Lei Jianping on December 22
HighTide Therapeutics (stock code: "02511") was listed on the Hong Kong Stock Exchange today.
HighTide Pharma offered 24.194 million shares at an issue price of HK$11.5, raising a total of HK$278 million, with a net proceeds of HK$194 million after deducting the listing fee payable of HK$84.13 million.
Cangzhou Chuangrong Equity Investment Fund Co., Ltd., as the cornerstone investor, was allocated 9,487,500 shares and subscribed for HK$109 million.
The opening price of HighTide Pharma was HK$11.92, an increase of 3.7% from the issue price, and the company's market capitalization is about HK$6.373 billion so far.
The loss in the first half of the year was 590 million
Founded in 2011, HighTide Therapeutics is an integrated biopharmaceutical company focused on discovering, developing, and commercializing multi-functional, multi-targeted, first-in-class therapies for the treatment of metabolic and digestive diseases.
HighTide has independently developed a pipeline of 5 product candidates covering 9 indications, of which 5 indications are in clinical development.
HighTide's core product, HTD1801 (berberine ursodeoxycholate), is a novel molecular entity that acts as an intestinal-liver anti-inflammatory and metabolic regulator that regulates a variety of pathways that are critical in the body's metabolic processes, including those related to metabolic and digestive diseases.
HTD1801 developed for the indications of non-alcoholic steatohepatitis, type 2 diabetes, severe hypertriglyceridemia, primary sclerosing cholangitis and primary biliary cholangitis.
According to the prospectus, HighTide Pharmaceutical's other income and income in 2021 and 2022 will be 13.82 million yuan and 20.58 million yuan respectively, and the R&D expenditure will be 84.01 million yuan and 183 million yuan respectively.
HighTide Pharmaceutical's losses in 2021 and 2022 will be 217 million yuan and 224 million yuan respectively.
HighTide Pharma's other income and income in the first half of 2023 was RMB22.72 million, and the loss during the period was RMB586 million, mainly due to the fair value of convertible redeemable preferred shares of RMB400 million.
As of June 30, 2023, HighTide had cash and cash equivalents of $420 million, compared to $724 million for the same period last year.
Hepalink and Tigermed are shareholders
The executive directors of HighTide are Dr. Liu Liping and Ms. Yu Meng, the non-executive directors are Li Li, Dr. Zhu Xun, Ma Lixiong and Jiang Feng, and the independent non-executive directors are Tan Bo, Dr. Li Jing and Cai Shaowei.
HighTide's investors include Hepalink, Qianhai Haichuang, Goldlink, Able Holdings, Yuexiu Jinchan Phase IV, Pingtan Rongjing and Yufeng Shengtai Investment, MPCAPITAL, Guangyuan International Investment, ZT Global Energy, GreenPine, Yuejun, BlueOcean and Shenzhen Bioresi, Shenzhen Taixun, PolyPlatinum, Greater Bay Area Fund, Hong Kong Tigermed and Hangzhou Tigermed, Pluto and CITIC, Xinyu Tongchuang, Shenzhen Wenzheng, Sichuan Rongxin, Ningbo Borui, Hongtu Capital, 10 billion investment and traditional Chinese medicine fund.
HighTide has conducted many financings before and after, including a total of $13 million in Series B-1, $9 million in Series B-2, and $59.716 million in Series B+, all at a cost of $0.79 per share, and a post-B+ round valuation of $277 million.
HighTide Pharma raised $80 million in Series C financing with a post-investment valuation of $500 million at a cost per share of $1.09, and Series C+ financing was $26.6 million with a post-investment valuation of $537 million at a cost per share of $1.12.
Before the IPO, Dr. Liu Liping held 16.04% of the shares through the Founder BVI, Guangyuan International Investment and ZT Global Energy held 1.26% of the shares, and Yuejun held 1.7% of the shares, with a total of 20.33% of the shares and 30.84% of the voting rights.
In 2020, the employee stock ownership plan platform held 10.51% of the shares, in 2023 the employee stock ownership plan platform held 4.75% of the shares, Hepalink Biotechnology II Limited held 21.39% of the shares, Hepalink held 2.68% of the shares, and Qianhai Haichuang held 1.5% of the shares.
鸿图资本持股为9.05%，Goldlink持股为1.12%，Able Holdings持股为0.45%，越秀金蝉四期持股为0.75%，平潭荣景持股为0.55%，深圳泰洵、Poly Platinum分别持股为3.78%；
Hong Kong Tigermed holds 2.52% of the shares, 10 billion investment holds 5.43%, the Chinese medicine fund holds 3.55%, and Yuexiu Jinchan IV holds 1.17%.
After the IPO, Dr. Liu Liping held 16.21% of the shares and 19.72% of the voting rights through FounderBVI, Guangyuan International Investment and ZT Global Energy held 1.24% of the shares and 1.38% of the voting rights respectively, Yuejun held 1.73% of the shares and had 1.93% of the voting rights, and the above shareholders had a total of 20.42% of the shares and 24.4% of the voting rights.
In 2020, the employee stock ownership plan platform held 8.28% of the shares, in 2023, the employee stock ownership plan platform held 1.86% of the shares, and Hepalink Biotechnology II Limited held 20.98% of the shares, with 23.35% of the voting rights;
Hepalink holds 2.63% of the shares and has 2.92% of the voting rights, Qianhai Haichuang holds 1.47% of the shares and has 1.63% of the voting rights, Goldlink holds 1.1% of the shares and has 1.23% of the voting rights, Able Holdings holds 0.44% of the shares and has 0.49% of the voting rights, Yuexiu Jinchan IV holds 0.74% of the shares and has 0.83% of the voting rights, Pingtan Rongjing holds 0.54% of the shares and has 0.6% of the voting rights, and Shenzhen Taixun and Poly Platinum holds 3.71% of the shares and has 4.13% of the voting rights;
Hong Kong Tigermed holds 2.47% of the shares and has 2.75% of the voting rights, Pluto holds 1.76% of the shares and has 1.96% of the voting rights, 10 billion investment holds 5.33% of the shares and has 5.93% of the voting rights, Hongtu Capital holds 8.88% of the shares and has 9.88% of the voting rights, the Chinese medicine fund holds 3.48% of the shares and has 3.88% of the voting rights, and Yuexiu Jinchan IV holds 1.15% of the shares and has 1.28% of the voting rights.
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