HANSOH PHARMA(HK:03692) Zhi Tong Cai Jing·2025-08-20 01:53Core Viewpoint - Hansoh Pharmaceutical (03692) is facing a decline in stock price following the announcement of a share placement and the release of its interim financial results, which showed strong revenue and profit growth. Group 1: Share Placement Announcement - Hansoh Pharmaceutical plans to place 108 million shares at a price of HKD 36.3 per share, representing a discount of approximately 6.49% compared to the previous closing price of HKD 38.82 [1] - The net proceeds from the placement are expected to be around HKD 38.97 billion, with approximately 65% allocated for the research and development of innovative drugs in oncology, autoimmune, central nervous system, and metabolic diseases [1] - About 25% of the proceeds will be used to build new innovative drug production facilities and R&D laboratories, as well as upgrade existing R&D labs and production facilities [1] - The remaining 10% will be allocated for working capital and other general corporate purposes [1] Group 2: Interim Financial Results - For the first half of the year, the company reported revenue of HKD 74.34 billion, reflecting a year-on-year growth of 14.3% [2] - The net profit attributable to shareholders was HKD 31.35 billion, marking a year-on-year increase of 15.0% [2] - The revenue from innovative drugs and collaborative products reached HKD 61.45 billion, up 22.1% year-on-year, accounting for 82.7% of total revenue, an increase of 5.3 percentage points year-on-year [2] - Collaborative revenue amounted to HKD 16.56 billion, primarily driven by upfront payments for the oral GLP-1 licensed to Merck and milestone payments from GSK [2] - In June 2025, the company licensed overseas rights for the GLP-1/GIP receptor agonist HS-20094 to Regeneron, receiving an upfront payment of USD 80 million and milestone payments totaling USD 1.93 billion, which will enhance performance in the second half of 2025 [2]