InnoCare Pharma (InnoCare) announced two subscription agreements with Gaoling and YHG, a company of Hillhouse Capital (Hillhouse), and the Vivo Opportunity Fund (an existing investor) on Feb 3, 2021. The two investors subscribed 191,613,000 and 18,895,000 new shares respectively, for a total of 210,508,000 new shares, representing about 16.33% of the existing total issued shares at the announcement date and about 14.04% of the total issued shares as enlarged by the allotment and issue of the subscription shares. The subscription price was HK$14.45 per share (proceeds of ~US$392m).

InnoCare is a commercial stage biopharmaceutical company committed to discovering, developing, and commercializing first-in-class and/or best-in-class drugs for the treatment of cancer and autoimmune diseases. The company focuses on lymphoma, solid tumors, and autoimmune diseases with high unmet medical needs in China and worldwide.

Hillhouse is a leading investment management firm. They invest with a long-term time horizon and employ a fundamental, bottom-up approach. They focus on the consumer, TMT, industrials and healthcare sectors and invest in companies across all equity stages. The firm was founded by Lei Zhang in 2005 with backing from the Yale Endowment.