hk-ipo/data/extracted_text/02511/allotment_results_2023-12-21_2023122101298.txt

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HIGHTIDE THERAPEUTICS, INC. / 君圣泰医药
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
as those defined in the prospectus dated 14 December 2023 (the “Prospectus”) issued by HighTide
Therapeutics, Inc. (the “Company”).

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

Company information
Stock code  2511
Stock short name  HIGHTIDE-B
Dealings commencement date  22 December 2023*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$11.50
Offer Price Adjustment exercised  No

Offer Shares and Share Capital
Number of Offer Shares  24,194,000
Number of Offer Shares in Public Offer (after reallocation) 7,258,500
Number of offer shares in International Offer (after
reallocation)
16,935,500
Number of issued shares upon Listing  514,770,668

The number of offer shares above is determined after taking into account the additional shares issued
under the following Offer Size Adjustment Option

Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option  -
- Public Offer  -
- International Offer  -

Over-allocation
No. of Offer Shares over-allocated  -
No over-allotment option has been granted.

Proceeds
Gross proceeds (Note)  HK$ 278.23 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$ (84.13) million
Net proceeds  HK$ 194.10 million


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Note: Gross proceeds refers to the amount to which the issuer is entitled to receive. For details of the use
of proceeds, please refer to the Prospectus dated 14 December 2023.


ALLOTMENT RESULTS DETAILS
PUBLIC OFFER

No. of valid applications  4,831
No. of successful applications  2,133
Subscription level  32.22 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Public Offer  2,419,500
No. of Offer Shares reallocated from the International Offer (claw-
back)
4,839,000
Final no. of Offer Shares under the Public Offer (after
reallocation)
7,258,500
% of Offer Shares under the Public Offer to the Global Offering 30.00%

Note: For details of the final allocation of shares to the Public Offer, investors can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by name or identification number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees.
INTERNATIONAL OFFER

No. of placees  116
Subscription Level  1.25 times
No. of Offer Shares initially available under the International
Offer
21,774,500
No. of Offer Shares reallocated to the Public Offer (claw-back)  4,839,000
Final no. of Offer Shares under the International Offer (after
reallocation)
16,935,500
% of Offer Shares under the International Offer to the Global
Offering
70.00%

The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the Offer
Shares subscribed by the placees and the public have been financed directly or indirectly by the Company,
any of the Directors, chief executive of the Company, substantial shareholders, existing shareholders of the
Company or any of its subsidiaries or their respective close associates; and (ii) none of the placees and the
public who have purchased the Offer Shares are accustomed to taking instructions from the Company, any of
the Directors, chief executive of the Company, substantial shareholders, existing shareholders of the
Company or any of its subsidiaries or their respective close associates in relation to the acquisition,
disposal, voting or other disposition of Shares registered in his/her/its name or otherwise held by him/her/it.

The placees in the International Offer include the following:
Cornerstone Investor


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Investor
No. of
Offer
Shares
allocated
% of Offer
Shares
% of total
issued share
capital after the
Global Offering
Existing
shareholders or
their close
associates
Cangzhou
Chuangrong Equity
Investment Fund
Co., Ltd. / 滄州創融
股權投資基金有限
公司 9,487,500 39.21% 1.84% No
Total 9,487,500 39.21% 1.84%

LOCK-UP UNDERTAKINGS

Pre-IPO Investors (Note 1) (as defined in the “History and Corporate Structure” section of the Prospectus)
 Name
Number of shares held
in the Company subject
to lock-up
undertakings  upon
listing
% of shareholding in
the Company subject to
lock-up  undertakings
upon listing
Last day subject  to the
lock-up  undertakings
Green Pine Growth Fund
I LP
3,821,622 0.74% 21 June 2024
Blue Ocean Healthcare
Project I, Ltd.
2,547,750 0.49% 21 June 2024
Shenzhen Taixun
Enterprise Management
Consulting Partnership
(Limited Partnership)  /
深圳泰洵企業管理諮詢
合夥企業（有限合夥）
19,108,278 3.71% 21 June 2024
Poly Platinum
Enterprises Limited
19,108,278 3.71% 21 June 2024
Hongkong Tigermed Co.,
Limited
12,738,852 2.47% 21 June 2024
MPCAPITAL
INTERNATIONAL
COMPANY LIMITED
2,229,924 0.43% 21 June 2024
Pluto Connection
Limited
9,044,586 1.76% 21 June 2024
Xinyu Cowin Guosheng
Sci-Tech Innovation
Investment Partnership
(Limited Partnership) /
新余市同創國盛科創產
業投資合夥企業（有限
合夥）
6,369,426 1.24% 21 June 2024
Hepalink Biotechnology
II Limited
108,000,000 20.98% 21 May 2024
Shenzhen Hepalink
Pharmaceutical Group
13,515,210 2.63% 21 June 2024


