CICC Assists Akeso in Listing on the Main Board of HKEx

2020-04-24Corporate News

Akeso, Inc. (“Akeso” or “the Company”,9926.HK) is successfully listed on Hong Kong Stock Exchange on April 24th, 2020. The pre-green shoe offering size was US$ 330 million and the post-green shoe offering size is US$380 million (the Offering). The deal is the largest IPO on HKEx in healthcare industry and has set a record of the highest HKPO subscription multiples in healthcare industry since 2020. The total amount subscribed under HKPO achieved the largest frozen capital of Hong Kong Stock in 2020 YTD and the largest frozen capital among 18A biotech companies. CICC acted as Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager.

Shares were actively traded on the first trading day with excellent performance. Akeso’ share price closed at HK$24.30, representing an increase of 50.19% compared with the offer price. The market value represents HK$18.5 billion.

The Company is a clinical-stage biopharmaceutical company committed to in-house discovery, development and commercialization of first-in-class and best-in-class therapies. The Company is dedicated to addressing global unmet medical needs in oncology, immunology and other therapeutic areas. . Since its inception, the Company has had the foresight to develop an end-to-end platform, Akeso Comprehensive Exploration platform (“ACE Platform”), encompassing comprehensive drug discovery and development functionalities, including target validation, antibody drug discovery and development, CMC, and GMP-compliant manufacturing. Through the ACE Platform, the Company has consistently and rapidly innovated and produced high quality drug candidates, with minimal dependence on external vendors, and have achieved remarkable results and industry recognition within nearly eight years since our establishment,including the following: the Company out-licensed its CTLA-4 antibody (AK107) to Merck for a total consideration of up to US$200 million. According to Frost & Sullivan, the Company is the first China-based biotech company to out-license a fully internally-discovered monoclonal antibody to a global leading pharmaceutical company. The Company has developed one of the richest and most diversified innovative antibody drug pipelines in China covering over 20 drug development programs, including 12 antibodies in clinical-stage development, six bi-specific antibodies (two at clinical stage), and four antibodies with IND approvals from the FDA. Since 2017, the Company has initiated 22 clinical trials for our innovative drug candidates.

As the Joint Global Coordinator of the Offering, in spite of the Coronavirus and challenging market environment, by leveraging its abundant domestic and international resources and exploring investors’ needs, CICC introduced multiple Chinese sovereign funds, international and domestic large institutions to become cornerstone and anchor investors, with the offer shares under the International Offering very significantly over-subscribed, which was highly recognized by the Company and investors, ensuring the success of the Global Offering.

With its rich experience in project execution and strong edge on comprehensive service, successfully assisting Akeso in listing on HKEx, CICC has won high praise and extensive recognition from the client in this deal. As a leading investment bank with “Chinese Roots, International Reach”, CICC will continue to utilize its capital market expertise as well as its seamless cooperation of onshore and offshore businesses to provide continuous support to our customers in terms of introduction of global investors, reaching international capital market, and promoting global business development.