hk-ipo/data/extracted_text/01541/allotment_results_summary_2023-09-04_2023090400008.txt

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ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Offer Price
The Offer Price is HK$18.60 per H Share (exclusive of brokerage of 1%, SFC transaction
levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy of
0.00015%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$18.60 per H Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees
and commissions and estimated expenses payable by the Company in connection
with the Global Offering, are estimated to be approximately HK$234.5 million
(assuming the Over-allotment Option is not exercised). Listing expenses to be borne
by the Company are estimated to be approximately HK$84.4 million (including
underwriting commission, at the Offer Price of HK$18.60 per H Share), which
represent 26.5% of the gross proceeds from the Global Offering, comprising
underwriting-related fees of RMB11.7 million, and non-underwriting-related
expenses of RMB66.0 million. The Company intends to use the net proceeds from
the Global Offering in the manner as set out in the paragraph headed “Net Proceeds
from the Global Offering” in this announcement.
• If the Over-allotment Option is partially exercised, the net proceeds of the Global
Offering would increase to approximately HK$251.3 million for 917,800 additional
Offer Shares to be issued and alloted upon the exercise of the Over-allotment Option,
after deduction of the underwriting fees and commissions and estimated expenses
payable by the Company in connection with the Global Offering (based on the
Offer Price of HK$18.60 per H Share), which will be allocated on a pro rata basis
according to the use of proceeds as set out in the paragraph headed “Net Proceeds
from the Global Offering” in this announcement.
Applications and Indications of Interest Received in the Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering
have been moderately over-subscribed. A total of 4,870 valid applications have
been received pursuant to the Hong Kong Public Offering through the White Form
eIPO service and giving electronic application instructions to HKSCC for a total of
17,115,000 Hong Kong Offer Shares, representing approximately 9.98 times of the
total number of 1,714,800 H Shares initially available for subscription under the
Hong Kong Public Offering.


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• As the over-subscription in the Hong Kong Public Offering is less than 15 times, no
reallocation of Offer Shares has been effected from the International Offering to the
Hong Kong Public Offering.
• The final number of Offer Shares under the Hong Kong Public Offering is
1,714,800 H Shares, representing approximately 10% of the total number of Offer
Shares initially available under the Global Offering (before any exercise of the
Over-allotment Option), and being allocated to 1,655 successful applicants under the
Hong Kong Public Offering, among which 1,346 applicants have been allotted one
board lot of Offer Shares totalling 269,200 H Shares.
International Offering
• The Offer Shares initially offered under the International Offering have been slightly
over-subscribed, representing approximately 1.06 times of the total number of Offer
Shares initially available under the International Offering. The final number of Offer
Shares allocated to the placees under the International Offering is 15,432,400 H
Shares, representing approximately 90% of the total number of Offer Shares initially
available under the Global Offering (before any exercise of the Over-allotment
Option). There has been an over-allocation of 917,800 Offer Shares and there are a
total of 161 placees under the International Offering, among which 149 placees have
been allotted five or fewer board lots of Offer Shares totalling 29,800 H Shares,
representing approximately 92.5% of the total number of placees and approximately
0.19% of the total number of Offer Shares initially available under the International
Offering. The Directors confirm that no placee will, individually, be placed more
than 10% of the enlarged issued share capital of the Company immediately after
completion of the Global Offering.


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Cornerstone Investors
• To the best knowledge of the Company and save for the fact that one Cornerstone
Investor, namely RemeGen HK is a close associates of an existing Shareholders
of the Company, Rongchang Chuangtou, (i) none of the Offer Shares subscribed
for by public Shareholders in the Hong Kong Public Offering and placees in the
International Offering has been financed directly or indirectly by the Company,
the Directors, Supervisors, chief executive, substantial Shareholders, existing
Shareholders or any of their subsidiaries or their respective close associates, and (ii)
none of the public Shareholders in the Hong Kong Public Offering and placees in
the International Offering who has subscribed for the Offer Shares is accustomed to
taking instructions from the Company, the Directors, Supervisors, chief executive,
substantial Shareholders, existing Shareholders or any of their subsidiaries or their
respective close associates in relation to the acquisition, disposal, voting or other
disposition of the H Shares registered in their name or otherwise held by them.
• Based on the Offer Price of HK$18.60 per H Share (exclusive of brokerage of
1.0%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%), pursuant to the relevant Cornerstone
Investment Agreements, the Company’s Cornerstone Investors have subscribed for
a total of 12,485,200 H Shares, (i) representing approximately 72.81% of the Offer
Shares pursuant to the Global Offering and approximately 3.35% of the total issued
share capital of the Company immediately upon completion of the Global Offering
(assuming the Over-allotment Option is not exercised); and (ii) approximately
69.11% of the Offer Shares pursuant to the Global Offering and approximately
3.34% of the total issued share capital of the Company immediately upon completion
of the Global Offering (assuming the Over-allotment Option is partially exercised up
to 917,800 Offer Shares). Please refer to the section headed “Cornerstone Investors”
in the Prospectus for further details of the Cornerstone Investors.
• Under the International Offering, a total of 1,129,000 Offer Shares were allocated to
RemeGen HK, a close associate of an existing Shareholder, Rongchang Chuangtou,
(i) representing approximately 6.58% of the Offer Shares pursuant to the Global
Offering and approximately 0.30% of the total issued share capital of the Company
immediately upon completion of the Global Offering (assuming the Over-allotment
Option is not exercised); and (ii) approximately 6.25% of the Offer Shares pursuant
to the Global Offering and approximately 0.30% of the total issued share capital of
the Company immediately upon completion of the Global Offering (assuming the
Over-allotment Option is partially exercised up to 917,800 Offer Shares).
• The Company has applied to the Stock Exchange for, and the Stock Exchange has
granted, a waiver and consent under Rules 10.04, and a consent under Paragraph 5(2)
of Appendix 6 to, the Listing Rules (the “Placing Guidelines”) to allow RemeGen
HK, a close associate of an existing shareholder of the Company, to participate as a
cornerstone investor in the Global Offering.


