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hk-ipo/data/extracted_text/06990/allotment_results_summary_2023-07-10_2023071000010.txt
T
geometrybase 6d05056609 Backfill structured T1 demand from archived text 
Request:
- Use archivist to close the 137 T1 ipo_demand source-only gaps using extracted PDF text.

Changes:
- Add an incremental T1 demand text backfill script.
- Parse existing allotment-result extracted text into ipo_demand.
- Archive linked Summary PDFs from old HKEX HTML allotment-result pages.
- Correct allotment-result selection to prefer primary result announcements over clarification or supplemental notices.
- Add robust line-aware allotment parsing and document the workflow in archivist and README.
- Record the backfill result in a report.

Execution:
- Selected 137 source-only T1 demand gaps.
- Wrote 137 ipo_demand rows, increasing ipo_demand from 154 to 291 rows.
- Archived 38 new HKEX allotment-result PDFs and extracted their text.
- Confirmed an incremental rerun selects 0 gaps and writes 0 rows.

Verification:
- Ran git diff --cached --check.
- Ran py_compile for archive_hkex_documents.py and backfill_t1_demand_from_text.py.
- Checked SQLite integrity and foreign keys.
- Confirmed DB row counts match CSV snapshots.
- Verified no T1 complete row is missing ipo_demand.
- Verified source_refs paths/files/hashes and PDF extracted-text manifest hashes.

Next useful context:
- T1 demand structure is complete for listed rows; 06106 and 06675 remain pending_not_due.
- T2 grey-market and due price-performance gaps remain separate archivist priorities.
- Analyst output should be regenerated before using the new T1 demand facts for scoring.
2026-06-15 13:59:06 +00:00

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--- page 1 ---
3
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Net Proceeds from the Global Offering
• Based on the final Offer Price of HK$60.60 per Offer 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$1,258.9 million (assuming the
Over–allotment Option is not exercised). The estimated total listing expenses (assuming
that the Over-allotment Option is not exercised) are approximately HK$101.4 million,
or 7.5% of the gross proceeds of the Global Offering, comprising HK$54.5 million
underwriting fees, HK$35.3 million fees and expenses of legal advisors and Reporting
Accountants and HK$11.6 million other fees and expenses. 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 exercised in full, the Company will receive additional net
proceeds of approximately HK$195.9 million for 3,366,900 additional Offer Shares to be
issued and allotted upon the exercise of the Over-allotment Option, 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
Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been slightly over-subscribed. A total of 2,846 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 2,847,400 Hong Kong
Offer Shares, representing approximately 1.27 times of the total number of 2,244,700 H
Shares initially available for subscription under the Hong Kong Public Offering.
• 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 2,244,700
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 2,385 successful applicants under the Hong Kong Public Offering,
among which 1,495 applicants have been allotted one board lot of Offer Shares totalling
149,500 H Shares.
--- page 2 ---
4
International Offering
• The Offer Shares initially offered under the International Offering have been moderately
over-subscribed, representing approximately 3.4 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 20,201,400 H Shares,
representing approximately 90.0% 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 3,366,900 Offer Shares and there are a total of 126 placees
under the International Offering, among which 81 placees have been allotted five or fewer
board lots of Offer Shares totalling 10,000 H Shares and 62 placees have been allotted one
board lot of Offer Shares totalling 6,200 H Shares.
Cornerstone Investors
• Based on the final Offer Price of HK$60.60 per Offer 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 8,677,000
H Shares, representing in aggregate (a) approximately 38.7% of the Offer Shares pursuant
to the Global Offering (assuming the Over-allotment Option is not exercised), (b)
approximately 14.3% of the H Shares in issue upon completion of the Global Offering
(assuming the Over-allotment Option is not exercised) and (c) 4.0% of our total issued
share capital upon completion of the Global Offering (assuming the Over-allotment
Option is not exercised). Please refer to the section headed “Cornerstone Investors – The
Cornerstone Placing ” in the Prospectus for further details of the Cornerstone Investors.
• We have applied to the Stock Exchange for, and the Stock Exchange has granted us, a
waiver and consent under Rules 9.09(b) and 10.04 of the Listing Rules and Paragraph
5(2) of the Placing Guidelines under Appendix 6 of the Listing Rules (the “Placing
Guidelines ”) to allow Kelun International, a wholly-owned subsidiary of Kelun
Pharmaceutical, our Controlling Shareholder, to subscribe for H Shares in the Global
Offering as a Cornerstone Investor.
• Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further
details of the Cornerstone Investors.
