000 RMB’000 RMB’000
Investment in wealth management
products /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 110,068 – 110,068
The Group did not have any financial assets measured at fair value as at 31 December 2025.
Liabilities measured at fair value:
As at 31 December 2024
Fair value measurement using
Quoted prices in
active markets
(Level 1)
Significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3) Total
RMB’000 RMB’000 RMB’000 RMB’000
V ariable consideration payable arising
from the acquisition of equity interests
from the
non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 36,112 36,112
As at 31 December 2025
Fair value measurement using
Quoted prices in
active markets
(Level 1)
Significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3) Total
RMB’000 RMB’000 RMB’000 RMB’000
V ariable consideration payable arising
from the acquisition of equity interests
from the
non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 39,130 39,130
During the Relevant Periods, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers
into or out of Level 3 for both financial assets and financial liabilities.
APPENDIX I ACCOUNTANTS’ REPORT
– I-40 –


--- page 360 ---
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise cash and bank balances, financial assets at fair value through profit or
loss, redemption liabilities on ordinary shares, financial liabilities at fair value through profit or loss and financial assets included
in prepayments, other receivables and other assets. The main purpose of these financial instruments is to raise finance for the Group’s
operations. The Group has various financial assets and liabilities such as trade receivables, trade payables, and financial liabilities
included in other payables and accruals, which arise directly from its operations.
The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. The
board of directors reviews and agrees policies for managing each of these risks and they are summarised below.
Foreign currency risk
Foreign currency risk is the risk of loss resulting from changes in foreign currency exchange rates. Fluctuations in exchange
rates between RMB and USD in which the Group conducts business may affect the Group’s financial condition and results of
operations.
The following table demonstrates the sensitivity at the end of each of the Relevant Periods to a reasonably possible change
in foreign currency exchange rates, with all other variables held constant, of the Group’s loss before tax (due to changes in the fair
value of monetary assets and liabilities) and the Group’s equity.
Increase/(decrease) in
RMB/USD rate %
Increase/(decrease) in loss
before tax/equity
RMB’000
Y ear ended 31 December 2024
If the RMB weakens against the USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 3,819
If the RMB strengthens against the USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5) (3,819)
Y ear ended 31 December 2025
If the RMB weakens against the USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 3,773
If the RMB strengthens against the USD /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5) (3,773)
Credit risk
The Group trades only with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish
to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing
basis and the Group’s exposure to bad debts is not significant.
Maximum exposure and year/period-end staging
The tables below show the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which
is mainly based on past due information unless other information is available without undue cost or effort, and year/period-end
staging classification as at the end of each of the Relevant Periods.
The amounts presented are gross carrying amounts for financial assets.
As at 31 December 2024
12-month ECLs Lifetime ECLs
Stage 1 Stage 2 Stage 3
Simplified
approach Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Financial assets included in
prepayments, other
receivables and other assets
– Normal** /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,58 9––– 2,589
Cash and bank balances /H1118/H1118/H1118/H1118
– Not yet past due /H1118/H1118/H1118/H1118/H1118/H1118/H1118230,12 3––– 230,123
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118232,71 2––– 232,712
APPENDIX I ACCOUNTANTS’ REPORT
– I-41 –


--- page 361 ---
As at 31 December 2025
12-month ECLs Lifetime ECLs
Stage 1 Stage 2 Stage 3
Simplified
approach Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Trade receivables* /H1118/H1118/H1118/H1118/H1118/H1118– – – 7,443 7,443
Financial assets included in
prepayments, other
receivables and other assets
– Normal** /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,22 2––– 1,222
Cash and bank balances
– Not yet past due /H1118/H1118/H1118/H1118/H1118/H1118258,53 5––– 258,535
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118259,757 – – 7,443 267,200
* For trade receivables to which the Group applies the simplified approach for impairment, information is disclosed in
note 18 to the Historical Financial Information.
** The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to
be “normal” when they are not past due and there is no information indicating that the financial assets had a significant
increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to
be “doubtful”.
Liquidity risk
The Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management of the Group
to finance the operations and mitigate the effects of fluctuations in cash flows.
The maturity profile of the Group’s financial liabilities at the end of each of the Relevant Periods, based on the contractual
undiscounted payments, is as follows:
The Group
As at 31 December 2024
Less than 1 year or
on demand 1 to 5 years Over 5 years Total
RMB’000 RMB’000 RMB’000 RMB’000
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111867,818 – – 67,818
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,945 5,083 – 7,028
Financial liabilities included in other
payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,620 – – 5,620
Redemption liabilities on ordinary shares /H1118 – 1,048,740 – 1,048,740
V ariable consideration payable arising
from the acquisition in equity interests
from the
non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118735 49,265 – 50,000
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111876,118 1,103,088 – 1,179,206
As at 31 December 2025
Less than 1 year or
on demand 1 to 5 years Over 5 years Total
RMB’000 RMB’000 RMB’000 RMB’000
Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111849,864 – – 49,864
Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,737 1,795 – 5,532
Financial liabilities included in other
payables and accruals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,613 – – 5,613
Redemption liabilities on ordinary shares /H1118 – 1,064,696 – 1,064,696
V ariable consideration payable arising
from the acquisition in equity interests
from the
non-controlling interests /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,500 43,994 – 49,494
Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111864,714 1,110,485 – 1,175,199
APPENDIX I ACCOUNTANTS’ REPORT
– I-42 –


--- page 362 ---
36. EVENTS AFTER THE RELEV ANT PERIODS
There were no significant events subsequent to 31 December 2025.
37. SUBSEQUENT FINANCIAL STATEMENTS
No audited financial statements have been prepared by the Company, the Group or any of the companies now comprising the
Group in respect of any period subsequent to 31 December 2025.
APPENDIX I ACCOUNTANTS’ REPORT
– I-43 –


--- page 363 ---
A. UNAUDITED PRO FORMA STATEMENT OF ADJUSTED CONSOLIDATED NET
TANGIBLE ASSETS
The following unaudited pro forma adjusted consolidated net tangible assets of the Group has been
prepared in accordance with paragraph 4.29 of the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited and with reference to Accounting Guideline 7 Preparation of Pro Forma
Financial Information for inclusion in Investment Circulars issued by the Hong Kong Institute of
Certified Public Accountants for illustration purpose only, and is set out below to illustrate the effect of
the Global Offering on the consolidated net tangible assets of the Group attributable to owners of the
Company as of 31 December 2025 as if it had taken place on that date.
The unaudited pro forma statement of adjusted consolidated net tangible assets of the Group has
been prepared for illustrative purposes only and, because of its hypothetical nature, it may not give a true
picture of the consolidated net tangible assets of the Group attributable to the owners of the Company
had the Global Offering been completed as at 31 December 2025 or at any future date.
Consolidated net
tangible
liabilities of
the Group
attributable to
owners of the
parent as at
31 December
2025
Estimated
net proceeds
from the
Global Offering
Estimated impact
related to the
termination of
special rights
upon the Listing
Unaudited pro
forma adjusted
consolidated net
tangible assets
attributable to
owners of the
parent as at
31 December
2025
Unaudited pro forma
adjusted consolidated
net tangible assets
attributable to owners
of the parent per Share
as at 31 December 2025
RMB’000 RMB’000 RMB’000 RMB’000 RMB HK$
(Note 1) (Note 2) (Note 3) (Note 4) (Note 5)
Based on an Offer
Price of HK$19.75
per Share /H1118/H1118/H1118/H1118/H1118/H1118/H1118(962,565) 667,120 980,224 684,779 2.48 2.83
Based on an Offer
Price of HK$20.75
per Share /H1118/H1118/H1118/H1118/H1118/H1118/H1118(962,565) 701,892 980,224 719,551 2.61 2.97
Based on an Offer
Price of HK$21.75
per Share /H1118/H1118/H1118/H1118/H1118/H1118/H1118(962,565) 736,665 980,224 754,324 2.73 3.12
Notes:
(1) The consolidated net tangible liabilities of the Group attributable to owners of the parent as at 31 December 2025 was equal
to the consolidated net liabilities attributable to owners of the parent as at 31 December 2025 of RMB957.9 million after
deducting intangible assets of RMB4.7 million as at 31 December 2025, as shown in the Accountants’ Report set out in
Appendix I to this prospectus.
(2) The estimated net proceeds from the Global Offering are calculated based on estimated offer prices of HK$19.75 per Share,
HK$20.75 per Share and HK$21.75 per Share, being the low-end price, mid-end price and high-end price, after deduction
of the underwriting fees and related expenses paid or payable by the Company and do not take into account any Shares which
may be issued upon exercise of the Over-allotment Option (excluding the listing expenses charged to consolidated statements
of profit or loss during the Track Record Period).
(3) For the purpose of the unaudited pro forma financial information, considering the estimated impact related to the termination
of special rights of the investors upon the Listing, the unaudited pro forma adjusted net tangible liabilities attributable to
owners of the parent will be decrease by RMB980.2 million and accordingly decreased the unaudited pro forma adjusted
consolidated net tangible liabilities of the Group as at 31 December 2025 by RMB980.2 million.
(4) The unaudited pro forma adjusted consolidated net tangible assets attributable to owners of the parent per Share are calculated
based on 276,165,130 Shares in issue immediately following the completion of the Global Offering without taking into
account any Shares which may be issued upon exercise of the Over-allotment Option.
(5) The unaudited pro forma adjusted consolidated net tangible assets attributable to owners of the parent per Share are converted
into Hong Kong dollars at an exchange rate of RMB0.87666 to HK$1.00.
(6) No adjustment has been made to reflect any trading results or open transactions of the Group entered into subsequent to 31
December 2025.
APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION
– II-1 –


--- page 364 ---
⭰㰟㛪姯⸒Ṳ⋀㈧
榀㸖毩歁㵳勘䙮怺 979噆
⤑⏋✱ᷧ⺎27㧺
Tel 曢婘: +852 2846 9888
Fax ₚ䜆: +852 2868 4432
ey.com
Ernst & Young
27/F, One Taikoo Place
979 King’s Road
Quarry Bay, Hon
g Kong
INDEPENDENT REPORTING ACCOUNTANTS’ ASSURANCE REPORT ON THE
COMPILATION OF UNAUDITED PRO FORMA FINANCIAL INFORMATION
To the Directors of IMPACT Therapeutics, Inc
We have completed our assurance engagement to report on the compilation of unaudited pro forma
financial information of IMPACT Therapeutics, Inc (the “Company”) and its subsidiaries (hereinafter
collectively referred to as the “Group”) by the directors of the Company (the “Directors”) for illustrative
purposes only. The unaudited pro forma financial information consists of the unaudited pro forma
consolidated net tangible assets as at 31 December 2025, and related notes as set out on page II-1 of the
prospectus dated 5 May 2026 issued by the Company (the “Unaudited Pro Forma Financial
Information”). The applicable criteria on the basis of which the Directors have compiled the Unaudited
Pro Forma Financial Information are described in note Appendix II(A).
The Unaudited Pro Forma Financial Information has been compiled by the Directors to illustrate
the impact of the global offering of shares of the Company on the Group’s financial position as at 31
December 2025 as if the transaction had taken place at 31 December 2025. As part of this process,
information about the Group’s financial position has been extracted by the Directors from the Group’s
financial statements for the period ended 31 December 2025, on which an accountants’ report has been
published.
Directors’ responsibility for the Unaudited Pro Forma Financial Information
The Directors are responsible for compiling the Unaudited Pro Forma Financial Information in
accordance with paragraph 4.29 of the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited (the “Listing Rules”) and with reference to Accounting Guideline (“AG”) 7
Preparation of Pro Forma Financial Information for Inclusion in Investment Circulars issued by the
Hong Kong Institute of Certified Public Accountants (the “HKICPA”).
Our independence and quality management
We have complied with the independence and other ethical requirements of the Code of Ethics for
Professional Accountants as issued by the HKICPA, which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional behavior.
Our firm applies Hong Kong Standard on Quality Management 1 Quality Management for Firms
that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services
Engagements which requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
Reporting accountants’ responsibilities
Our responsibility is to express an opinion, as required by paragraph 4.29(7) of the Listing Rules,
on the Unaudited Pro Forma Financial Information and to report our opinion to you. We do not accept
any responsibility for any reports previously given by us on any financial information used in the
compilation of the Unaudited Pro Forma Financial Information beyond that owed to those to whom those
reports were addressed by us at the dates of their issue.
We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements
3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information
Included in a Prospectus issued by the HKICPA. This standard requires that the reporting accountants
APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION
– II-2 –