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Over-allotment Option
• In connection with the Global Offering, the Company has granted the Over-allotment
Option to the International Underwriters, exercisable by the Overall Coordinators
on behalf of the International Underwriters at any time from the Listing Date until
30 days after the last day for lodging applications under the Hong Kong Public
Offering. Pursuant to the Over-allotment Option, the Overall Coordinators have
the right to require the Company to issue and allot up to an aggregate of 2,572,000
additional Offer Shares, representing approximately 15% of the initial number of
Offer Shares to be offered in the Global Offering, at Offer Price to, among other
things, cover over-allocation in the International Offering.
• There has been an over-allocation of 917,800 Offer Shares in the International
Offering. Such over-allocation may be covered by exercising the Over-allotment
Option in part or by making purchases in the secondary market or a combination of
these means. In the event the Over-allotment Option is exercised, an announcement
will be made on the Stock Exchange’s website at www.hkexnews.hk  and the
Company’s website at www.immuneonco.com. As of the date of this announcement,
the Over-allotment Option has not been exercised.
Lock-up Obligations
• The Company, the Controlling Shareholders, the existing Shareholders and the
Cornerstone Investors of the Company are subject to certain lock-up obligations as
set out in the paragraph headed “Lock-up Obligations” in this announcement.
Results of Allocations
The Offer Price, the level of indications of interest in the International Offering, the results
of allocations and the Hong Kong identity card/passport/Hong Kong business registration
numbers of successful applicants under the Hong Kong Public Offering will be available
at the times and date and in the manner specified below:
• in the announcement to be posted on the Company’s website at www.immuneonco.com
and the Stock Exchange’s website at www.hkexnews.hk  by no later than 9:00
a.m. on Monday, September 4, 2023. Please note that the list of identification
document numbers in this announcement may not be a complete list of successful
applicants since only successful applicants whose identification document numbers
are provided to HKSCC by CCASS Participants are disclosed. Applicants with
beneficial names only but not identification document numbers are not disclosed
due to personal privacy issue as elaborated below. Applicants who applied for the
Offer Shares through their brokers can consult their brokers to enquire about their
application result;


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• from the designated results of allocations website at www.iporesults.com.hk
(alternatively: English https://www.eipo.com.hk/en/Allotment ; Chinese
https://www.eipo.com.hk/zh-hk/Allotment ) with a “search by ID” function on a
24-hour basis from 8:00 a.m. on Monday, September 4, 2023 to 12:00 midnight on
Sunday, September 10, 2023; and
• from the allocation results telephone enquiry line by calling +852 2862 8555
between 9:00 a.m. and 6:00 p.m. on Monday, September 4, 2023, Tuesday,
September 5, 2023, Wednesday, September 6, 2023, and Thursday, September 7,
2023.
This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by White
Form eIPO” refer to Hong Kong identity card numbers/passport numbers/Hong Kong
business registration numbers/certificate of incorporation numbers/beneficial owner
identification codes (if such applications are made by nominees as agent for the benefit of
another person) whereas those displayed in the section headed “Results of Applications
Made by Giving Electronic Application Instructions to HKSCC via CCASS” are provided
by CCASS Participants via CCASS. Therefore, the identification document numbers
shown in the two sections are different in nature.
Since applications are subject to personal information collection statements, beneficial
owner identification codes displayed in the sections headed “Results of Applications
Made by White Form eIPO” and “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS” are redacted and not all details of
applications are disclosed in this announcement.
Despatch/Collection of H Share Certificates/e-Refund Payment Instructions/Refund
Checks
Applicants who applied for 500,000 or more Hong Kong Offer Shares through the White
Form eIPO service and who have been wholly successfully or partially successfully
allocated Hong Kong Offer Shares and are eligible to collect H Share certificates in
person may collect H Share certificates from the H Share Registrar, Computershare Hong
Kong Investor Services Limited, at Shops 1712–1716, 17th Floor, Hopewell Centre,
183 Queen’s Road East, Wanchai, Hong Kong from 9:00 a.m. to 1:00 p.m. on Monday,
September 4, 2023, or such other date or place as notified by the Company in the
newspapers as the date of despatch/collection of H Share certificates/e-Refund payment
instructions/refund cheques.
H Share certificates for the Hong Kong Offer Shares allotted to applicants who applied
for less than 500,000 Hong Kong Offer Shares through the White Form eIPO service
are expected to be despatched to those entitled to the address specified in the relevant
application instructions through the White Form eIPO service by ordinary post at their
own risk on or before Monday, September 4, 2023.