Placing of Offer Shares to an Existing Shareholder and Close Associates of Certain Existing
Shareholders under Paragraph 5(2) of the Placing Guidelines
• Under the International Offering, a total of 3,782,700 Offer Shares were allocated to
Kelun International, a Cornerstone Investor and a wholly-owned subsidiary of Kelun
Pharmaceutical, our Controlling Shareholder, representing (i) 16.9% of the Offer Shares
under the Global Offering; and (ii) 1.8% of the total issued share capital of the Company
immediately upon completion of the Global Offering (assuming the Over-allotment Option
is not exercised). Immediately upon completion of the Global Offering (assuming the Over-
allotment Option is not exercised), Kelun Pharmaceutical will in aggregate hold 69.2% of
the total voting rights of the Company.
• Under the International Offering, a total of 480,000 Offer Shares were allocated to LAV,
close associates of two existing Shareholders (namely LAV Kecheng and Suzhou Likang),
representing (i) 2.14% of the Offer Shares under the Global Offering; and (ii) 0.22%
of the total issued share capital of the Company immediately upon completion of the
Global Offering (assuming the Over-allotment Option is not exercised). Immediately upon
completion of the Global Offering (assuming the Over-allotment Option is not exercised),
LAV, LAV Kecheng and Suzhou Likang will in aggregate hold 0.76% of the total issued
share capital of the Company.
--- page 3 ---
5
• Under the International Offering, a total of 480,000 Offer Shares were allocated to Gygnus
Real, an existing Shareholder, representing (i) 2.14% of the Offer Shares under the Global
Offering; and (ii) 0.22% of the total issued share capital of the Company immediately upon
completion of the Global Offering (assuming the Over-allotment Option is not exercised).
Immediately upon completion of the Global Offering (assuming the Over-allotment Option
is not exercised), Gygnus Real will in aggregate hold 0.53% of the total issued share
capital of the Company.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
a waiver from strict compliance with Rule 10.04 of the Listing Rules and its consent under
paragraph 5(2) of the Placing Guidelines to permit the Company to allocate such Offer
Shares under the International Offering to LAV and Gygnus Real.
Connect Client Placee with the Consent under Paragraph 5(1) of the Placing Guidelines
• Under the International Offering, a total of 1,690,300 Offer Shares, representing
approximately 7.53% of the Offer Shares initially available under the Global Offering,
were placed to a connected client of an Overall Coordinator set out below within the
meaning of the Placing Guidelines. The Connect Client will hold the Offer Shares on a
non-discretionary basis. Details are set out below:
Placee
Overall
Coordinator
Relationship with the
Overall Coordinator
Number of
Offer Shares
placed
Approximate
percentage
of the Offer
Shares
initially
available
under
the Global
Offering (1)(2)
Approximate
percentage of
the total
issued
share capital
immediately
following the
completion
of the Global
Offering (1)(2)
CSI Capital Management Limited
( “CSI”or the
“Connected Client ”)
CLSA Limited CSI is a member of
the same group of
companies as
CLSA Limited
1,690,300 7.53% 0.78%
Notes:
(1) Assuming the Over-allotment Option is not exercised.
(2) The percentage figures are subject to rounding adjustments.
--- page 4 ---
6
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
to the Company, its consent under paragraph 5(1) of the Placing Guidelines to permit the
Company to allocate such Offer Shares in the International Offering to CSI. The Offer
Shares placed to CSI are held by CSI on behalf of independent third parties and are in
compliance with all the conditions under the consent granted by the Stock Exchange.
Confirmation of Cornerstone Investors, Public Shareholders in the Hong Kong Public
Offering and Placees in the International Offering
• To the best knowledge of the Company and save for the fact that one Cornerstone Investor,
namely Kelun International as well as four placees, namely LAV STAR Limited, LAV
STAR Opportunities Limited, LAV Public Equity Master Fund and Gygnus Real are
existing Shareholders and/or close associates of the existing Shareholders of the Company,
(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.
• Save as disclosed in the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Connected Client Placee with the Consent under Paragraph 5(1)
of Placing Guidelines ” and “International Offering – Placing of Offer Shares to an Existing
Shareholder and Close Associates of Certain Existing Shareholders under Paragraph 5(2)
of Placing Guidelines ” of 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.
• The Directors confirm that (a) no placee will, individually, be placed more than 10% of
the enlarged issued share capital of the Company immediately after the Global Offering;
(b) there will not be any new substantial shareholder (as defined in the Listing Rules) of
the Company immediately after the Global Offering; (c) the number of H Shares in public
hands will satisfy the minimum percentage prescribed in the conditions imposed in the
waiver granted by the Stock Exchange from strict compliance with Rule 8.08(1)(b) of the
Listing Rules; (d) the three largest public shareholders of the Company do not hold more
than 50% of the H Shares in public hands at the time of Listing in compliance with Rules
8.08(3) and 8.24 of the Listing Rules; and (e) there will be at least 300 Shareholders at the
time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
--- page 5 ---
7
Over-allotment Option
In connection with the Global Offering, we have granted the Over-allotment Option to the
International Underwriters, exercisable by the Overall Coordinators (for themselves and
on behalf of the International Underwriters), at any time from the date of the International
Underwriting Agreement to Thursday, August 3, 2023, being the 30th day after the last day for
lodging applications under the Hong Kong Public Offering, to require us to allot and issue up
to an aggregate of 3,366,900 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 the over-allocations in the International Offering. There has been an over–allocation of
3,366,900 Offer Shares in the International Offering. Such over-allocation may be covered by
exercising the Over-allotment Option in full or 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 http://kelun-biotech.com . As of the date of this announcement, the Over-
allotment Option has not been exercised.