--- page 365 ---
plan and perform procedures to obtain reasonable assurance about whether the Directors have compiled
the Unaudited Pro Forma Financial Information in accordance with paragraph 4.29 of the Listing Rules
and with reference to AG 7 issued by the HKICPA.
For purposes of this engagement, we are not responsible for updating or reissuing any reports or
opinions on any historical financial information used in compiling the Unaudited Pro Forma Financial
Information, nor have we, in the course of this engagement, performed an audit or review of the financial
information used in compiling the Unaudited Pro Forma Financial Information.
The purpose of the Unaudited Pro Forma Financial Information included in the Prospectus is solely
to illustrate the impact of the global offering of shares of the Company on unadjusted financial
information of the Group as if the transaction had been undertaken at an earlier date selected for purposes
of the illustration. Accordingly, we do not provide any assurance that the actual outcome of the
transaction would have been as presented.
A reasonable assurance engagement to report on whether the Unaudited Pro Forma Financial
Information has been properly compiled on the basis of the applicable criteria involves performing
procedures to assess whether the applicable criteria used by the Directors in the compilation of the
Unaudited Pro Forma Financial Information provide a reasonable basis for presenting the significant
effects directly attributable to the transaction, and to obtain sufficient appropriate evidence about
whether:
 the related pro forma adjustments give appropriate effect to those criteria; and
 the Unaudited Pro Forma Financial Information reflects the proper application of those
adjustments to the unadjusted financial information.
The procedures selected depend on the reporting accountants’ judgment, having regard to the
reporting accountants’ understanding of the nature of the Group, the transaction in respect of which the
Unaudited Pro Forma Financial Information has been compiled, and other relevant engagement
circumstances.
The engagement also involves evaluating the overall presentation of the Unaudited Pro Forma
Financial Information.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Opinion
In our opinion:
(a) the Unaudited Pro Forma Financial Information has been properly compiled on the basis
stated;
(b) such basis is consistent with the accounting policies of the Group; and
(c) the adjustments are appropriate for the purpose of the Unaudited Pro Forma Financial
Information as disclosed pursuant to paragraph 4.29(1) of the Listing Rules.
Ernst & Y oung
Certified Public Accountants
Hong Kong
5 May 2026
APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION
– II-3 –


--- page 366 ---
1. DIRECTORS AND BOARD OF DIRECTORS
(1) Power to Allocate and Issue Shares
The shareholders’ meeting may authorize the board of directors to resolve on the plan for issuance
of Company bonds or other securities and the listing of the Company. There is no other provision in the
Articles of Association empowering the board of directors to allot or issue shares. Any such allotment
or issue is subject to the formalities prescribed by applicable laws and administrative regulations.
(2) Power to Dispose Assets of Our Company or any Subsidiary
The board of directors shall lay down strict procedures to inspect and decide on the approval limit
for external investment, acquisition or sale of assets, mortgage of assets, provision of external
guarantees, entrusted assets management, connected transactions and external donations. For major
investment projects, the board of directors shall organize the relevant experts and professional to conduct
assessment for approval by the shareholders’ meeting.
(3) Compensation or Payments for Loss of Office
Not applicable.
(4) Loans to Directors
Not applicable.
(5) Giving of Financial Assistance to Purchase our Company or any Subsidiary’s Shares
Our Company or its subsidiaries (including affiliated enterprises) shall not provide financial
assistance for others to acquire shares of our Company or our parent company through means of grants,
advances, guarantees loans, or other forms, except for our implementation of the employee incentive
scheme.
For the benefits of our Company, we may, upon a resolution by the shareholders’ meeting or by the
board of directors under the Articles of Association or the authorization of the shareholders’ meeting,
provide financial aids for others to obtain the shares of our Company or the parent company thereof,
provided that the total accumulative amount of the financial aids shall not exceed 10% of the total issued
registered capital. A resolution by the board of directors shall be adopted by two-thirds of all the
directors.
(6) Entering into Contracts or Transact with our Company
Directors shall not directly or indirectly enter into contracts or transact with our Company without
reporting to the board of directors or the shareholders’ meeting and obtaining approval through
resolutions of the board of directors or the shareholders’ meeting in accordance with the provisions of
the Articles of Association.
(7) Remuneration
The shareholders’ meeting shall exercise its functions and powers in accordance with laws to
decide on matters of remuneration for the directors, and such decisions shall be adopted by way of
ordinary resolutions.
APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION
– III-1 –


--- page 367 ---
(8) Retirement, Appointment, Removal
The board shall consist of 9 directors, including one chairman. At any time, the board of directors
shall have at least three independent non-executive directors, the number of whom shall not be less than
one-third of the number of directors of our Company and at least one of whom shall have appropriate
accounting or related financial management expertise or appropriate professional qualifications that meet
the requirements of the Listing Rules.
Directors shall be elected or replaced by the shareholders’ meeting and may be removed by the
shareholders’ meeting before the expiration of their term of office. The removal shall take effect from
the date of the resolution of the shareholders’ meeting. The term of office of the directors shall be three
years, and the directors shall be eligible for re-election upon expiration of their term of office in
accordance with the securities regulatory rules of the company’s place of listing. However, independent
non-executive directors may not serve for more than nine consecutive years.
The term of office of a director shall commence from his/her accession till the expiry of the term
of the current session of the board of directors. Where the election of directors fails to be timely
conducted upon expiry of the term of office of the former directors, the former directors shall, prior to
the accession of the newly elected directors, perform their duties as directors in accordance with laws,
administrative regulations, departmental rules and the Articles of Association.
Companies with 300 or more employees shall include employee representatives among their board
members. The company shall appoint one employee representative director in the board of directors.
Employee representatives on the board shall be democratically elected by the company’s employees
through the employee representative assembly, employee general meeting, or other appropriate means,
without requiring submission to the shareholders’ meeting for deliberation.
Unless otherwise stipulated by laws, regulations and the regulatory rules of the place where the
shares of our Company are listed, the shareholders shall have power by an ordinary resolution at the
shareholders’ meeting to remove any director.
Directors of our Company shall be natural persons. A person shall be disqualified from being a
director of our Company in each of the following circumstances:
(i) a person who does not have or who has limited capacity for civil conduct;
(ii) a person who has been convicted of and sentenced for offences relating to corruption, bribery,
trespass to assets, misappropriation of assets or disrupting the order of the socialist market
economy or who has been deprived of his/her political rights as a result of him/her having
committed an offence and, in each case, a period of 5 years has not elapsed since the
completion of the term of the sentence or deprivation; and, in case of suspension of sentence,
no more than two years have elapsed since the date of expiration of the probationary period;
(iii) a person who was a director or factory manager or manager of a company or enterprise which
had become insolvent and liquidated and who incurred personal liability for the insolvency
of that company or enterprise, and a period of 3 years has not elapsed since the date of
completion of insolvent liquidation of that company or enterprise;
(iv) a person who was a legal representative of a company or enterprise which had its business
license revoked or was ordered to close down on the grounds of contravention of law, and
who incurred personal liability thereof, and a period of 3 years has not elapsed since the date
of revocation of the business license or order of closure of that company or enterprise;
(v) a person who is listed as a dishonest person subject to enforcement by the people’s court due
to his/her failure to repay his/her relatively large amount of debts when due;
(vi) a person who has been subject to administrative penalties imposed by the CSRC in the last
three years;
APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION
– III-2 –


--- page 368 ---
(vii) a person who has been forbidden by the CSRC with a penalty to access the securities market
and who is still in the period of penalty;
(viii) other circumstances stipulated by laws, regulations, departmental rules and the regulatory
rules of the place where the shares of our Company are listed.
Where our Company elects or appoints any director by violating the provisions above, such
elections, appointments or hiring shall be deemed invalid. Where any director, during him/her term of
office, is under any of the circumstances as mentioned above, our Company shall remove him/her from
his/her office. Where a director falls under any of the circumstances set forth in this clause during their
tenure, they shall promptly report the matter to the company and resign within one month of the
occurrence of the relevant facts.
(9) Borrowing Powers
The board formulates proposals for the issuance of bonds or other securities and the listing of our
Company, and the decision on the issuance of corporate bonds shall be adopted at the shareholders’
meeting. The shareholder’ meeting may authorize the board to make resolutions on the issuance of
corporate bonds or other securities and the listing.
2. ALTERNATIONS TO CONSTITUTIONAL DOCUMENTS
Amendments to the Articles of Association (in whatever form) shall be adopted by special
resolutions at the shareholders’ meeting.
Amendments shall be made to the Articles of Association by us in any of the following
circumstances:
(i) after an amendment of the Company Law, relevant laws, administrative regulations or the
Listing Rules, and there is any conflict between the provisions of the Articles of Association
and those of the amended laws, administrative regulations or the Listing Rules;
(ii) there are changes in the particulars of our Company which are different from that set out in
the Articles of Association;
(iii) a resolution of the shareholders’ meeting is passed to amend the Articles of Association.
Amendments to the Articles of Association adopted by a resolution of the shareholders’ meeting
which are subject to approvals from relevant competent authority shall be submitted to the competent
authority for approval; if there is any change relating to the registered particulars of our Company,
application shall be made for change in registration in accordance with laws.
Amendments to the Articles of Association that constitute information required to be disclosed
under laws, regulations or the Listing Rules shall be announced in accordance with the relevant
provisions.
3. V ARIATION OF RIGHTS OF EXISTING SHARES OR CLASSES OF SHARE
Not applicable.
4. SPECIAL RESOLUTIONS — MAJORITY REQUIRED
The resolutions of the shareholders’ meeting shall be divided into ordinary resolutions and special
resolutions.
An ordinary resolution may be adopted by a simple majority of the votes held by the shareholders
(including proxies of shareholders) attending the shareholders’ meeting.
APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION
– III-3 –


