He spent 3 billion to buy Kingsley's 8% share.

At noon today, Kingsley announced that on May 14, 2021, the company would enter into a subscription agreement with GNS Holdings Limited (the investor), which will issue about 103 million new shares to investors, accounting for about 5 per cent of the expanded share capital. The subscription price is HK $18.658 per share and the subscription price is about HK $1.921 billion. Hillhouse Capital is the sole investment manager of GNS Holdings Limited. Upon completion of the deal, Hillhouse expects to hold a total of about 103 million shares, or about 5.00% of the expanded total share capital.

The total proceeds from the subscription are expected to be about HK $1.921 billion. The company intends to use the net proceeds as the general working capital of the Group, mainly for R & D and expansion of production facilities, as well as general corporate expenses.

At the same time, Kingsley issued a second paper announcement that the company had been informed by the company's controlling shareholder Genscript Corporation (GS Corp) that on May 14, 2021, GS Corp and GNS Holdings Limited (the buyer) had entered into an agreement for the transfer of shares in the company. GS Corp has agreed to sell at HK $18.658 per share and the Purchaser has agreed to purchase 61.7891 million shares (representing approximately 3.00% of the existing issued share capital of the Company as enlarged by the share issue (assuming the issue has been completed).

As at the date of this announcement; and after completion (assuming that the issue of 103 million new shares under the General mandate of the Company as set out in the announcement of the same day is completed prior to completion), the number of shares held by GNS Holdings Limited upon completion (assuming that the share issue is completed before completion) is approximately 165 million shares, or 8 per cent.

Two announcements, one is that Kingsley issued new shares, Hillhouse all subscribed, holding 5%, holding 103 million shares at a subscription price of HK $1.921 billion. Second, Kingsley's controlling shareholders sold 3 per cent of their shares and 61.79 million shares, involving a capital of HK $1.153 billion. Upon completion of the subscription, Hillhouse holds 165 million shares in Kingsley, accounting for 8 per cent.

Smashed 5 billion, invested exclusively in Probio and then entered Legend Biotech Corp.

Kingsley's third announcement is that Hillhouse invested not only in its parent company, Kingsley, but also in its subsidiaries.

According to the announcement, Kingsley's Probio ushered in a round of financing, and the company subscribed for $70 million in convertible bonds, with a pre-financing valuation of $730 million for Probio.

According to the announcement, the Company and Hillhouse entered into binding contractual terms and conditions for the proposed round A financing of Probio Cayman, which is an indirect wholly-owned subsidiary of the Company, under which the Company will subscribe through its subsidiary Probio BVI for convertible bonds of US $70 million into Probio shares prior to the completion of Probio. The investor will subscribe for Probio CaymanA preferred shares with a total investment of US $150 million in round A financing.

According to the announcement, Probio Cayman, an indirect wholly-owned subsidiary of Kingsley, was incorporated as an exempted limited company in the Cayman Islands on May 7, 2021. Probio Group provides five kinds of comprehensive services: antibody drug discovery, preclinical antibody drug development, antibody drug clinical development, preclinical plasmid and virus development, and plasmid and virus clinical development.

These services and related products help biopharmaceutical and biotechnology companies accelerate the development of therapeutic antibodies on integrated platforms from the initial stage of drug discovery to preclinical and even clinical development stages. and plasmids and viral vectors for gene or cell therapy products.

At the same time, Legend Biotech Corp and Hillhouse ordered the purchase. Legend Biotech Corp agreed to sell and Hillhouse agreed to buy 20.81 million shares, involving $300m, while Legend Biotech Corp issued a maximum of 10 million call options to Hillhouse at a total price of $200m.

Upon completion of the subscription, Kingsley will hold 54.3 per cent of Legend Biotech Corp, 6.65 per cent of Hillhouse and 6.87 per cent of legendary employees.

Legend Biotech Corp is a global clinical stage biopharmaceutical company dedicated to the development of new cell therapies for oncology and other indications. In 2017, Legend Biotech Corp's CAR-T cell therapy LCAR-B38M/JNJ-4828 showed outstanding performance due to clinical data, and then, in 2020, Kingsley successfully spun it off to the United States for listing.

Legend Biotech Corp is still losing money, with a loss of $303 million in 2020, while Hillhouse has invested $300m and has an option of $200m.

In other words, the three announcements involved HK $1.921 billion, HK $1.153 billion and US $650 million (about HK $5.049 billion) respectively, and Hillhouse invested HK $8.123 billion in one go.

Kingsley's share price skyrocketed, and investors got high: it could double.

After the announcement, Kingsley soared 17% in Hong Kong, instantly increasing its market capitalization by HK $7 billion. We can see from the monthly chart that the company's share price once rose to HK $34, when "who's the next Kingsley" scanned the screen more frequently.

Since then, however, the company's share price has plummeted, falling as low as about HK $10, trapping a group of people. Kingsley's shares have soared so far this year and have doubled from HK $9.66 at the start of the year. Come on, look at the madness of today's shareholders!

Some investors said, "Hillhouse has indeed picked peaches, and Xiao Jin has introduced the most important strategic investors in China at a low price, preparing for a market capitalization of hundreds of billions of yuan." some investors said, "it is not easy to get rid of the trap at last."

The investors who sold the shares began to doubt their life, "crying, who said they would resume trading next Monday, now they have flown." I bought it at 20 last night. I missed a lot of positions. "

For detailed investment, investors said, "A round of vigorous biology, yes, there is something interesting, another incubation, gem listing"; and short-term profit investors posted their own sell screenshots, "sold 1w shares, celebrate."

It is worth noting that Hillhouse is likely to have just completed a $18 billion financing in the near future. According to people familiar with the matter, Hillhouse is on the verge of completing its latest round of financing, with three new funds raising about $18 billion, up from a target of about $13 billion set in early April 2020.

Hillhouse Capital is currently replenishing funds as the COVID-19 epidemic has hit the economy, Bloomberg reported. This time, Hillhouse Capital has raised money from endowments and pension funds, and the financing is nearing completion, but the final details are likely to change.

About $10 billion of the $18 billion raised by Hillhouse will be spent on acquisitions, while the rest will be spent on growth equity (growth equity) and venture capital, according to people familiar with the matter.