0001564590-21-017439 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	LEGEND BIOTECH CORPORATION
Entity Central Index Key	0001801198
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	266,010,256
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
Trading Symbol	LEGN
Security Exchange Name	NASDAQ
Entity File Number	001-39307
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Legend Biotech Corporation
Entity Address, Address Line Two	2101 Cottontail Lane
Entity Address, City or Town	Somerset
Entity Address, Country	KY
Entity Address, Postal Zip Code	NJ 08873
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American depositary shares, each representing two ordinary shares, par value $0.0001 per share
Trading Symbol	LEGN
Security Exchange Name	NASDAQ
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Legend Biotech Corporation
Entity Address, Address Line Two	2101 Cottontail Lane
Entity Address, City or Town	Somerset
Entity Address, Postal Zip Code	NJ 08873
Contact Personnel Name	Ying Huang
City Area Code	737
Local Phone Number	317-5050

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Profit Or Loss And Other Comprehensive Income [Abstract]
REVENUE	$ 75,676	$ 57,264	$ 49,133
Other income and gains	6,119	7,125	13,901
Research and development expenses	(232,160)	(161,943)	(60,637)
Administrative expenses	(23,147)	(6,752)	(2,769)
Selling and distribution expenses	(49,571)	(25,620)	(1,160)
Other expenses	(346)	(221)	(2)
Fair value loss of convertible redeemable preferred shares	(79,984)
Finance costs	(4,209)	(223)	(82)
LOSS BEFORE TAX	(307,622)	(130,370)	(1,616)
Income tax credit/(expense)	4,145	(2,602)	(1,168)
LOSS FOR THE YEAR	(303,477)	(132,972)	(2,784)
Attributable to:
Equity holders of the parent	$ (303,477)	$ (132,972)	$ (2,784)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic	$ (1.28)	$ (0.66)	$ (0.01)
Diluted	$ (1.28)	$ (0.66)	$ (0.01)
Exchange differences:
Exchange differences on translation of foreign operations	$ (2,142)	$ 182	$ (1,437)
Net other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods	(2,142)	182	(1,437)
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF TAX	(2,142)	182	(1,437)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	(305,619)	(132,790)	(4,221)
Attributable to:
Equity holders of the parent	$ (305,619)	$ (132,790)	$ (4,221)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)	Dec. 31, 2020	Dec. 31, 2019
NON-CURRENT ASSETS
Property, plant and equipment	$ 113,091,000	$ 70,079,000
Advance payments for property, plant and equipment	224,000	665,000
Right-of-use assets	8,009,000	9,348,000
Other non-current assets	3,973,000
Intangible assets	2,852,000	519,000
Total non-current assets	128,149,000	80,611,000
CURRENT ASSETS
Inventories	1,800,000	1,157,000
Trade receivables	74,978,000	29,991,000
Prepayments, other receivables and other assets	10,007,000	16,777,000
Pledged short-term deposits	384,000	256,000
Time deposits	50,000,000	75,559,000
Cash and cash equivalents	455,689,000	83,364,000
Total current assets	592,858,000	207,104,000
Total assets	721,007,000	287,715,000
CURRENT LIABILITIES
Trade and notes payables	5,238,000	9,586,000
Other payables and accruals	99,168,000	70,854,000
Government grants	283,000
Lease liabilities	1,464,000	1,027,000
Contract liabilities	55,014,000	46,294,000
Total current liabilities	161,167,000	127,761,000
NON-CURRENT LIABILITIES
Contract liabilities	275,071,000	277,765,000
Lease liabilities	1,909,000	5,058,000
Other non-current liabilities	554,000
Government grants	2,051,000
Total non-current liabilities	279,585,000	282,823,000
Total liabilities	440,752,000	410,584,000
EQUITY
Share capital	27,000	20,000
Reserves/(deficits)	280,228,000	(122,889,000)
Total ordinary shareholders’ equity/(deficit)	280,255,000	(122,869,000)
Total equity/(deficit)	280,255,000	(122,869,000)
Total liabilities and equity	$ 721,007,000	$ 287,715,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Initial Public Offering

Private Placement by Genscript

Share Capital

Initial Public Offering

Share Premium

Initial Public Offering

Share Premium

Private Placement by Genscript

Share-based Compensation Reserves

Foreign Currency Translation Reserve

Retained Earnings/(Accumulated Losses)

Beginning balance at Dec. 31, 2017

$ 12,166

$ 20

$ 3,908

^[1]

