康方生物折价6.90%配售2000万股，净募资约19.41亿港元用于创新药研发

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
offer to acquire, purchase or subscribe for securities of the Company.
Neither this announcement nor any copy thereof may be released into or distributed directly
or indirectly in the United States or any other jurisdiction where such release or distribution
might be unlawful.
This announcement does not constitute or form a part of any offer or solicitation to
purchase or subscribe for securities in the United States. The securities mentioned herein
have not been, and will not be, registered under the United States Securities Act of 1933
(the ‘‘U.S. Securities Act’’), and may not be offered or sold in the United States unless
registered under the U.S. Securities Act or pursuant to an exemption from, or in a
transaction not subject to, registration under the U.S. Securities Act. The Company has no
intention to register under the U.S. Securities Act any of the securities referred to herein or
to conduct a public offering of securities in the United States.

Akeso, Inc.
康 方 生 物 科 技（ 開 曼 ）有 限 公 司
(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9926))

PLACING OF NEW SHARES UNDER GENERAL MANDATE
Sole Overall Coordinator, Sole Global Coordinator and Sole Bookrunner

–1–

On October 14, 2026 (before trading hours), the Company entered into the Placing
Agreement with the Placing Agent, pursuant to which the Company has conditionally
agreed to place, through the Placing Agent, an aggregate of 20,000,000 Placing Shares to
not less than six Placees at a price of HK$97.76 per Placing Share.
The Placing Price of HK$97.76 per Placing Share was determined after arm’s length
negotiations between the Company and the Placing Agent and represents (i) a discount of
approximately 6.90% to the closing price of HK$105.00 per Share as quoted on the Stock
Exchange on October 13, 2026, being the last full trading day of the Shares prior to the
date of the Placing Agreement; and (ii) a discount of approximately 8.82% to the average
closing price of approximately HK$107.22 per Share as quoted on the Stock Exchange for
the last five consecutive trading days of the Shares prior to and including the last full
trading day prior to the date of the Placing Agreement.
The Placing Shares will represent approximately 2.17% of the existing issued share capital
of the Company as at the date of this announcement and approximately 2.13% of the
enlarged issued share capital of the Company immediately upon completion of the Placing
(assuming the maximum number of Placing Shares are placed and there is no change in
the issued share capital of the Company between the date of this announcement and the
completion of Placing). The Placing Shares will be allotted and issued under the General
Mandate, and will not be subject to any additional Shareholders’ approval.
Assuming all the 20,000,000 Placing Shares are subscribed for in full, upon completion of
the Placing, the gross proceeds will be HK$1,955.20 million, and the net proceeds (after
deducting the placing commission and other related expenses and professional fees)
arising from the Placing are estimated to be HK$1,940.98 million.
The Placing is conditional upon the Listing Committee of the Stock Exchange granting the
listing of, and permission to deal in, the Placing Shares (and such listing and permission
not subsequently being revoked prior to the completion of the Placing).
Since the completion of the Placing is subject to the fulfilment of the condition as set
out in the Placing Agreement, the Placing may or may not proceed. Shareholders and
potential investors are reminded to exercise caution when dealing in the Shares.
THE PLACING AGREEMENT
Date:

October 14, 2026 (before trading hours)

Parties:

(i) the Company; and
(ii) the Placing Agent.

–2–

To the best of the Directors’ knowledge, information and belief, and having made all
reasonable enquiries, the Placing Agent is an Independent Third Party.
The Placing
The Placing Agent has conditionally agreed to place or procure the placing of 20,000,000
Placing Shares at the Placing Price of HK$97.76 per Placing Share during the Placing Period
(or, failing which, to purchase itself as principal).
The placing commission payable to the Placing Agent under the Placing Agreement is
arrived at after arm’s length negotiations between the Company and the Placing Agent with
reference to the prevailing market commission rate for similar transactions. The Directors
are of the view that the placing commission is fair and reasonable.
The Placees
The Placing Agent will place the Placing Shares to professional, institutional, or other
investors that are Independent Third Parties. It is currently expected that the Placing Shares
will be placed to not less than six Placees who, together with their ultimate beneficial
owners, will be Independent Third Parties. The Placing Agent will use its reasonable
endeavors, based on information available to the Placing Agent, information provided by the
Company and confirmations from the Placees procured by the Placing Agent, to ensure that
each Placee procured by the Placing Agent is not a connected person of the Company. It is
not expected that any Placee will become a substantial Shareholder (as defined under the
Listing Rules) of the Company as a result of the Placing.
Number of Placing Shares
Assuming there will be no change in the issued share capital of the Company between the
date of this announcement and the completion of Placing, the number of 20,000,000 Placing
Shares under the Placing represents approximately 2.17% of the issued share capital of the
Company as at the date of this announcement, and approximately 2.13% of the issued share
capital as enlarged by the issue of the Placing Shares. The maximum aggregate nominal
value of the Placing Shares under the Placing will be US$200.0.
Placing Price
The Placing Price is HK$97.76 per Placing Share which represents:
(i)