Lock-up Undertakings
The Company, all existing Shareholders and the Cornerstone Investors of the Company
are subject to certain lock-up undertakings as set out in the paragraph headed “Lock-up
Undertakings ” 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 http://kelun-biotech.com
and the Stock Exchange ’s website at www.hkexnews.hk by no later than 9:00 a.m. on
Monday, July 10, 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, July 10, 2023 to 12:00 midnight on Sunday, July 16, 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, July 10, 2023, Tuesday, July 11, 2023, Wednesday, July
12, 2023, and Thursday, July 13, 2023.
--- page 6 ---
8
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 1,000,000 Hong Kong Offer Shares or more 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, 17/F Floor, Hopewell Centre, 183 Queen ’s
Road East, Wanchai, Hong Kong from 9:00 a.m. to 1:00 p.m. on Monday, July 10, 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 1,000,000 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, July 10, 2023.
• 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, July 10,
2023, are expected to be despatched by ordinary post to those entitled to them at their own
risk on or before Monday, July 10, 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, July
10, 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.
--- page 7 ---
9
• 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, July 10, 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,
July 10, 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 first-
named applicant) by ordinary post at their own risk on or before Monday, July 10, 2023.
• 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, July 10, 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, July 11, 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
Immediately following completion of the Global Offering and before the exercise of the Over–
allotment Option, (i) the number of H Shares in public hands will be 45,057,571 H Shares,
representing approximately 20.88% of the total issued share capital of the Company which
satisfies the minimum percentage prescribed in the conditions imposed in the waiver granted by
the Stock Exchange from strict compliance with Rule 8.08(1) of the Listing Rules, and (ii) 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.
--- page 8 ---
10
Commencement of Dealings
H Share certificates for the Hong Kong Offer Shares will only become valid evidence of title
provided that (i) the Global Offering has become unconditional in all respects and (ii) neither
of the Underwriting Agreements has been terminated in accordance with their terms prior to
8:00 a.m. on the Tuesday, July 11, 2023. Investors who trade H Shares on the basis of publicly
available allocation details prior to the receipt of H Share certificates or prior to the H Share
certificates becoming valid do so at their own risk.
Assuming that the Global Offering becomes unconditional in all respects at or before 8:00 a.m.
on Tuesday, July 11, 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, July 11, 2023 (Hong
Kong time). H Shares will be traded in board lots of 100 H Shares each. The stock code of the H
Shares is 6990.
In view of the high concentration of shareholding in a small number of H Shareholders,
H Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of H Shares traded, and should exercise
extreme caution when dealing in H Shares.
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the final Offer Price of HK$60.60 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of underwriting fees and commissions and
estimated expenses payable by the Company in connection with the Global Offering, are estimated
to be approximately HK$1,258.9 million (assuming the Over-allotment Option is not exercised).
The estimated total listing expenses (assuming that the Over-allotment Option is not exercised) are
approximately HK$101.4 million, or 7.5% of the gross proceeds of the Global Offering, comprising
HK$54.5 million underwriting fees, HK$35.3 million fees and expenses of legal advisors and
Reporting Accountants and HK$11.6 million other fees and expenses.
The Company intends to apply the net proceeds as follows:
• 45.0%, or approximately HK$566.5 million will be used for the research, development and
commercialization of our Core Products, namely, SKB264 and A166;
• 30.0%, or approximately HK$377.7 million will be used for the research, development and
commercialization of our other key products;
• 12.0%, or approximately HK$151.1 million will be used to fund the continued development
of our technology platforms, advance our other existing pipeline assets, and explore and
develop new drug candidates;
• 8.0%, or approximately HK$100.7 million will be used to fund the expansion of
our manufacturing capabilities and quality control system to support the anticipated
commercialization of our late-stage assets; and
• 5.0%, or approximately HK$62.9 million, will be used for working capital and other general
corporate purposes.