$ (236)

^[1]

$ 8,474

^[1]

Loss for the year

(2,784)

Other comprehensive income/ loss:

Exchange differences on translation of foreign operations

(1,437)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(4,221)

(1,437)

(2,784)

Equity-settled share option arrangements

704

$ 704

Ending balance at Dec. 31, 2018

8,649

3,908

^[1]

704

^[1]

(1,673)

^[1]

5,690

^[1]

Loss for the year

(132,972)

Other comprehensive income/ loss:

Exchange differences on translation of foreign operations

182

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(132,790)

182

(132,972)

Equity-settled share option arrangements

1,272

Ending balance at Dec. 31, 2019

(122,869)

3,908

1,976

(1,491)

(127,282)

Loss for the year

(303,477)

Other comprehensive income/ loss:

Exchange differences on translation of foreign operations

(2,142)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(305,619)

(2,142)

(303,477)

Conversion of convertible redeemable preferred shares to ordinary shares

240,434

240,432

Issuance of ordinary shares

$ 450,085

$ 12,000

$ 4

$ 450,081

$ 12,000

Exercise of share options

1,464

1,885

(422)

Equity-settled share option arrangements

4,760

Ending balance at Dec. 31, 2020

$ 280,255

$ 27

$ 708,306

^[1]

$ 6,314

^[1]

$ (3,633)

^[1]

$ (430,759)

^[1]

[1]	These reserve accounts comprise the consolidated reserves/(deficits) of US$280,228,000 and US$(122,889,000) in the consolidated statements of financial position as at December 31, 2020 and December 31, 2019, respectively.

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2020-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2020-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2020-01-01

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2020-01-01

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2020-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2020-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2020-01-01

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_23&doctype=Standard
-URIDate 2020-01-01

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2020-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2020-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2020-01-01

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2020-01-01

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Statement Of Changes In Equity [Abstract]
Reserves/(deficits)	$ 280,228,000	$ (122,889,000)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax	$ (307,622)	$ (130,370)	$ (1,616)
Adjustments for:
Finance income	(2,930)	(4,581)	(6,214)
Finance costs	4,209	223	82
Provision for/ (reversal of) for the impairment of trade receivables	13	1	(60)
Depreciation of property, plant and equipment	8,248	4,001	845
Loss on disposal of property, plant and equipment	55
Amortisation of intangible assets	192	63	15
Depreciation of right-of-use assets	1,493	1,198	823
Fair value loss of convertible redeemable preferred shares	79,984
Fair value gains on financial assets at fair value change through profit or loss	(47)	(474)	(89)
Foreign currency exchange gain, net	(66)	(250)	(7,237)
Equity-settled share-based compensation expense	4,760	1,272	704
Deferred government grant	(114)
Cash flows from (used in) operations before changes in working capital	(211,825)	(128,917)	(12,747)
Decrease/(Increase) in trade receivables	(45,000)	(3,771)	207,606
Decrease/(Increase) in prepayments, other receivables and other assets	3,366	(3,928)	(2,507)
Increase in other non-current assets	(3,973)
Increase in inventories	(643)	(22)	(1,124)
Government grant received	2,452
(Decrease)/increase in trade and notes payables	(4,348)	2,011	3,239
Increase in other payables and accruals	20,230	31,727	18,310
Increase in other non-current liabilities	554
Increase in contract liabilities	6,026	26,466	93,183
Increase of pledged short-term deposits, net	(128)
Cash (used in) /from operations	(233,289)	(76,434)	305,960
Income tax paid	(278)	(15,432)
Finance income received	3,366	9,024	1,804
Interest on loan from related party		(24)
Income tax received	7,391
Interest on lease payments	(195)	(199)	(82)
Net cash flow (used in)/from operating activities	(223,005)	(83,065)	307,682
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(45,747)	(38,636)	(20,958)
Purchase of intangible assets	(4,029)	(534)	(63)
Purchase of financial assets at fair value through profit or loss	(22,682)	(314,840)	(6,000)
Cash received from withdrawal of financial assets at fair value through profit or loss	22,682	320,854
Cash receipts of investment income	47
Cash advances to related parties		(13,006)	(86,943)
Collection of cash advances to related parties		62,996	11,943
Proceeds from disposal of items of property, plant and equipment	1	74	20
Addition of short-term time deposits	(50,000)	(75,559)
Decrease in short-term deposits	75,559
Addition of pledged short-term deposits		(256)	(255)
Decrease in pledged short-term deposits		255
Net cash flows used in investing activities	(24,169)	(58,652)	(102,256)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from cash advances from related parties		38,945	35,939
Repayment of cash advances from related parties	(4)	(19,223)	(33,219)
Proceeds from loans from related parties		2,867
Repayments of loans from related parties		(2,867)
Proceeds from convertible redeemable preferred shares	160,450
Proceeds from issuance of ordinary shares for Initial public offering, net of issuance costs	450,085
Proceeds from issuance of ordinary shares relating to private placement by Genscript	12,000
Proceeds from exercise of share option	1,464
Payments of expenses for issuance of convertible redeemable preferred shares	(2,514)
Principal portion of lease payments	(2,602)	(5,056)	(219)
Net cash flows from financing activities	618,879	14,666	2,501
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	371,705	(127,051)	207,927
Effect of foreign exchange rate changes, net	620	249	124
Cash and cash equivalents at beginning of year	83,364	210,166	2,115
CASH AND CASH EQUIVALENTS AT END OF YEAR	455,689	83,364	210,166
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances	506,073	159,179	210,421
Less: Pledged short-term deposits	384	256	255
Time deposits	50,000	75,559
Cash and cash equivalents as stated in the statement of financial position	455,689	83,364	210,166
Cash and cash equivalents as stated in the statement of cash flows	$ 455,689	$ 83,364	$ 210,166