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Name
Number of shares held
in the Company subject
to lock-up
undertakings  upon
listing
% of shareholding in
the Company subject to
lock-up  undertakings
upon listing
Last day subject  to the
lock-up  undertakings
Co., Ltd. / 深圳市海普
瑞藥業集團股份有限公
司
Shenzhen Qianhai
Haichuang Fund
Partnership (Limited
Partnership) / 深圳市前
海海創基金合夥企業
（有限合夥）
7,560,000 1.47% 21 June 2024
Goldlink Capital Fund
SPC - Goldlink Greater
China Fund SP V
5,670,000 1.10% 21 June 2024
Able Holdings
International Limited
2,268,000 0.44% 21 June 2024
Guangzhou Yuexiu
Jinchan Phase IV
Investment Fund
Partnership (Limited
Partnership) / 廣州越秀
金蟬四期投資合夥企業
（有限合夥）
9,706,698 1.89% 21 June 2024
Pingtan Rongjing
Investment Partnership
(Limited Partnership) /
平潭榮景投資合夥企業
（有限合夥）
2,766,000 0.54% 21 June 2024
Shenzhen Winzac
Jingfeng Venture Capital
Enterprise (Limited
Partnership) / 深圳市穩
正景豐創業投資企業
（有限合夥）
3,123,564 0.61% 21 June 2024
Sichuan Rongxin
Zhiyuan Industrial Co.,
Ltd. / 四川榮信致遠實
業有限公司
2,756,688 0.54% 21 June 2024
Ningbo Borui Allen
Equity Investment
Partnership (LLP) / 寧波
博睿艾倫股權投資合夥
企業（有限合夥）
2,547,768 0.49% 21 June 2024
Shenzhen BioResearch
Investment Fund, L.P. /
1,273,884 0.25% 21 June 2024


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Name
Number of shares held
in the Company subject
to lock-up
undertakings  upon
listing
% of shareholding in
the Company subject to
lock-up  undertakings
upon listing
Last day subject  to the
lock-up  undertakings
深圳市柏奧瑞思投資合
夥企業（有限合夥）
Hongtu Capital Limited 45,713,592 8.88% 21 June 2024
BAIYI Capital Limited 27,428,154 5.33% 21 June 2024
Guangdong Chinese
Medicine Comprehensive
Health Equity Investment
Fund Partnership
(Limited Partnership)/ 廣
東中醫藥大健康股權投
資基金合夥企業（有限
合夥）
17,926,770 3.48% 21 June 2024
Subtotal 325,225,044 63.18%

Notes:

(1) For the Pre-IPO Investors that are defined as the AIC Group, please refer to the section headed
“- AIC Group, certain grantees under the 2020 Share Incentive Plan and 2023 Share Incentive
Plan” in this announcement.

(2) The expiry date of the lock-up period shown in the table above is pursuant to the disclosure in the
Prospectus.


Cornerstone Investor
 Name
Number of shares held
in the Company subject
to lock-up
undertakings  upon
listing
% of shareholding in
the Company subject to
lock-up  undertakings
upon listing
Last day subject  to the
lock-up  undertakings
Cangzhou Chuangrong
Equity Investment Fund
Co., Ltd. / 滄州創融股
權投資基金有限公司
9,487,500 1.84% 21 December 2024
Subtotal 9,487,500 1.84%

The expiry date of the lock-up period shown in the table above is pursuant to the disclosure in the
Prospectus.


