英矽智能完成发行3.05亿美元零息可换股债券

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
This announcement is for information purposes only and does not constitute an invitation or solicitation of an offer to
acquire, purchase or subscribe for securities or an invitation to enter into an agreement to do any such things, nor is it
calculated to invite any offer to acquire, purchase or subscribe for any securities.
This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories
and possessions, any state of the United States and the District of Columbia). This announcement and the information
herein do not constitute or form a part of any offer or solicitation to purchase, subscribe or sell securities in the
United States. The securities referred to herein have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “Securities Act ”), or the securities laws of any state of the United States or
other jurisdiction. The securities referred to herein will be offered and sold outside the United States in reliance on
Regulation S under the Securities Act and may not be offered or sold within the United States absent registration or
an applicable exemption from registration under the Securities Act. No public offering of the securities referred to
herein is being or will be made in the United States or in any other jurisdiction where such an offering is restricted
or prohibited. No money, securities or other consideration is being solicited by this announcement or the information
contained herein and, if sent in response to this announcement or the information contained herein, will not be
accepted.

INSILICO MEDICINE

InSilico Medicine Cayman TopCo
英矽智能

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3696)

COMPLETION OF THE ISSUE OF US$305,000,000 ZERO COUPON
CONVERTIBLE BONDS DUE 2027 UNDER GENERAL MANDATE
Sole Global Coordinator, Sole Lead Manager and Sole Bookrunner

This announcement is issued pursuant to Rule 13.09 of the Listing Rules and under Part XIVA of
the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
References are made to the announcement of the Company on August 28, 2026 in relation to its
proposed issue of convertible bonds under the General Mandate and the pricing of US$305,000,000
zero coupon convertible bonds due 2027 (the “Announcement”). Unless otherwise defined in
this announcement, capitalized terms used herein shall have the same meanings as defined in the
Announcement.

1

COMPLETION OF THE ISSUE OF THE BONDS
The Board is pleased to announce that all the conditions precedent under the Subscription
Agreement have been fulfilled and the issue of the Bonds in an aggregate principal amount of
US$305,000,000 was completed on September 3, 2026.
The aggregate gross proceeds from the issue of the Bonds are approximately US$305 million,
and the net proceeds (after deducting the Manager’s commissions and other estimated expenses
payable) are approximately US$301.6 million.
An application for the listing of the Bonds has been submitted to the Vienna Stock Exchange.
Trading of the Bonds on the Vienna MTF operated by the Vienna Stock Exchange is expected to
commence on or around September 4, 2026. The Company has obtained the approval for the listing
of, and permission to deal in, the Conversion Shares on the Hong Kong Stock Exchange.
CSRC FILINGS
The Company will subsequently comply with CSRC Filing Rules and complete the CSRC Filings
in connection with the issue of the Bonds.
EFFECT ON SHAREHOLDINGS AS A RESULT OF CONVERSION OF THE BONDS
The table below sets out a summary of the shareholdings (excluding treasury shares) in the
Company (i) as at the date of this announcement and (ii) upon the exercise in full of the
Conversion Rights attached to the Bonds:
Upon full conversion of the
Bonds at the initial Conversion
Price of HK$58.07 per Share
Approximate %
of the total
issued share
Number of
capital
Shares

Shareholders

As at the date of
this announcement
Approximate %
of the total
issued share
Number of
capital
Shares

Mr. Alex Zhavoronkov,
Ph.D.(1)
Other Shareholders
Bondholders

42,583,500
540,431,277
–

7.30%
92.70%
–

42,583,500
540,431,277
41,174,737

6.82%
86.58%
6.60%

Total

583,014,777

100%

624,189,514

100%

2

Notes:
1.

Pursuant to proxies and powers of attorney dated May 5, 2025 and with effect from April 15, 2025, Mr. Alex
Zhavoronkov, Ph.D. is also entitled to exercise the voting rights of 4,060,000 shares held by Mr. Aleksandr
Aliper, Ph.D., Mr. Ivan Ozerov and Mr. Eugene Lane.