a discount of approximately 6.90% to the closing price of HK$105.00 per Share as
quoted on the Stock Exchange on October 13, 2026, being the last full trading day of
the Shares prior to the date of the Placing Agreement; and

(ii) a discount of approximately 8.82% to the average closing price of approximately
HK$107.22 per Share as quoted on the Stock Exchange for the last five consecutive
trading days of the Shares prior to and including the last full trading day prior to the
date of the Placing Agreement.

–3–

The net placing price (after deducting related costs and expenses to be borne by the
Company) is approximately HK$97.05 per Share.
The Placing Price was determined on an arm’s length negotiation between the Company and
the Placing Agent and with reference to the prevailing market price of the Shares. The
Directors consider that the Placing Price is fair and reasonable based on the current market
conditions.
Placing Shares
The Placing Shares will be allotted and issued under the General Mandate granted to the
Board by a resolution of the Shareholders dated June 29, 2026, pursuant to which the Board
is authorized to allot and issue up to 184,228,635 Shares. As at the date of this
announcement, the Company had not utilized the General Mandate and the 20,000,000
Placing Shares under the Placing represents approximately 10.86% of the entire General
Mandate.
The allotment and issue of the Placing Shares are not subject to any additional Shareholders’
approval.
Ranking of Placing Shares
The Placing Shares under the Placing will rank, upon issue, pari passu in all respects with
the Shares in issue as at the date of allotment and issue of the Placing Shares.
Condition precedent and completion
The completion of the Placing is conditional upon the Listing Committee of the Stock
Exchange granting the listing of, and permission to deal in, the Placing Shares (and such
listing and permission not subsequently being revoked prior to the completion of the
Placing).
If the above condition is not satisfied at or before 8:00 a.m. (Hong Kong time) on October
16, 2026, being the long stop date, or such other date to be agreed between the Company
and the Placing Agent in writing, the Placing will be terminated and the Placing will not
proceed and all obligations and liabilities of the parties under the Placing Agreement will
forthwith cease and determine and no party will have any claim against the other (save for
any antecedent breaches).
Completion of the Placing will take place on the Business Day after the fulfilment of the
condition as set out above but in any event no later than October 16, 2026 or such other date
to be agreed between the Company and the Placing Agent in writing (the ‘‘Closing Date’’).

–4–

Lock-up Undertakings by the Company
The Company undertakes to the Placing Agent that for a period from the date of the Placing
Agreement up to three months after the Closing Date, neither the Company nor any person
acting on its behalf will:
(1) sell, transfer, dispose, allot or issue or offer to sell, transfer, dispose, allot or issue or
grant any option, right or warrant to subscribe (either conditionally or unconditionally,
or directly or indirectly, or otherwise) any Shares or any interests in Shares or any
securities convertible into or exercisable or exchangeable for or substantially similar to
any Shares or interest in Shares; or
(2) agree (conditionally or unconditionally) to enter into or effect any such transaction with
the same economic effect as any of the transactions described in paragraph (1) above;
or
(3) announce any intention to enter into or effect any such transaction described in
paragraph (1) or (2) above without first having obtained the written consent of the
Placing Agent.
The undertaking shall not apply to the issue of the Placing Shares under the Placing
Agreement and any grant or exercise or vesting of option or share award and allotment of
shares as a result of any of the foregoing pursuant to any restricted share unit scheme or
share option scheme adopted by the Company.
Termination
If at any time at or prior to 8:00 a.m. (Hong Kong time) on the Closing Date, any of the
specific events provided in the Placing Agreement, such as any breach of any of the
representations, warranties and undertakings by the Company as set out in the Placing
Agreement, occurs, then and in any such case, the Placing Agent may terminate the Placing
Agreement without liability to the Company by giving notice in writing to the Company,
provided that such notice is received at or prior to 8:00 a.m. (Hong Kong time) on the
Closing Date.
GENERAL MANDATE TO ALLOT AND ISSUE THE PLACING SHARES
The Placing Shares will be allotted and issued pursuant to the General Mandate. The number
of new Shares that can be issued by the Company under the General Mandate is 184,228,635
Shares. Up to the date of this announcement, no Share has been issued by the Company
under the General Mandate. Therefore, the issue of the Placing Shares is not subject to any
additional Shareholders’ approval.

