Chang Jiang Shang Bao·2025-05-15 09:13Core Viewpoint - Hillhouse Capital, once the second-largest shareholder of BeiGene, is gradually exiting its investment in the company, having reduced its stake below 5% as of May 9, 2023 [1][2]. Shareholder Activity - Hillhouse Capital's HHLR Fund, L.P. and its affiliates sold 16 million shares of BeiGene, reducing their total holdings to 68.55 million shares, which is a decrease in ownership from 6.03% to 4.89% [1]. - Between June 8, 2023, and December 2, 2024, Hillhouse has sold a total of 21.9973 million shares through various trading methods [2]. - In early March 2024, Hillhouse reduced its holdings further by selling 32.24 million shares, bringing its ownership down to 6.66% [2]. Company Performance - BeiGene, a global innovator in cancer treatment, has shown improving financial performance despite Hillhouse's divestment [3]. - For the fiscal year 2024, BeiGene reported revenues of 27.21 billion yuan, a year-on-year increase of 56.2%, while the net loss was 4.98 billion yuan, indicating a reduction in losses for two consecutive years [3]. - In Q1 2025, BeiGene achieved revenues of 8.048 billion yuan, a 50.2% increase year-on-year, with a significantly reduced net loss of 94.5 million yuan compared to a loss of 1.908 billion yuan in the same period last year, marking a 95.05% reduction in losses [3]. - The global sales of BeiGene's flagship product, Baiyueze, reached 5.692 billion yuan in Q1 2025, representing a 63.7% increase and accounting for 70.73% of the company's total revenue [3].