2.

The aggregate of the percentage figures in the table above may not add up to the relevant sub-total or total
percentage figures shown due to rounding of the percentage figures to two decimal places.

SUPPLEMENTAL INFORMATION
Use of Proceeds from the Issue of the Bonds
The Company would like to provide a breakdown of the allocation of net proceeds and additional information as
follows:

Intended use of proceeds

(1)

Allocation
Approximate
US$
%

Expected
timeline for
utilization

Funding the clinical trials of self-developed drug candidates,
including different stages of R&D for certain pipeline
products in relation to a range of diseases:(1)
(a)

Funding the R&D of ISM6166, an oral broad-spectrum 51.2 million
pan-KRAS ON/OFF inhibitor, is designed to cover
multiple KRAS alterations and has the potential to
overcome drug resistance associated with current KRAS
therapies

17.0% By December
31, 2030

(b)

Funding the R&D of ISM9077, an AI-empowered 33.5 million
small-molecule inhibitor targeting an undisclosed novel
mechanism (Target Y) was nominated PCC in July 2026

11.1% By December
31, 2030

(c)

Funding the R&D of ISM9528, an AI-empowered, 30.0 million
brain-penetrant, orally available inhibitor targeting an
undisclosed novel mechanism (Target Z) identified by
PandaOmics, was nominated PCC in July 2026

9.9% By December
31, 2030

(d)

Other pipeline products that are not funded by the GO Net
Proceeds

2.0% By December
31, 2030

Subtotal

6.0 million
120.7 million

3

40%

Intended use of proceeds

Allocation
Approximate
US$
%

Expected
timeline for
utilization

(2)

Expanding the R&D team of the Group by hiring over 200 90.5 million
innovative R&D experts across four geographical regions
including Hong Kong, Boston, Abu Dhabi and Shanghai, who
shall serve at various stages of drug development, ranging
from discovery and translational to preclinical and clinical
development, as well as other functions such as CMC,
regulatory and data science

30% By December
31, 2028

(3)

Funding the development and training of frontier SOTA 45.2 million
foundation models for science with a view to establishing
biological target-discovery foundation and specific models for
longevity-related diseases

15% By December
31, 2027

(4)

Replenishing working capital and other corporate purposes, 45.2 million
including but not limited to expenses for staff salaries and
benefits, procurement of supplies, market promotion and
brand building, legal and professional fees and other daily
operational expenditures

15% By December
31, 2030

Total

301.6 million

100%

Note:
(1)

For details of ISM6166, ISM9077 and ISM9528, please refer to the 2026 interim report of the Company.

To the extent that the net proceeds from the Bonds are not immediately required for the purposes
described above, the Company may hold such unutilized proceeds in short-term interest-bearing
accounts at licensed commercial banks and/or other authorized financial institutions (as defined
under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) or the applicable
laws and regulations in other jurisdictions).
Additional reasons for and benefits of the issue of the Bonds
As of June 30, 2026, the Group had cash and cash equivalents and short-term investments
(including financial assets at fair value through profit or loss and term deposits with an initial
term of over three months) of approximately US$584.8 million. While the Company maintains a
relatively high level of cash and short-term investments, the Board considers the issue of the Bonds
in the interest of the Company and the Shareholders as a whole, and that the Company complies
with the Listing Rules, having adopted a principle-based approach and taking into account, in
particular, the nature of the Company’s business, its long-term strategic business plan and R&D
plan, and its cash requirement in the ordinary and usual course of business as follows:

