CSPC Innovation Pharmaceutical plans Hong Kong H-share listing and governance overhaul

CSPC Innovation Pharmaceutical announced resolutions from its 26th board meeting, including the intention to apply for an H-share listing on the Main Board of the Hong Kong Stock Exchange. This strategic move aims to globalize the company's operations, enhance competitiveness, and boost its drug development business. The H-share listing plan, which requires shareholder and regulatory approvals, will involve issuing H-shares representing up to 10% of the company's total share capital post-listing, with a potential 15% overallotment option.

Concurrently, the company is undertaking a comprehensive overhaul of its governance framework, including significant amendments to its Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, and other internal policies to align with updated laws and regulations for an H-share listing. This restructuring involves the dissolution of the Supervisory Board, with its functions transferred to the Board of Directors' Audit Committee. The company also approved the acquisition of a 29% stake in its subsidiary, CSPC Biotech Pharmaceutical, from an affiliated party for cash, and plans to appoint Deloitte Touche Tohmatsu Certified Public Accountants as its auditor for the H-share listing.