Corporate Information

12 Months Ended

Dec. 31, 2020

Disclosure Of Significant Investments In Subsidiaries [Abstract]

Corporate Information

1. CORPORATE INFORMATION

Legend Biotech Corporation (the “Company”) was incorporated on May 27, 2015 as an exempted company in the Cayman Islands with limited liability under the Companies Law of the Cayman Islands. The registered office address of the Company is PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grant Cayman KY1-1002, Cayman Islands.

The Company is an investment holding company. The Company’s subsidiaries are principally engaged in research and development of biological products.

In the opinion of the Directors, the ultimate holding company of the Company is Genscript Corporation (“Genscript Corp”), which was incorporated in the United States of America.

Information about subsidiaries

Company	Place and date of incorporation	Issued ordinary shares/paid-up capital		Percentage of equity interest attributable to the Company					Principal activities
					Direct %		Indirect %
Legend Biotech Limited (“Legend BVI”)	The British Virgin Islands June 2, 2015		—			100		—	Investment holding
Legend Biotech HK Limited (“Legend HK”)	Hong Kong June 3, 2015		—			—		100	Investment holding
Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”)	PRC November 17, 2014	US$	62,500,000			—		100	Manufacture and sale of life science research products and services
Legend Biotech USA Incorporated (“Legend USA”)	United States of America August 31, 2017		—			—		100	Manufacture and sale of life science research products and services
Legend Biotech Ireland Limited. (“Legend Ireland”)	Ireland November 13, 2017		—			—		100	Manufacture and sale of life science research products and services
Legend Biotech (Netherlands) B.V. (“Legend Netherlands”)	Netherlands June 12, 2017		—			—		100	Sale of life science research products

Basis of Preparation

12 Months Ended

Dec. 31, 2020

Basis Of Preparation [Abstract]

Basis of Preparation

2.1 BASIS OF PREPARATION

The consolidated financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”), which comprise all standards and interpretations

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities which have been measured at fair value. The consolidated financial statements are presented in US dollars (“US$”) and all values are rounded to the nearest thousand except when otherwise indicated.

2.1 BASIS OF PREPARATION (CONTINUED)

Basis of consolidation

The consolidated financial statements include the financial statements of the Group for the years ended December 31, 2020. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

(a)

the contractual arrangement with the other vote holders of the investee;

(b)

rights arising from other contractual arrangements; and

(c)

the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each component of other comprehensive income or loss are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above.

Changes in Accounting Policies and Disclosures

12 Months Ended

Dec. 31, 2020

Disclosure Of Voluntary Change In Accounting Policy [Abstract]

Changes in Accounting Policies and Disclosures

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted the following new and revised IFRSs, for the first time for the current year’s financial statements. The adoption of these new and revised IFRSs did not have any material impact on the financial position and performance of the Group

Amendments to IFRS 3	Definition of a Business
Amendments to IFRS 9, IAS 39 and IFRS 7	Interest Rate Benchmark Reform
Amendment to IFRS 16	Covid-19-Related Rent Concessions (early adopted)
Amendments to IAS 1 and IAS 8	Definition of Material

Issued But Not Yet Effective International Financial Reporting Standards

12 Months Ended

Dec. 31, 2020

Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Abstract]

Issued But Not Yet Effective International Financial Reporting Standards

2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

The Group has not applied the following new and revised IFRSs, that have been issued but are not yet effective, in these consolidated financial statements.