--- page 369 ---
A special resolution can be adopted by a two-thirds majority of the votes held by the shareholders
(including proxies of shareholders) attending the shareholders’ meeting. The following matters shall be
passed by a special resolution of the shareholders’ meeting:
(i) increase or decrease in registered capital of our Company;
(ii) the division, merger, dissolution, and liquidation of our Company;
(iii) amendment to these Articles of Association;
(iv) purchases or sells significant assets or enters into guarantees with an amount exceeding 30%
of the total assets in the latest audited consolidated financial statements within one year;
(v) equity incentive plan;
(vi) other matters required by laws, administrative regulations, the regulatory rules of the place
where the shares of our Company are listed or the Articles of Association, as well as those
determined by ordinary resolutions of the shareholders’ meeting to have a significant impact
on our Company, and which require special resolutions to be passed.
5. VOTING RIGHTS (GENERALLY AND ON A POLL)
The shareholders have the right to attend or appoint a proxy to attend and vote at the shareholders’
meeting. When voting at the shareholders’ meeting, the shareholder (including proxy) may exercise
his/her voting rights in accordance with the number of shares with voting power held with each share
representing one vote. When a poll is taken, shareholders (including their proxies) entitled to two or more
votes need not cast all their votes in the same way (for or against or abstaining from voting).
Any shareholder who is required by the applicable laws, regulations, normative documents, and the
Listing Rules to abstain from voting on a matter or is limited to an affirmative or negative vote shall
abstain from voting or be required to so vote; any vote cast by or on behalf of relevant shareholder which
is cast in violation of such requirement or restriction shall not be counted in the voting result.
The shares held by our Company itself shall have no voting right and shall not be counted in the
total number of voting shares at the shareholders’ meeting.
6. REQUIREMENTS FOR ANNUAL SHAREHOLDERS’ MEETINGS
The shareholders’ meetings are divided into annual shareholders’ meetings and extraordinary
shareholders’ meetings. The annual shareholders’ meeting shall be convened once a year and be held
within six months of the end of the previous fiscal year.
7. ACCOUNTING AND AUDITS
(1) Financial and accounting policies
Our Company shall establish its financial and accounting system in accordance with laws,
administrative regulations and requirements of relevant regulatory departments of the PRC. Where the
securities regulatory authorities of the place where the shares of our Company are listed have any other
provisions, such provisions shall prevail.
Our company shall prepare its annual financial accounting report within six months of the end of
each financial year. The aforesaid reports shall be prepared in accordance with relevant laws,
administrative regulations, departmental rules and requirements of the CSRC and the stock exchange of
the place where the shares of our Company are listed.
Our Company shall not establish account books other than the statutory account books. The assets
of our Company shall not be deposited in any personal account.
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(2) Appointment and Dismissal of Accountants
Our Company shall engage an accounting firm that is qualified under the Securities Law and the
regulatory rules of the place where the shares of our Company are listed to audit its financial statements,
verify its net assets, and provide other relevant consulting services. The accounting firm shall serve a
term of one year and the engagement can be renewed.
The appointment and dismissal of accounting firms shall be submitted to the board of directors for
deliberation upon obtaining the approval of a majority of all members of the audit committee, and shall
be decided by the shareholders’ meeting. The board of directors shall not appoint an accounting firm
prior to the decision of the shareholders’ meeting.
Our Company guarantees that we will provide true and complete accounting vouchers, accounting
books, financial statements and other accounting materials to the engaged accounting firm, without any
refusal, concealment or misrepresentation.
8. NOTICE AND AGENDA OF SHAREHOLDERS’ MEETINGS
The shareholders’ meeting is the authorized organ of our Company that performs duties and
exercises powers in accordance with the law.
Under any of the following circumstances, the board of directors shall convene an extraordinary
shareholders’ meeting within two months:
(i) the number of directors is less than the number specified in the Company Law or less than
two-thirds of the number required in the Articles of Association;
(ii) the uncovered losses of our Company reach one-third of its total registered capital;
(iii) the shareholders with 10% or more shares of our Company separately or jointly request to
convene an extraordinary shareholders’ meeting in writing;
(iv) the board of directors considers it necessary;
(v) the audit committee makes such proposal;
(vi) any other circumstances stipulated in laws, regulations, the regulatory rules of the place
where the shares of our Company are listed, the Articles of Association.
The shareholders that separately or jointly hold 10% or more of the shares (excluding voting rights
attached to treasury shares) of our Company may make a request to the board of directors for an
extraordinary shareholders’ meeting and shall put forward such request to the board of directors in
written form. Where the board of directors does not agree to convene an extraordinary shareholders’
meeting or fails to give feedback in writing within 10 days after it receives the request, the shareholders
who separately or jointly hold 10% or more of the shares of our Company may propose to the audit
committee to hold an extraordinary shareholders’ meeting, and shall put forward the request to the audit
committee in writing. Where the audit committee fails to convene or preside over an extraordinary
shareholders’ meeting, and shareholders who separately or jointly hold 10% or more of the shares of our
Company for consecutive 90 days or more may convene and preside over the meeting themselves.
Where our Company convenes a shareholders’ meeting, the board of directors, the audit committee,
and shareholders severally or jointly holding more than 1% of shares of our Company shall have the right
to put forward proposals to our Company.
Shareholders severally or jointly holding more than 1% of shares of our Company may submit
written provisional proposals to the board of directors 10 days before the shareholders’ meeting. The
provisional proposal shall contain a clear topic for discussion and specific matters for resolution. The
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board of directors shall serve a supplemental notice of the shareholders’ meeting within two days after
receipt of the provisional proposals, which shall include the contents of the said provisional proposals
and the name and the shareholding of the shareholder making the provisional proposal.
When convening an annual shareholders’ meeting, our Company shall publish a notice 21 days
before it is convened. When convening an extraordinary shareholders’ meeting, our Company shall
publish a notice 15 days before it is convened.
The notice of the shareholders’ meeting shall be made in writing, including the following contents:
(i) the place, the date, the manner and the hour of the meeting;
(ii) all matters and all specific content of the proposals to be discussed at the meeting;
(iii) conspicuous statement that all shareholders are entitled to attend the meeting and appoint
proxy to attend and vote and that proxy need not be a shareholder;
(iv) the date of record for the shareholders who are entitled to attend the meeting;
(v) the name and telephone number of the contact person for the meeting;
(vi) the time and procedure of voting online or by any other means;
(vii) other requirements stipulated by laws, administrative regulations, department rules, Listing
Rules or the Articles of Association.
Save as specified in the preceding paragraph, the convener shall not change the proposals set out
in the notice of the shareholders’ meeting or add any new proposal after the said notice is served.
Proposals not set out in the notice of the shareholders’ meeting or not complying with the Articles
of Association shall not be voted on or resolved at the shareholders’ meeting. Following the issuance of
the notice convening a shareholders’ meeting, the meeting shall not be postponed or cancelled without
justifiable cause, nor shall any proposal listed in the notice be withdrawn. Should postponement or
cancellation occur, the convenor shall announce the reason in accordance with laws, regulations, and the
securities regulatory rules for the place where the company’s shares are listed, at least two working days
prior to the originally scheduled date. Where the Listing Rules contain alternative provisions regarding
the foregoing matters, such provisions shall prevail.
In the event that any resolution of the shareholders’ meeting or resolution of the board of directors
violates laws or administrative regulations, any shareholder is entitled to request the court to deem it as
invalid.
In the event that the convening procedure or voting formula of the shareholders meeting or meeting
of the board of directors violates any of laws, administrative regulations or the Articles of Association,
or resolution of which violates the Articles of Association, any shareholder is entitled to ask the court
to revoke the resolution within 60 days after the resolution was adopted.
Under any of the following circumstances, a resolution of the shareholders’ meeting or the board
of directors is not established:
(i) the resolution fails to be made at any shareholders’ meeting or meeting of the board of
directors;
(ii) the shareholders’ meeting or meeting of the board of directors fails to vote on the resolution;
(iii) the number of persons attending the meeting or the number of the voting rights held by them
does not reach the number as prescribed by the Company Law or the Articles of Association;
or
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(iv) the number of persons consenting to the resolution or the number of the voting rights held
by them fails to reach the number as prescribed by the Company Law or the Articles of
Association.
9. SHARES TRANSFERS
The shares issued before the public offering of shares by our Company shall not be transferred
within one year of the date on which the stocks of our Company are listed and traded on a securities
exchange.
The directors and senior management of our Company shall declare, to our Company, information
on their holdings of the shares of our Company and the changes thereto. The shares transferable by them
during each year of their term of office as determined at the time of his/her assumption of office shall
not exceed 25% of their total holdings of the shares of our Company. The shares that they held in our
Company shall not be transferred within one year of the date on which the stocks of our Company are
listed and traded. The aforesaid persons shall not transfer their shares of our Company within six months
from the date of their resignation.
Where the securities regulatory authorities and the stock exchange of the place where the shares
of our Company are listed have any other provisions in respect of restrictions on transfer of overseas
listed shares, such provisions shall prevail.
10. RIGHTS OF OUR COMPANY TO PURCHASE OUR OUTSTANDING ISSUED SHARES
Under any of the following circumstances, our Company may submit to relevant competent
authorities for approval to buy back our outstanding issued shares according to legal procedures with the
approval of procedures stipulated in the Articles of Association:
(i) reduce our Company’s registered capital;
(ii) merger with other companies which hold our shares;
(iii) granting shares to the employees of our Company as incentives;
(iv) requesting our Company to buy back its shares from shareholders who vote against any
resolutions adopted at the shareholders’ meeting concerning the merger and division of our
Company;
(v) to convert shares into bond issued by our Company which is convertible to stock of our
Company;
(vi) necessary for our Company to maintain our Company’s value and shareholders’ equity; or
(vii) other circumstances as permitted by the laws, administrative regulations, regulations of the
authorities and Listing Rules.
Where our Company acquires its own shares under circumstances as mentioned in items (i) and (ii)
above, it shall be subject to approval at the shareholders’ meeting; where our Company acquires its own
shares under circumstances as mentioned in items (iii), (v) and (vi) above, it shall, pursuant to the
Articles of Association or the authorization of the shareholders’ meeting, be subject to a resolution of a
board meeting at which more than two-thirds of directors are present.
Where laws, regulations, regulatory documents and the securities regulatory authorities and the
stock exchange of the place where the shares of our Company are listed have any other provisions in
respect of matters involving share repurchase mentioned above, such provisions shall prevail.
11. POWER FOR ANY SUBSIDIARY OF OUR COMPANY TO OWN SHARES IN ITS PARENT
Not applicable.
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12. DIVIDEND AND OTHER METHODS OF DISTRIBUTION
Shareholders of our Company shall have the right to receive dividends and other forms of
distribution in proportion to their respective shareholdings. Profit distribution shall be carried out
through resolutions of shareholders’ meeting after the corresponding statutory reserve fund is withdrawn.
Our Company shall not be entitled to any distribution of profits in respect of shares held by it.
13. PROXIES
Any shareholder entitled to attend and vote at the shareholders’ meeting shall be entitled to attend
the meeting in person, or appoint one or more other persons (who may not be shareholders) as his/her
proxy to attend and vote on his/her behalf. If a proxy has been appointed to attend the meeting, the
appointer shall be deemed to be present in person at the meeting. Institutional shareholders shall attend
the meeting by their legal representatives (principals) or their proxies.
The power of attorney issued by a shareholder to appoint another person to attend a shareholders’
meeting shall contain the following information:
(i) the name of the proxy;
(ii) subject matters and power of the proxy;
(iii) whether the proxy has the right to vote;
(iv) instructions to vote for, against or abstain from voting on each matter to be considered on the
agenda of the shareholders’ meeting, respectively;
(v) the date of issuance and expiration date of the power of attorney; and
(vi) the signature (or seal) of the appointer or its proxy authorized in writing. If the appointer is
an institutional shareholder, the seal of the institutional shareholder or the signature of its
directors, duly authorized agent or officer shall be affixed.
The power of attorney should state whether or not the proxy may vote in accordance with his/her
own mind in the absence of specific instructions from the shareholder. If the Listing Rules have specific
provisions on power of attorney, such provisions shall prevail.
14. CALLS ON SHARES AND FORFEITURE OF SHARES
Not applicable.
15. INSPECTION OF REGISTER OF MEMBERS
Our Company shall make a register of shareholders based on the vouchers provided by securities
registries. The register of shareholders shall be the sufficient evidence proving the shareholders’ holding
of our Company’s shares.
Shareholders of our Company are entitled to inspect the register of shareholders. Where the
securities regulatory rules of the place where the shares of our Company are listed have any other
provisions, such provisions shall prevail.
Our Company shall make a complete duplicate of the register of members and meeting minutes of
shareholders’ meeting available for free inspection by shareholders at our Company’s Hong Kong address
as required by the Listing Rules, but our Company may close the register on terms equivalent to the
Companies Ordinance (Chapter 632 of the Laws of Hong Kong). Where shareholders request for
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inspection of the relevant information or demand for materials mentioned above, they shall provide with
our Company written documents evidencing the class and number of shares of our Company held by
them. Our Company shall verify the identity of the shareholders and provide information requested by
such shareholders.
16. QUORUM FOR MEETINGS AND SEPARATE CLASS MEETINGS
There is no quorum requirement for the shareholders’ meeting and class meeting of shareholders
under the Articles of Association.
17. RESTRICTIONS ON RIGHTS OF CONTROLLING SHAREHOLDER
The controlling shareholders and actual controllers of our Company shall not take advantage of
their relationship to damage the interest of our Company. Any losses caused to our Company as a result
of such violation shall be compensated.
The controlling shareholders and actual controllers of our Company are obliged to act in good faith
to our Company and the public shareholders of our Company. The controlling shareholders shall exercise
their rights as capital contributors in strict accordance with the law. The controlling shareholders shall
not impair the lawful rights and interest of our Company and the public shareholders by means of the
distribution of profits, reorganization of assets, external investment, misappropriation of assets, loan, or
guarantee, nor make use of their controlling position to impair the interests of our Company or the public
shareholders.
18. RIGHTS OF THE MINORITIES IN RELATION TO FRAUD OR OPPRESSION THEREOF
If directors and senior management personnel, other than the audit committee members, violate
laws, administrative regulations, or the provisions of the Articles of Association while performing their
duties, causing losses to our Company, shareholders who individually or jointly hold more than 1% of
our Company’s shares for more than 180 consecutive days have the right to request in writing that the
audit committee file a lawsuit with the people’s court. If the audit committee and its members violates
laws, administrative regulations, or the provisions of the Articles of Association while performing its
duties, causing losses to our Company, the aforementioned shareholders may request in writing that the
board of directors file a lawsuit with the people’s court.
If the audit committee or the board of directors refuses to file a lawsuit after receiving a written
request from the shareholders specified in the preceding paragraph, or fails to file a lawsuit within 30
days from the date of receiving the request, or if the situation is urgent and the failure to file a lawsuit
immediately will cause irreparable damage to our Company’s interests, the shareholders specified in the
preceding paragraph have the right to directly file a lawsuit in their own name to the people’s court for
the benefit of our Company.
If another person infringes on the legitimate rights and interests of our Company and causes losses
to our Company, shareholders who individually or jointly hold more than 1% of our Company’s shares
for more than 180 consecutive days may file a lawsuit with the people’s court in accordance with the
provisions of the preceding two paragraphs.
If directors and senior management personnel violate laws, administrative regulations, or the
provisions of the Articles of Association and harm the interests of shareholders, shareholders may file a
lawsuit with the people’s court.
If the shareholders of our Company abuse their shareholder rights and cause losses to our Company
or other shareholders, they shall bear compensation liability in accordance with the law. If a Company’s
shareholder abuses the independent status of our Company’s legal person and the limited liability of
shareholders, evade debts, and seriously harm the interests of our Company’s creditors, they shall bear
joint and several liability for our Company’s debts. If such shareholder uses more than two companies
under its control to carry out the foregoing acts, each company shall be jointly and severally liable for
the debts of any one of them.
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19. PROCEDURES FOR LIQUIDATION
Under any of the following circumstances, our Company shall be lawfully dissolved and liquidated:
(i) the term of business of our Company has expired or other events of dissolution occur under
the Article of Association;
(ii) the shareholders’ meeting adopts a resolution to dissolve our Company;
(iii) our Company needs to be dissolved for the purpose of merger or division;
(iv) the business license is revoked, or our Company is ordered to close or be eliminated
according to applicable law; or
(v) where our Company encounters significant difficulties in business and management,
continuous survival may be significantly detrimental to the interests of the shareholders, and
the difficulties may not be overcome through other means, shareholders who hold more than
10% of all voting rights of our Company’s shareholders may request the People’s Court to
dissolve our Company.
Where our Company is dissolved due to the provisions set forth in (i), (ii), (iv) and (v) above, our
Company shall be liquidated. Directors are our Company’s liquidation obligators and shall establish the
liquidation team within 15 days from the date of the event leading to dissolution and conduct liquidation.
The personnel of the liquidation group shall consist of the directors of our Company or other persons
determined by the Articles of Association or the shareholders’ meeting. In the event the liquidation group
is not established to conduct liquidation or the liquidation is not conducted after establishment of the
liquidation group during such period, an interested party may request the people’s court to appoint
relevant personnel to establish the liquidation group to conduct liquidation.
Within 10 days of the establishment of the liquidation group, the creditors shall be notified and an
announcement shall be published within 60 days. The creditors shall declare their claims to the
liquidation group within 30 days of the date on which the notice is received or 45 days of the date of
announcement if the notice is not received.
Creditors who declare claims shall state relevant issues related to the claims and provide proofs.
The liquidation team shall carry out registration of the claims.
During the period for declaration of claims, the liquidation group shall not make any repayment to
the creditors.
During the liquidation, our Company shall continue to exist, but shall not carry out business
activities irrelevant to the liquidation.
In the event the liquidation team finds that, after taking stock of our Company’s property and
preparing the balance sheet and list of property, that the assets are insufficient to pay the debts, it shall
immediately apply to the people’s court for bankruptcy of our Company.
After the people’s court accepts the application for bankruptcy of our Company, the liquidation
group shall turn over matters regarding the liquidation to the bankruptcy administrator appointed by the
people’s court.
Upon closure of liquidation of our Company, the liquidation group shall prepare a liquidation
report and shall submit it to our shareholders’ meeting or the people’s court for recognition. The
liquidation group shall submit the above-mentioned documents to our Company registration authority,
apply for cancelation of our registration.
Where our Company is declared bankrupt according to laws, our Company shall implement
bankruptcy liquidation according to laws relating to bankruptcy of enterprises.
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20. OTHER IMPORTANT PROVISIONS FOR OUR COMPANY OR SHAREHOLDERS
(1) General Provisions
Our Company is a permanently existing joint stock limited company.
All assets of our Company shall be divided into equal shares. The shareholders’ liabilities to our
Company are limited to the shares subscribed by them. The liabilities of our Company to the Company’s
debts shall only be limited to all its assets.
The Articles of Association shall become a legally binding document governing the organization
and conduct of our Company, and the rights and obligations between our Company and its shareholders
and among shareholders since its effective date, and shall constitute a legally binding document
governing on our Company, its shareholders, directors, and senior management. According to the Articles
of Association, any shareholder may bring a lawsuit against another shareholder, a director, the general
manager and the senior management, any shareholder may bring a lawsuit against our Company, and our
Company may bring a lawsuit against any shareholder, director, the general manager and the senior
management.
(2) Share and Transfer
The capital of our Company shall be divided into shares. The shares of our Company shall be in
the form of share certificates. The share certificates of our Company shall be in registered form. In
addition to the information required by the Company Law, the information to be set out in the share
certificates of our Company shall also include other information required by the stock exchange where
the shares of our Company are listed.
Our Company may increase stock capital by the following means through the resolution of
shareholders’ meetings:
(i) issuing shares to unspecified persons;
(ii) issuing shares to specific persons;
(iii) giving bonus shares to existing shareholders;
(iv) converting reserve funds into shares; and
(v) other means approved by the laws, administrative regulations and the securities regulatory
authorities and the stock exchange of the place where the shares of our Company are listed.
If our Company is to increase its capital by an offering of new shares, it shall do so by the
procedure provided for in relevant state laws, administrative regulations and the Listing Rules after such
increase has been approved in accordance with the Articles of Association.
Our Company may decrease our registered capital and shall comply with the procedures stipulated
in Company Law of the PRC, other related regulations and the Articles of Association.
(3) Shareholders
The rights of our shareholders are as follows:
(i) to receive distribution of dividends and other forms of benefits according to the number of
shares held;
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(ii) to participate in or appoint a shareholder proxy to participate in and exercise corresponding
voting rights at the shareholders’ meeting (except where required to abstain from voting on
relevant matters under applicable laws and regulations or the securities regulatory rules of the
place where the shares of our Company are listed);
(iii) to supervise and manage business and operational activities of our Company, provide
suggestions or submit queries;
(iv) to transfer, grant and pledge our Company’s shares held according to the provisions of the
laws, administrative regulations and the Articles of Association;
(v) to inspect and copy the Articles of Association, register of shareholders, minutes of
shareholders’ meetings, resolutions of the board of directors and the accounting reports.
Where the securities regulatory rules of the place where the shares of our Company are listed
have any other provisions, such provisions shall prevail;
(vi) in the event of the termination or liquidation of our Company, the right to participate in the
distribution of the remaining property of our Company in proportion to the number of shares
held;
(vii) shareholders who object to resolutions of merger or division made by the shareholders’
meeting may request our Company to buy back the shares held;
(viii) other rights provided for by laws, administrative regulations, departmental rules or the
Articles of Association.
Where any shareholder demands to read the relevant information or obtain any of the aforesaid
materials, he/she shall submit to our Company written documents proving the class(es) and number of
shares he/she holds. Our Company shall provide the relevant information or materials in accordance with
the shareholder’s demand after verifying the shareholder’s identity.
Shareholders of our Company shall have the following obligations:
(i) to abide by laws, administrative regulations, department rules, the regulatory rules of the
place where the shares of our Company are listed and the Articles of Association, and to
exercise shareholders’ rights in accordance with the laws;
(ii) to pay the share subscription price based on the shares subscribed for by them and the method
of acquiring such shares;
(iii) not to return shares unless prescribed otherwise in laws and administrative regulations;
(iv) not to abuse shareholders’ rights to infringe upon the interests of our Company or other
shareholders;
(v) to assume other obligations required by laws, administrative regulations, the regulatory rules
of the place where the shares of our Company are listed and the Articles of Association.
(4) The Board of Directors
The board of directors is responsible to the shareholders’ meeting and exercises the following
powers:
(i) to convene shareholders’ meeting and report on its work to the shareholders’ meeting;
(ii) to implement the resolutions of the shareholders’ meeting;
(iii) to decide on our Company’s operational plans and investment proposals;
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(iv) to formulate our Company’s profit distribution proposals and loss recovery proposals;
(v) to formulate proposals for the increase or reduction of registered capital, issue of bonds or
other securities and listing of our Company;
(vi) to formulate proposals for material acquisition, repurchase of our Company’s shares or
merger, division, dissolution and change of corporate form of our Company;
(vii) to decide on external investment, acquisition or disposal of assets, assets security, external
guarantee, entrusted wealth management, connected transactions and external donations of
our Company within the scope authorized by the shareholders’ meeting or in accordance with
the regulatory rules of the place where the shares of our Company are listed;
(viii) to decide on the setup of our Company’s internal management organs;
(ix) to decide on appointment or dismission of our Company’s general manager, secretary of the
board of directors and other senior management, and to decide on their remuneration, rewards
and punishments; to decide on appointment or dismission of our Company’s deputy general
manager, Chief Financial Officer and other senior management based on the general
manager’s recommendation, and to decide on their remuneration, rewards and punishments;
(x) to formulate our Company’s basic management system;
(xi) to formulate proposals for amendment to the Articles of Association;
(xii) to manage Company’s information disclosure;
(xiii) to propose to hire or replace an accounting firm auditing for our Company to the
shareholders’ meeting;
(xiv) to listen to the work report of the general manager of our Company and inspect the work of
the general manager;
(xv) to formulate and review the corporate governance policies and practices of our Company;
(xvi) to review and monitor the training and continuous professional development of the directors
and senior management;
(xvii) to review and monitor our Company’s policies and practices on compliance with legal and
regulatory requirements;
(xviii) to formulate, review and monitor the code of conduct and compliance manual (if any)
applicable to the employees and directors;
(xix) to review our Company’s compliance with the Corporate Governance Code under the Listing
Rules and disclosure in the Corporate Governance Report;
(xx) other powers as permitted by laws, administrative regulations, departmental rules, regulatory
rules of the place where the shares of our Company are listed and the Articles of Association.
Matters which are beyond authorization of the shareholders’ meeting shall be submitted to the
shareholders’ meeting for consideration.
Meetings of the board of directors shall be held only if more than half of the directors are present.
Resolutions of the board shall be adopted by more than half of all directors. If the relevant laws and
regulations and the Articles of Association of our Company provide otherwise, such provisions shall
prevail.
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(5) Independent Non-executive Director
The board of directors of our Company has three independent non-executive directors. At least one
independent non-executive director shall have applicable professional qualification or are equipped with
applicable accounting or relevant financial management expertise that are required by the Listing Rules.
Issues including conditions of appointment, nomination and election procedures, tenure of office,
resignation and power of the independent non-executive directors are implemented in accordance with
the relevant provisions of the laws, administrative regulations, departmental rules and regulation rules of
the place where the shares of our Company are listed.
Independent non-executive directors shall faithfully perform their duties and safeguard the
interests of our Company, with particular attention to ensuring that the legitimate rights and interests of
public shareholders are not jeopardized, so as to ensure that the interests of all shareholders are
adequately represented.
(6) Secretary of the Board of Directors
Our Company shall have a secretary of the board of directors, who is responsible for the
preparation of shareholders’ meeting and meetings of the board, the keeping of documentation as well
as the management of shareholders’ information, handling the matters relating to information disclosure
and other matters. The secretary of the board of directors shall comply with relevant provisions of laws,
administrative regulations, departmental rules, the regulatory rules of the place where the shares of our
Company are listed and the Articles of Association.
(7) Special Committees under the Board
The Company’s board of directors shall establish an audit committee, which shall exercise the
powers and duties of the Board of Supervisors as stipulated in the PRC Company Law.
The audit committee comprises three directors who do not serve as senior management of the
Company, of whom two must be independent non-executive directors, at least one of whom must be an
independent director with appropriate professional qualifications or appropriate accounting or related
financial management expertise, with the chairperson (convener) being an independent non-executive
director with accounting expertise.
The audit committee shall be responsible for reviewing the Company’s financial information and
its disclosure, supervising and evaluating internal and external audits, and internal controls. The
following matters shall be submitted to the board of directors for review after obtaining the approval of
more than half of all audit committee members:
(i) disclosure of financial accounting reports and financial information in periodic reports, as
well as internal control evaluation reports;
(ii) appointment or dismissal of the accounting firm auditing the listed company;
(iii) appointment or dismissal of the Company’s chief financial officer;
(iv) changes in accounting policies, accounting estimates, or corrections of major accounting
errors due to reasons other than changes in accounting standards;
(v) other matters stipulated by laws, administrative regulations, securities regulatory rules of the
place where the Company’s shares are listed, or the Articles of Association.
The audit committee shall hold at least one meeting per quarter. Extraordinary meetings may be
convened upon the proposal of two or more members or if the chairperson deems it necessary. A meeting
of the audit committee shall require the attendance of at least two-thirds of its members to be valid.
Resolutions of the audit committee shall require the approval of more than half of its members. Each
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member shall have one vote in audit committee resolutions. Minutes of audit committee meetings shall
be prepared, and attending members shall sign the minutes. The working procedures of the audit
committee shall be formulated by the board of directors.
The board of directors shall establish other special committees, such as the strategic committee, the
nomination committee, and the remuneration committee, which shall perform their duties in accordance
with the Articles of Association and the authorization of the board of directors. Independent directors
should constitute a majority of the nomination committee and the remuneration committee and serve as
conveners. Proposals of these committees shall be submitted to the board of directors for review and
decision. The working procedures of these special committees shall be formulated by the board of
directors.
(8) General Manager
Our Company has one general manager, appointed or dismissed by the board of directors. The
general manager of our Company is responsible to the board of directors and exercises the following
powers:
(i) be in charge of the producing and operational management of our Company, organize the
enforcement of resolutions of the board of directors and report to the board of directors on
work;
(ii) organize the implementation of the annual operation plans and investment schemes decided
by the board of directors;
(iii) formulate the structure scheme of the internal management department of our Company;
(iv) formulate the fundamental management policies of our Company;
(v) formulate the specific management rules of our Company;
(vi) propose the appointment or dismissal of our Company’s deputy general manager, Chief
Financial Officer and other senior management;
(vii) appoint or dismiss other management personnel and employees, except for those who shall
be appointed or dismissed by the board of directors;
(viii) determine the salaries, benefits, rewards and punishments of our Company’s employees;
(ix) other responsibilities authorized by the Articles of Association and the board of directors.
The general manager attends the meeting of the board of directors.
In accordance with the provisions of laws, regulations and the Articles of Association, the general
manager is responsible for making decisions on matters not considered and decided by the shareholders’
meeting and the board of directors of our Company.
Our Company’s daily operation matters are decided by the general manager.
(9) Reserves
When the annual after-tax earnings of our Company are distributed, our Company must allocate
10% of the earnings to the statutory reserve of our Company.
When the total amount of the statutory reserve exceeds 50% of our Company’s registered capital,
no more allocations need to be drawn.
APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION
– III-15 –


