JACOBIO-B Surges Over 5% in Morning Session as Company Establishes Co-CEO System

Deep News11-14

JACOBIO-B (01167) saw its shares rise more than 7% intraday. As of press time, the stock was up 5.22%, trading at HK$7.26 with a turnover of HK$21.03 million.

On November 13, JACOBIO announced the establishment of a co-CEO system. Dr. Wang Yinxiang, the current Chairman and CEO, will serve as co-CEO alongside Dr. Wang Yi, the current Chief Medical Officer. Under the new management structure, Dr. Wang Yinxiang will continue to oversee the company's global strategic planning, major decision-making, and R&D system development. Meanwhile, Dr. Wang Yi will be responsible for overseas business expansion, international collaborations, and clinical development, further strengthening the company's synergy in global innovative drug R&D and commercialization.

Notably, JACOBIO previously disclosed the signing of a capital increase and equity transfer agreement with Oceanpine Capital and an industrial partner. Under the agreement, Oceanpine Capital will acquire an 80% stake in Jacobio Ruikang for an upfront payment of RMB 125 million and milestone payments of RMB 75 million. Upon completion, Beijing Jacobio's stake in Jacobio Ruikang will be reduced to 10%. The divestment of non-core assets allows the company to sharpen its strategic focus on oncology while improving its cash flow.

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