--- page 9 ---
11
If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds
of approximately HK$195.9 million for 3,366,900 additional Offer Shares to be issued and allotted
upon the exercise of the Over-allotment Option. In the event that the Over-allotment Option is
exercised in full, the Company intends to adjust its allocation of the net proceeds for the above
purposes on a pro rata basis. 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 available under the Hong Kong Public Offering have been
slightly over-subscribed. At the close of the application lists at 12:00 noon on Tuesday, July 4,
2023, a total of 2,846 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 2,847,400 Hong Kong Offer Shares, representing approximately 1.27 times
of the total number of 2,244,700 Hong Kong Offer Shares initially available for subscription under
the Hong Kong Public Offering, among which:
• 2,838 valid applications in respect of a total of 2,127,400 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$72.80 per Offer Share (excluding brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) of HK$5 million or less, representing approximately 1.90 times of the
1,122,400 Hong Kong Offer Shares initially comprised in Pool A; and
• 8 valid applications in respect of a total of 720,000 Hong Kong Offer Shares were for the
Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$72.80 per Offer Share (excluding brokerage of 1.0%, SFC transaction
levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) of more than HK$5 million, representing approximately 0.64 times of the
1,122,300 Hong Kong Offer Shares initially comprised in Pool B.
No application was rejected due to invalid application. 2 multiple or suspected multiple
applications were identified and rejected. No application was rejected due to dishonored payments.
No application for more than 1,122,300 Hong Kong Offer Shares (being 50% of the Hong Kong
Offer Shares initially available under the Hong Kong Public Offering) was 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 2,244,700 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 2,385
successful applicants under the Hong Kong Public Offering, among which 1,495 applicants have
been allotted one board lot of Offer Shares totalling 149,500 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.
--- page 10 ---
12
INTERNATIONAL OFFERING
On July 4, 2023, our Company, Kelun Pharmaceutical, Mr. LIU Gexin, the Joint Sponsors, the
Overall Coordinators and the International Underwriters (namely, Goldman Sachs (Asia) L.L.C.,
CLSA Limited, Citigroup Global Markets Limited, ICBC International Securities Limited and
BOCOM International Securities Limited) entered into the International Underwriting Agreement
in respect of the International Offering.
The Offer Shares initially offered under the International Offering have been moderately over-
subscribed, representing approximately 3.4 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 20,201,400 H Shares, representing approximately
90.0% 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 3,366,900 Offer
Shares and there are a total number of 126 placees under the International Offering, among which
81 placees have been allotted five or fewer board lots of the Offer Shares totalling 10,000 H Shares
and 62 placees have been allotted one board lot of the Offer Shares totalling 6,200 H Shares.
Cornerstone Investors
Based on the final Offer Price of HK$60.60 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) and pursuant to the relevant Cornerstone Investment Agreements as disclosed in the
section headed “Cornerstone Investors – The Cornerstone Placing ” in the Prospectus, the number
of Offer Shares subscribed for by the Cornerstone Investors is determined as set out below:
Investment
Amount (1)
Number of
Offer Shares
(rounded
down to
nearest whole
board lot of
100 H Shares)
Approximate
% of H Shares
in issue
immediately
following the
completion
of Global
Offering (2)
Approximately
% of ownership
immediately
following the
completion
of Global
Offering (2)
($U.S. in
million)
RTW Funds (3) 15,000,000 1,934,400 3.2% 0.9%
Laurion Capital Master Fund 7,286,000 939,600 1.5% 0.4%
TruMed 7,286,000 939,600 1.5% 0.4%
CUAM 8,380,356 (4) 1,080,700 1.8% 0.5%
Kelun International 29,331,248 (4) 3,782,700 6.2% 1.8%
Total 67,283,604 8,677,000 14.3% 4.0%
--- page 11 ---
13
Notes:
(1) Exclusive of brokerage, the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction
levy, and to be converted to Hong Kong dollars based on the exchange rate as disclosed in the Prospectus.
(2) Assuming the Over-allotment Option is not exercised.
(3) According to an announcement dated June 27, 2023 made by RTW Venture Fund Limited, RTW Venture Fund
Limited has changed its name to RTW Biotech Opportunities Ltd.
(4) With respect to the Cornerstone Investors whose original investment amount is made in RMB, the relevant USD
equivalent is calculated using the exchange rate as disclosed in the Prospectus.
We have applied to the Stock Exchange for, and the Stock Exchange has granted us, a waiver
from strict compliance with the requirements under Rules 9.09(b) and 10.04, and a consent under
paragraph 5(2) of Appendix 6 of the Listing Rules, to allow Kelun International, a wholly-owned
subsidiary of Kelun Pharmaceutical, our Controlling Shareholder, to subscribe for the H Shares in
the Global Offering as a Cornerstone Investor.
To the best knowledge of our Company and save for the fact that Kelun International is a wholly-
owned subsidiary of Kelun Pharmaceutical, our Controlling Shareholder,
(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 Cornerstone Investors is accustomed to taking instructions from the Company,
the Directors, Supervisors, chief executive, substantial Shareholders, existing Shareholders or
any of their respective subsidiaries or their respective close associates;
(iii) none of the subscription of the relevant Offer Shares by any of the Cornerstone Investors is
financed directly or indirectly by the Company, the Directors, Supervisors, chief executive,
substantial Shareholders, existing Shareholders or any of their respective subsidiaries or their
respective close associates; and
(iv) each Cornerstone Investor will be utilizing their proprietary funding or the proprietary
funding of the funds under their management, as appropriate, as their source of funding for
the subscription of the Offer Shares.