Amendments to IFRS 3	Reference to the Conceptual Framework²
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16	Interest Rate Benchmark Reform - Phase 2¹
Amendments to IFRS 10 and IAS 28 (2011)	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture⁴
IFRS 17	Insurance Contracts³
Amendments to IFRS 17	Insurance Contracts^3,⁵
Amendments to IAS 1	Classification of Liabilities as Current or Non-current^{3, 5}
Amendments to IAS 16	Property, Plant and Equipment: Proceeds before Intended Use²
Amendments to IAS 37	Onerous Contracts - Cost of Fulfilling a Contract²
Annual Improvements to IFRSs 2018-2020	Amendments to IFRS 1, IFRS 9, Illustrative Examples accompanying IFRS 16, and IAS 41²

Effective for annual periods beginning on or after 1 January 2021

Effective for annual periods beginning on or after 1 January 2022

Effective for annual periods beginning on or after 1 January 2023

⁴

No mandatory effective date yet determined but available for adoption

⁵

As a consequence of the amendments to IFRS 17 issued in October 2020, IFRS 4 was amended to extend the temporary exemption that permits insurers to apply IAS 39 rather than IFRS 9 for annual periods beginning before 1 January 2023

The Group is currently accessing the impact of these standards. So far, the Group has expected that these standards will not have significant effect on the Group’s financial performance and financial position.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fair value measurement

The Group measures its financial assets at fair value through profit or loss at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair value measurement (continued)

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than contract assets and financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the statement of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises.

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

(i)

has control or joint control over the Group;

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group;

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Related parties (continued)

(b)

the party is an entity where any of the following conditions applies:

(i)

the entity and the Group are members of the same group;

(ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii)

the entity and the Group are joint ventures of the same third party;

(iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

(vi)

the entity is controlled or jointly controlled by a person identified in (a);

(vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii)

the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Property, plant and equipment, other than construction in progress, are stated at cost (or valuation) less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Freehold land	Not depreciated
Buildings	2% to 2.6%
Machinery and equipment	10% to 25%
Computer and office equipment	20% to 33.3%
Transportation equipment		10%

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the statement of profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Property, plant and equipment and depreciation (continued)

Construction in progress represents equipment under installation, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of installation. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year end.

Intangible assets are amortised on the straight-line basis over the following useful economic lives:


Software		3-10 years

Research and development costs

All research costs are charged to the statement of profit or loss as incurred.

Expenditures incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred.

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Leases (continued)

(a) Right-of-use assets

Right-of-use assets are recognised at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows:

Leasehold land		50 years
Buildings		2 to 10 years

If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

(b) Lease liabilities

Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

The Group applies the short-term lease recognition exemption to its short-term leases that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option.

Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.

Group as a lessor

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below.

In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Subsequent measurement

Financial assets at amortised cost (debt instruments)

Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the statement of profit or loss when the asset is derecognised, modified or impaired.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:

•

the rights to receive cash flows from the asset have expired; or

•

the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Impairment of financial assets

The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

General approach

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Impairment of financial assets (continued)

General approach (continued)

Financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables and contract assets which apply the simplified approach as detailed below.

Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs

Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs

Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs.

Simplified approach

For trade receivables and contract assets that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, and lease liabilities.

Subsequent measurement

Financial liabilities at amortised cost (Loans and borrowings)

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the statement of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in the statement of profit or loss.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on the first-in, first-out basis. Net realisable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have an original maturity of three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income tax (continued)

Deferred tax liabilities are recognised for all taxable temporary differences, except:

•

where the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•

in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except:

•

when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•

in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Government grants

Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed.

Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15.

(a) License and collaboration revenue

The Group enters into a license and collaboration agreement for research, development, manufacturing and commercialization services with one customer. The terms of the arrangement include: non-refundable upfront fees of US$350 million, milestone payments for the achievement of specified manufacturing milestones, specified development milestones, specified regulatory milestones and specified net trade sales milestones of US$125 million, US$215 million, US$800 million and US$210 million. Milestone payment is a form of variable consideration which is included in the transaction price to the extent that it is highly probable that a significant reversal of accumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The contracts generally do not include a significant financing component.