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H Share certificates for the Hong Kong Offer Shares allocated to applicants who applied
through the White Form eIPO service which are either not eligible for personal collection
or which are eligible but are not collected in person by 1:00 p.m. on Monday, September
4, 2023, are expected to be despatched by ordinary post to those entitled to them at their
own risk on or before Monday, September 4, 2023.
Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their H Share certificates issued in the name
of HKSCC Nominees Limited and deposited into CCASS for credit to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participants who gave electronic application instructions on their behalf on Monday,
September 4, 2023.
Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to
them with that CCASS Participant.
Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS should check and report any discrepancies to HKSCC
before 5:00 p.m. on Monday, September 4, 2023 or such other date as shall be determined
by HKSCC or HKSCC Nominees. Applicants who applied as a CCASS Investor
Participant by giving electronic application instructions to HKSCC via CCASS may also
check the results of their applications and the amount of refund monies payable to them
via the CCASS Phone System and the CCASS Internet System (under the procedures
contained in HKSCC’s “An Operating Guide for Investor Participants” in effect from time
to time) immediately after the crediting of the Hong Kong Offer Shares to the CCASS
Investor Participants stock accounts and the crediting of the refund monies to the CCASS
Investor Participants bank accounts. HKSCC will also make available to the CCASS
Investor Participants an activity statement showing the number of Hong Kong Offer
Shares credited to their stock accounts and the refund amount credited to their respective
designated bank accounts (if any).
Applicants who applied through the White Form eIPO service and paid the application
monies from a single bank account will have refund monies (if any) despatched to their
application payment accounts in the form of e-Refund payment instructions on Monday,
September 4, 2023. Applicants who applied through the White Form eIPO service and
paid the application monies from multiple bank accounts will have refund monies (if
any) despatched to the addresses specified on their White Form eIPO applications in the
form of refund check(s) in favour of the applicant (or, in the case of joint applications, the
firstnamed applicant) by ordinary post at their own risk on or before Monday, September
4, 2023.


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Refund monies for applicants who have applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to the relevant applicants’
designated bank accounts or the designated bank accounts of their brokers or custodians
on Monday, September 4, 2023.
H Share certificates will only become valid certificates of title at 8:00 a.m. on the Listing
Date which is expected to be Tuesday, September 5, 2023, provided that the Global
Offering has become unconditional in all respects at or before that time and the right of
termination described in the section headed “Underwriting — Underwriting Arrangements
and Expenses — Hong Kong Public Offering — Hong Kong Underwriting Agreement —
Grounds for Termination” in the Prospectus has not been exercised.
The Company will not issue any temporary documents of title in respect of the Offer
Shares and will not issue any receipt for application monies received.
Public Float
• The Directors of the Company confirm that there will not be any new substantial
Shareholder immediately after the Global Offering within the meaning of the Listing
Rules and the number of shares to be held by the public will satisfy the minimum
percentage prescribed under Rule 8.08 of the Listing Rules.
• Immediately following completion of the Global Offering and before the exercise
of the Over-allotment Option, the number of H Shares in public hands will be
153,807,961 H Shares, representing approximately 41.21% of the total issued share
capital of the Company which satisfies Rule 8.08(1) of the Listing Rules, and the
three largest public shareholders of the Company do not hold more than 50% of
the shares held in public hands at the time of the Listing in compliance with Rules
8.08(3) and 8.24 of the Listing Rules. The Directors confirm that there will be at
least 300 Shareholders at the time of the Listing in compliance with Rule 8.08 (2) of
the Listing Rules. The Company will comply with Rule 18A.07 of the Listing Rules
that a portion of the total number of the Company’s issued shares with a market
capitalization of at least HK$375 million will be held by the public at the time of
Listing.
Commencement of Dealings in the H Shares
• Assuming that the Global Offering becomes unconditional in all respects at or before
8:00 a.m. on Tuesday, September 5, 2023 (Hong Kong time), dealings in the H
Shares on the Main Board of the Stock Exchange are expected to commence at 9:00
a.m. on Tuesday, September 5, 2023 (Hong Kong time). H Shares will be traded in
board lots of 200 H Shares each. The stock code of the H Shares is 1541.
In view of the high concentration of shareholding in a small number of H
Shareholders, Shareholders and prospective investors should be aware that the price
of the H Shares could move substantially even with a small number of Shares traded,
and should exercise extreme caution when dealing in H Shares.


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OFFER PRICE
The Offer Price is HK$18.60 per H Share (exclusive of brokerage of 1%, SFC transaction
levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy of
0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$18.60 per H Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees and
commissions and estimated expenses payable by the Company in connection with the
Global Offering, are estimated to be approximately HK$234.5 million (assuming the
Over-allotment Option is not exercised). Listing expenses to be borne by the Company are
estimated to be approximately HK$84.4 million (including underwriting commission, at the
Offer Price of HK$18.60 per H Share), which represent 26.5% of the gross proceeds from
the Global Offering, comprising (i) underwriting-related fees of RMB11.7 million, and (ii)
non-underwriting-related expenses of RMB66.0 million, including (a) the legal advisors and
the reporting accountants expenses of RMB35.6 million, and (b) other fees and expenses,
including sponsors fee, of RMB30.4 million.
The Company intends to apply such net proceeds for the following purposes:
• approximately 40.0%, or HK$93.8 million, will be used for ongoing and planned
clinical trials, preparation for registration filings, and planned commercial launch of
the Core Product, IMM01 (SIRPα-Fc fusion protein);
• approximately 28.0%, or HK$65.7 million, will be used for ongoing and planned
clinical trials, preparation for registration filings, and planned commercial launch of
the Key Products, IMM0306 (CD47×CD20), IMM2902 (CD47×HER2) and IMM2520
(CD47×PD-L1);
• approximately 10.0%, or HK$23.5 million, will be used for the planned clinical trial of
IMM47 (CD24 mAb);
• approximately 5.0%, or HK$11.7 million, will be used for the ongoing clinical trials of
IMM2510 (VEGF×PD-L1) and IMM27M (CTLA4 ADCC-enhanced mAb);
• approximately 7.0%, or HK$16.4 million, will be used for construction of the new
manufacturing facility in Zhangjiang Science City, Shanghai;


