Jiuyuan Gene has launched its initial public offering, bringing in seven cornerstone investors including Fosun, ali health, nanjing king-friend biochemical pharmaceutical, jointown pharmaceutical group, and is set to be listed in Hong Kong on November 28.

Ryanben Capital · Nov 20, 2024 13:22

来自浙江杭州的生物制药公司九源基因(02566.HK)，于今日(11月20日)起至下周一(11月25日)招股，预计2024年11月28日在港交所挂牌上市，华泰国际独家保荐。

九源基因，计划全球发售4539.88万股H股(占发行完成后总股份的18.50%)，其中90%为国际发售、10%为公开发售，另有15%超额配股权，每股发售价介乎11.48港元至12.56港元，每手200股，最多募资约5.70亿港元。

假设每股发售价12.02港元(发售价区间中位数)，九源基因预计上市总开支约7750万港元，包括3.5%的包销佣金、1.4%的酌情奖金、联交所上市费、证监会交易征费、联交所交易费、财汇局交易征费、法律及其他专业费用、印刷及其他开支等。

九源基因此次IPO招股引入7名基石投资者，合共认购约3.52亿港元的发售股份，包括和达香港认购2500万美元、复星医药(600196.SH,02196.HK)通过复星实业认购500万美元、健友股份(603707.SH)通过香港健友认购500万美元、阿里健康(00241.HK)通过阿里健康香港认购300万美元、九州通(600998.SH)通过Jointown International认购300万美元、君亨酒店(301073.SZ)创始人吴启元先生认购2147万港元、Delta Capital认购1200万港元。

九源基因此次IPO，募资净额约4.681亿港元(按发售价中位数计)：约40.0%将分配至公司战略性重点治疗领域的选定在研产品的持续研发；约30.0%将用于公司现有及接近商业化产品的营销及商业化；约10.0%将用于寻求战略合作，以丰富公司在目标治疗领域的产品组合；约10.0%将用于公司的制造系统，以建设新生产线，并升级及进一步自动化现有生产设施；约10.0%将用于营运资金及其他一般企业用途提供资金。

九源基因此次IPO，华泰国际为其独家保荐人、整体协调人、联席全球协调人，中信里昂为其整体协调人、联席全球协调人，其他包销商包括招银国际、瑞邦证券、百惠证券；安永为其审计师；天册、科律分别为其公司中国律师、公司香港律师；金杜为其券商香港律师；嘉源、安理谢尔曼思特灵为其券商香港律师；灼识咨询为其行业顾问。

招股书显示，九源基因在上市后的股东架构中，华东医药(000963.SZ)，通过中美华东持股17.16%；李邦良先生直接持股1.17%，李邦良先生被视为拥有权益的杭州华昇持股16.25%；雇员持股平台诚和达、南北聚、晴方好分别持股2.98%、2.06%、1.57%；CQFE(西班牙)持股12.22%；浙大网新(600797.SH)通过浙江网新持股9.99%；杨麟振(99%)、陈燕凤(1%)的增好有限公司通过Highland Phama持股8.15%；杭州市政府(90.59%)、浙江财政厅旗下浙江省财务开发控制的杭金投持股7.10%；黄河清、吴月华，通过万里扬持股3.99%；吴启元先生持股2.79%(为基石投资者按发售价中位数认购计)；参与全球发售的其他投资者持股17.78%。

九源基因，成立于1993年，作为一家生物制药公司，拥有逾30年生物药品及医疗器械的研发、生产及商业化经验，专注于骨科、代谢疾病、肿瘤、血液四大快速增长的治疗领域，截至2024年11月3日，九源基因已围绕上述四大治疗领域建立了多元化的产品组合，当中包括8款已上市产品，以及超过10款在研产品。8款已上市产品包括骨科、肿瘤、血液领域的1款创新药械组合，2款生物制品、5款化学药品。所有产品均已纳入国家医保目录，吉欧停、亿喏佳及吉芙惟在国家带量采购计划的招标过程中中标，此外吉粒芬、吉巨芬及吉派林被纳入国家带量采购计划。九源基因已建立覆盖全国的销售及分销网络。截至2024年6月30日，公司销售及分销网络已覆盖1,300多家三级医院及超过3,500 家其他医院及医疗机构，分布在全国95%以上的地级区县。

九源基因招股书链接：

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1120/2024112000020_c.pdf

Based in Hangzhou, Zhejiang, the biopharmaceutical company Zhejiang Hangzhou Jiuyuan Genes (02566.HK) will start its public offering today (November 20) until next Monday (November 25), with plans to list on the Hong Kong Stock Exchange on November 28, 2024, exclusively sponsored by Huatai International.

Jiuyuan Genes plans to globally sell 45.3988 million H shares (18.50% of the total shares after the completion of the issuance), with 90% for international sale, 10% for public offering, and an additional 15% over-allotment option. The selling price per share ranges from HK$11.48 to HK$12.56, with 200 shares per board lot, raising up to approximately HK$0.57 billion.