–5–

APPLICATION FOR LISTING
The Company will apply to the Stock Exchange for the listing of, and permission to deal in,
the Placing Shares.
REASONS FOR THE PLACING AND USE OF PROCEEDS
The Group is an integrated drug discovery platform in the PRC. Assuming that all the
Placing Shares are fully placed, the estimated gross proceeds and net proceeds (after
deducting the placing commission and other related expenses and professional fees) from the
Placing will amount to approximately HK$1,955.20 million and approximately HK$1,940.98
million, respectively. The net placing price per Placing Share will be approximately
HK$97.05.
The terms of the Placing Agreement (including the Placing Price and the placing
commission) were determined after arm’s length negotiations between the Company and the
Placing Agent. The Directors (including the independent non-executive Directors) consider
that the terms of the Placing Agreement (including the Placing Price and the placing
commission) are on normal commercial terms, fair and reasonable and in the interests of the
Company and the Shareholders as a whole.
The net proceeds from the Placing will be used for the following purposes:
(i)

85% will be used in global and China research and development of innovative pipeline,
platform and building of global and China infrastructure and facilities, including, among
other things, (i) clinical development activities, including clinical trials of ivonescimab
and cadonilimab in major cancer indications, other global multi-regional clinical trials,
and non-oncology clinical studies; and (ii) pre-clinical research and development of
next-generation therapeutic technologies such as ADC, TCE, siRNA, mRNA
technologies, together with the construction and expansion of related infrastructure and
facilities and development of the Company’s proprietary AI platform;

(ii) 5% will be used for the commercialization of existing approved products, namely 開坦
尼® (cadonilimab, PD-1/CTLA-4), 依達方® (ivonescimab, PD-1/VEGF), and the
Company’s immunology products, to further strengthen their market positions and
expand hospital and patient coverage; and
(iii) 10% will be used for general corporate use, including, among other things, payments to
suppliers, employee salaries and benefits, and other general management and
administrative expenses incurred in the ordinary course of business of the Group.
The Board is of the view that the Placing will enlarge the shareholder base and the capital
base of the Company. In addition, the net proceeds of the Placing will strengthen the
Group’s financial position for its future development. Accordingly, the Board considers that
the Placing is in the interests of the Company and the Shareholders as a whole.
While the Company completed the 2025 Placing in September 2025 and retains a portion of
unutilized proceeds therefrom, the accelerated research and development progress of the
Company’s clinical pipeline products, coupled with the expansion of its commercialization
activities, has given rise to additional funding needs. As a pioneer and global leader in

–6–

bispecific/multispecific antibody therapies, the Company believes that the proceeds from the
Placing are critical to enabling it to capture emerging business opportunities and maintain its
leadership position in the future.
The Company’s current expectations regarding the allocation of the net proceeds from the
Placing and the unutilized net proceeds from the 2025 Placing are subject to change as
circumstances evolve, including with respect to the progress of the Company’s clinical trials,
industry trends and competitive dynamics, regulatory developments, and general business
and economic conditions. The Company will disclose updates on the use of the net proceeds
from the Placing and the 2025 Placing in its subsequent interim and annual reports until
such net proceeds have been fully utilized.
FUNDRAISING ACTIVITIES OF THE COMPANY IN THE PAST 12 MONTHS
The Company has not conducted any equity fund raising activity during the past 12 months
immediately before the date of this announcement.
SHAREHOLDING STRUCTURE OF THE COMPANY UPON COMPLETION OF
THE PLACING
The shareholding structure of the Company (i) as at the date of this announcement; and
(ii) immediately upon completion of the Placing (assuming all 20,000,000 Placing Shares are
placed and there is no change in the issued share capital of the Company between the date of
this announcement and the completion of the Placing) are set out as follows:
Immediately upon completion of
the Placing (Assuming all the
As at the date of this
Placing Shares have been issued
announcement
and allotted)
Approximate %
Approximate %
Number of
of total Shares
Number of
of total Shares
Shares held
in issue
Shares held
in issue
The Placees
Other Shareholders

