BeiGene Achieves Historic Triple Listing After Closing RMB22.2 Billion STAR Market IPO in Shanghai

BeiGene, Ltd. has successfully completed its initial public offering on China’s STAR Market, raising approximately RMB22.2 billion (US$3.5 billion) and marking a significant milestone in the biotech sector. The company’s RMB-denominated shares commenced trading on December 15, 2021, under ticker “688235,” establishing BeiGene as the first biotechnology company to achieve simultaneous listings across three major global exchanges.

Triple-Listed Biotech Pioneer

The completion of this offering solidifies BeiGene’s unique position in the global biotech landscape. With shares now trading on the NASDAQ, Hong Kong Stock Exchange (HKEx), and the Shanghai Stock Exchange’s STAR Market, BeiGene expands its reach to investors across the world’s largest markets. The company previously established its presence on the HK stock market and NASDAQ, and this latest listing on China’s technology-focused board represents a strategic expansion into the world’s second-largest economy.

The STAR Market offering comprised 115,055,260 ordinary shares at RMB192.60 per share (equivalent to HK$234.89 or US$391.68 per ADS). This represents 8.62% of BeiGene’s outstanding shares as of October 31, 2021. The company granted underwriters a 30-day overallotment option for an additional 17.26 million shares, which could increase the total to 132.31 million shares, representing 9.79% of outstanding shares if fully exercised.

Strategic Capital Deployment

The gross proceeds of approximately US$3.5 billion will fuel BeiGene’s ambitious growth agenda in China and globally. The company plans to allocate capital toward accelerating research and clinical development initiatives, constructing new research and development centers and manufacturing facilities within China, and substantially expanding its sales and marketing operations across the country. Additional funds will support working capital requirements and general corporate operations.

Market Context and Investor Access

China International Capital Corporation Limited and Goldman Sachs Gao Hua Securities Company Limited served as joint sponsors and bookrunners for the offering, alongside J.P. Morgan Securities (China), CITIC Securities, and Guotai Junan Securities as additional joint bookrunners. The offering was structured exclusively for permitted investors within mainland China, conducted in Renminbi under applicable PRC securities regulations and approvals from both the Shanghai Stock Exchange and China Securities Regulatory Commission.

An important distinction: the RMB-denominated shares, while maintaining identical rights and class status as existing ordinary shares on the HKEx, remain non-fungible with Hong Kong-listed shares or NASDAQ ADSs. Conversion between these share classes is not permitted, preserving distinct market segmentation across the three exchanges.

Company Overview

BeiGene operates as a global, science-driven biotechnology enterprise with a clinical pipeline exceeding 40 candidates. The company’s mission centers on developing innovative yet affordable therapeutics to enhance patient outcomes and broaden treatment access worldwide. With operations spanning five continents and a workforce surpassing 7,700 colleagues, BeiGene is advancing its commitment to extend treatment access to two billion additional people by 2030.