Offshore Trust Insight | HIGHTIDE THERAPEUTICS (02511.HK) Up 0.16% Intraday; Two Trustee Chains Hold 143.61 Million Shares via BVI Platforms

On October 20, 2026, the healthcare and biotechnology theme traded in a volatile range, and HIGHTIDE THERAPEUTICS (02511.HK) rose slightly. As of 14:45, the company was quoted at HKD 3.100, up 0.16%, with a turnover of about HKD 788,000 and a market capitalisation of about HKD 2.077 billion based on the latest price. The stock touched a low of HKD 3.025 and a high of HKD 3.130 during the day, with an amplitude of 3.39%.

It is understood that HIGHTIDE THERAPEUTICS, INC. listed on the Main Board of HKEX on December 22, 2023 at an offer price of HKD 11.500, offering 24.194 million shares globally (10% to the public offering in Hong Kong and 90% to the international offering, with no over-allotment option), raising net proceeds of about HKD 194.1 million; cornerstone investor Cangzhou Chuangrong Equity Investment Fund Co., Ltd. subscribed for about 9,568,500 offer shares at the offer price (a total subscription of about RMB 100 million). The company is a biopharmaceutical company focused on the discovery, development and commercialisation of multifunctional, multi-target therapies for metabolic and digestive diseases. As at the intraday quote on October 20, the company was quoted at HKD 3.100, down 73.0% cumulatively from the offer price, with a market capitalisation of about HKD 2.077 billion; the 52-week low of HKD 1.800 was recorded in March 2026.

In terms of shareholding structure, according to the HKEx disclosure of interests platform, founder, executive director and chief executive officer Dr. LIU Liping declared a long position of 117,095,740 shares on August 7, 2026, representing 17.48% of the issued voting shares; Hepalink Group interests (LI Li, LI Tan) held 77,804,710 shares, or 11.61%; ZHANG Xiaolei held 76,952,500 shares, or 11.48% (declared on August 13, 2026, including an increase of 10,000,000 shares in August 2026). According to the company's announcement on August 7, 2026, after the completion of a placement of 98,710,000 new shares, the total number of issued shares increased from 571,325,668 to 670,035,668.

Public listing documents show that, as disclosed in the prospectus, founder Dr. LIU Liping holds shares in the company through the BVI holding platform Founder BVI controlled by her family trust, and the trust chain held about 16.21% after listing; the name of the trust, its trustee, the date of establishment, the protector and the scope of beneficiaries have not been disclosed. According to the HKEx disclosure of interests platform, the company currently has two trustee filing chains: The Bryn Mawr Trust Company of Delaware holds 81,000,000 shares through Great Mantra Group Limited, or 12.09% (declared on August 7, 2026); THE CORE TRUST COMPANY LIMITED holds 62,610,764 shares through TCT (BVI) Limited, or 9.34% (declared on the same day); the beneficiaries of both chains have not been disclosed.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the company has not yet generated commercial product revenue: losses for the year were RMB 381.8 million in 2024 and RMB 232.1 million in 2025, with the loss narrowing; research and development costs in 2025 were about RMB 164.5 million, down 54.7% year on year. As at December 31, 2025, the company had current assets of about RMB 532 million, including cash and cash equivalents of RMB 232 million and financial assets of RMB 177 million. The core product HTD1801 is a first-in-class oral anti-inflammatory and metabolic modulator; three Phase III trials for type 2 diabetes completed data read-outs in 2025, and the new drug application was accepted by the National Medical Products Administration in March 2026; in February 2026, the company announced the completion of the US Phase IIb clinical study of HTD1801 for metabolic dysfunction-associated steatohepatitis. On July 10, 2026, the company announced that the results of the Phase III study of HTD1801 in combination with metformin for type 2 diabetes (SYMPHONY-2) were published in NEJM Evidence, and that it is in discussions with several potential partners on the potential licensing and commercialisation collaboration for the first indication to be launched in China; as at the announcement date, no legally binding agreement had been reached. On August 7, 2026, the company completed a placement of 98,710,000 new shares at HKD 2.28 per share, raising net proceeds of about HKD 222.4 million.

SDIC Securities (Hong Kong) noted that HTD1801 has completed multiple pivotal Phase III clinical trials for type 2 diabetes and met the primary endpoints: the SYMPHONY-1 and SYMPHONY-2 studies showed it significantly reduced glycated haemoglobin with multiple metabolic benefits and a good safety profile; the head-to-head Phase III study HARMONY showed it was superior to dapagliflozin in lowering glycated haemoglobin; the US Phase IIb study for metabolic dysfunction-associated steatohepatitis has been completed and data analysis is ongoing, and the chronic kidney disease indication has also shown therapeutic potential.