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• approximately 5.0%, or HK$11.7 million, will be used for the continuous preclinical
research and development of multiple preclinical-and discovery-stage assets, including
without limitation IMM4701, IMM51, IMM38, IMM2547, IMM50 and IMM62, as
well as CMC to support the clinical trials including pivotal trials for various assets; and
• approximately 5.0%, or HK$11.7 million, will be used for working capital and general
corporate purposes.
If the Over-allotment Option is partially exercised, the net proceeds of the Global Offering
would increase to approximately HK$251.3 million for 917,800 additional Offer Shares to
be issued and allotted upon the exercise of the Over-allotment Option (based on the Offer
Price of HK$18.60 per H Share), which will be allocated on a pro rata basis according to the
use of proceeds as set out in the paragraph headed “Net Proceeds from the Global Offering”
in this announcement. For further information, please refer to the section headed “Future
Plans and Use of Proceeds” in the Prospectus.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE
HONG KONG PUBLIC OFFERING
The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been moderately over-subscribed. A total of 4,870 valid applications have been received
pursuant to the Hong Kong Public Offering through the White Form eIPO service and giving
electronic application instructions to HKSCC for a total of 17,115,000 Hong Kong Offer
Shares, representing approximately 9.98 times of the total number of 1,714,800 H Shares
initially available for subscription under the Hong Kong Public Offering, among which:
• 4,855 valid applications in respect of a total of 9,220,600 Hong Kong Offer Shares
were for the Hong Kong Public Offering with an aggregate subscription amount
based on the Offer Price of HK$18.60 per Hong Kong Offer Share of HK$5 million
(excluding brokerage of 1.0%, SFC transaction levy of 0.0027%, Hong Kong Stock
Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015%) or less,
representing approximately 10.75 times of the 857,400 Hong Kong Offer Shares
initially comprised in Pool A; and
• 15 valid applications in respect of a total of 7,894,400 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based
on the Offer Price of HK$18.60 per Hong Kong Offer Share of more than HK$5
million (excluding brokerage of 1.0%, SFC transaction levy of 0.0027%, Hong Kong
Stock Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015%),
representing approximately 9.21 times of the 857,400 Hong Kong Offer Shares
initially comprised in Pool B.


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No application has been rejected due to dishonored payments. No application has been
rejected due to invalid application. Four multiple or suspected multiple applications have
been identified and rejected. No application for more than 857,400 Hong Kong Offer Shares
(being 50% of the Hong Kong Offer Shares initially available under the Hong Kong Public
Offering) has been identified.
As the over-subscription in the Hong Kong Public Offering is less than 15 times, no
reallocation of Offer Shares has been effected from the International Offering to the Hong
Kong Public Offering. The final number of Offer Shares under the Hong Kong Public
Offering is 1,714,800 Offer Shares, representing approximately 10% of the total number
of Offer Shares initially available under the Global Offering (before any exercise of the
Over-allotment Option), and being allocated to 1,655 successful applicants under the Hong
Kong Public Offering, among which 1,346 applicants have been allotted one board lot of
Offer Shares totalling 269,200 H Shares. The Offer Shares offered in the Hong Kong Public
Offering were conditionally allocated on the basis set out in the paragraph headed “Basis of
Allocation under the Hong Kong Public Offering” below.
INTERNATIONAL OFFERING
The Offer Shares initially offered under the International Offering have been slightly
over-subscribed, representing approximately 1.06 times of the total number of Offer
Shares initially available under the International Offering. The final number of Offer
Shares allocated to the placees under the International Offering is 15,432,400 H Shares,
representing approximately 90% of the total number of Offer Shares initially available under
the Global Offering (before any exercise of the Over-allotment Option). There has been an
over-allocation of 917,800 Offer Shares and there are a total number of 161 placees under
the International Offering, among which 149 placees have been allotted five or fewer board
lots of the Offer Shares totalling 29,800 H Shares, representing approximately 92.5% of
the total number of placees and approximately 0.19% of the total number of Offer Shares
initially available under the International Offering. The Directors confirm that no placee
will, individually, be placed more than 10% of the enlarged issued share capital of the
Company immediately after completion of the Global Offering.