As part of the accounting for this arrangement, the Group must use significant judgement to determine: (a) the performance obligations; and (b) the method to estimate variable consideration.

At contract inception, the Group assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct.

The Group uses judgement to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. Upon contract inception, the Group has estimated that the total transaction price is constrained to US$400 million which included upfront fees of US$350 million and milestone payments of US$50 million. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Group recognizes revenue as or when the performance obligations under the contract are satisfied. If a milestone or other variable consideration relates specifically to the Group’s efforts to satisfy a single performance obligation or to a specific outcome from satisfying the performance obligation, the Group generally allocates that milestone amount entirely to that performance obligation once it is probable that a significant revenue reversal would not occur.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

(a) License and collaboration revenue (continued)

The Group recognizes revenue only when it satisfies a performance obligation by transferring control of the promised goods or services. The transfer of control can occur over time or at a point in time. A performance obligation is satisfied over time if it meets one of the following criteria.

•

The counterparty simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs.

•

The Group’s performance creates or enhances an asset that the counterparty controls as the asset is created or enhanced.

•

The Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

The portion of the transaction price that is allocated to performance obligations satisfied at a point in time is recognized as revenue when control of the goods or services is transferred to the counterparty. If the performance obligation is satisfied over time, the portion of the transaction price allocated to that performance obligation is recognized as revenue as the performance obligation is satisfied. The Group adopts an appropriate method of measuring progress for purposes of recognizing revenue. The Group evaluates the measure of progress at the end of each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Upfront fees

Upfront payment is allocated to the performance obligations based on the Group’s best estimate of their relative stand-alone selling prices. The upfront fees of US$350 million was included in the transaction price upon contract inception in 2017 and fully received by the Group in 2018.

Milestone payments

At the inception of each arrangement that includes milestone payments, the Group evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Group, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Group evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgement involved in determining whether it is probable that a significant reversal of cumulative revenue would not occur. At the end of each subsequent reporting period, the Group re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. The milestone payments were allocated to the performance obligations based on the Group’s best estimate of their relative stand-alone selling prices unless the criteria under IFRS 15.85 are met, where the milestone payments are allocated entirely to the performance obligation which the milestone payments are specifically related to.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

(a) License and collaboration revenue (continued)

Milestone payments (continued)

The initial two milestone payments of US$50 million were included in the transaction price at contract inception in 2017. Subsequently in 2019, an additional two milestone payments of US$60 million were included in the transaction price when the milestones triggered by dosing of a specified number of patients in the CARTITUDE-1 clinical trial were achieved. In 2020, an additional milestone with a payment of US$75 million was achieved relating to the clinical development of cilta-cel. At December 31, 2020, the Group is eligible to receive further milestone payments up to $125 million for the achievement of specified manufacturing milestones and an additional $1,040 million, consisting of $105 million for the achievement of specified future development milestones, $725 million for the achievement of specified regulatory milestones and $210 million for the achievement of specified net trade sales milestones. The Company accessed that achievement of the remaining milestones is highly uncertain and the related milestone payments are not included in the transaction price. The milestone is achieved when the triggering event described in the agreement occurs.

Licenses of intellectual property

In assessing whether a license is distinct from the other promises, the Group considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Group considers whether the counterparty can benefit from a license for its intended purpose without the receipt of the remaining promise(s) by considering whether the value of the license is dependent on the unsatisfied promise(s), whether there are other vendors that could provide the remaining promise(s), and whether it is separately identifiable from the remaining promise(s). The Group evaluates the nature of a promise to grant a license in order to determine whether the promise is satisfied over time or at a point in time. The Group evaluated that the licenses are separate performance obligations which represent a right to use the Group’s license as it exists at the point in time that the license is granted. Revenue from licenses is recognized when the control of the right to use of the license is transferred to the customer.

Steering committee services

In assessing whether the preparation and participation in a Joint Steering Committee which leads to the commercialization of a new drug (“JSC service”) is a promised service in the arrangement, the Group concluded that the services are capable of being distinct from the intellectual property licenses and distinct within the context of the contract based on a careful evaluation of the specific facts and circumstances. It was determined that the largest portion of the transaction price should be allocated to the JSC service as the Group is responsible for a significant portion of the development work prior to commercialization. The performance obligation is satisfied over time as services are rendered. Revenue from JSC service is recognized on a straight-line basis over the period when the JSC service is provided.