AIC Group, certain grantees under the 2020 Share Incentive Plan and 2023 Share Incentive Plan


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Name
Number of shares held
in the Company subject
to lock-up
undertakings upon
listing
% of shareholding in
the Company subject to
lock-up  undertakings
upon listing
Last day subject  to the
lock-up  undertakings
GREAT Mantra Group
Limited
81,000,000 15.74% 21 June 2024
Greaty Investment
Limited / 廣源國際投資
有限公司
6,369,372 1.24% 21 June 2024
ZT Global Energy
Investment Fund I LLP
6,369,372 1.24% 21 June 2024
Orient Champion
Investment Limited
8,917,116 1.73% 21 June 2024
Certain PRC Grantees
under the 2020 Share
Incentive Plan
34,465,728 6.70% 21 June 2024
Certain U.S. Grantees
under the 2020 Share
Incentive Plan
8,774,232 1.70% 18 June 2024
Grantees under the 2023
Share Incentive Plan
9,600,000 1.86% 21 December 2024
Subtotal 155,495,820 30.21%

The expiry date of the lock-up period shown in the table above is pursuant to the disclosure in the
Prospectus.


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PLACEE CONCENTRATION ANALYSIS
Placees Number of Shares allotted Allotment as % of International Offering  Allotment as % of total Offer Shares
Number of
 Shares held upon Listing

% of total issued share capital upon
Listing
Top 1 9,487,500 56.02% 39.21%  9,487,500 1.84%
Top 5 12,791,500 75.53% 52.87%  12,791,500 2.48%
Top 10 14,735,500 87.01% 60.91%  14,735,500 2.86%
Top 25 16,890,000 99.73% 69.81%  16,890,000 3.28%

Notes
* Ranking of placees is based on the number of Shares allotted to the placees.


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SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders
Number of Shares
allotted
Allotment as % of
International Offering
Allotment as % of total
Offer Shares
Number of Shares held
upon Listing
% of total issued share
capital upon Listing
Top 1 0 0.00% 0.00% 121,515,210 23.61%
Top 5 0 0.00% 0.00% 345,241,644 67.07%
Top 10 0 0.00% 0.00% 423,830,520 82.33%
Top 25 9,487,500 56.02% 39.21% 494,417,496 96.05%

Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set ou t in the Prospectus, valid applications made by
the public will be conditionally allo cated on the basis set out below:

NO. OF SHARES APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE ALLOTTED
OF THE TOTAL NO. OF
SHARES APPLIED FOR
POOL A
500 2,732 373 out of 2,732 to receive 500
Shares 13.65%
1,000 209 57 out of 209 to receive 500
Shares
 13.64%
1,500 154 62 out of 154 to receive 500
Shares
 13.42%
2,000 87 46 out of 87 to receive 500
Shares 13.22%
2,500 109 71 out of 109 to receive 500
Shares 13.03%
3,000 44 34 out of 44 to receive 500
Shares 12.88%
3,500 30 27 out of 30 to receive 500
Shares 12.86%
4,000 481 478 out of 481 to receive 500
Shares 12.42%
4,500 17 500 Shares plus 2 out of  17 to
receive additional 500 Shares 12.42%
5,000 120 500 Shares plus 28 out of  120 to
receive additional 500 Shares 12.33%


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6,000 19 500 Shares plus 9 out of  19 to
receive additional 500 Shares 12.28%
7,000 36 500 Shares plus 25 out of  36 to
receive additional 500 Shares
 12.10%
8,000 164 500 Shares plus 151 out of  164
to receive additional 500 Shares 12.00%
9,000 22 1,000 Shares plus 3 out of  22 to
receive additional 500 Shares 11.87%
10,000 169 1,000 Shares plus 46 out of  169
to receive additional 500 Shares 11.36%
15,000 76 1,500 Shares plus 25 out of  76 to
receive additional 500 Shares 11.10%
20,000 47 2,000 Shares plus 20 out of  47 to
receive additional 500 Shares 11.06%
25,000 42 2,500 Shares plus 22 out of  42 to
receive additional 500 Shares 11.05%
30,000 12 3,000 Shares plus 7 out of  12 to
receive additional 500 Shares 10.97%
35,000 4 3,500 Shares plus 2 out of  4 to
receive additional 500 Shares 10.71%
40,000 17 4,000 Shares plus 9 out of  17 to
receive additional 500 Shares
 10.66%
45,000 5 4,500 Shares plus 2 out of  5 to
receive additional 500 Shares 10.44%
50,000 47 5,000 Shares plus 20 out of  47 to
receive additional 500 Shares 10.43%
60,000 5 6,000 Shares plus 2 out of  5 to
receive additional 500 Shares 10.33%
70,000 6 7,000 Shares plus 2 out of  6 to
receive additional 500 Shares 10.24%
80,000 8 8,000 Shares plus 3 out of  8 to
receive additional 500 Shares 10.23%
90,000 5 9,000 Shares plus 2 out of  5 to
receive additional 500 Shares 10.22%
100,000 30 10,000 Shares plus 13 out of  30
to receive additional 500 Shares
 10.22%
150,000 33 15,000 Shares plus 22 out of  33
to receive additional 500 Shares 10.22%
200,000 7 20,000 Shares plus 6 out of  7 to
receive additional 500 Shares 10.21%
250,000 4 25,500 Shares 10.20%
300,000 11 30,500 Shares plus 2 out of  11 to
receive additional 500 Shares 10.20%
350,000 2 35,500 Shares 10.14%
400,000 4 40,500 Shares 10.13%
 4,758
Total number of Pool A
successful applicants: 2,060

