Summary
BeOne Medicines Ltd. (ONC) has filed its 2023 Annual Report with the Shanghai Stock Exchange, prepared in accordance with China Accounting Standards (CAS). This report provides financial information for the year ended December 31, 2023, under PRC GAAP. Notably, the company has also furnished additional financial details in Exhibit 99.1 to its 8-K filing, which include information prepared under U.S. GAAP, focusing on gross profit margin, R&D expenses by product and project, and inventory. Investors should be aware that PRC GAAP differs from U.S. GAAP, and the furnished exhibit outlines these material differences. The primary purpose of this filing is to comply with STAR Market listing rules and PRC securities laws. While the full STAR Annual Report is available in Chinese on the Shanghai Stock Exchange website, the furnished Exhibit 99.1 provides U.S. GAAP-comparable data for investors. It's important to note that this information is furnished and not deemed 'filed' for purposes of U.S. securities law liabilities, though it can be incorporated by reference if specifically mentioned in future SEC filings.
Key Highlights
- 1BeOne Medicines Ltd. filed its 2023 Annual Report with the Shanghai Stock Exchange on April 26, 2024.
- 2The annual report is prepared in accordance with China Accounting Standards (CAS) and PRC GAAP.
- 3Exhibit 99.1 to the 8-K filing provides financial information prepared under U.S. GAAP for comparative purposes.
- 4Key U.S. GAAP financial data furnished includes gross profit margin, R&D expenses by product, and inventory levels for the year ended December 31, 2023.
- 5The filing highlights material differences between PRC GAAP and U.S. GAAP.
- 6The STAR Annual Report is publicly available in Chinese on the Shanghai Stock Exchange website (www.sse.com.cn).
- 7Information furnished in this 8-K is not considered 'filed' under Section 18 of the Exchange Act but is incorporated by reference into Exhibit 99.1.