There are no side arrangements or agreements between our Group and the Cornerstone Investors
or any benefit, direct or indirect, conferred on the Cornerstone Investors by virtue of or in relation
to the Cornerstone Placing, other than a guaranteed allocation of the relevant Offer Shares at the
Offer Price.
The Offer Shares to be subscribed by the Cornerstone Investors will rank pari passu in all respect
with the fully paid Shares in issue and will count towards the public float of the Company (other
than the Offer Shares subscribed for by Kelun International) under Rule 8.08 of the Listing Rules
and 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 (other than Kelun International) will become a substantial Shareholder
of the Company. The Cornerstone Investors or their close associates will not, by virtue of their
cornerstone investments, have any Board representation in 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 in the Cornerstone Investment Agreements compared with other public
Shareholders.
--- page 12 ---
14
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 including 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 who will be bound by the same obligations of such Cornerstone
Investor, including the Lock-up Period restriction.
Please refer to the section headed “Cornerstone Investors – The Cornerstone Placing ” in the
Prospectus for further details.
Connected Client Placee with the Consent under Paragraph 5(1) of Placing Guidelines
Certain Offer Shares were placed to one placee who is a connected client of an Overall Coordinator
within the meaning of the Placing Guidelines. The Company has applied to the Stock Exchange for,
and the Stock Exchange has granted, its consent under paragraph 5(1) of the Placing Guidelines to
permit the Company to allocate such Offer Shares as set out below.
Placee
Overall
Coordinator
Relationship with
the Overall
Coordinator
Number of
Offer Shares
placed
Approximate
percentage
of the Offer
Shares initially
available under
the Global
Offering (1)(3)
Approximate
percentage of
the total issued
share capital
immediately
following the
completion
of the Global
Offering (1)(3)
CSI Capital Management Limited
( “CSI”)(2)
CLSA Limited CSI is a member of
the same group of
companies as CLSA
1,690,300 7.53 0.78
Note:
(1) Assuming that the Over-allotment Option is not exercised.
(2) CSI will act as the single counterparty of a back-to-back total return swap transaction (the “CSI Back-to-back
TRS”) to be entered into by CSI in connection with a total return swap order (the “CSI Client TRS ”) placed
by its ultimate clients (the “CSI Ultimate Clients ”), by which CSI will pass the full economic exposure of the
Offer Shares placed to CSI (the “CSI Offer Shares ”) to the CSI Ultimate Clients, meaning in effect, CSI will
hold the beneficial interest of the CSI Offer Shares on behalf of the CSI Ultimate Clients on a non-discretionary
basis. CSI will hold the legal title and beneficial interest in the CSI Offer Shares, but will contractually agree
to pass on the full economic exposure and return of the CSI Offer Shares to the CSI Ultimate Clients. The CSI
Ultimate Clients may exercise an early termination right to early terminate the CSI Client TRS at any time
from the trade date of the CSI Client TRS which should be on or after the date on which the CSI Offer Shares
are listed on the Stock Exchange. Upon the final maturity or early termination of the CSI Client TRS by the
CSI Ultimate Clients, CSI will dispose of the CSI Offer Shares on the secondary market and the CSI Ultimate
Clients will receive a final termination amount of the CSI Back-to-back TRS which should have taken into
account all the economic returns or economic loss in relation to the CSI Offer Shares and the fixed amount of
transaction fees of the CSI Back-to back TRS and the CSI Client TRS. CSI will not exercise the voting right of
the CSI Offer Shares during the tenor of the CSI Back-to-back TRS.
(3) The percentage figures are subject to rounding adjustments.
--- page 13 ---
15
Placing of Offer Shares to an Existing Shareholder and Close Associates of Certain Existing
Shareholders under Paragraph 5(2) of the Placing Guidelines
Certain Offer Shares were placed to an Existing Shareholder and Close Associates of Certain
Existing Shareholders. The Company has applied to the Stock Exchange for, and the Stock
Exchange has granted, a waiver from strict compliance with Rule 10.04 of the Listing Rules and
its consent under paragraph 5(2) of the Placing Guidelines to permit the Company to allocate such
Offer Shares as set out below.
Placee Relationship with the Company
Current
shareholding in
the Company
held by itself
or its associate
(Approximate %
of the Company ’s
issued share
capital)
Number of Shares
to be subscribed
under the
Global Offering
(Approximate %
of the total Offer
Shares initially
available under the
Global Offering) (1)
Approximate
percentage of
Shares held by
itself or its close
associate of the
Company ’s issued
share capital
immediately
following the
completion of the
Global Offering (1)
Kelun International A wholly-owned subsidiary of Kelun Pharmaceutical, our
Controlling Shareholder
145,555,685
(75.27%)
3,782,700
(16.9%)
69.2%
LAV Star Limited, LAV
Star Opportunities
Limited and LAV
Public Equity Master
Fund (collectively,
“LAV”)
LAV are close associates of two existing Shareholders, namely
LAV Kecheng and Suzhou Likang, which hold 0.40% and
0.20% of the total issued share capital of the Company,
respectively
1,157,778 480,000 0.76%
(0.60%) (2.14%)
Gygnus Real Gygnus Real Company is an existing Shareholder holding 0.35%
of the total issued share capital of the Company
672,184
(0.35%)
480,000
(2.14%)
0.53%
Note:
(1) Assuming that the Over-allotment Option is not exercised.
