Yin Pai Pharmaceutical Industry - B (07630) issued a prospectus for a global offering of 41.977 million H shares from May 5th to May 8th.

English Pharmaceutical Company-B (07630) is scheduled to go public from May 5, 2026 to May 8, 2026. The company plans to globally sell 41.977 million H shares, with approximately 10% for public offering in Hong Kong and approximately 90% for international offering, with an additional 15% over-allotment option. The offer price is between HK$19.75 and HK$21.75 per share. Each lot consists of 200 H shares, with trading expected to begin on the Hong Kong Stock Exchange on May 13, 2026 at 9:00 a.m. The group is an innovative biotechnology company in the commercialization stage, dedicated to advancing precision cancer therapy based on synthetic lethality mechanism globally, creating innovative therapies to meet the unmet medical needs of cancer patients. The group's independently developed core product, Senapali, has been approved for listing in China and is used as a first-line maintenance therapy for ovarian cancer, suitable for all populations (regardless of mutation status), showing convincing clinical characteristics. Through its proprietary R&D platform that integrates small molecule drugs and emerging therapies (including novel antibody-drug conjugates and protein degraders), the group continues to drive innovation. In addition, the group has established partnerships with several leading global biotech companies and Chinese pharmaceutical companies, demonstrating industry recognition of the group's R&D pipeline and innovation platform. The group has entered into cornerstone investment agreements with Nanjing BioPharmaceutical Valley Development Co., Ltd., Huatai Capital Investment (for Huatai back-to-back TRS and Huatai client TRS), Tencent, LAV, Ruiyuan, WWHCP, and First Quarter Moon OFC Phecda Fund (each a "cornerstone investor", collectively referred to as the "cornerstone investors"), whereby the cornerstone investors have agreed, under certain conditions and limitations, to subscribe or cause their designated entities to subscribe for a total of approximately US$35.87 million of subscription shares at the offer price (rounded down to the nearest whole lot of 200 H shares) (cornerstone allocation). Assuming an offer price of HK$20.75 per H share (i.e. the median of the indicative offer price range set out in this prospectus), the total number of subscription shares that the cornerstone investors will subscribe is approximately 13.4938 million shares, representing approximately (i) 32.15% of the subscription shares and 4.89% of the total issued share capital of the group before exercise of the over-allotment option; and (ii) 27.95% of the subscription shares and 4.78% of the total issued share capital of the group after the completion of the global offering assuming full exercise of the over-allotment option. Assuming an offer price of HK$20.75 per H share (i.e. the median of the indicative offer price range of HK$19.75 to HK$21.75 per H share) and assuming no exercise of the over-allotment option, after deducting the estimated underwriting commission, expenses and charges payable by the group in connection with the global offering, the group estimates that the net proceeds to be received from the global offering will be approximately HK$781 million. The group currently intends to use the net proceeds from the global offering for the following purposes: (1) approximately 51% will be used to provide funding for the ongoing and planned clinical development, regulatory approval and commercialization of the group's core product, Senapali; (2) approximately 31% will be used to provide funding for the clinical development of the group's key products, IMP1734 and IMP9064; (3) approximately 8% will be used to provide funding for the research and development activities of the group's other pipeline assets, IMP1707, IMP7068, IMP22, IMP25, IMP08, IMP13 and IMP10; (4) approximately 8% will be used to provide funding for the development of the group's R&D platform and expand the group's drug pipeline; (5) approximately 2% will be used for working capital and other general corporate purposes. During the historical period, the group generated revenue from the sale of the group's drugs and from licensing arrangements with Eikon Therapeutics for candidate drugs. The group's revenue was RMB 33.50 million and RMB 38.30 million in 2024 and 2025, respectively. The group's gross profit was RMB 32.00 million and RMB 36.70 million in 2024 and 2025, respectively, with gross profit margins of 95.4% and 95.9% in those years. The group incurred losses of RMB 255 million and RMB 296 million in 2024 and 2025, respectively. During the historical period, the majority of the group's operating losses were attributable to research and development expenses, administrative expenses, and financial costs related to redeemable liabilities. The group expects to continue incurring significant expenses for the next several years to advance its clinical development and preclinical research programs. After listing, the group's financial performance may fluctuate from time to time due to the status of the development of candidate drugs and regulatory approval timelines.