4

(a)

the Company has operated and will continue to operate under a project-based business
model and derives revenue primarily from out-licensing and collaboration agreements. A
vast majority of the Company’ s revenue was derived from drug discovery and pipeline
development. Under this revenue segment, the Company (i) self-develops drug candidates;
(ii) co-develops and partially retains certain IP rights for out-licensed drugs; and (iii)
collaborates with other pharmaceutical companies without retaining any IP rights. The
Company’s business model requires significant investments in research and development.
In particular, the Company bears the majority of the research and development costs of its
pipeline assets before out-licensing, and these early-stage investments are critical for securing
high-value licensing partnerships and driving long-term revenue growth. The Company takes
a strategic and data-driven approach in determining whether to pursue self-development,
out-licensing or co-development for each pipeline drug candidate, with its default position
being to self-develop programs that align with its long-term strategy. For drug candidates
that the Company elects to develop substantially on its own, it will need to devote substantial
resources to advance them, particularly as they progress into late-stage clinical trials. Clinical
development involves a lengthy and expensive process;

(b)

witnessing the growth in potential of the AI-empowered pharmaceutical market, the Company
anticipates that its expenses in relation to research and development expenses will increase
substantially in the foreseeable future as it continues to, among others, (i) conduct ongoing
and planned research and development of its pipeline programs, including pre-clinical
studies and clinical trials; (ii) advance and invest in its integrated technology platform;
(iii) expand and improve its drug discovery business; (iv) maintain, expand, enforce and
protect its intellectual property portfolio; (v) attract, hire and retain additional scientific,
technical, clinical-development, regulatory, management and administrative personnel; (vi)
invest in new technologies, products or businesses; and (vii) expand its operations globally.
These investments are integral to the Company’s unique dual-engine business model, which
combines its proprietary end-to-end generative AI platform with deep in-house drug discovery
capabilities and creates a continuous reinforcement-learning process that strengthens Pharma.
AI and drives scientific innovation;

(c)

the Company ’ s relatively high cash level is commensurate with the nature, scale and
development stage of its operating business and its ordinary-course funding requirements.
The Company generally bears the majority of the research and development costs of its
pipeline assets before out-licensing, while candidates selected for self-development require
substantial additional resources as they advance into clinical trials. Clinical development is
lengthy and expensive, and delays, additional studies or regulatory requirements may increase
the cost and duration of a development program. The Company also expects substantial
expenditure in connection with its research and development plans and business development
plans as mentioned above;

(d)

the Company has identified substantive operating uses for its existing cash and short-term
investments as well as the net proceeds to be received by the Company from the Subscription.
In particular, as disclosed in the Announcement, the Company held approximately
HK$2,095.2 million of unutilized GO Net Proceeds as of June 30, 2026, the intended use
of which had already been determined and disclosed by the Company. Apart from the GO
Net Proceeds, the Company has also determined the specific plans for the utilization of net
proceeds to be received by the Company from the Subscription, which are set out in this
announcement above. These plans demonstrate that the Company’s liquidity is earmarked for
identifiable operating and development requirements rather than being accumulated without a
commercial purpose; and
5

(e)

the Company’s cash and short-term investments provide the financial resilience and flexibility
required by its business model. The Company incurs substantial R&D expenditure before
commercialization or out-licensing opportunities are realized, and the timing and amount of
receipts under out-licensing and collaboration arrangements may not correspond with the
timing of its clinical and technology-development expenditure. Maintaining readily available
liquidity therefore enables the Company to continue advancing its pipeline and technology
platform without interruption, respond to additional clinical or regulatory requirements, and
determine whether to self-develop, co-develop or out-license an asset by reference to longterm value creation rather than short-term funding constraints.