POOL B
450,000 30 37,500 Shares 8.33%
500,000 20 41,000 Shares 8.20%
600,000 2 49,000 Shares 8.17%
700,000 2 57,000 Shares 8.14%


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800,000 8 64,500 Shares 8.06%
900,000 1 72,000 Shares 8.00%
1,000,000 3 79,500 Shares 7.95%
1,100,000 2 86,500 Shares 7.86%
1,209,500 5 94,500 Shares 7.81%
 73
Total number of Pool B
successful applicants: 73


As of the date of this announcement, the relevant  subscription monies prev iously deposited in the
designated nominee accounts have been remitted ba ck to the accounts of all HKSCC participants.
Investors should contact their rel evant brokers for any inquiries.

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

DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, Th e Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited ( “HKSCC”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liab ility whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, dist ribution, directly or indirectly, in or into the
United States (including its te rritories and possessions, any stat e of the United States and the
District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in   the United States. The securities mentioned
herein have not been, and will not be, registered un der the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”).  The securities may not be offered or sold in the United States
except pursuant to an exemption from the registration requirements of the U.S. Securities Act and in
compliance with any applicable state securities la ws, or outside the United States unless in
compliance with Regulation S under the U.S. Securi ties Act. There will be no public offer of
securities in the United States.

The Offer Shares are being offered and sold (1) solely to qualified institutional buyers as defined in Rule
144A under the U.S. Securities Act pursuant to an exe mption from registration under the U.S. Securities
Act and (2) outside the United States in offshore tran sactions in reliance on Regulation S under the U.S.
Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to
acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated 14 December 2023 issued b y HighTide Therapeutics, Inc.


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for detailed information about the Global Offering  described below before deciding whether or not
to invest in the Shares thereb y being offered.
*Potential investors of  the Offe r Shares should note that the Overal l Coordinators (for themselves
and on behalf of  the Hong Kong Underwriters) shal l be entitled to terminate their obligations under
the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the paragraph headed “Underwriting – Underwriting Arrangements and Expenses
– Hong Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in
the Prospectus at any time prior to  8:00 a.m. (Hong Kong time) on  the  Listing Date (which is
currently expected to be on 22 December 2023).

COMMENCEMENT OF DEALINGS
Share certificates will only become valid evidence of title at 8:00 a.m. on Friday, December 22, 2023,
provided that the Global Offering has become unconditional in all respects at or before that time.
Investors who trade Shares on the basis of publicly av ailable allocation details or prior to the receipt
of Share certificates or prior to the Share certificates becoming valid evidence of title do so entirely at
their own risk.
Assuming that the Global Offering  becomes unconditional at or be fore 8:00 a.m. (Hong Kong time)
on Friday, December 22, 2023, it is expected that d ealings in the Shares on the Stock Exchange will
commence at 9:00 a.m. on Friday, December 22, 2023. The Shares will be traded in board lots of 500
Shares each and the stock code of the Shares will be 2511.

By order of the Board
HighTide Therapeutics, Inc.
君圣泰医药
Dr. LIU Liping
Executive Director and Chief Executive Officer


Hong Kong, December 21, 2023
As at the date of this announcement, the Director s and proposed directors of the Company are Dr.
LIU Liping and Ms. YU Meng as executive Directors,  Mr. LI Li, Dr. ZHU Xun, Mr. MA Lixiong and
Mr. JIANG Feng as non-executive Directors, and Mr. TAN Bo, Dr. Jin LI and Mr. HUNG Tak Wai as
proposed independent non-executive Directors.