Rakuten, March 6 BeiGene (A stock code: 688235, Hong Kong stock code: 06160, US stock code: ONC) announced today, saying that it was informed that the company's shareholder Hillhouse reduced its holdings of the company's overseas outstanding shares by a total of 32,240,000 shares through block trading from March 3, 2025 to March 4, 2025, and this change in equity does not touch the tender offer.

As a result of this equity change, the number of shares held by HHLR Fund, L.P. and its affiliates in the Company decreased from 125,045,741 shares to 92,805,741 shares, and the proportion of shares held in the total issued shares of the Company decreased from 8.97% to 6.66%.

This means that Hillhouse has reduced its holdings by 2.31 percentage points in two days.

As of today's close, BeiGene's stock price in Hong Kong is HK$155.7, with a market capitalization of HK$216.882 billion.

Since BeiGene's stock price is at a low point in the past two days, if calculated based on today's stock price, Hillhouse will cash out HK$5 billion.

This is the second time since December 2024 that Hillhouse has reduced its stake in BeiGene. BeiGene previously announced that Hillhouse reduced its holdings by a total of 21,997,317 shares through centralized bidding and block trading from June 8, 2023 to December 2, 2024.

Based on the stock price at that time, Hillhouse Capital cashed out at least HK$2.7 billion.

BeiGene's annual revenue is $27.2 billion

Recently, BeiGene released an earnings report. According to the performance report, BeiGene's revenue in 2024 will be 27.214 billion yuan, an increase of 56.2% from 17.423 billion yuan in the same period last year.

Among them, BeiGene's product revenue in 2024 will be 26.994 billion yuan, an increase of 74.1% from 15.5 billion yuan in the same period last year. The increase in product revenue was primarily driven by higher sales of BRUKINSA ® (zanubrutinib capsules), Amgen's licensed products and tislelizumab ® (tislelizumab).

BeiGene also expects revenue in the range of $35.2 billion to $38.1 billion in 2025, with revenue growth expected to be driven primarily by BRUKINSA's ® leading position in the U.S. and continued expansion in Europe and other key markets around the world. At the same time, based on the improvement of the company's product mix and production efficiency, gross margin is expected to be in the median range of 80% to 90% in 2025.

Amgen and Hillhouse are significant shareholders

As of September 30, 2024, Amgen held 17.77% of the shares, Hillhouse's HHLR Fund, L.P. and its affiliates held 10.31%, and Baker Brothers Life Sciences, L.P. and its affiliates held 10.01%;

BeiGene's shareholding structure as of September 30, 2024

Capital Research and Management Company and its affiliates hold 7.83% of the shares, Hong Kong Securities Clearing Co., Ltd. holds 0.62% of the shares, and the Central Enterprise Rural Industry Investment Fund Co., Ltd. and Guangzhou High-tech Zone Science and Technology Holding Group Co., Ltd. hold 0.35% of the shares respectively.

Hillhouse has long been a heavy position in BeiGene. Hillhouse has participated in and supported BeiGene's 7 rounds of financing, from Series A in 2014 to Series B in 2015, from the U.S. listing in 2016, to the post-IPO private placement, and then to the Hong Kong IPO.

However, in the past six months, BeiGene's share price has continued to rise, while Hillhouse has continued to reduce its holdings, cashing out at least HK$7 billion.

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