--- page 14 ---
16
Save as disclosed in the above sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Connected Client Placee with the Consent under Paragraph 5(1)
of Placing Guidelines ” and “International Offering – Placing of Offer Shares to an Existing
Shareholder and Close Associates of Certain Existing Shareholders under Paragraph 5(2) of Placing
Guidelines ”of 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.
To the best knowledge of the Company and save for the fact that Kelun International, LAV STAR
Limited, LAV STAR Opportunities Limited, LAV Public Equity Master Fund and Gygnus Real
Company Limited are existing Shareholders and/or close associates of the existing Shareholders
of the Company, (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 (for themselves and
on behalf of the International Underwriters), at any time from the Listing Date to Thursday,
August 3, 2023, being the 30th day after the last day for lodging applications under the Hong
Kong Public Offering, to require the Company to allot and issue up to an aggregate of 3,366,900
additional Offer Shares, representing approximately 15.0% of the total number of Offer Shares
initially available under the Global Offering, at the Offer Price to cover the over-allocations in
the International Offering, if any. There has been an over-allocation of 3,366,900 Offer Shares in
the International Offering. Such over-allocation may be covered by exercising the Over-allotment
Option in full or 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
http://kelun-biotech.com . As of the date of this announcement, the Over-allotment Option
has not been exercised.
--- page 15 ---
17
LOCK-UP UNDERTAKINGS
The Company, the Pre-IPO Investors and, all the other existing Shareholders and the Cornerstone
Investors are subject to lock-up undertakings (the “Lock-up Undertakings ”) in respect of the
Shares. The major terms of the Lock-up Undertakings are as follows:
Name Class of Shares
Number of
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon
the Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
after Listing (3)
Last day subject
to the Lock-up
Undertakings
The Company (subject to lock-up undertakings
pursuant to the Listing Rules and the Hong Kong
Underwriting Agreement) N/A N/A N/A January 11, 2024 (1)
A group of Controlling Shareholders, Pre-IPO Investors and other existing Shareholders (subject to lock-up undertakings
pursuant to the Listing Rules, the Hong Kong Underwriting Agreement and applicable PRC laws and regulations, as the case may be)
Kelun Pharmaceutical Domestic Shares 115,555,685 53.54% July 11, 2024 (2)
Kelun Huicai Domestic Shares 5,250,000 2.43% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
2,250,000 1.04%
Kelun Huineng Domestic Shares 5,250,000 2.43% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
2,250,000 1.04%
Kelun Huizhi Domestic Shares 5,250,000 2.43% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
2,250,000 1.04%
Kelun Huide Domestic Shares 5,250,000 2.43% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
2,250,000 1.04%
WANG Jingyi Domestic Shares 2,850,000 1.32% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
2,850,000 1.32%
MSD H Shares to be
converted from
Unlisted Foreign
Shares
13,443,693 6.23% July 11, 2024 (2)
--- page 16 ---
18
Name Class of Shares
Number of
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon
the Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
after Listing (3)
Last day subject
to the Lock-up
Undertakings
Wealthy Linkage Unlisted Foreign
Shares
3,633,914 1.68% July 11, 2024 (2)
H Shares to be
converted from
Unlisted Foreign
Shares
3,633,914 1.68%
Leyue Capital Unlisted Foreign
Shares
1,008,276 0.47% July 11, 2024 (2)
H Shares to be
converted from
Unlisted Foreign
Shares
1,008,277 0.47%
FIIF Domestic Shares 7,144,177 3.31% July 11, 2024 (2)
Ningbo Daoyi H Shares to be
converted from
Domestic Shares
4,200,000 1.95% July 11, 2024 (2)
Kexin Lunda Domestic Shares 1,160,506 0.54% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
1,160,506 0.54%
Cinda Capital H Shares to be
converted from
Domestic Shares
386,835 0.18% July 11, 2024 (2)
LAV Kecheng Unlisted Foreign
Shares
771,852 0.36% July 11, 2024 (2)
Suzhou Likang Domestic Shares 385,926 0.18% July 11, 2024 (2)
Anling Weijian Domestic Shares 967,088 0.45% July 11, 2024 (2)
BOSC Xingling H Shares to be
converted from
Domestic Shares
734,987 0.34% July 11, 2024 (2)
--- page 17 ---
19
Name Class of Shares
Number of
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon
the Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
after Listing (3)
Last day subject
to the Lock-up
Undertakings
Gygnus Real Unlisted Foreign
Shares
134,436 0.06% July 11, 2024 (2)
H Shares to be
converted from
Unlisted Foreign
Shares
537,748 0.25%
Wutong Juke Domestic Shares 410,690 0.19% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
205,345 0.10%
Chengdu Wenjiang Emerging Industry Venture H Shares to be
converted from
Domestic Shares
386,835 0.18% July 11, 2024 (2)
ZHOU Youcai H Shares to be
converted from
Domestic Shares
386,835 0.18% July 11, 2024 (2)
Gao Ling Liangheng Domestic Shares 115,778 0.05% July 11, 2024 (2)
H Shares to be
converted from