Having considered the matters set out above, including the nature, scale and development stage
of the Group’s substantive operating business, its ordinary-course funding requirements and the
identified uses of its existing cash and short-term investments and the net proceeds from the
Subscription, the Board is of the view that the Group’s level of liquidity is commensurate with
its business needs and that the Company complies with the Listing Rules following completion of
the Subscription. The Company will continue to monitor the deployment of its funds, its financial
position and its compliance with the Listing Rules.
By Order of the Board
InSilico Medicine Cayman TopCo
Mr. Aleksandrs Zavoronkovs, Ph.D
Chairman, Executive Director, CEO and CBO
Hong Kong, September 3, 2026

As at the date of this announcement, the board of directors of the Company comprises Mr.
Aleksandrs Zavoronkovs, Ph.D. and Mr. Feng Ren, Ph.D. as executive directors; Mr. Chuen Yan
Leung, Ph.D. as a non-executive director; and Mr. Jingsong Wang, Ph.D., Ms. Denitsa Milanova,
Ph.D. and Mr. Roman Kyrychynskyi as independent non-executive directors.

6

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴
該等內容而引致的任何損失承擔任何責任。
本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或招攬要約，或訂立協議以作出
任何上述事情的邀請，亦非旨在邀請任何收購、購買或認購任何證券的要約。
本公告並非供於美國（包括其領地及屬土，美國任何一個州及哥倫比亞特區）直接或間接分發。
本公告及其所載資料並不構成或組成在美國購買、認購或出售證券的建議或要約。本公告所述
的證券並無亦不會根據1933年《美國證券法》
（經修訂）
（「證券法」）或美國任何州或其他司法權
區的證券法登記。本公告所述證券會基於證券法S規例在美國境外發售及出售，而未根據證券
法辦理登記或獲得豁免登記的情況下不可在美國境內發售或出售。本公告所述證券概不會在美
國作出公開發售，亦不會在任何限制或禁止該等發售的其他司法權區作出公開發售。本公告或
其所載資料並非索取金錢、證券或其他代價，而倘回應本公告或其所載資料而發出金錢、證券
或其他代價亦不會獲接納。

INSILICO MEDICINE

InSilico Medicine Cayman TopCo
英矽智能
（於開曼群島註冊成立的有限公司）

（股份代號：3696）

完成根據一般性授權發行於 2027 年到期的 305,000,000 美元零息
可換股債券
獨家全球協調人、獨家牽頭經辦人及獨家賬簿管理人

本公告乃根據上市規則第 13.09 條及《證券及期貨條例》
（香港法例第 571 章）第
XIVA部刊發。
茲提述本公司於2026年8月28日刊發，內容有關本公司建議根據一般性授權發行
可換股債券，以及305,000,000美元於2027年到期的零息可換股債券之定價的公告
（「該公告」）。除本公告另有界定外，本公告所用詞彙與該公告所界定者具相同涵
義。

1

完成債券發行
董事會欣然宣佈，認購協議項下的所有先決條件已獲達成，而本金總額為
305,000,000美元的債券已於2026年9月3日完成發行。
發行債券所得款項總額約為305百萬美元，而（扣除經辦人佣金及其他應付估計開
支後）所得款項淨額約為301.6百萬美元。
債券的上市申請已向維也納證券交易所提交。預期債券將於2026年9月4日或前後
在維也納證券交易所運營的Vienna MTF開始買賣。本公司就換股股份於香港聯交
所上市及買賣已獲取批准。

中國證監會備案
本公司其後將遵守中國證監會備案規則，並就債券的發行完成中國證監會備案。

債券轉換對股權的影響
下表載列本公司(i)於本公告日期及(ii)於悉數行使債券所附換股權後之股權（不包
括庫存股份）概要：

股東

按每股58.07港元的初步轉換價
於本公告日期
悉數轉換債券後
佔已發行總股
佔已發行總股
本的概約
本的概約
股份數目
百分比
股份數目
百分比

Alex Zhavoronkov
博士 (1)
其他股東
債券持有人

42,583,500
540,431,277
–

7.30%
92.70%
–

42,583,500
540,431,277
41,174,737

6.82%
86.58%
6.60%

總計

583,014,777

100%

624,189,514

100%

2

附註：
1.

根據日期為2025 年5 月5 日並自2025 年4 月15 日起生效的委託書及授權書，Alex
Zhavoronkov博士亦有權行使Aleksandr Aliper博士、Ivan Ozerov先生及Eugene Lane先生
所持4,060,000股股份的投票權。

2.

