Summary
BeOne Medicines Ltd. (ONC) has filed its 2022 Annual Report with the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. This report, prepared under China Accounting Standards (PRC GAAP), contains financial information for the year ended December 31, 2022. Importantly, investors should note that these accounting standards differ from U.S. GAAP. The company has provided supplementary information, attached as Exhibit 99.1 to this 8-K filing, which includes U.S. GAAP-based gross profit margin ratios, R&D expenses broken down by key products and other projects, and inventory stock units for the reporting period. This exhibit also summarizes the material differences between PRC GAAP and U.S. GAAP, offering crucial context for interpreting the financial data. While the full STAR Annual Report is publicly available in Chinese on the Shanghai Stock Exchange website, this 8-K filing and its accompanying exhibit are intended to provide U.S. investors with U.S. GAAP-relevant financial details and reconciliation information. Investors should consult Exhibit 99.1 for a more direct comparison and understanding of the company's financial performance under U.S. accounting principles. The company is clarifying that the STAR Annual Report itself is not incorporated by reference into this SEC filing.
Key Highlights
- 1BeOne Medicines Ltd. filed its 2022 Annual Report with the Shanghai Stock Exchange STAR Market.
- 2The STAR Annual Report is prepared in accordance with PRC GAAP, which differs from U.S. GAAP.
- 3Exhibit 99.1 to the 8-K filing provides U.S. GAAP-based financial information, including gross profit margin, R&D expenses by product, and inventory data.
- 4Exhibit 99.1 also summarizes the material differences between PRC GAAP and U.S. GAAP.
- 5The STAR Annual Report is available in Chinese on the Shanghai Stock Exchange website.
- 6Information in this 8-K filing and Exhibit 99.1 is furnished, not filed, and not incorporated by reference into other SEC filings unless expressly stated.