THE CORNERSTONE PLACING

We have entered into cornerstone investment agreements (each a “Cornerstone

Investment Agreement”, and together the “Cornerstone Investment Agreements”) with the

cornerstone investors set out below (each a “Cornerstone Investor”, and together the

“Cornerstone Investors”), pursuant to which the Cornerstone Investors have agreed to,

subject to certain conditions, subscribe at the Offer Price for such number of Offer Shares

(rounded down to the nearest whole board lot of 500 H Shares) that may be purchased for an

aggregate amount of US$90 million (or approximately HK$698 million) (the “Cornerstone

Placing”).

Option is not exercised).

Assuming an Offer Price of HK$26.86, being the mid-point of the indicative Offer Price

range set out in this Prospectus, the total number of Offer Shares to be subscribed by the

Cornerstone Investors would be 25,978,000 Offer Shares, representing approximately 39.0% of

the Offer Shares pursuant to the Global Offering, approximately 35.1% of the H Shares in issue

upon completion of the Global Offering and approximately 9.7% of our total issued share

capital immediately upon completion of the Global Offering (assuming the Over-allotment

Option is not exercised).

Assuming an Offer Price of HK$27.36, being the high-end of the indicative Offer Price

range set out in this Prospectus, the total number of Offer Shares to be subscribed by the

namely OrbiMed Genesis Master Fund, L.P. (“Genesis”), OrbiMed New Horizons Master

Fund, L.P. (“ONH”) and The Biotech Growth Trust Plc (“ BGT”) (together with OPM, the

“OrbiMed Funds”), have been permitted to participate in the Cornerstone Placing pursuant to

paragraph 5.2 of Stock Exchange Guidance Letter HKEX-GL92-18.

CORNERSTONE INVESTORS

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Our Company is of the view that, leveraging on the Cornerstone Investors’ investment

experience, in particular in the life sciences and healthcare sectors, the Cornerstone Placing

will help raise the profile of our Company and to signify that such investors have confidence

in our business and prospect. Other than OrbiMed Funds who are Cornerstone Investors as

described above, our Company became acquainted with each of the Cornerstone Investors

The Cornerstone Placing will form part of the International Offering and the Cornerstone

Investors will not subscribe for any Offer Shares under the Global Offering (other than

pursuant to the Cornerstone Investment Agreements). The Offer Shares to be subscribed by the

representation in our Company. Other than a guaranteed allocation of the relevant Offer Shares

at the final Offer Price, the Cornerstone Investors do not have any preferential rights in the

Cornerstone Investment Agreements compared with other public Shareholders.

Save as disclosed above, to the best knowledge of our Company, (i) each of the

Cornerstone Investors is an Independent Third Party; (ii) none of the Cornerstone Investors is

accustomed to take instructions from our Company, its subsidiaries, the Directors, chief

executive, Controlling Shareholders, substantial Shareholders, existing Shareholders (other

than the Cornerstone Investors which are existing Shareholders of our Company or their close

associates as described above) or their respective close associates in relation to the acquisition,

disposal, voting or other disposition of H Shares registered in its name or otherwise held by

respect to the Cornerstone Placing and that no specific approval from any stock exchange (if

relevant) or its shareholders is required for the relevant cornerstone investment as each of them

has general authority to invest.

As confirmed by each of the Cornerstone Investors, their subscription under the

Cornerstone Placing would be financed by their own internal resources. There are no side

arrangements or agreements between our Company and the Cornerstone Investors or any

benefit, direct or indirect, conferred on the Cornerstone Investors by virtue of or in relation to

the Cornerstone Placing, other than a guaranteed allocation of the relevant Offer Shares at the

final Offer Price.

CORNERSTONE INVESTORS

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Save for OrbiMed Funds (as defined above), the total number of Offer Shares to be

subscribed by the Cornerstone Investors pursuant to the Cornerstone Placing may be affected

by reallocation of the Offer Shares between the International Offering and the Hong Kong

Public Offering in the event of over-subscription under the Hong Kong Public Offering as

described in the section headed “Structure of the Global Offering—The Hong Kong Public

Details of the actual number of Offer Shares to be allocated to the Cornerstone Investors

will be disclosed in the allotment results announcement of our Company to be published on or

around February 3, 2021.

is no over-allocation in the International Offering. For details of the Over-allotment Option and

the stabilization action by the Stabilizing Manager, please refer to the sections headed

“Structure of the Global Offering—The International Offering—Over-allotment Option” and

“Structure of the Global Offering—Stabilization” in this Prospectus, respectively.

THE CORNERSTONE INVESTORS

OPM is an exempted company limited by shares incorporated under the laws of Bermuda.

BGT is a publicly listed trust organized under the laws of England. OrbiMed Capital LLC is

the investment advisor for OPM and the portfolio manager of BGT. Genesis and ONH are each

exempted limited partnerships incorporated under the laws of the Cayman Islands with

OrbiMed Advisors LLC acting as the investment manager. OrbiMed Capital LLC and OrbiMed

Advisors LLC exercise voting and investment power through a management committee

comprised of Carl L. Gordon, Sven H. Borho, and Jonathan T. Silverstein.

CORNERSTONE INVESTORS

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Lake Bleu Prime

Lake Bleu Prime Healthcare Master Fund Limited (“Lake Bleu Prime”) has agreed to

subscribe for such number of the Offer Shares (rounded down to the nearest whole board lot)

which may be purchased with an aggregate amount of US$20 million at the Offer Price.