上表所示百分比數字的總和，可能因百分比數字四捨五入至小數點後兩位，與相關分項小
計或總計百分比數字有所出入。

補充資料
債券發行所得款項用途
本公司謹此提供所得款項淨額分配的明細及額外資料如下：
所得款項擬定用途

(1)

分配金額
美元
概約百分比

預期動用時間

資助自主研發候選藥物的臨床試驗，包括針對多種
疾病的若干管線產品不同階段的研發：(1)
(a)

資助ISM6166的研發，ISM6166是一款口服
廣譜泛KRAS ON/OFF抑制劑，旨在涵蓋多種
KRAS變異，並具有克服現有KRAS療法相關
耐藥性的潛力

51.2百萬

17.0%

於2030年
12月31日前

(b)

資助ISM9077的研發，ISM9077是一款由AI賦
能的小分子抑制劑，靶向未公開的全新機制
（靶點Y），於2026年7月獲提名為PCC

33.5百萬

11.1%

於2030年
12月31日前

(c)

資助ISM9528的研發，ISM9528是一款由AI賦
能、可穿透血腦屏障及可口服的抑制劑，靶
向由PandaOmics識別的未公開全新機制（靶點
Z），於2026年7月獲提名為PCC

30.0百萬

9.9%

於2030年
12月31日前

(d)

未由全球發售所得款項淨額資助的其他管線產
品

6.0百萬

2.0%

於2030年
12月31日前

120.7百萬

40%

小計

3

所得款項擬定用途

分配金額
美元
概約百分比

預期動用時間

(2)

擴充本集團的研發團隊，於香港、波士頓、阿布扎
比及上海四個地理區域招聘超過200名創新研發專
家，彼等將服務於藥物開發的各個階段（涵蓋發現、
轉化至臨床前及臨床開發），以及CMC、監管及數
據科學等其他職能

90.5百萬

30%

於2028年
12月31日前

(3)

資助前沿SOTA基礎模型的開發與訓練，旨在建立
生物靶點發現基礎模型及針對長壽相關疾病的特定
模型

45.2百萬

15%

於2027年
12月31日前

(4)

補充營運資金及其他企業用途，包括但不限於員工
薪酬及福利開支、物資採購、市場推廣與品牌建
設、法律及專業費用以及其他日常營運開支

45.2百萬

15%

於2030年
12月31日前

301.6百萬

100%

總計
附註：
(1)

有關ISM6166、ISM9077及ISM9528的詳情，請參閱本公司2026年中期報告。

倘債券所得款項淨額並未即時用作上文所述用途，本公司可將該等未動用所得款
項存入持牌商業銀行及 ╱ 或其他認可金融機構（定義見香港法例第571章《證券及
期貨條例》或其他司法管轄區的適用法律及法規）的短期計息賬戶中。
債券發行的額外理由及裨益
截至2026年6月30日，本集團擁有約584.8百萬美元的現金及現金等價物以及短期
投資（包括按公允價值計入損益的金融資產及初始期限超過三個月的定期存款）。
儘管本公司維持相對較高水平的現金及短期投資，董事會認為債券發行符合本公
司及股東的整體利益，且本公司符合上市規則，經採取以原則為本的方法，並特
別考慮到本公司的業務性質、其長期戰略業務計劃及研發計劃，以及其於日常及
一般業務過程中的現金需求，具體如下：

