HEMAY PHARMA-B (00054.HK): Offer Closes with HK$199m Margin, 1.9x Covered

NewTimeSpace News: On 4 November 2026, the public offer of Ganzhou Hemay Pharmaceutical Co., Ltd. (HEMAY PHARMA-B, stock code: 00054) closed at noon. As at 11:15 a.m., 10 brokers had extended about HK$199 million in margin financing, about 1.9 times the roughly HK$104 million public offer size.

The global offering comprises 55.21 million shares — 5.521 million shares under the public tranche and 49.689 million shares under the international placing, or 10% and 90% respectively — representing about 12.21% of the enlarged share capital of 452 million shares. The offer price ranges from HK$15.50 to HK$18.90 per share, with a board lot of 100 shares and an entry fee of HK$1,909.06, implying gross proceeds of about HK$856 million to HK$1,043 million, net proceeds of about HK$879 million, listing expenses of about HK$75.9 million and underwriting fees of 3.50%.

Net proceeds are intended to be applied as to about 55.5% for the R&D and commercialisation of core product Mufemilast, 20.0% for R&D of key product Hemay181, 4.5% for R&D of key product Hemay022, 10.0% for R&D of other pipeline products and 10.0% for general corporate and working capital purposes. Guotou Securities Financing (Hong Kong) Limited is the sponsor; the allotment results are expected to be announced on 6 November and listing on the Stock Exchange is scheduled for 9 November.