Glorious Biopharma-B to Reduce Stake by approximately 9.9% in a Share Placement and Conditional Subscription Agreement; Expected Net Proceeds of HK$4.68 billion

Glorious Biopharma-B (01672) published an announcement on August 19, 2025, disclosing that the company, the seller (JJW12 Limited), and the subscription agent have entered into a share placement and conditional subscription agreement. Under this agreement, the seller has agreed to sell its existing shares held by Glorious Biopharma-B at a price of HK$16.45 per share to the subscription agent, who will in turn sell these shares to professional, institutional, corporate or individual investors. The company has also agreed to issue new shares to the subscription agent upon fulfillment of certain conditions. It is expected that the subscription agent and its ultimate beneficial owner(s) will become a major shareholder of Glorious Biopharma-B.

The total number of shares placed is approximately 52,400,000, representing around 5.44% of the company's issued share capital as at the date of this announcement (excluding 578,420,000 treasury shares). The number of shares subscribed for is approximately 28,820,000, representing around 2.90% of the enlarged share capital after the placement and subscription (excluding treasury shares), assuming that no new shares are issued between the announcement date and the completion date of the placement and subscription. The placement price per share is HK$16.45, representing a discount of approximately 9.9% compared to the closing price on August 18, 2025 (the last trading day) reported by the Hong Kong Stock Exchange.

Upon completion of the placement and subscription, the seller's shareholding will decrease from around 53.38% of the issued share capital (excluding treasury shares) to around 49.45%. The total percentage of shares held by the controlling shareholder will also decrease from around 62.21% of the issued share capital (excluding treasury shares) to around 58.03%.

The net proceeds from the subscription are expected to be approximately HK$4.68 billion, of which around 90% is intended for funding clinical trials related to obesity and lipodystrophy for its subcutaneous peptide and oral peptide candidate drugs, while the remaining 10% will be used for working capital and other general corporate purposes.