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Cornerstone Investors
Based on the Offer Price of HK$18.60 per Offer Share (exclusive of brokerage of 1%,
SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%) and pursuant to the Cornerstone Investment Agreements as
disclosed in the section headed “Cornerstone Investors” in the Prospectus, the number of
Offer Shares subscribed for by the Cornerstone Investors is determined as set out below:
Cornerstone Investor
Total
investment
Amount(1)
Number
of Offer
Shares to be
acquired(4)
Assuming the Over-allotment Option
is not exercised
Assuming the Over-allotment Option
is partially exercised up to
917,800 Offer Shares
Approximate
% of the
Offer Shares
% of the
H Shares
in issue
Approximate
% of
ownership
Approximate
% of the
Offer Shares
% of the
H Shares
in issue
Approximate
% of
ownership
(US$ in
million)
Harvest 20.0 8,420,800 49.11 3.70 2.26 46.61 3.68 2.25
Wuxi Venture 5.0(2) 2,101,800 12.26 0.92 0.56 11.63 0.92 0.56
RemeGen HK 2.7(3) 1,129,000 6.58 0.50 0.30 6.25 0.49 0.30
ClinChoice 2.0(4) 833,600 4.86 0.37 0.22 4.61 0.36 0.22
Total 29.7 12,485,200 72.81 5.48 3.35 69.11 5.46 3.34
Notes:
(1) Exclusive of brokerage fee of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transaction levy of 0.00015%, and to be converted to Hong Kong dollars (where
applicable) based on the exchange rate as disclosed in “Information about this Prospectus and the
Global Offering — Currency Translation” in the Prospectus.
(2) The original investment amount under the relevant Cornerstone Investor Agreement is HK$39,093,480,
the relevant USD equivalent is calculated using the exchange rate as disclosed in “Information about
this Prospectus and the Global Offering Currency Translation” in the Prospectus.
(3) The original investment amount under the relevant Cornerstone Investor Agreement is HK$21,000,000,
the relevant USD equivalent is calculated using the exchange rate as disclosed in “Information about
this Prospectus and the Global Offering Currency Translation” in the Prospectus.
(4) The original investment amount under the relevant Cornerstone Investor Agreement is US$2,000,000
inclusive of brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC
transaction levy.
(5) Subject to rounding down to the nearest whole board lot of 200 H Shares.


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The Cornerstone Investors will acquire the Offer Shares pursuant to, and as part of, the
International Offering. The Cornerstone Investors have agreed to pay for the relevant Offer
Shares that they have subscribed before dealings in the H Shares commence on the Stock
Exchange. The Offer Shares to be subscribed by the Cornerstone Investors will rank pari
passu in all respects with the other fully paid H Shares in issue and will be counted towards
the public float of our Company under Rule 8.08 of the Listing Rules. The Offer Shares to
be subscribed by the Cornerstone Investors will not be counted towards the public float of
our Company for the purpose of Rule 18A.07 of the Listing Rules. Immediately following
the completion of the Global Offering, none of the Cornerstone Investors will become a
substantial shareholder of our Company or have any Board representation in our Company.
Other than a guaranteed allocation of the relevant Offer Shares at the Offer Price, the
Cornerstone Investors do not have any preferential rights in their respective Cornerstone
Investment Agreement compared with other public Shareholders.
RemeGen HK is a close associate of an existing Shareholder of the Company, Rongchang
Chuangtou, holding less than 10% of shares in the Company, has been permitted to
participate in the Cornerstone Investment pursuant to paragraph 5.2 of the Guidance
Letter HKEX-GL92–18 and has been granted a waiver from strict compliance with the
requirements under Rule 10.04 of, and a consent under paragraph 5(2) of Appendix 6 to, the
Listing Rules by the Stock Exchange. Both the Directors and the Joint Sponsors confirm that
no preference was given to RemeGen HK other than the preferential treatment of assured
entitlement at the Offer Price and the terms are substantially the same as other Cornerstone
Investors.
To the best knowledge of the Company and save for the fact that one Cornerstone
Investor, namely RemeGen HK is a close associate of an existing Shareholders of the
Company, (i) each of the Cornerstone Investors is an independent third party and is not
the Company’s connected person (as defined in the Listing Rules); (ii) none of the Offer
Shares subscribed for by public Shareholders in the Hong Kong Public Offering and placees
in the International Offering has been financed directly or indirectly by the Company, the
Directors, Supervisors, chief executive, substantial Shareholders, existing Shareholders
or any of their subsidiaries or their respective close associates, and (iii) none of the public
Shareholders in the Hong Kong Public Offering and placees in the International Offering
who has subscribed for the Offer Shares is accustomed to taking instructions from the
Company, the Directors, Supervisors, chief executive, substantial Shareholders, existing
Shareholders or any of their subsidiaries or their respective close associates in relation to the
acquisition, disposal, voting or other disposition of the H Shares registered in their name or
otherwise held by them.


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As confirmed by each Cornerstone Investor, its subscription under the relevant Cornerstone
Investment Agreement would be financed by its own internal financial resources. Each of
the Cornerstone Investors has confirmed that all necessary approvals have been obtained
with respect to the Cornerstone Investment and that no specific approval from any
stock exchange (if relevant) or its shareholders is required for the relevant Cornerstone
Investment as each of them has general authority to invest. There are no side arrangements
or agreements between the Company and the Cornerstone Investors or any benefit, direct or
indirect, conferred on the Cornerstone Investors by virtue of or in relation to the Cornerstone
Investment, other than a guaranteed allocation of the relevant Offer Shares at the Offer
Price.
Except for ClinChoice, all other Cornerstone Investors have agreed that the Overall
Coordinators may defer the delivery of all or any part of the Offer Shares they have
subscribed for to a date later than the Listing Date. 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.
There will not be any deferred settlement in payment by any of the Cornerstone Investors.
All of the Cornerstone Investors have agreed that they shall pay for the relevant Offer Shares
no later than 8:00 a.m. (Hong Kong time) on the Listing Date.
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 the Listing Date (the “Lock-up Period”),
dispose of any of the Offer Shares they have purchased pursuant to the relevant Cornerstone
Investment Agreements, save for certain limited circumstances, such as transfers to any of
its wholly-owned subsidiaries, or any affiliated fund under common management or control
with the relevant Cornerstone Investor, who will be bound by the same obligations of such
Cornerstone Investor, including the Lock-up Period restriction.
Placing of Offer Shares to a Close Associates of an Existing Shareholder under
Paragraph 5(2) of the Placing Guidelines
Save as disclosed in the above sections headed “International Offering — Cornerstone
Investors” in this announcement, to the best knowledge, information and belief of the
Directors, no Offer Shares placed by or through the Overall Coordinators, the Joint Global
Coordinators, the Joint Bookrunners or the Underwriters under the Global Offering have
been placed with applicants who are core connected persons (as defined in the Listing
Rules) or directors of the Company, or to any connected clients (as set out in paragraph 5(1)
of the Placing Guidelines), or persons set out in paragraph 5(2) of the Placing Guidelines,
whether in their own names or through nominees.