Domestic Shares
115,778 0.05%
Longyi Technology H Shares to be
converted from
Domestic Shares
193,418 0.09% July 11, 2024 (2)
Cornerstone Investors (subject to lock-up undertakings pursuant to the Cornerstone Investment Agreements)
RTW Funds H Shares 1,934,400 0.9% January 11, 2024 (2)
Laurion Capital Master Fund H Shares 939,600 0.4% January 11, 2024 (2)
TruMed H Shares 939,600 0.4% January 11, 2024 (2)
CUAM H Shares 1,080,700 0.5% January 11, 2024 (2)
Kelun International H Shares 3,782,700 1.8% January 11, 2024 (2)
--- page 18 ---
20
Notes:
(1) The Company may issue Shares without any lock-up obligations after the indicated date.
(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.
PUBLIC FLOAT
The Stock Exchange has exercised its discretion under 8.08(1)(d) and has granted the Company
a waiver from strict compliance with the requirements of Rule 8.08(1)(a) of the Listing Rules.
Therefore, our minimum public float shall be the higher of:
(i) 20.88% of the total issued share capital of the Company; or
(ii) such percentage of H Shares to be held by the public immediately after the completion of the
Global Offering and the exercise of the Over-allotment Option (if any).
Immediately following completion of the Global Offering and before the exercise of the Over–
allotment Option, (i) the number of H Shares in public hands will be 45,057,571 H Shares,
representing approximately 20.88% of the total issued share capital of the Company which satisfies
the minimum percentage prescribed in the conditions imposed in the waiver granted by the Stock
Exchange from strict compliance with Rule 8.08(1) of the Listing Rules, and (ii) 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.
The Directors confirm that (a) no placee will, individually, be placed more than 10% of the
enlarged issued share capital of the Company immediately after the Global Offering; (b) there
will not be any new substantial shareholder (as defined in the Listing Rules) of the Company
immediately after the Global Offering; (c) the number of H Shares in public hands will satisfy the
minimum percentage as approved by the Stock Exchange; (d) the three largest public shareholders
of the Company do not hold more than 50% of the H Shares in public hands at the time of Listing
in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (e) there will be at least 300
Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
--- page 19 ---
21
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, 2,385
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:
Number of
H Shares
applied for
Number of
valid
applications
Pool A
Basis of allocation/ballot
Approximate
percentage
allotted
of the total
number of
H Shares
applied for
100 1,846 1,385 out of 1,846 to receive 100 Shares 75.03%
200 219 100 Shares plus 109 out of 219 to receive additional 100 Shares 74.89%
300 99 200 Shares plus 24 out of 99 to receive additional 100 Shares 74.75%
400 84 200 Shares plus 83 out of 84 to receive additional 100 Shares 74.70%
500 107 300 Shares plus 78 out of 107 to receive additional 100 Shares 74.58%
600 111 400 Shares plus 52 out of 111 to receive additional 100 Shares 74.47%
700 16 500 Shares plus 3 out of 16 to receive additional 100 Shares 74.11%
800 26 500 Shares plus 24 out of 26 to receive additional 100 Shares 74.04%
900 9 600 Shares plus 5 out of 9 to receive additional 100 Shares 72.84%
1,000 106 700 Shares plus 29 out of 106 to receive additional 100 Shares 72.74%
1,500 45 1,000 Shares plus 40 out of 45 to receive additional 100 Shares 72.59%
2,000 28 1,400 Shares plus 14 out of 28 to receive additional 100 Shares 72.50%
2,500 33 1,800 Shares plus 4 out of 33 to receive additional 100 Shares 72.48%
3,000 13 2,100 Shares plus 9 out of 13 to receive additional 100 Shares 72.31%
3,500 3 2,500 Shares 71.43%
4,000 13 2,800 Shares plus 6 out of 13 to receive additional 100 Shares 71.15%
4,500 2 3,200 Shares 71.11%
5,000 18 3,500 Shares plus 10 out of 18 to receive additional 100 Shares 71.11%
6,000 6 4,200 Shares plus 4 out of 6 to receive additional 100 Shares 71.11%
7,000 8 4,900 Shares plus 5 out of 8 to receive additional 100 Shares 70.89%
8,000 2 5,600 Shares plus 1 out of 2 to receive additional 100 Shares 70.63%
10,000 14 7,000 Shares plus 7 out of 14 to receive additional 100 Shares 70.50%
15,000 7 10,500 Shares plus 5 out of 7 to receive additional 100 Shares 70.48%
20,000 6 14,000 Shares plus 5 out of 6 to receive additional 100 Shares 70.42%
25,000 1 17,600 Shares 70.40%
30,000 5 21,100 Shares 70.33%
35,000 1 24,500 Shares 70.00%
40,000 3 28,000 Shares 70.00%
45,000 2 31,500 Shares 70.00%
50,000 3 35,000 Shares 70.00%
60,000 2 42,000 Shares 70.00%
2,838 Total number of Pool A successful applicants: 2,377
--- page 20 ---
22
Number of
H Shares
applied for
Number of
valid
applications
Pool B
Basis of allocation/ballot
Approximate
percentage allotted
of the total
number of
H Shares
applied for
70,000 6 70,000 Shares 100.00%
100,000 1 100,000 Shares 100.00%
200,000 1 200,000 Shares 100.00%
8 Total number of Pool B successful applicants: 8
The final number of Offer Shares under the Hong Kong Public Offering is 2,244,700 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).