--- page 381 ---
If our Company’s statutory reserve is insufficient to offset our losses during the previous year, the
earnings generated during the current year must be used to make up the losses before allocating the
statutory reserve in accordance with the requirements set forth above.
After allocation to the statutory reserve from the after-tax earnings of our Company, our Company
may also allocate to the reserves at will from after-tax earnings in line with the resolution(s) adopted at
the shareholders’ meeting.
After our Company has made up for its losses and made allocations to its statutory reserve fund,
the remaining profits are distributed in proportion to the number of shares held by the shareholders,
unless otherwise specified by the Articles of Association.
If our Company violates the above provisions when distributing profits to the shareholders, the
profits distributed in violation of the provisions shall be returned by such shareholders to our Company.
The shares held by our Company itself shall not be subject to profit distribution.
Our Company’s reserves may be used only for offsetting losses of our Company, expanding the
scale of business and operations or for conversion into capital to increase our registered capital. Where
the reserve of our Company is used for making up losses, the discretionary reserve and statutory reserve
shall be firstly used. If losses still cannot be made up, the capital reserve can be used according to the
relevant provisions.
Where the statutory reserve converses into registered capital, the remaining statutory reserve shall
not be less than 25% of the registered capital of our Company before such conversion.
APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION
– III-16 –