--- page 14 ---
– 16 –
To the best knowledge of the Company and save for the fact that RemeGen HK is a close
associate of an existing Shareholders of the Company, Rongchang Chuangtou, (i) none
of the Offer Shares subscribed by public shareholders in the Hong Kong Public Offering
and placees in the International Offering has been financed directly or indirectly by the
Company, the Directors, Supervisors, chief executive, substantial Shareholders, existing
Shareholders or any of their subsidiaries or their respective close associates, and (ii) none of
the public shareholders in the Hong Kong Public Offering and placees in the International
Offering who has subscribed for the Offer Shares is accustomed to taking instructions from
the Company, the Directors, Supervisors, chief executive, substantial Shareholders, existing
Shareholders or any of their 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.
Over-allotment Option
In connection with the Global Offering, the Company has granted the Over-allotment
Option to the International Underwriters, exercisable by the Overall Coordinators on behalf
of the International Underwriters at any time from the Listing Date until 30 days after the
last day for lodging applications under the Hong Kong Public Offering. Pursuant to the
Over-allotment Option, the Overall Coordinators have the right to require the Company
to issue and allot up to an aggregate of 2,572,000 additional Offer Shares, representing
approximately 15% of the initial number of Offer Shares to be offered in the Global
Offering, at Offer Price to, among other things, cover over-allocation in the International
Offering.
There has been an over-allocation of 917,800 Offer Shares in the International Offering.
Such over-allocation may be covered by exercising the Over-allotment Option in part or by
making purchases in the secondary market or a combination of these means. In the event the
Over-allotment Option is exercised, an announcement will be made on the Stock Exchange’s
website at www.hkexnews.hk  and the Company’s website at www.immuneonco.com . As
of the date of this announcement, the Over-allotment Option has not been exercised.


--- page 15 ---
– 17 –
LOCK-UP OBLIGATIONS
The Company, the Controlling Shareholders (including Dr. Tian, together with Jiaxing
Changxian, Jiaxing Changyu and Halo Investment II), the existing Shareholders and the
Cornerstone Investors have provided and/or are subject to certain obligations in relation to
the Shares (the “Lock-up Obligations”). The major terms of the Lock-up Obligations are as
follows:
Name
Number of
Shares held in
the Company
subject to
the Lock-up
Obligations
upon the
Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing(3)
Last day subject to the
Lock-up Obligations
The Company (subject to lock-up
obligations pursuant to the
Listing Rules and the Hong Kong
Underwriting Agreement)
N/A N/A March 4, 2024(1)
Controlling Shareholders and the existing Shareholders (subject to Lock-up Obligations pursuant
to the Listing Rules, the Hong Kong Underwriting Agreement and applicable PRC laws and
regulations)
Dr. Tian 70,182,990 18.80% September 4, 2024(2)
Jiaxing Changxian 15,517,260 4.16% September 4, 2024(2)
Jiaxing Changyu 14,839,695 3.98% September 4, 2024(2)
Halo Investment II 18,000,000 4.82% September 4, 2024(2)
Other existing Shareholders (subject to Lock-up Obligations pursuant to applicable PRC laws and
regulations)
LAV
— LAV ImmuneOnco 15,178,770 4.07% September 4, 2024(2)
— Suzhou Likang 14,428,170 3.87% September 4, 2024(2)
— LAV ImmOn 12,542,805 3.36% September 4, 2024(2)
— Suzhou Lirun 1,507,680 0.40% September 4, 2024(2)
ZJ Leading VC
— ZJ Leading Initiating VC 36,780,390 9.85% September 4, 2024(2)
— ZJ Leading SiQi VC 5,554,305 1.49% September 4, 2024(2)
Lapam Capital 19,263,240 5.16% September 4, 2024(2)
Milestone Entities
— Licheng Investment 9,631,620 2.58% September 4, 2024(2)
— Jiaxing Liyou 4,743,630 1.27% September 4, 2024(2)
— Milestone Asset 2,185,020 0.59% September 4, 2024(2)