Pursuant to the license and collaboration agreement, both the Group and the customer jointly perform research and development activities and share the related costs. The research and development activities conducted by the Company are included within the JSC service performance obligation and are a significant input to the JSC service to achieve commercialisation of the new drug. Therefore, performing such research and development activities under the arrangement is not considered a distinct performance obligation.

(b) Rendering of services

The Group render research and development services to customers by delivering research report. Revenue is recognized at the point in time when the research report is delivered and accepted by the customers.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods.

Other income

Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.

Dividend income is recognised when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

Contract liabilities

A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

Share-based payments

The Group operates a share option scheme and a restricted stock unit scheme (“RSU scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including directors) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”).

The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value of share option is determined by an external valuer using a binomial model, and the fair value of each RSU is determined by reference to market price of the Group’s shares at the respective grant date, further details of which are given in note 25 and note 26 to the consolidated financial statements.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefit expense. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Share-based payments (continued)

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification.

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

The dilutive effect of outstanding options and RSUs are reflected as additional share dilution in the computation of earnings per share.

Other employee benefits

Pension scheme

The employees of the Group’s subsidiary which operates in Mainland China are required to participate in a central pension scheme operated by the local municipal government. This subsidiary is required to contribute certain percentage of its payroll costs to the central pension scheme. The contributions are charged to the statement of profit or loss as they become payable in accordance with the rules of the central pension scheme.

Foreign currencies

These consolidated financial statements are presented in United States dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the consolidated financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in the statement of profit or loss.

Differences arising on settlement or translation of monetary items are recognised in the statement of profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognised in other comprehensive income until the net investment is disposed of, at which time the cumulative amount is reclassified to the statement of profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Foreign currencies (continued)

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

The functional currencies of certain subsidiaries established in the PRC and Europe are currencies other than the United States dollar. As at the end of the reporting period, the assets and liabilities of these entities are translated into United States dollars at the exchange rates prevailing at the end of the reporting period and their statements of profit or loss are translated into United States dollars at the weighted average exchange rates for the year.

The resulting exchange differences are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in the statement of profit or loss.

For the purpose of the consolidated statements of cash flows, the cash flows of the subsidiaries established in the PRC and Europe are translated into United States dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of the companies established in the PRC and Europe which arise throughout the year are translated into United States dollars at the weighted average exchange rates for the year.

The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

Impact of covid-19

The COVID-19 situation is very fluid across the world where each country or the sites within a country could be impacted differently. For the year ended December 31, 2020, COVID-19 has had limited impact on the Group’s operations.

There are still uncertainties of COVID-19’s future impact on the Group’s business, results of operations and financial condition, and the extent of the impact will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the development and progress of distribution of COVID-19 vaccines and other medical treatments, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. If the situation materially deteriorates, the Group’s business, results of operations and financial condition could be materially and adversely affected. The Group will continue to monitor and assess the impact of the ongoing development of the epidemic on the financial position and operating results of the Group and respond accordingly.

Significant Accounting Judgements and Estimates

12 Months Ended

Dec. 31, 2020

Disclosure Of Significant Accounting Judgements And Estimates [Abstract]

Significant Accounting Judgements and Estimates

3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Judgement

In the process of applying the Group’s accounting policies, management has made the following judgement, apart from those involving estimations, which has the most significant effect on the amounts recognised in the consolidated financial statements:

Revenue from contracts with customers

The Group has applied the following judgements that significantly affect the determination of the performance obligations and the method to estimate variable consideration of revenue from contracts with customers:

(i) Determining the performance obligations of the contract

A good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and (b) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Group determined that both license and JSC service are each capable of being distinct. In assessing whether each item has standalone value to the customer, the Group considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace, which indicates that the customer can benefit from both license and service on their own. The Group also determined that the promises to transfer the license and to provide JSC service are distinct within the context of the contract. The license is separately identifiable in the contract and will be granted at contract inception. The license is not an input that will be integrated with the service which represents a combined output. The preparation and attendance of the various steering committees is to assist in conducting clinical trials and obtaining regulatory approval of the technology, but does not modify the technology itself. In addition, the license and JSC service are not highly interdependent or highly interrelated, because the delivery of license is not dependent on the service to be provided in the future, and accordingly, it is not interdependent or interrelated with the service.