4

(a) 本公司已採用且將繼續採用以項目為基礎的業務模式運營，並主要從對外授
權及合作協議中產生收入。本公司的絕大部分收入來自藥物發現及管線開
發。在該收入分部下，本公司(i)自主開發候選藥物；(ii)共同開發對外授權藥
物並保留其部分若干知識產權；及(iii)與其他製藥公司合作且不保留任何知
識產權。本公司的業務模式需要於研發方面進行重大投資。具體而言，本公
司在對外授權前承擔其管線資產的大部分研發成本，而該等早期投資對獲得
高價值授權合作夥伴及推動長期收入增長至關重要。本公司採取具戰略性及
數據驅動的方法以決定是否對各管線候選藥物進行自主開發、對外授權或共
同開發，而其既定立場為自主開發符合其長期戰略的項目。對於本公司選擇
主要由其自主開發的候選藥物，其將需要投入大量資源以推進該等藥物，尤
其是在其進入臨床試驗後期階段時。臨床開發涉及漫長及昂貴的過程；
(b) 見證AI賦能製藥市場潛力的增長，本公司預期在可預見未來其與研發開支相
關的費用將大幅增加，乃由於其繼續（其中包括）：(i)對其管線項目進行持續
及計劃中的研發，包括臨床前研究及臨床試驗；(ii)推進及投資其綜合技術平
台；(iii)擴展及改善其藥物發現業務；(iv)維持、擴展、執行及保護其知識產
權組合；(v)吸引、聘用及挽留額外的科學、技術、臨床開發、監管、管理及
行政人員；(vi)投資於新技術、產品或業務；及(vii)於全球擴展其業務。該等
投資對本公司獨特的雙引擎業務模式不可或缺，該模式將其專有的端到端生
成式AI平台與深厚的內部藥物發現能力相結合，並創造一個持續的強化學習
過程，從而加強Pharma.AI並推動科學創新；
(c) 本公司相對較高水平的現金與其運營業務的性質、規模及發展階段，以及其
日常業務過程中的資金需求相稱。本公司通常於對外授權前承擔其管線資產
的絕大部分研發成本，而選作自主開發的候選藥物在推進至臨床試驗時需要
投入大量額外資源。臨床開發過程漫長且昂貴，而延誤、額外研究或監管要
求可能增加開發項目的成本並延長其時長。本公司亦預期就上文所述的研發
計劃及業務發展計劃產生重大開支；
(d) 本公司已為其現有現金及短期投資，以及本公司將從認購事項收取的所得款
項淨額確定實質運營用途。具體而言，誠如該公告所披露，截至2026 年6 月
30日，本公司持有約2,095.2百萬港元的未動用全球發售所得款項淨額，本公
司已確定並披露其擬定用途。除全球發售所得款項淨額外，本公司亦已確定
動用本公司將從認購事項收取的所得款項淨額的具體計劃，有關計劃載於本
公告上文。該等計劃證明本公司的流動資金乃指定用於明確的運營及開發需
求，而非在無商業目的之情況下累積；及

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(e) 本公司的現金及短期投資提供其業務模式所需的財務韌性及靈活性。本公司
於實現商業化或對外授權機會前會產生大量研發開支，且根據對外授權及合
作安排收取的款項時間及金額，未必與其臨床及技術開發開支的時間相符。
因此，維持隨時可用的流動資金使本公司能夠在不受中斷的情況下繼續推進
其管線及技術平台、應對額外的臨床或監管要求，並根據長期價值創造而非
短期資金限制來決定是否自主開發、共同開發或對外授權資產。
經考慮上文所載事項（包括本集團實質運營業務的性質、規模及發展階段、其日
常業務過程中的資金需求，以及其現有現金及短期投資及認購事項所得款項淨額
的已確定用途），董事會認為，本集團的流動性水平與其業務需求相稱，且本公司
於認購事項完成後符合上市規則。本公司將繼續監察其資金調配、財務狀況及上
市規則的合規情況。
承董事會命
英矽智能
董事會主席、執行董事、首席執行官及首席商務官
Aleksandrs Zavoronkovs博士
香港，2026年9月3日

於本公告日期，本公司董事會包括執行董事Aleksandrs Zavoronkovs博士及任峰博
士，非執行董事梁傳昕博士，以及獨立非執行董事王勁松博士、Denitsa Milanova
博士及Roman Kyrychynskyi先生。

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