--- page 16 ---
– 18 –
Name
Number of
Shares held in
the Company
subject to
the Lock-up
Obligations
upon the
Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing(3)
Last day subject to the
Lock-up Obligations
LYFE Capital
— Granite Peak 9,084,330 2.43% September 4, 2024(2)
— Borah Peak 6,927,345 1.86% September 4, 2024(2)
GBA Investment 13,854,690 3.71% September 4, 2024(2)
Zhangjiang Sci & Tech. 10,862,055 2.91% September 4, 2024(2)
Langsheng Investment 9,631,620 2.58% September 4, 2024(2)
Yaluo Investment 7,823,835 2.10% September 4, 2024(2)
Ruiji III 6,927,345 1.86% September 4, 2024(2)
Sunshine Life 6,701,310 1.80% September 4, 2024(2)
Minglang Capital 5,266,665 1.41% September 4, 2024(2)
Jiaxing Qiyue 5,195,520 1.39% September 4, 2024(2)
Sci-Tech Fund I 4,267,260 1.14% September 4, 2024(2)
Nanjing Xingjian Ruiying 3,394,890 0.91% September 4, 2024(2)
Cash Capital 3,394,890 0.91% September 4, 2024(2)
Jiaxing Chenyue 3,350,655 0.90% September 4, 2024(2)
Puen Guoxin 2,474,055 0.66% September 4, 2024(2)
Chongde VC 2,407,905 0.65% September 4, 2024(2)
Yuanchuangke Investment 2,407,905 0.65% September 4, 2024(2)
Beijing Yuanpei 2,185,020 0.59% September 4, 2024(2)
Wuming Investment 2,092,455 0.56% September 4, 2024(2)
Rongchang Chuangtou 2,046,240 0.55% September 4, 2024(2)
Chuangdongfang Investment 2,046,195 0.55% September 4, 2024(2)
Kuanyu Capital 2,046,195 0.55% September 4, 2024(2)
Bloomage Langya 1,348,740 0.36% September 4, 2024(2)
Cornerstone Investors (subject to Lock-up Obligations pursuant to the Cornerstone Investment
Agreements)
Harvest 8,420,800 2.26% March 4, 2024(2)
Wuxi Venture 2,101,800 0.56% March 4, 2024(2)
RemeGen HK 1,129,000 0.30% March 4, 2024(2)
ClinChoice 833,600 0.22% March 4, 2024(2)


--- page 17 ---
– 19 –
Notes:
(1) The Company may not issue Shares prior to the indicated date except otherwise permitted by the
Listing Rules.
(2) The Shareholder(s) and Cornerstone Investor(s) may dispose of or transfer Shares without any lock-up
obligation after the indicated date.
(3) Assuming the Over-allotment Option is not exercised.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure and
Conditions of the Global Offering — Conditions of the Global Offering” in the Prospectus,
4,870 valid applications made by the public through giving electronic applications
instructions to HKSCC via CCASS and through the White Form eIPO service will be
conditionally allocated 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
200 2,500 289 out of 2,500 to receive 200
Shares
11.56%
400 927 214 out of 927 to receive 200 Shares 11.54%
600 204 70 out of 204 to receive 200 Shares 11.44%
800 99 45 out of 99 to receive 200 Shares 11.36%
1,000 181 101 out of 181 to receive 200 Shares 11.16%
1,200 36 24 out of 36 to receive 200 Shares 11.11%
1,400 29 22 out of 29 to receive 200 Shares 10.84%
1,600 22 19 out of 22 to receive 200 Shares 10.80%
1,800 14 13 out of 14 to receive 200 Shares 10.32%
2,000 530 200 Shares plus 4 out of 530 to
receive additional 200 Shares
10.08%
3,000 47 200 Shares plus 24 out of 47 to
receive additional 200 Shares
10.07%
4,000 33 400 Shares 10.00%
5,000 70 400 Shares plus 35 out of 70 to
receive additional 200 Shares
10.00%
6,000 27 600 Shares 10.00%


--- page 18 ---
– 20 –
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
7,000 6 600 Shares plus 3 out of 6 to receive
additional 200 Shares
10.00%
8,000 6 800 Shares 10.00%
9,000 2 800 Shares plus 1 out of 2 to receive
additional 200 Shares
10.00%
10,000 56 1,000 Shares 10.00%
15,000 7 1,400 Shares plus 3 out of 7 to
receive additional 200 Shares
9.90%
20,000 9 1,800 Shares plus 8 out of 9 to
receive additional 200 Shares
9.89%
25,000 1 2,400 Shares 9.60%
30,000 11 2,800 Shares plus 4 out of 11 to
receive additional 200 Shares
9.58%
35,000 1 3,200 Shares 9.14%
40,000 6 3,600 Shares plus 1 out of 6 to
receive additional 200 Shares
9.08%
45,000 1 4,000 Shares 8.89%
50,000 6 4,400 Shares plus 1 out of 6 to
receive additional 200 Shares
8.87%
60,000 7 5,200 Shares plus 3 out of 7 to
receive additional 200 Shares
8.81%
80,000 1 7,000 Shares 8.75%
100,000 2 8,000 Shares 8.00%
150,000 1 12,000 Shares 8.00%
200,000 1 16,000 Shares 8.00%
250,000 12 20,000 Shares 8.00%
4,855 Total number of Pool A successful
applicants: 1,640
POOL B
300,000 8 32,800 Shares 10.93%
350,000 1 38,200 Shares 10.91%
857,400 6 92,800 Shares 10.82%
15 Total number of Pool B successful
applicants: 15