--- page 382 ---
A. FURTHER INFORMATION ABOUT OUR GROUP
1. Establishment of Our Company
Our Company was established as a limited liability company in the PRC on June 10, 2009 and was
converted into a joint stock limited company on June 20, 2025. Our registered office is located at No.
10 Xinghuo Road, Hi-Tech Development Zone, Nanjing, Jiangsu Province, PRC.
Our Company has established a place of business in Hong Kong at 40/F, Dah Sing Financial Centre,
248 Queen’s Road East, Wanchai, Hong Kong and has been registered as a non-Hong Kong company
under Part 16 of the Companies Ordinance on October 2, 2025. Ms. Yip has been appointed as our
authorized representative for acceptance of service of process and notices in Hong Kong whose
correspondence address is the same as our place of business in Hong Kong.
As our Company is established in the PRC, our corporate structure and Articles of Association are
subject to the relevant laws and regulations of the PRC. A summary of the relevant provisions of our
Articles of Association is set out in “Appendix III — Summary of Articles of Association.”
2. Changes in the Share Capital of Our Company
Save as disclosed in “History, Development and Corporate Structure,” there has been no change in
the share capital of our Company within the two years immediately preceding the date of this prospectus.
3. Change in the Share Capital of Our Subsidiaries
A summary of the corporate information and the particulars of our subsidiaries are set out in the
Accountants’ Report.
There has been no change in the share capital of our subsidiaries within the two years preceding
the date of this prospectus.
4. Resolutions of Our Shareholders
Pursuant to the resolutions passed at a duly convened general meeting of our Shareholders held on
September 23, 2025, our Shareholders resolved that, among others:
(a) the number of H Shares to be issued pursuant to the Global Offering, and the grant to the
International Underwriters (or their representatives) of the Over-allotment Option of not
more than 25% of the number of H Shares initially available under the Global Offering;
(b) subject to the filing procedure with the CSRC, upon the completion of the Global Offering,
234,188,130 Unlisted Shares held by existing Shareholders will be converted into H Shares
on a one-for-one basis;
(c) subject to the completion of the Global Offering, the grant of a general mandate to our Board
to allot and issue Shares or sell and/or transfer treasury Shares at any time within a period
up to the date of the conclusion of the next annual general meeting of the Shareholders or the
date on which the Shareholders pass a special resolution to revoke or change such mandate,
whichever is earlier, upon such terms and conditions and for such purposes and to such
persons as our Board in their absolute discretion deem fit, and to make necessary
amendments to the Articles of Association, provided that, the number of Shares to be issued
shall not exceed 20% of the number of the Shares in issue (excluding any Treasury Shares)
as at the Listing Date;
(d) subject to the completion of the Global Offering, the adoption of the Articles of Association
which shall become effective on the Listing Date, and authorization to our Board to amend
the Articles of Association to the extent necessary for the purpose of the Listing; and
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-1 –


--- page 383 ---
(e) authorization of our Board or its authorized individual(s) to deal with all matters relating to
the Global Offering and the Listing.
5. Explanatory Statement on Repurchase of Our Own Securities
The following paragraphs include, among others, certain information required by the Stock
Exchange to be included in this prospectus concerning the repurchase of our own securities.
(a) Reasons for repurchase
The Board considered that the repurchase of the Shares would be beneficial to and in the best
interests of the Company and its Shareholders as a whole. It can strengthen the investors’ confidence in
the Company and promote a positive effect on maintaining the Company’s reputation in the capital
market. Such repurchases will only be made when the Board believes that such repurchases will benefit
the Company and its Shareholder as a whole.
Following a repurchase of Shares, the Company may cancel any repurchased Shares and/or hold
them as treasury shares subject to, among others, market conditions and its capital management needs at
the relevant time of the repurchases, which may change due to evolving circumstances.
(b) Exercise of the general mandate to repurchase Shares
Subject to the passing of the special resolution approving the grant of the general mandate to
repurchase H Shares at annual general meetings, the Board will be granted general mandate to repurchase
H Shares until the end of the relevant period. The general mandate to repurchase Shares would expire
on the earlier of:
(i) the conclusion of the next annual general meeting of the Company of which time it shall lapse
unless, by special resolutions passed at that meeting, the authority is renewed, either
conditionally or subject to conditions; or
(ii) the revocation or variation of the mandate under the resolution by a special resolution at any
general meeting of the Company.
Furthermore, we need to complete registration and approval procedures with relevant government
authorities for the actual grant of the repurchase mandate to the Board, as applicable. The exercise in full
of the general mandate to repurchase H Shares (on the basis of 276,165,130 H Shares in issue as of the
Listing Date and no H Shares will be allotted and issued or repurchased by the Company on or prior to
the date of the next annual general meeting to be held after the Listing) would result in a maximum of
27,616,513 H Shares being repurchased by the Company during the relevant period, being the maximum
of 10% of the H Shares in issue (excluding any treasury shares) as of the Listing Date.
(c) Source of funds
In repurchasing its Shares, the Company intends to apply funds from the Company’s internal
resources (which may include surplus funds and retained profits) legally available for such purpose in
accordance with the Articles of Association and the applicable laws, rules and regulations of the PRC.
The Company is empowered by its Articles of Association to repurchase its Shares. Any shares to
be repurchased will be cancelled or kept as treasury shares if allowed by the Articles of Association and
applicable laws and regulations. The Company may not purchase securities on the Stock Exchange for
a consideration other than cash or for settlement otherwise than in accordance with the trading rules of
the Stock Exchange from time to time.
(d) Suspension of repurchase
A listed company shall not repurchase its shares on the Stock Exchange at any time after inside
information has come to its knowledge until the information is made publicly available. In particular,
during the period of one month immediately preceding the earlier of: (i) the date of the board meeting
(as such date is first notified to the Stock Exchange in accordance with the Listing Rules) for the approval
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-2 –