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 http://kelun-biotech.com
and the Stock Exchange ’s website at www.hkexnews.hk by no later than 9:00 a.m. on
Monday, July 10, 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, July 10, 2023
to 12:00 midnight on Sunday, July 16, 2023; and
• by telephone enquiry line by calling +852 2862 8555 between 9:00 a.m. and 6:00 p.m. on
Monday, July 10, 2023, Tuesday July 11, 2023, Wednesday, July 12, 2023, and Thursday,
July 13, 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 21 ---
23
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 International Offering is set out below:
Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
International/Placee 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 in full)
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 in full)
% 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 in full)
% 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 in full)
Top 1 3,900,000 3,900,000 3,900,000 19.31% 16.55% 17.37% 15.11% 6.43% 6.09% 1.81% 1.78%
Top 5 12,707,400 12,707,400 158,263,085 62.90% 53.92% 56.61% 49.23% 20.94% 19.84% 73.33% 72.20%
Top 10 17,437,300 17,437,000 162,992,985 86.32% 73.99% 77.69% 67.55% 28.73% 27.22% 75.52% 74.36%
Top 20 22,372,300 22,910,048 169,757,947 110.75% 94.93% 99.67% 86.67% 37.75% 35.77% 78.65% 77.45%
Top 25 22,922,300 23,460,048 170,307,947 113.47% 97.26% 102.12% 88.80% 38.66% 36.62% 78.91% 77.70%
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24
Top 1, 5, 10, 20 and 25 of the Shareholders upon Listing:
Shareholders of the
Company 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 in full)
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 in full)
% 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 in full)
% 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 in full)
Top 1 3,782,700 3,782,700 149,338,385 18.72% 16.05% 16.85% 14.65% 6.23% 5.91% 69.19% 68.13%
Top 5 3,782,700 24,718,584 184,910,636 18.72% 16.05% 16.85% 14.65% 40.73% 38.59% 85.67% 84.36%
Top 10 11,307,400 37,990,625 199,343,183 55.97% 47.98% 50.38% 43.81% 62.60% 59.31% 92.36% 90.94%
Top 20 18,397,300 46,210,453 210,233,003 91.07% 78.06% 81.96% 71.27% 76.14% 72.14% 97.41% 95.91%
Top 25 20,897,300 49,445,440 213,467,990 103.44% 88.67% 93.10% 80.96% 81.47% 77.19% 98.91% 97.39%
Top 1, 5, 10, 20 and 25 of all the holders of the H Shares of the Company 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 in full)
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 in
full)
% 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 in full)
% 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 in full)
Top 1 13,443,693 13,443,693 0.00% 0.00% 0.00% 0.00% 22.15% 20.99% 6.23% 6.13%
Top 5 7,682,700 38,968,584 180,166,459 38.03% 32.60% 34.23% 29.76% 64.21% 60.83% 83.48% 82.19%
Top 10 12,707,400 48,390,625 193,599,006 62.90% 53.92% 56.61% 49.23% 79.73% 75.54% 89.70% 88.32%
Top 20 19,267,300 56,815,440 203,143,947 95.38% 81.75% 85.84% 74.64% 93.62% 88.69% 94.12% 92.68%
Top 25 21,872,300 59,420,440 206,331,725 108.27% 92.80% 97.44% 84.73% 97.91% 92.76% 95.60% 94.13%
In view of the high concentration of shareholding in a small number of H Shareholders, H Shareholders and prospective investors
should be aware that the price of the H Shares could move substantially even with a small number of H Shares traded, and should
exercise extreme caution when dealing in H Shares.
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