CStone Pharmaceuticals (CStone Pharma) has signed a conditional agreement with Goldman Sachs (Asia) L.L.C. to place up to 118 million new shares at HK$8.97 each, representing a 6.95% discount to the 14 April 2026 closing price of HK$9.64 and a 7.85% discount to the five-day average of HK$9.73.

The offering will generate gross proceeds of HK$1.06 billion and net proceeds of approximately HK$1.05 billion, implying a net placing price of HK$8.93 per share after fees and expenses. The transaction will be executed under the company’s existing general mandate; the new shares equal 7.99% of current issued capital and will enlarge the share base by 7.40% to 1.59 billion shares upon completion.

Use of funds: • 90% earmarked for R&D of “Pipeline 2.0” assets, notably CS2009 (trispecific PD-1/VEGFA/CTLA-4 antibody, Phase II) and CS5001 (ROR1 ADC), as well as pre-clinical and IND-enabling projects. • Balance allocated to general corporate purposes.

Lock-up and timetable: CStone has agreed not to issue additional shares for three months after closing, excluding incentive scheme allotments. Completion is contingent on Stock Exchange listing approval and PRC regulatory filings, with long-stop date set for 21 April 2026.

Post-placement shareholding: Placees will hold 7.40% of the enlarged capital. Major existing investors WuXi Healthcare Management, Pfizer Inc. and GIC will see their stakes diluted to 10.88%, 7.27% and 5.47% respectively, while other shareholders’ aggregate interest will decline from 72.85% to 67.46%.

CStone positions the placement as a means to broaden its shareholder base, reinforce its balance sheet and accelerate development of its oncology pipeline.