--- page 384 ---
of the company’s results for any year, half-year, quarterly or any other interim period (whether or not
required under the Listing Rules); and (ii) the deadline for the issuer to announce its results for any year
or half-year under the Listing Rules, or quarterly or any other interim period (whether or not required
under the Listing Rules), until the date of the results announcement, the company may not repurchase its
shares on the Stock Exchange unless there are exceptional circumstances.
(e) Close associates and core connected persons
None of our Directors or, to the best of their knowledge having made all reasonable inquiries, any
of their close associates have a present intention, in the event the general mandate to repurchase Shares
is approved, to sell any Shares to our Company. No core connected person of our Company has notified
our Company that they have a present intention to sell Shares to our Company, or have undertaken to do
so, if the general mandate to repurchase Shares is approved. A listed company shall not knowingly
purchase its shares on the Stock Exchange from a core connected person (namely a director, supervisor,
chief executive or substantial shareholder of the company or any of its subsidiaries, or a close associate
of any of them), and a core connected person shall not knowingly sell their interest in shares of the
company to it.
(f) Status of repurchased Shares
Subject to the Articles of Association, the Listing Rules and any other applicable laws and
regulations, the Shares repurchased by the Company will be cancelled or kept as treasury shares.
(g) Takeover implications
If, as a result of any repurchase of Shares, a Shareholder’s proportionate interest in the voting
rights of our Company increases, such increase will be treated as an acquisition for the purposes of the
Takeovers Code. Accordingly, a Shareholder or a group of Shareholders acting in concert could obtain
or consolidate control of our Company and become obliged to make a mandatory offer in accordance with
Rule 26 of the Takeovers Code. Save as aforesaid, our Directors are not aware of any consequences which
would arise under the Takeovers Code as a consequence of any repurchases pursuant to the general
mandate to repurchase Shares.
(h) Interim measures
For any treasury shares of the Company deposited with CCASS pending resale on the Stock
Exchange, the Company shall, upon approval by the Board, implement the below interim measures which
include (without limitation): (i) procuring its broker not to give any instructions to HKSCC to vote at
general meetings for the treasury shares deposited with CCASS; (ii) in the case of dividends or
distributions (if any and where applicable), withdrawing the treasury shares from CCASS, and either
re-register them in its own name as treasury shares or cancel them, in each case before the relevant record
date for the dividend or distributions; or (iii) taking any other measures to ensure that it will not exercise
any Shareholders’ rights or receive any entitlements which would otherwise be suspended under the
applicable laws if those Shares were registered in its own name as treasury shares.
(i) General
The Company did not hold any treasury shares as of the Latest Practicable Date and will not hold
any treasury shares upon Listing. If the general mandate to repurchase Shares were to be carried out in
full at any time, there may be a material and adverse impact on our working capital or gearing position
(as compared with the position disclosed in our most recent published audited accounts). However, our
Directors do not propose to exercise the general mandate to repurchase Shares to such an extent as would
have a material and adverse effect on our working capital or gearing position.
Our Directors have undertaken to the Stock Exchange that they will exercise the general mandate
to repurchase Shares in accordance with the Listing Rules and the applicable laws in the PRC. Neither
the Explanatory Statement on Repurchase of Our Own Securities nor the proposed share repurchase has
any unusual feature.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-3 –


--- page 385 ---
For details of the restrictions on share repurchase by our Company, see “Appendix III — Summary
of Articles of Association.”
B. FURTHER INFORMATION ABOUT OUR BUSINESS
1. Summary of Material Contracts
We have entered into the following contracts (not being contract entered into in the ordinary course
of business) within the two years immediately preceding the date of this prospectus that are or may be
material:
(a) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
Huatai Capital Investment Limited, Goldman Sachs (Asia) L.L.C. and China International
Capital Corporation Hong Kong Securities Limited, with respect to a subscription of H
Shares of our Company at the Offer Price in an aggregate amount of the Hong Kong dollar
equivalent of RMB85 million (including brokerage, the SFC transaction levy, the Stock
Exchange trading fee and the AFRC transaction levy in respect of such number of H Shares
of our Company) and Huatai Capital Investment Limited hold such H Shares on a
non-discretionary basis to hedge a series of cross-border delta-one OTC swap transactions
entered into by Huatai Capital Investment Limited, Huatai Securities Co., Ltd. and Nanjing
Biotech and Pharmaceutical V alley Construction and Development Co., Ltd. (ᔼᖹ
ʮ̡);
(b) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
Huang River Investment Limited, Goldman Sachs (Asia) L.L.C. and China International
Capital Corporation Hong Kong Securities Limited, with respect to a subscription of H
Shares of our Company at the Offer Price in an aggregate amount of the Hong Kong dollar
equivalent of US$8.0 million (excluding brokerage, the SFC transaction levy, the Stock
Exchange trading fee and the AFRC transaction levy in respect of such number of H Shares
of our Company);
(c) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
Prosper High Holding Limited, Goldman Sachs (Asia) L.L.C. and China International Capital
Corporation Hong Kong Securities Limited, with respect to a subscription of H Shares of our
Company at the Offer Price in an aggregate amount of HK$15.6 million (excluding
brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC
transaction levy in respect of such number of H Shares of our Company);
(d) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
LA V Star Limited, LA V Star Opportunities Limited, Goldman Sachs (Asia) L.L.C. and China
International Capital Corporation Hong Kong Securities Limited, with respect to a
subscription of H Shares of our Company at the Offer Price in an aggregate amount of the
Hong Kong dollar equivalent of US$5.0 million (excluding brokerage, the SFC transaction
levy, the Stock Exchange trading fee and the AFRC transaction levy in respect of such
number of H Shares of our Company);
(e) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
Foresight Global Superior Choice SPC — Global Superior Choice Fund 1 SP , Foresight
Global Superior Choice SPC — Vision Fund 1 SP , Foresight Global Superior Choice SPC —
Horizon Fund 1 SP , Foresight Global Superior Choice SPC — Horizon Next SP , Goldman
Sachs (Asia) L.L.C. and China International Capital Corporation Hong Kong Securities
Limited, with respect to a subscription of H Shares of our Company at the Offer Price in an
aggregate amount of the Hong Kong dollar equivalent of US$5.0 million (excluding
brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC
transaction levy in respect of such number of H Shares of our Company);
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-4 –


--- page 386 ---
(f) the cornerstone investment agreement dated April 30, 2026 entered into among our Company,
First Quarter Moon OFC — Phecda Fund, Goldman Sachs (Asia) L.L.C. and China
International Capital Corporation Hong Kong Securities Limited, with respect to a
subscription of H Shares of our Company at the Offer Price in an aggregate amount of the
Hong Kong dollar equivalent of US$2.5 million (excluding brokerage, the SFC transaction
levy, the Stock Exchange trading fee and the AFRC transaction levy in respect of such
number of H Shares of our Company);
(g) the cornerstone investment agreement dated April 29, 2026 entered into among our Company,
Worldwide Healthcare Partners LLC, Goldman Sachs (Asia) L.L.C. and China International
Capital Corporation Hong Kong Securities Limited, with respect to a subscription of H
Shares of our Company at the Offer Price in an aggregate amount of the Hong Kong dollar
equivalent of US$1.0 million (excluding brokerage, the SFC transaction levy, the Stock
Exchange trading fee and the AFRC transaction levy in respect of such number of H Shares
of our Company); and
(h) the Hong Kong Underwriting Agreement.
2. Intellectual Property Rights
(a) Trademarks
As of the Latest Practicable Date, we had registered the following trademarks which we considered
to be material to our business.
No. Trademark Registered Owner
1.
 Our Company
2.
 Our Company
3.
 Our Company
4.
 Our Company
5.
 Our Company
6.
 Our Company
7.
 Our Company
8.
 Our Company
9.
 Our Company
10.
 Our Company
11.
 Our Company
12.
 Our Company
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-5 –


--- page 387 ---
No. Trademark Registered Owner
13.
 Our Company
14.
 Our Company
15.
 Our Company
16.
 Our Company
17.
 Our Company
18.
 Our Company
19.
 Our Company
20.
 Our Company
21.
 Our Company
22.
 Our Company
23.
 Our Company
24.
 Our Company
25.
 Our Company
26.
 Our Company
27.
 Our Company
28.
 Our Company
29.
 Our Company
30.
 Our Company
31.
 Our Company
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-6 –


--- page 388 ---
No. Trademark Registered Owner
32.
 Our Company
(b) Patents
For material patents and patent applications of our Group as of the Latest Practicable Date, please
refer to the section “Business — Intellectual Property” for details.
(c) Domain Names
As of the Latest Practicable Date, we had registered the following internet domain names which
we considered to be material to our business:
No. Domain name Owner Expiry date
1. /H1118www.impacttherapeutics.com Shanghai Impact November 4, 2029
C. FURTHER INFORMATION ABOUT OUR DIRECTORS AND SUBSTANTIAL
SHAREHOLDERS
1. Particulars of Directors’ Service Contracts
We have entered into a service contract with each of our Directors which contains provisions in
relation to, among others, term of service and termination. The service contracts may be renewed in
accordance with our Articles of Association and the applicable rules.
Save as disclosed in “Directors and Senior Management” and above, we have not entered into, and
do not propose to enter into, any service contracts with any of our Directors in their respective capacities
as Directors (excluding agreements expiring or determinable by any member of our Group within one
year without payment of compensation other than statutory compensation).
2. Remuneration of Directors
Save as disclosed in “Directors and Senior Management” and “Appendix I — Accountants’ Report
— II. Notes to the Historical Financial Information — 8. Directors’ and Chief Executive’s
Remuneration,” none of our Directors received other remuneration or benefits in kind from our Company
during the two years ended December 31, 2024 and 2025.
3. Disclosure of Interests
(a) Interests and short positions of our Directors and chief executive in the Shares and underlying
Shares of our Company and our associated corporation
Save as disclosed below, so far as our Directors are aware, immediately following the completion
of the Global Offering (assuming that the Over-allotment Option is not exercised) and the conversion of
Unlisted Shares to H Shares, none of our Directors or chief executive will have any interest and/or short
position in the Shares, underlying Shares or debentures of our Company or any associated corporation
(within the meaning of Part XV of the SFO) which (i) will have to be notified to our Company and the
Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short
positions which he or she is taken or deemed to have under such provisions of the SFO), (ii) will be
required, pursuant to section 352 of the SFO, to be entered in the register referred to therein, or (iii) will
be required, pursuant to the Model Code, to be notified to our Company and the Stock Exchange.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-7 –