--- page 19 ---
– 21 –
The final number of Offer Shares comprising the Hong Kong Public Offering is 1,714,800
Offer Shares, representing 10% of the total number of Offer Shares initially available under
the Global Offering (assuming that the Over-allotment Option is not exercised).
RESULTS OF ALLOCATIONS
The Offer Price, the level of indications of interest in the International Offering, the results
of allocations and the Hong Kong identity card/passport/Hong Kong business registration
numbers of successful applicants under the Hong Kong Public Offering will be available at
the times and date and in the manner specified below:
• in the announcement to be posted on the Company’s website at www.immuneonco.com
and the Stock Exchange’s website at www.hkexnews.hk by no later than 9:00 a.m. on
Monday, September 4, 2023. Please note that the list of identification document numbers
in this announcement may not be a complete list of successful applicants since only
successful applicants whose identification document numbers are provided to HKSCC
by CCASS Participants are disclosed. Applicants with beneficial names only but not
identification document numbers are not disclosed due to personal privacy issue as
elaborated below. Applicants who applied for the Offer Shares through their brokers can
consult their brokers to enquire about their application result;
• from the designated results of allocations website at www.iporesults.com.hk
(alternatively: English https://www.eipo.com.hk/en/Allotment ; Chinese
https://www.eipo.com.hk/zh-hk/Allotment ) with a “search by ID” function on a
24 hour basis from 8:00 a.m. on Monday, September 4, 2023 to 12:00 midnight on
Sunday, September 10, 2023; and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between
9:00 a.m. and 6:00 p.m. on Monday, September 4, 2023, Tuesday, September 5, 2023,
Wednesday, September 6, 2023, and Thursday, September 7, 2023.
This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by White
Form eIPO” refer to Hong Kong identity card numbers/passport numbers/Hong Kong
business registration numbers/certificate of incorporation numbers/beneficial owner
identification codes (if such applications are made by nominees as agent for the benefit of
another person) whereas those displayed in the section headed “Results of Applications
Made by Giving Electronic Application Instructions to HKSCC via CCASS” are provided
by CCASS Participants via CCASS. Therefore, the identification document numbers shown
in the two sections are different in nature.


--- page 20 ---
– 22 –
Since applications are subject to personal information collection statements, beneficial
owner identification codes displayed in the sections headed “Results of Applications Made
by White Form eIPO” and “Results of Applications Made by Giving Electronic Application
Instructions to HKSCC via CCASS” are redacted and not all details of applications are
disclosed in this announcement.
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the Global Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placees Subscription
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Subscription
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised (1))
Subscription
as % of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Subscription
as % of
Offer Shares
(assuming
the Over-
allotment
Option is
exercised (1))
% of total H
share capital
upon Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total H
share capital
upon Listing
(assuming
the Over-
allotment
Option is
exercised (1))
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
exercised (1))
Top 1 8,420,800 8,420,800 8,420,800 54.57% 51.50% 49.11% 46.61% 3.70% 3.68% 2.26% 2.25%
Top 5 14,593,600 14,593,600 14,593,600 94.56% 89.26% 85.11% 80.78% 6.41% 6.39% 3.91% 3.90%
Top 10 16,316,000 16,316,000 16,316,000 105.73% 99.79% 95.15% 90.32% 7.17% 7.14% 4.37% 4.36%
Top 20 16,322,000 16,322,000 16,322,000 105.76% 99.83% 95.19% 90.35% 7.17% 7.14% 4.37% 4.36%
Top 25 16,323,000 16,323,000 16,323,000 105.77% 99.83% 95.19% 90.36% 7.17% 7.14% 4.37% 4.36%
Note:
(1) Assuming the Over-allotment Option is partially exercised up to 917,800 Offer Shares.


--- page 21 ---
– 23 –
• Top 1, 5, 10, 20 and 25 Shareholders of the Company upon Listing:
Shareholders Subscription
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Subscription
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised (1))
Subscription
as % of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Subscription
as % of
Offer Shares
(assuming
the Over-
allotment
Option is
exercised (1))
% of total H
share capital
upon Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total H
share capital
upon Listing
(assuming
the Over-
allotment
Option is
exercised (1))
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
exercised (1))
Top 1 — 68,269,973 118,539,945 — — — — 29.99% 29.87% 31.76% 31.68%
Top 5 — 118,106,123 224,419,725 — — — — 51.88% 51.68% 60.13% 59.98%
Top 10 — 161,569,115 290,715,615 — — — — 70.98% 70.69% 77.89% 77.70%
Top 20 8,420,800 203,218,371 346,923,940 54.57% 51.50% 49.11% 46.61% 89.27% 88.92% 92.95% 92.72%
Top 25 11,651,600 216,505,141 360,210,710 75.50% 71.26% 67.95% 64.50% 95.11% 94.73% 96.51% 96.27%
Note:
(1) Assuming the Over-allotment Option is partially exercised up to 917,800 Offer Shares.
• Top 1, 5, 10, 20 and 25 of all the holders of the H Shares of the Company (the “ H
Shareholders”) upon Listing:
H Shareholders Subscription
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Subscription
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised (1))
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of
Offer Shares
(assuming
the Over-
allotment
Option is
exercised (1))
% of total H
share capital
upon Listing
(assuming
the Over-
allotment
Option is not
exercised)
% of total H
share capital
upon Listing
(assuming
the Over-
allotment
Option is
exercised (1))
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is not
exercised)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
exercised (1))
Top 1 — 68,269,973 118,539,945 — — — — 29.99% 29.87% 31.76% 31.68%
Top 5 — 138,415,265 192,688,155 — — — — 60.81% 60.56% 51.63% 51.50%
Top 10 8,420,800 175,466,600 276,834,955 54.57% 51.50% 49.11% 46.61% 77.08% 76.77% 74.17% 73.99%
Top 20 9,549,800 210,520,876 322,403,705 61.88% 58.41% 55.69% 52.86% 92.48% 92.11% 86.38% 86.17%
Top 25 13,751,600 221,046,346 332,929,175 89.11% 84.11% 80.20% 76.12% 97.11% 96.72% 89.20% 88.98%
Note:
(1) Assuming the Over-allotment Option is partially exercised up to 917,800 Offer Shares.
In view of the high concentration of shareholding in a small number of H Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of Shares traded, and should
exercise extreme caution when dealing in H Shares.