Lake Bleu Capital (Hong Kong) Limited acts as the investment manager to Lake Bleu

Prime. Lake Bleu Prime, an Exempted Company incorporated in the Cayman Islands, is a

long-bias public equity fund with investments focused on Asia/Greater China healthcare,

CRF is wholly-owned by China Reform Conson Soochow Overseas Fund I L.P., which is a

China-related overseas investment firm specializing in industrials, TMT and healthcare sectors.

China Reform Conson Soochow Overseas Fund I L.P. is mainly sponsored by China Reform

Holdings Corporation Ltd (“CRHC”) (through China Reform Investment Fund I L.P.),

Qingdao Conson Development (Group) Co., Ltd. (through its wholly-owned subsidiary) and

Soochow Securities Co., Ltd. (through its wholly-owned subsidiary). CRHC is a wholly

state-owned investment company. Qingdao Conson Development (Group) Co., Ltd. is an

investment company directly under the State-owned Assets Supervision and Administration

Commission of the State Council of Qingdao City. Soochow Securities Co., Ltd. ()is

Affin Hwang Asset Management Berhad (“AHAM”), has agreed to subscribe for such

purchased with an aggregate amount of US$10 million at the Offer Price.

services, money broking, fund management and underwriting of life and general insurance

business. Additionally, AHAM is also 27% owned by Nikko Asset Management International

Limited (“Nikko AM”), a leading independent Asian investment management franchise.

AHAM has approximately RM 73 billion assets under management as at December 31, 2020.

CORNERSTONE INVESTORS

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WinTwin

WinTwin Capital Limited (“WinTwin”) has agreed to subscribe for such number of the

Offer Shares (rounded down to the nearest whole board lot) which may be purchased with an

aggregate amount of US$10 million at the Offer Price.

WinTwin is a mutual fund registered in Cayman Islands. It is a long term investment fund

which primarily focuses on the healthcare, consumption and technology industries, and

capitalized on the fast growth and future potential of China’s economy and market. WinTwin

subscribe for such number of the Offer Shares (rounded down to the nearest whole board lot)

which may be purchased with an aggregate amount of US$5 million at the Offer Price.

The Foresight Funds are both sub-funds of Foresight Orient Global Superior Choice SPC,

which was incorporated in the Cayman Islands. The Foresight Funds are managed in full

discretion by Orient Asset Management (Hong Kong) Limited, a subsidiary of Orient Securities

International Financial Group Limited, and a corporation licensed to carry out Type 9 (asset

management) regulated activities under the SFO. Orient Securities International Financial

Group Limited is a subsidiary of Orient Finance Holdings (Hong Kong) Limited. The latter is

a wholly-owned subsidiary of (“DFZQ”), which is listed on the Stock

Exchange (Stock Code: 3958) and Shanghai Stock Exchange (Stock Code: 600958). Foresight

Foresight is a Shanghai-based asset management company and was founded by Mr. Chen

Guangming ().

IvyRock Asset Management (HK) Limited (“IvyRock”), as discretionary investment

manager or discretionary asset manager for and on behalf of IvyRock China Focus Fund,

IvyRock China Equity Fund, and Asia Series 6 (together, the “IvyRock Funds”), has agreed

to subscribe for such number of the Offer Shares (rounded down to the nearest whole board lot)

which may be purchased with an aggregate amount of US$5 million at the Offer Price.

CORNERSTONE INVESTORS

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IvyRock was incorporated in Hong Kong in 2009 and licensed by the SFC to carry out

type 9 (asset management) regulated activity in 2014. The firm is wholly owned by IvyRock

Asset Management (Cayman) Limited, which is ultimately owned by Mr. Yong HUANG.

IvyRock provides discretionary investment management services for IvyRock China

Focus Fund and IvyRock China Equity Fund (each consisting of a master and feeder fund) and

serves as a discretionary asset manager of Asia Series 6. The IvyRock Funds pursue to achieve

long-term capital appreciation by investing primarily in the listed securities of companies

which have great exposure to the Greater China region with a fundamentals-driven approach.

The table below sets forth details of the Cornerstone Placing:

Total

investment

%ofthe

%of

ownership

Approximate

%ofthe

Offer Shares

CORNERSTONE INVESTORS

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Based on the Offer Price of HK$26.86 (being the mid-point of the indicative Offer Price

range)

Based on the Offer Price of HK$27.36 (being the high-end of the indicative Offer Price

CORNERSTONE INVESTORS

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CLOSING CONDITIONS

accordance with their respective original terms or as subsequently waived or varied

by agreement of the parties thereto) by no later than the time and date as specified

in the Hong Kong Underwriting Agreement and the International Underwriting

Agreement;

(ii) neither the Hong Kong Underwriting Agreement nor the International Underwriting

Agreement having been terminated;

(iii) the Listing Committee having granted the approval for the listing of, and permission

to deal in, the H Shares (including the H Shares under the Cornerstone Placing) as

well as other applicable waivers and approvals and such approval, permission or

waiver having not been revoked prior to the commencement of dealings in the H

of the transactions contemplated in Hong Kong Public Offering, the International

Offering or the Cornerstone Investment Agreements, and there shall be no orders or

injunctions from a court of competent jurisdiction in effect precluding or prohibiting

consummation of such transactions; and

(vi) the respective representations, warranties, acknowledgements, undertakings and

confirmations of the Cornerstone Investor under the Cornerstone Investment

Agreements are and will be (as of the closing of the Cornerstone Investment

Agreements) accurate and true in all material respects and not misleading and that

there is no material breach of the Cornerstone Investment Agreement on the part of

the Cornerstone Investor.

Cornerstone Investor, including the Lock-up Period restriction.

CORNERSTONE INVESTORS

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