--- page 389 ---
(i) Interests in the Shares
Name Position Nature of interest
Number of
Shares
interested in
immediately
following the
completion of
the Global
Offering (1)(2)
Approximate
percentage of
interest in the
total share capital
of our Company
immediately
following the
completion of the
Global Offering (2)
(%)
Dr. Cai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director
and CEO
Beneficial owner 8,422,233
H Shares (L)
3.05%
Interest in controlled
corporation
10,018,651 (3)
H Shares (L)
3.63%
Dr. Tian /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director,
executive vice
president and chief
scientific officer
Beneficial owner 8,422,233
H Shares (L)
3.05%
Interest in controlled
corporation
10,018,651
(3)
H Shares (L)
3.63%
Ms. Ning MA /H1118/H1118/H1118/H1118/H1118/H1118Executive Director and
executive vice
president
Interest in controlled
corporation
7,261,889
(4)
H Shares (L)
2.63%
Notes:
(1) For the avoidance of doubt, both Unlisted Shares and H Shares are ordinary Shares in the share capital
of our Company, and are considered as one class of Shares. The letter “L” denotes the person’s long
position in the Shares.
(2) The calculation is based on: (i) the total number of 276,165,130 H Shares in issue immediately
following the completion of the Global Offering since 234,188,130 Unlisted Shares will be converted
into H Shares and 41,977,000 H Shares will be issued pursuant to the Global Offering, and (ii) the
assumption that the Over-allotment Option is not exercised.
(3) Dr. Tian is the managing member of Boundless, and each of Dr. Tian and Dr. Cai holds over one-third
interest in Boundless. As such, each of Dr. Tian and Dr. Cai is interested in the Shares held by
Boundless.
(4) Ms. Ma is the general partner of Wanquandao and Qianxishan. As such, she is deemed to be interested
to be in the Shares held by Wanquandao and Qianxishan.
(b) Interests and short positions of our substantial Shareholders in the Shares and underlying
Shares of our Company
For the information on the persons who will, immediately following the completion of the Global
Offering (assuming that the Over-allotment Option is not exercised) and the conversion of Unlisted
Shares to H Shares, have any interest and/or short position in the Shares or underlying Shares of our
Company which will fall to be disclosed to our Company pursuant to the provisions of Divisions 2 and
3 of Part XV of the SFO, see “Substantial Shareholders.”
4. Disclaimers
Save as disclosed in “History, Development and Corporate Structure” and “Business” and above:
(a) none of our Directors or experts named in “Qualifications of Experts” in this section is:
(i) interested in our promotion, or in any assets which have been, within the two years
immediately preceding the issue of this prospectus, acquired or disposed of by or leased
to any member of our Group, or are proposed to be acquired or disposed of by or leased
to any member of our Group;
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-8 –


--- page 390 ---
(ii) materially interested in any contract or arrangement subsisting at the date of this
prospectus which is significant in relation to the business of our Group;
(b) none of our Directors or their respective close associates or our Shareholders which to the
knowledge of our Directors own more than 5% of the number of our issued Shares (excluding
treasury shares) has any interest in our five largest customers or suppliers during the Track
Record Period; and
(c) none of our Directors is a director or employee of a company which has an interest or short
position in the Shares or underlying Shares of our Company which would fall to be disclosed
to our Company pursuant to Divisions 2 and 3 of Part XV of the SFO.
D. EMPLOYEE INCENTIVE SCHEME
The following is a summary of the principal terms of the Employee Incentive Scheme (the
“Scheme”) approved and adopted by the Board on January 26, 2025. The terms of the Employee
Incentive Scheme are not subject to the provisions of Chapter 17 of the Listing Rules as the Employee
Incentive Scheme does not involve the grant of share awards by our Company to subscribe for H Shares
after the Listing.
Wanquandao, Qianxishan and Boundless are employee incentive platforms of our Company. Given
the underlying Shares under the Employee Incentive Scheme had already been issued by the Company
to the relevant employee incentive platforms, there will be no dilutive effect to the issued Shares upon
the vesting of the awards under the Employee Incentive Scheme.
As of the date of this prospectus, Wanquandao, Qianxishan and Boundless held 4,274,984 Shares,
2,986,905 Shares and 10,875,618 Shares, respectively.
(a) Purpose
The Scheme aims to align the interests of core employees with the company’s long-term strategic
goals by granting equity incentives, enhancing motivation, and promoting sustainable growth.
(b) Eligibility
Participants include employees and former employee of the Group who have made contributions
to the development of the Group.
(c) Type of awards
Unless otherwise determined by the Board, the awards granted under this Scheme are restricted
shares held through the employee incentive platforms.
(d) Administration
The scheme shall be administered by the general manager or the person designated by the general
manager (the “Administrator”). The Administrator is responsible for Selecting participants, determining
and amending the terms of the grant, including the amount of restricted shares, subscription price, vesting
conditions, etc.
(e) Lock-up and Restrictions
Before and after the Company’s listing on domestic and overseas securities markets, the transfer
of Shares held by the employee incentive platforms will be subject to the lock-up period stipulated by
the applicable laws. From date of grant and until the expiration of lock-up period as stipulated by
applicable laws (the “Quiet Period”), the grantees are prohibited from disposing of their awards held
through the employee incentive platforms.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-9 –


--- page 391 ---
Apart from the Quit Period, the disposal of the awards held by the participants shall also be subject
to a lock-up period of four years (the “Lock-up Period”), with 25% of granted awards released annually.
All awards granted by the Company under the Scheme shall be subject to the Lock-up Period.
(f) Status
Wanquandao is a limited partnership established under the laws of the PRC. The general partner
of Wanquandao is Ms. Ning Ma, our Executive Director, who holds approximately 48.63% of the
partnership interests for her own benefit and will control the exercise of the voting rights held by
Wanquandao. The remaining 51.37% partnership interests are held by 48 limited partners, including (i)
two members of the senior management, namely Ms. Yifan HAN and Ms. Huijun DENG, holding
approximately 2.14% and 1.15% partnership interest, respectively; (ii) three former employees of the
Group, holding approximately 3.69% partnership interest; and (iii) the remaining partnership interests
are held by employees of the Group.
Qianxishan is a limited partnership established under the laws of the PRC. The general partner of
Qianxishan is Ms. Ning Ma, who holds approximately 39.74% of the partnership interests for her own
benefit and will control the exercise of the voting rights held by Qianxishan. The remaining 60.26%
partnership interests are held by 28 limited partners, including (i) two members of the senior
management, namely Ms. Y anhua XU and Ms. Huijun DENG, holding approximately 30.13% and 6.20%
partnership interest, respectively; (ii) four former employees of the Group, holding approximately 1.37%
partnership interest; and (iii) the remaining partnership interests are held by employees of the Group.
Boundless is a limited liability company established in Delaware, the United States. Dr. Tian, our
executive Director, is the managing member of Boundless and holds its only managing unit, which
entitles him to control the exercise of the voting rights held by Boundless. In addition, Dr. Tian, Dr. Cai
and a former employee of the Group, holds 4,599,013, 5,419,638 and 856,967 incentive units,
respectively. No incentive unit shall carry voting rights.
Details of the awards granted to the relevant grantees under the Employee Incentive Scheme are
set out below:
Name
Positions/
Identities
Relevant Employee
Incentive Platforms
Approximate
partnership
interests in
the relevant
Employee
Incentive
Platforms
Approximate
number of
Shares
corresponding
to awards
granted to the
grantees (1)
Approximate
shareholding
percentage of
total issued
Shares
immediately
prior to the
Global
Offering
Directors
Dr. Cai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director Boundless 49.83% 5,419,638 2.31%
Dr. Tian /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director Boundless 42.29% 4,599,013 1.96%
Ms. Ning MA /H1118/H1118/H1118/H1118/H1118Executive Director Wanquandao 48.63% 2,079,087 0.89%
Qianxishan 39.74% 1,186,866 0.51%
Senior Management
Ms. Yifan HAN /H1118/H1118/H1118/H1118
Secretary of the Board,
Investor relations
associate director Wanquandao 2.14% 91,441 0.04%
Ms. Huijun DENG /H1118/H1118
Finance executive
director Wanquandao 1.15% 49,192 0.02%
Qianxishan 6.20% 185,223 0.08%
Ms. Y anhua XU /H1118/H1118/H1118/H1118Chief medical officer Qianxishan 30.13% 900,000 0.38%
Other Grantees
Chih-Yi Hsieh
(ᑽқඅ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Former employee Boundless 7.88% 856,967 0.37%
Huiyun LI ( ҽᅆථ) /H1118/H1118Employee Wanquandao 4.16% 177,847 0.08%
Xiaoyu LI ( ҽወ͗) /H1118/H1118Employee Wanquandao 3.96% 169,415 0.07%
APPENDIX IV STATUTORY AND GENERAL INFORMATION
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Name
Positions/
Identities
Relevant Employee
Incentive Platforms
Approximate
partnership
interests in
the relevant
Employee
Incentive
Platforms
Approximate
number of
Shares
corresponding
to awards
granted to the
grantees (1)
Approximate
shareholding
percentage of
total issued
Shares
immediately
prior to the
Global
Offering
Pengcheng LI
(ҽᘄ೻) /H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 3.14% 134,324 0.06%
William ZHANG Jiao /H1118Employee Qianxishan 4.31% 128,649 0.05%
Xiaozhu W ANG
(ˮወम)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 2.98% 127,344 0.05%
Xiao XU (ወ) /H1118/H1118/H1118/H1118Employee Wanquandao 2.98% 127,207 0.05%
Hao W ANG (؀)H1118/H1118Employee Wanquandao 2.44% 104,324 0.04%
Yinliang LI ( ҽΪ૑) /H1118Employee Wanquandao 2.27% 96,946 0.04%
Congcong ZHANG
(ੵᑋᑋ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 2.12% 90,510 0.04%
Chong LIU ( ᄎᶲ) /H1118/H1118Employee Wanquandao 1.64% 69,919 0.03%
Xueliang JIANG
(ᇸኪԄ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 1.80% 77,072 0.03%
Mengxi ZHAO
(Ⴛྫྷ๣)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 2.01% 60,000 0.03%
Wanquandao 0.47% 20,000 0.01%
Y angzhen JIANG
(ޜݱ)H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 2.07% 61,893 0.03%
Rong WU ( юႂ) /H1118/H1118/H1118Employee Qianxishan 2.05% 61,324 0.03%
Yi Y ANG ( เɓ) /H1118/H1118/H1118Employee Qianxishan 1.96% 58,604 0.03%
Lan LIU ( ᄎᚆ) /H1118/H1118/H1118/H1118Former employee Wanquandao 1.33% 56,710 0.02%
Huan XIA (ᛇ) /H1118/H1118/H1118Former employee Wanquandao 1.19% 50,704 0.02%
Baoyue LI ( ҽᘒ˜)/H1118/H1118Former employee Wanquandao 1.18% 50,458 0.02%
Ruiyu ZHOU
(մ๿ρ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 1.17% 50,160 0.02%
Shiqing ZHAO
(Ⴛ་ઋ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 1.06% 45,459 0.02%
Yijing W ANG
(വ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 1.40% 41,864 0.02%
Jing TAN ( ᗈ᎑) /H1118/H1118/H1118Employee Qianxishan 1.25% 37,459 0.02%
Wanquandao 0.23% 10,000 0.00%
Chongzi MEI
(ૠਫ਼ɿ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 3.62% 154,660 0.07%
Shuai LI (܏)H1118/H1118/H1118/H1118Employee Qianxishan 1.10% 32,836 0.01%
Feinan LU ( ௔౵฻)/H1118/H1118Employee Wanquandao 0.70% 30,000 0.01%
Dong DING ( ɕ̆) /H1118/H1118Employee Wanquandao 0.70% 30,000 0.01%
Lijia ZHANG
(ੵлԳ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.70% 30,000 0.01%
Jian W ANG (ܔ)H1118/H1118Employee Qianxishan 0.98% 29,260 0.01%
Wanquandao 0.23% 10,000 0.00%
Mingbo TIAN
(͞Τ௹)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.66% 28,162 0.01%
Y uxiao ZHAO
(Ⴛ͗ወ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 0.92% 27,502 0.01%
Wanquandao 0.12% 5,000 0.00%
Meng MA ( ৵ྫྷ) /H1118/H1118/H1118Employee Wanquandao 0.59% 25,274 0.01%
Wei ZHANG ( ੵᇲ) /H1118Employee Wanquandao 0.55% 23,455 0.01%
Juan YU (ࢇ)H1118/H1118/H1118/H1118Employee Qianxishan 0.72% 21,441 0.01%
Wanquandao 0.23% 10,000 0.00%
Y anna HE (ࢆܗ)H1118/H1118Employee Wanquandao 0.47% 20,000 0.01%
Zhaoxia LI (ڪ݇)H1118Employee Wanquandao 0.47% 20,000 0.01%
Zhengying LIU
(ᄎ͍጑)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.47% 20,000 0.01%
Xiangna CHEN
(ࢆ)H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.41% 17,354 0.01%
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-11 –


