Changes in Hong Kong stocks | Yasheng Pharmaceutical (06855) rose more than 4% in the morning, and the company's allotment of shares raised a net of nearly HK$1.5 billion to accelerate commercialization and innovative drug development

The Zhitong Finance App learned that Yasheng Pharmaceutical (06855) rose more than 4% in the morning. As of press release, it had risen 4.11% to HK$74.75, with a turnover of HK$495 million.

According to the news, Yasheng Pharmaceutical recently announced that it plans to issue up to 22 million new shares at a price of HK$68.60 per share, with a net proceeds from the placement of approximately HK$1,493 billion. About 40% of the capital raised will be used for commercialization work, including expanding coverage and improving patient access; about 35% will be used for global clinical development to promote the company's core pipeline products; and about 25% will be used for infrastructure and operating capital to strengthen global operations.

The directors believe that the placement and subscription matters are a good opportunity for the company to further raise capital, so that the company can commercialize newly approved core products, prepare commercialization of other core products to be approved, and advance early compounds to complete their development cycle, while expanding its shareholder base. The directors believe that the placement and subscription matters will further consolidate the Group's financial position and provide additional working capital for the Group. The funds raised from the placement and subscription matters will enable the Company to continue to develop its research products, including advancing key clinical research and preparing for commercialization of newly approved products. In addition, the company has a number of early-stage products that need further development, and it is necessary to continue to raise funds from the market to support such work.