As a pioneering pharmaceutical company possessing two blockbuster "billion-dollar molecules" and a pipeline with multiple First-in-Class/Best-in-Class potential candidates, ABBISKO-B (02256) has achieved annual profitability for two consecutive years, supported by innovative R&D and business development transactions. Looking ahead to 2026, with the anticipated approval in China of the first global New Drug Application for its core product, Bejiemai® (Pimitesib Hydrochloride Capsules), ABBISKO will not only usher in its first year of commercialization but also enter a new phase of transformative development. At this critical juncture, ABBISKO's decision to conduct a placement focused on raising funds for innovative R&D to replenish its "ammunition" clearly demonstrates the company's ambition to target the global forefront of R&D and commercialization by leveraging its differentiated innovation advantages. This move is expected to further consolidate ABBISKO's leading position in the global innovative drug sector.
Optimizing Investor Structure and Enhancing Long-Term Value Before the market opened on April 21, ABBISKO announced a placement plan, proposing to issue 42.9 million shares at a price of HKD 12.18 per share, aiming to raise net proceeds of approximately HKD 517 million. The company intends to allocate about 90% of the funds towards R&D for innovative oncology and non-oncology drug candidates, advancing international multi-center clinical trials, and potential commercialization activities; the remaining approximately 10% will be used for general corporate purposes.
The specifics of ABBISKO's placement reflect the maturity and professionalism of its capital market operations, representing a key step in balancing the company's financing needs with investor interests. Regarding the pricing benchmark, the placement price of HKD 12.18 represents a discount of approximately 8.35% to the closing price of HKD 13.29 on the day before the placement agreement was signed (April 20, 2026), and a discount of approximately 9.31% to the average closing price of approximately HKD 13.43 over the preceding five trading days. This falls within the common 5%-10% discount range for secondary offerings in the Hong Kong market, indicating a reasonable level. This two-tier price comparison mechanism considers both short-term market fluctuations and medium-term price trends, providing investors with a comprehensive value reference framework.
In terms of placement size, the issuance of 42.9 million shares would, assuming no other changes in share capital upon completion, represent approximately 5.99% of the total enlarged issued share capital. This size is designed to meet the company's substantial funding requirements while keeping the equity dilution effect within a relatively reasonable range, demonstrating management's consideration for shareholder interests.
Against the backdrop of strong institutional investor demand in the Hong Kong-listed innovative drug sector, ABBISKO's placement is viewed not only as a means to replenish developmental resources but also as likely to attract participation from numerous top-tier overseas long-term investors, sovereign wealth funds, and strategic investors.
The disclosure of a stake by the internationally renowned investment institution GIC Private Limited has undoubtedly captured significant market attention. GIC acquired approximately 38 million ordinary shares of ABBISKO at an average price of HKD 12.18 per share, representing a value of approximately HKD 460 million. GIC's current holding stands at 38 million shares, increasing its stake to 5.25%. GIC is Singapore's largest international investment institution, known for its long-term value investing style. Its decisive stake-building in ABBISKO amidst the ongoing volatility in the Hong Kong healthcare sector signifies strong recognition of ABBISKO's long-term value by a prestigious global institution.
Accelerated Release of Innovation Value, Significantly Enhanced Investment Potential With the approval and launch in China of its blockbuster "billion-dollar molecule" Bejiemai®, which possesses FIC/BIC potential, ABBISKO has officially taken its first step in global commercialization, entering a new stage characterized by the accelerated release of its innovation value. Concurrently, the company's second "billion-dollar molecule," Epagotinib (ABSK011), has achieved a leading position in the global small molecule pipeline progression and has the potential to become a Global FIC/BIC drug based on its superior efficacy and safety profile.
Beyond these two core products with "billion-dollar molecule" potential, ABBISKO has focused in recent years on precision oncology and immuno-oncology, targeting hot areas such as EGFR, FGFR, CSF-1R, and PRMT5. The company has established a globally competitive and differentiated innovative R&D pipeline comprising 22 programs, many of which have "best-in-class" or "first-in-class" potential, building strong momentum for the subsequent accelerated realization of ABBISKO's intrinsic value.
Furthermore, ABBISKO is one of the few innovative drug companies listed under the Hong Kong Chapter 18A rules that has consistently returned value to shareholders through "real money" share buybacks. As of the end of 2025, ABBISKO had cumulatively repurchased 10.229 million shares, representing 1.51% of the total shares issued at the beginning of the year, involving a total amount of HKD 84.67 million.
It is noteworthy that approximately 90% of the proceeds from this placement are earmarked for R&D and commercialization-related expenses. At a time when blockbuster "billion-dollar molecules" are key growth drivers for commercialization, ABBISKO's move to raise funds through a placement to stockpile more "ammunition" for focusing on core areas like oncology and immuno-oncology is seen as effectively allocating resources to priority areas. This strategy is expected to further validate its transition towards a Biopharma model and potentially deliver greater returns for investors in the secondary market.
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