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Name
Positions/
Identities
Relevant Employee
Incentive Platforms
Approximate
partnership
interests in
the relevant
Employee
Incentive
Platforms
Approximate
number of
Shares
corresponding
to awards
granted to the
grantees (1)
Approximate
shareholding
percentage of
total issued
Shares
immediately
prior to the
Global
Offering
Y ao SUN (ာ) /H1118/H1118/H1118Employee Wanquandao 0.35% 15,000 0.01%
Qingzhou CHEN
(ݲ)H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.35% 15,000 0.01%
Ablaiti XIANMIXI
(̺
Ը౤) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.35% 15,000 0.01%
Guozhong YE
(௉਷ʕ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Former employee Qianxishan 0.42% 12,500 0.01%
Chen W ANG ( ˮೠ) /H1118Former employee Qianxishan 0.41% 12,108 0.01%
Li XU (ᘆ) /H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.29% 12,586 0.01%
Kewen SUN (д˖)/H1118Employee Qianxishan 0.38% 11,441 0.00%
Xiuxiu Y ANG
(ජӸӸ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 0.38% 11,441 0.00%
Tiantian NIU
(ˬ଩଩)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Former employee Qianxishan 0.35% 10,439 0.00%
Minxia CAI ( ᇹઽᒳ) /H1118Employee Wanquandao 0.23% 10,000 0.00%
Manqi SUN (ਟ⊡) /H1118Employee Wanquandao 0.23% 10,000 0.00%
Wenjing QIN
(ॢ˖᎑)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 0.33% 10,000 0.00%
Jiangting JI (ᖛణ) /H1118Employee Qianxishan 0.28% 8,352 0.00%
Guangchun LIU
(݆)H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.20% 8,500 0.00%
Qianxishan 1.49% 44,621 0.02%
Panpan LI (޸޸)H1118/H1118Employee Wanquandao 0.19% 8,000 0.00%
Dingyuan ZHANG
(ੵɕధ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.19% 8,000 0.00%
Y an PANG ( ᕼඨ) /H1118/H1118/H1118Employee Wanquandao 0.19% 8,000 0.00%
Jiamin HUANG
(රྗઽ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Wanquandao 0.19% 8,000 0.00%
Hanyi CHEN
(ۯ)H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 0.23% 6,865 0.00%
Mu CHEN ( ௓ӕ) /H1118/H1118/H1118Employee Qianxishan 0.21% 6,288 0.00%
Lanlan W ANG
(ˮᚆᚆ)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Former employee Qianxishan 0.19% 5,737 0.00%
Y un HUANG (ڄ)H1118Employee Wanquandao 0.12% 5,000 0.00%
Ming PENG ( ుপ) /H1118/H1118Employee Wanquandao 0.12% 5,000 0.00%
Qianxishan 0.15% 4,577 0.00%
Mohan ZHU
(ϡኈ଄)/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee Qianxishan 0.15% 4,610 0.00%
Y usi TAN (ܠ)H1118/H1118Employee Qianxishan 0.13% 4,005 0.00%
Y un HUANG (ڄ)H1118Employee Qianxishan 0.03% 1,000 0.00%
Note:
(1) For illustrating the indirect interests of grantees in the Shares, the number of Shares is presented and calculated by
multiplying their respective percentage of partnership interests in the relevant Employee Incentive Platforms by the
total number of Shares held by the relevant Employee Incentive Platforms.
E. OTHER INFORMATION
1. Estate Duty
Our Directors have been advised that no material liability for estate duty is likely to fall on our
Company or our subsidiaries.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-12 –


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2. Litigation
As of the Latest Practicable Date, no member of our Group was involved in any litigation,
arbitration, administrative proceedings or claims of material importance, and, so far as we are aware, no
litigation, arbitration, administrative proceedings or claims of material importance are pending or
threatened against any member of our Group.
3. Joint Sponsors
The Joint Sponsors satisfy the independence criteria applicable to the sponsors set out in Rule
3A.07 of the Listing Rules. Pursuant to the engagement letter entered into between the Company and the
Joint Sponsors, the Joint Sponsors’ fees payable by us to each of the Joint Sponsors in respect of their
services as sponsors in connection with the proposed listing on the Stock Exchange is US$500,000.
4. Preliminary Expense
As of the Latest Practicable Date, our Company did not incur any material preliminary expense.
5. Promotors
The promoters of our Company are all the then Shareholders as of June 30, 2025 immediately
before our conversion into a joint stock limited company. Save as otherwise disclosed in this prospectus,
within the two years immediately preceding the date of this prospectus, no cash, securities or other
benefit has been paid, allotted or given nor are any proposed to be paid, allotted or given to any
promotors of our Company in connection with the Global Offering or the related transactions described
in this prospectus.
6. Qualifications of Experts
The qualifications of the experts who have given opinions or advice in this prospectus are as
follows:
Name Qualification
Goldman Sachs (Asia) L.L.C. /H1118A licenced corporation under the SFO to conduct Type 1
(dealing in securities), Type 4 (advising on securities), Type 5
(advising on futures contracts), type 6 (advising on corporate
finance) and Type 9 (asset management) regulated activities
under the SFO
China International Capital
Corporation Hong Kong
Securities Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118
A licensed corporation to conduct Type 1 (dealing in securities),
Type 2 (dealing in futures contracts), Type 4 (advising on
securities), Type 5 (advising on futures contracts) and Type 6
(advising on corporate finance) regulated activities under the
SFO
Ernst & Y oung /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Certified Public Accountants and Registered Public Interest
Entity Auditor
JunHe LLP /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Legal advisor to our Company as to PRC law
Frost & Sullivan (Beijing)
Inc., Shanghai Branch Co. /H1118/H1118
Industry consultant
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-13 –


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7. Consent of Experts
Each of the experts named above has given and has not withdrawn its written consent to the issue
of this prospectus with the inclusion of its reports, letters or opinions (as the case may be) and the
references to its name included herein in the form and context in which they are included.
As of the Latest Practicable Date, none of the experts named above had any shareholding in any
member of our Group or right (whether legally enforceable or not) to subscribe for or to nominate
persons to subscribe for securities in any member of our Group.
8. Stamp Duty
The sale, purchase and transfer of H Shares will be subject to Hong Kong stamp duty. The current
rate charged on each of the seller and purchaser is 0.1% of the consideration or, if higher, the fair value
of the H Shares being sold or transferred.
9. Binding Effect
This prospectus shall have the effect, if any application is made pursuant hereto, of rendering all
persons concerned bound by all the provisions (other than the penal provisions) of sections 44A and 44B
of the Companies (Winding Up and Miscellaneous Provisions) Ordinance as far as applicable.
10. Bilingual Prospectus
The English language and Chinese language versions of this prospectus are being published
separately in reliance upon the exemption provided by section 4 of the Companies Ordinance (Exemption
of Companies and Prospectuses from Compliance with Provisions) Notice (Chapter 32L of the Laws of
Hong Kong).
11. Miscellaneous
(a) Save as otherwise disclosed “Financial Information,” “History, Development and Corporate
Structure” and “Underwriting,” within the two years immediately preceding the issue of this
prospectus:
(i) no share or debenture of any member of our Group has been issued or agreed to be
issued or is proposed to be issued for cash or as fully or partly paid up otherwise than
in cash;
(ii) no share or debenture of any member of our Group is under option or agreed
conditionally or unconditionally to be put under option;
(iii) no commissions, discounts, brokerages or other special terms have been granted in
connection with the issue or sale of any capital of any member of our Group; and
(iv) no commission has been paid or is payable for subscribing, agreeing to subscribe,
procuring or agreeing to procure subscriptions for any shares in or debentures of our
Company.
(b) There are no founder or management or deferred shares in our Company.
(c) There is no restriction affecting the remittance of profits or repatriation of capital of our
Company into Hong Kong from outside Hong Kong.
(d) There is no arrangement under which future dividends are waived or agreed to be waived.
(e) There are no contracts for the hire or hire purchase of plant to or by our Group for a period
of over one year which are substantial in relation to our Group’s business.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-14 –


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(f) There have been no interruptions in our business which may have or have had a significant
effect on our financial position in the last 12 months.
(g) No part of the equity or debt securities of our Company is listed or dealt in on any stock
exchange, and no such listing or permission to deal on any stock exchange other than the
Stock Exchange is being or is proposed to be sought.
(h) Our Company has no outstanding convertible debt securities or debentures.
APPENDIX IV STATUTORY AND GENERAL INFORMATION
– IV-15 –


--- page 397 ---
DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES
The documents attached to the copy of this prospectus and delivered to the Registrar of Companies
in Hong Kong for registration were:
(a) the written consents referred to in “Appendix IV — Statutory and General Information — E.
Other Information — 7. Consent of Experts”; and
(b) a copy of each of the material contracts referred to in “Appendix IV — Statutory and General
Information — B. Further Information about Our Business — 1. Summary of Material
Contracts.”
DOCUMENTS A V AILABLE ON DISPLAY
Copies of the following documents will be available on display on the website of the Stock
Exchange at www.hkexnews.hk and our website at www.impacttherapeutics.com during a period of 14
days from the date of this prospectus:
(a) the Articles of Association;
(b) the Accountants’ Report prepared by Ernst & Y oung, the text of which is set out in Appendix
I to this prospectus;
(c) the audited consolidated financial statements of our Group for the two years ended December
31, 2025;
(d) the report prepared by Ernst & Y oung on the unaudited pro forma financial information of our
Group, the text of which is set out in Appendix II to this prospectus;
(e) the PRC legal opinion issued by JunHe LLP , our PRC Legal Advisor, in respect of certain
general corporate matters of our Group under PRC law;
(f) the industry report prepared by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co., the
summary of which is set forth in “Industry Overview”;
(g) the material contracts referred to in “Appendix IV — Statutory and General Information —
B. Further Information about Our Business — 1. Summary of Material Contracts”;
(h) the written consents referred to in “Appendix IV — Statutory and General Information — E.
Other Information — 7. Consent of Experts”;
(i) the service contracts referred to in “Appendix IV — Statutory and General Information — C.
Further Information about Our Directors and Substantial Shareholders — 1. Particulars of
Directors’ Service Contracts”;
(j) the terms of the Employee Incentive Scheme; and
(k) the PRC Company Law and the Overseas Listing Trial Measures, together with their
unofficial English translations.
APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR
OF COMPANIES AND A V AILABLE ON DISPLAY
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南京英派藥業股份有限公司
IMPACT Therapeutics, Inc