Assuming a selling price of HK$12.02 per share (midpoint of the price range), Jiuyuan Genes estimates a total listing expenditure of about HK$77.5 million, including 3.5% underwriting commission, 1.4% discretionary bonus, HKEx listing fee, CSRC trading fee, HKEx trading fee, FEHD trading fee, legal and other professional expenses, printing and miscellaneous expenses.

In this IPO, Jiuyuan Genes has introduced 7 cornerstone investors with a total subscription of approximately HK$0.352 billion in shares, including Hillhouse Capital Hong Kong subscribing for US$25 million, Fosun Pharma (600196.SH, 02196.HK) through Fosun Industrial for US$5 million, Nanjing King-Friend subscribing for US$5 million, Ali Health (00241.HK) through Ali Health Hong Kong for US$3 million, Jointown Pharmaceutical Group (600998.SH) through Jointown International for US$3 million, Jun He Hotels founder, Mr. Wu Qiyuan subscribing for HK$21.47 million, Delta Capital subscribing for HK$12 million.

In this IPO, Jiuyuan Genes expects a net fundraising amount of approximately HK$0.4681 billion (based on the midpoint of the offering price): around 40.0% will be allocated to the continuous research and development of selected investigational products in the company's strategically focused therapy areas; about 30.0% will be used for marketing and commercialization of existing and near-commercial products; approximately 10.0% will be allocated to seeking strategic partnerships to enhance the company's product portfolio in target therapy areas; around 10.0% will go towards the company's manufacturing system for constructing new production lines, upgrading, and further automation of existing production facilities; and about 10.0% will be used for working capital and other general corporate purposes.

In this IPO, Huatai International acts as the exclusive sponsor, overall coordinator, and joint global coordinator for Jiuyuan Genes, while CITIC CLSA serves as the overall coordinator and joint global coordinator, with other underwriters including CMB International, Reorient Securities, Bosera Securities; Ernst & Young as the auditor; TianCe, Skadden as respective legal counsels for the company in China and Hong Kong; King & Wood Mallesons as the legal counsel for brokerage in Hong Kong; Jia Yuan, Aon as the legal counsels for brokerage in Hong Kong; and Zhongshixun as the industry consultant.

The prospectus reveals that in the shareholding structure post-listing of Jiuyuan Genes, Huadong Medicine (000963.SZ) holds 17.16% through Zhongmei Huadong; Mr. Li Bangliang holds 1.17% directly, being considered to hold 16.25% via Hangzhou Huasheng; employee stock platforms Chengheda, Nanbeiju, Qingfanghao hold 2.98%, 2.06%, 1.57% respectively; CQFE (Spain) holds 12.22%; Insigma Technology (600797.SH) holds 9.99% via Zhejiang Insigma; Yang Linzhen (99%) and Chen Yanfeng (1%) hold 8.15% through Highland Pharma; Hangzhou Municipal Government (90.59%), Hangjin Investment under Zhejiang Provincial Finance Department holds 7.10%; Huang Qing, Wu Yuehua hold 3.99% through Zhejiang Wanliyang; Mr. Wu Qiyuan holds 2.79% (as a cornerstone investor at the offering price midpoint); other participating global investors hold 17.78%.

Established in 1993, Jiuyuan Genes, as a biopharmaceutical company with over 30 years of experience in the research, production, and commercialization of biological drugs and medical instruments, focuses on the four rapidly growing therapeutic areas of orthopedics, metabolic diseases, oncology, and hematology. As of November 3, 2024, Jiuyuan Genes has diversified its product portfolio around the four mentioned therapeutic areas, including 8 marketed products and over 10 investigational products. The 8 marketed products consist of 1 innovative drug-device combination and 2 biological products, and 5 chemical drugs in orthopedics, oncology, and hematology fields. All products are listed in the National Medical Insurance Catalog, with GioTing, Yirjo, and Jifuwei being selected in the national centralized procurement bidding process; additionally, Jilifen, Jijufen, and Jipailin are included in the national centralized procurement plan. Jiuyuan Genes has established a nationwide sales and distribution network, covering over 1,300 tertiary hospitals and more than 3,500 other hospitals and medical institutions as of June 30, 2024, spanning over 95% of the prefecture-level cities and counties nationwide.

Jiuyuan Gene prospectus link:

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1120/2024112000020_c.pdf

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九源基因招股，引入复星、阿里健康、健友股份、九州通等7名基石投资者，11月28日香港上市

Jiuyuan Gene has launched its initial public offering, bringing in seven cornerstone investors including Fosun, ali health, nanjing king-friend biochemical pharmaceutical, jointown pharmaceutical group, and is set to be listed in Hong Kong on November 28.

来自浙江杭州的生物制药公司九源基因(02566.HK)，于今日(11月20日)起至下周一(11月25日)招股，预计2024年11月28日在港交所挂牌上市，华泰国际独家保荐。

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