–
921,143,176

–
100.00%

20,000,000
921,143,176

2.13%
97.87%

Total

921,143,176

100.00%

941,143,176

100.00%

Since the completion of the Placing is subject to the fulfilment of the condition as set
out in the Placing Agreement, the Placing may or may not proceed. Shareholders and
potential investors are reminded to exercise caution when dealing in the Shares.

–7–

DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall
have the following meanings:
‘‘2025 Placing’’

the placing of 23,550,000 Shares pursuant to the terms of a
placing agreement entered into between the Company and
the Placing Agent dated August 28, 2025

‘‘Board’’

the board of Directors

‘‘Business Day(s)’’

any day (excluding a Saturday, Sunday and public holidays
in Hong Kong) on which licensed banks are generally open
for business in Hong Kong and the Stock Exchange is
generally open for trading of securities in Hong Kong

‘‘Company’’

Akeso, Inc., a company incorporated in the Cayman Islands
as an exempted company with limited liability, the issued
Shares of which are listed on the Main Board of the Stock
Exchange (stock code: 9926)

‘‘connected person(s)’’

has the meaning ascribed thereto in the Listing Rules

‘‘Director(s)’’

the director(s) of the Company

‘‘General Mandate’’

the general mandate granted to the Directors pursuant to the
resolutions of the Shareholders dated June 29, 2026

‘‘Group’’

the Company and its subsidiaries

‘‘Hong Kong’’

the Hong Kong Special Administrative Region of the PRC

‘‘Independent Third
Party(ies)’’

person(s) who is(are) third party(ies) independent of the
Company and its connected persons

‘‘Listing Rules’’

the Rules Governing the Listing of Securities on the Stock
Exchange

‘‘Placee(s)’’

any professional, institutional and other investor(s) whom
the Placing Agent has procured to subscribe for any of the
Placing Shares pursuant to the Placing Agreement

‘‘Placing’’

the placing of 20,000,000 Placing Shares pursuant to the
terms of the Placing Agreement

‘‘Placing Agent’’

Morgan Stanley Asia Limited

‘‘Placing Agreement’’

the conditional placing agreement entered into between the
Company and the Placing Agent dated October 14, 2026 in
relation to the Placing

–8–

‘‘Placing Period’’

the period commencing upon the execution of the Placing
Agreement and terminating at 8:00 a.m. (Hong Kong time)
on the Closing Date (or such later time and date as the
Company and the Placing Agent may agree in writing)

‘‘Placing Price’’

HK$97.76 per Placing Share

‘‘Placing Shares’’

20,000,000 Placing Shares to be placed pursuant to the
Placing Agreement

‘‘PRC’’

the People’s Republic of China, which for the sole purpose
of this announcement excludes Hong Kong, Macau Special
Administrative Region and Taiwan

‘‘Share(s)’’

ordinary share(s) in the capital of the Company with a par
value of US$0.00001 each

‘‘Shareholder(s)’’

the holder(s) of Shares

‘‘Stock Exchange’’

The Stock Exchange of Hong Kong Limited

‘‘HK$’’

Hong Kong dollars, the lawful currency of Hong Kong

‘‘US$’’

United States dollars, the lawful currency of the United
States

‘‘%’’

per cent
By Order of the Board
Akeso, Inc.
Dr. XIA Yu
Chairwoman and executive Director

Hong Kong, October 14, 2026
As at the date of this announcement, the Board comprises Dr. XIA Yu as chairwoman and
executive Director, Dr. LI Baiyong, Dr. WANG Zhongmin Maxwell and Dr. ZHANG Peng as
executive Directors, Mr. XIE Ronggang as non-executive Director, and Dr. ZENG Junwen,
Dr. XU Yan and Mr. TAN Bo as independent non-executive Directors.

–9–