In determining whether the license transfers to a customer either at a point in time or over time, the Group considers whether the nature of the Group’s promise in granting the license to a customer is to provide a right to access or a right to use the Group’s intellectual property. The Group assessed that the Group provides a right to use the license as the license exists (in terms of form and functionality) at a point in time at which it is granted. The license is already developed and has positive results on cancer patient candidates. The next step is to perform clinical trials again in a controlled and monitored environment.

The Group has allocated the transaction price to license and JSC service based on relative standalone selling prices. The standalone selling prices are not directly observable, and therefore, the Group estimates it using income approach for license and expected cost plus margin approach for JSC service with the assistance of an independent third-party valuer. The Group has considered all information that is reasonably available, including but not limited to, third-party or industry pricing, costs incurred to provide the good or service, related profit margins.

(ii) Determining the method to estimate variable consideration

Certain contract includes milestone payment that give rise to variable consideration. In estimating the variable consideration, the Group is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. The Group determined that the most likely amount method is the appropriate method to use in estimating the variable consideration for the milestone payments as this method better predicts the amount of variable consideration to which the Group will be entitled.

3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)

Judgement (continued)

Revenue from contracts with customers (continued)

(ii) Determining the method to estimate variable consideration (continued)

Before including any amount of variable consideration in the transaction price, the Group considers whether the amount of variable consideration is constrained. The Group evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment.

Estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

Impairment of non-financial assets (other than goodwill)

The Group assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use assets) at the end of each reporting period. Non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.

Deferred tax assets

Deferred tax assets are recognised for unused tax losses and deductible temporary differences to the extent that it is probable that taxable profit will be available against which the losses and deductible temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies. The outcome of their actual utilisation may be different. The amount of unrecognised deferred tax assets for deductible temporary differences and unused tax losses as at December 31, 2020, and 2019 was US$102,615,000 and US$46,717,000, respectively. Further details are contained in note 8 to the consolidated financial statements.

Share-based compensation

The fair value of share options granted by the Group is estimated using the binomial model. The use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Management estimates expected volatility based on the historical volatility of the stock of comparable companies. Expiration date is the basis for determining the expected life of an option. The risk-free interest rate is based on treasury yield curve rates with a remaining term which approximates to the expected life assumed at the date of grant. Changes in these input variables would affect the amount of expense associated with share-based compensation. The compensation expense recognised for all share-based awards is net of estimated forfeitures. The Company estimates forfeiture rates based on historical analysis of option forfeitures. If actual forfeitures vary from estimated forfeitures, adjustments to the compensation expense may be required. For the years ended December 31, 2020, 2019 and 2018, the equity-settled share option expense was US$1,905,000, US$1,272,000 and US $704,000 respectively. Further details are contained in note 25 to the consolidated financial statements.

Operating Segment Information

12 Months Ended

Dec. 31, 2020

Disclosure Of Operating Segments [Abstract]

Operating Segment Information

4. OPERATING SEGMENT INFORMATION

IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reporting about components of the Group that are regularly reviewed by the chief operating decision-maker in order to allocate resources to segments and to assess their performance. The information reported to the directors of the Company, who are the chief operating decision makers, for the purposes of resource allocation and assessment of performance does not contain discrete operation segment financial information and the directors reviewed the financial results of the Group as a whole. Therefore, no further information on the operating segment is presented.

Geographic information

(a) Revenue from external customers

	2020		2019		2018
	US$’000		US$’000		US$’000
North America		75,676		57,261		48,104
China		—		3		1,029
Total		75,676		57,264		49,133

The revenue information above is based on the locations of the customers.

(b) Non-current assets

	December 31, 2020		December 31, 2019
	US$’000		US$’000
China		43,953		27,731
Other countries		84,196		52,880
Total		128,149		80,611

The non-current asset information above is based on the locations of assets and excludes deferred tax assets.

Information about major customer

Revenue of US$ 75,676,000, US$57,261,000 and US$48,104,000 for the years ended December 31, 2020, 2019 and 2018, respectively, was derived from sales to a single customer.

