Completion details CStone Pharmaceuticals announced the completion of its placing on 22 April 2026. A total of 118 million new shares were issued at HK$8.97 each, representing a 7.30% discount to the five-day average price of HK$9.68. The shares account for 7.40% of the company’s enlarged share capital.

Proceeds and allocation Net proceeds amounted to HK$1.05 billion after deducting commissions and expenses. Management plans to deploy the funds as follows: • 60% (HK$631.90 million) for continued Phase II and planned Phase III development of CS2009 through 2027. • 30% (HK$315.95 million) for CS5001 trials and pre-clinical assets—such as CS5007—covering discovery work and IND-enabling studies. • 10% (HK$105.32 million) for general corporate purposes, including staff costs and rental expenses.

Context of previous fund-raisings Unutilised proceeds from the July 2025 placing total HK$432.45 million, earmarked mainly for CS2009 and CS5001 research as well as early-stage pipeline projects. The latest placing maintains the same R&D-focused strategy, reinforcing funding for the company’s “Pipeline 2.0”.

Shareholding changes Following completion, total issued shares increased to 1,594.24 million. WuXi Healthcare Management remains the largest single holder with 10.88%, while the newly introduced placees collectively own 7.40%.

Operating backdrop For FY 2025, CStone Pharmaceuticals recorded revenue of RMB269.60 million and reported net operating cash outflows exceeding RMB300 million, underscoring the need for external financing to advance multiple clinical programmes.

Regulatory note The company cautions that successful development and commercialisation of pipeline assets are not assured, and utilisation timelines may change with trial progress, regulatory developments and market conditions.