Akeso Biopharma: Sixth Financing Round in Six Years – 1.94 Billion Yuan Raised from the Capital Market
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Today (October 14) before the market opened, Akeso Biopharma (9926.HK) released an announcement regarding the placement of 20 million new shares at a price of 97.76 Hong Kong dollars per share. Morgan Stanley is acting as the exclusive overall coordinator, exclusive global coordinator, and exclusive bookrunner. The net proceeds amount to 1.941 billion Hong Kong dollars, and settlement is scheduled to be completed by October 16 at the latest. The word "discount" appears twice in the announcement. Compared to the closing price of 105.00 Hong Kong dollars on October 13, the discount is approximately 6.90%; compared to the average price of the last five trading days of 107.22 Hong Kong dollars, the discount is approximately 8.82%. There is yet another discount that is not mentioned in the announcement. Compared to the placement price of the last round of 149.54 Hong Kong dollars, the share price has already suffered a discount of 34.6%. Why is a company with a cash reserve of around 9.16 billion yuan, which has reduced its half-year loss by 141 million yuan and whose operating cash flow has just turned positive, accelerating the timing when the share price is already valued at 65% to discount another 6.9% and place 1.94 billion Hong Kong dollars? First, Akeso's financing history since its IPO is entered into a table. * The discount basis is the closing price of the full trading...
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