The Zhitong Finance App learned that Rongchang Biotech (09995) fell by more than 7%. As of press release, it was down 7.54% to HK$28.2, with a turnover of HK$483.13,900.

According to the news, Rongchang Biotech announced its results for the first quarter of 2024, with operating revenue of about 330 million yuan, up 96.41% year on year; net loss attributable to shareholders of listed companies was about 349 million yuan, an increase of about 7.77% year on year. The increase in revenue was mainly due to the increase in the company's sales of taitacip and verdicitumab during the current period. According to Rongchang Biotech's 2023 financial report, the company's net loss during the period was about 1,511 billion yuan, an increase of 51.3% over the previous year.

Furthermore, in terms of the company's cash flow, as of the end of 2023, Rongchang Biotech had only 727 million yuan in cash and cash equivalents remaining on its account, a sharp decrease of 1,342 billion yuan compared to 2,069 billion yuan at the beginning of the year. Earlier, Rongchang Biotech issued a fixed increase announcement, announcing that it plans to raise 2.55 billion yuan in capital for research and development of innovative drugs. In response to this increase, Rongchang Biotech said, “It will help speed up clinical and pre-clinical research on the company's R&D pipeline project and promote the listing process of related products at home and abroad, and ease the tight situation of the company's R&D and operating capital.”