Revenue, Other Income and Gains

12 Months Ended

Dec. 31, 2020

Revenue Other Income And Gains [Abstract]

Revenue, Other Income and Gains

5. REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as follows:

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue from contracts with customer
Rendering of services		—		—		1,029
Sales of goods		—		3		—
License and collaboration revenue
- Licensing of intellectual property		5,625		4,523		7,570
- JSC service		70,051		52,738		40,534
		75,676		57,264		49,133

5. REVENUE, OTHER INCOME AND GAINS (CONTINUED)

Revenue from the rendering of services, sales of goods and licensing of intellectual property is recognized at a point in time. The non-U.S. territories license amount of US$7.6 million was recognized in 2018 by Legend Ireland. Revenue from licensing of intellectual property in 2018 represents revenue recognized for the right to use the license in non-US territories, which was transferred in 2018 when the customer is able to use and benefit from the license. Revenue from licensing of intellectual property in 2019 represents variable consideration relating to the milestone payments which were constrained in prior years but included in the transaction price in 2019 when the milestones were highly probable achieved. At inception, the amount allocated to licensing of intellectual property was US$30 million for both U.S. and non-U.S. territories, which was updated to US$40.2 million as at December 2020.

Revenue from JSC service is recognized overtime. Transaction price allocated to JSC service is recognized as revenue on straight-line basis over the service period, which is estimated to be 9 years, starting from the point when the license is transferred and JSC activities are initiated. At inception the amount allocated to JSC service was US$370 million for both U.S. and non-U.S. territories, which was updated to US$494.8 million as at December 2020.

The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period and recognized from performance obligations satisfied in previous periods:

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue recognized that was included in contract liabilities at the beginning of the reporting period:
License and collaboration revenue
- JSC service		46,777		40,324		30,212

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue recognized from performance obligation satisfied in previous periods:
License and collaboration revenue
- Licensing of intellectual property		5,625		4,523		—
- JSC service		15,591		6,334		—
		21,216		10,857		—

Performance obligations

The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2020, 2019 and 2018 are as follows:

	December 31, 2020		December 31, 2019		December 31, 2018
	US$’000		US$’000		US$’000
Amounts expected to be recognized as revenue:
Within 1 year		55,014		46,294		40,324
1 - 2 years		55,014		46,294		40,324
2 - 3 years		55,014		46,294		40,324
3 - 4 years		55,014		46,294		40,324
After 4 years		110,029		138,883		160,935
		330,085		324,059		322,231

5. REVENUE, OTHER INCOME AND GAINS (CONTINUED)

The amounts of transaction prices allocated to the remaining performance obligations which are expected to be recognised as revenue relate to JSC service, of which the performance obligations are to be satisfied over the collaboration period, which is estimated to be 9 years. The amounts disclosed above do not include variable consideration which is constrained.

	2020		2019		2018
	US$’000		US$’000		US$’000
Other income and gains
Foreign currency exchange gain, net		66		250		7,237
Government grants (note 23)		3,072		1,682		361
Finance income		2,930		4,581		6,214
Fair value gains on financial assets at fair value change through profit or loss		47		474		89
Rental income		4		138		—
		6,119		7,125		13,901

Loss Before Tax

12 Months Ended

Dec. 31, 2020

Profit Loss [Abstract]

Loss Before Tax

6. LOSS BEFORE TAX

The Group’s loss before tax is arrived at after charging/(crediting):

			2020		2019		2018
	Notes		US$’000		US$’000		US$’000
Loss on disposal of property, plant and equipment				55		—		—
Provision for/(reversal of) the impairment of trade receivables, net		16		13		1		(60	)
IPO expenses				1,439		—		—
Employee benefit expense (excluding directors’ remuneration):
Wages and salaries				70,682		37,038		12,039
Pension scheme contributions (defined contribution schemes)				640		1,166		416
Equity-settled share-based compensation expense				4,357		1,272		704

Finance Costs

12 Months Ended

Dec. 31, 2020

Finance Costs [Abstract]

Finance Costs

7. FINANCE COSTS

	2020		2019		2018
	US$’000		US$’000		US$’000
Interest on lease liabilities		195		199		82
Interest on an entrusted loan from a related party		—		24		—
Expenses for issuance of convertible redeemable preferred shares		4,014		—		—
Total		4,209		223		82

Income Tax

12 Months Ended

Dec. 31, 2020

Major Components Of Tax Expense Income [Abstract]

Income Tax

8. INCOME TAX

The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate.

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains.

British Virgin Islands

Under the current laws of the British Virgin Islands (“BVI”), Legend Biotech Limited (“Legend BVI”) is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Group’s subsidiaries incorporated in the British Virgin Islands to their shareholders, no withholding tax will be imposed.

Hong Kong

Under the current laws of Hong Kong, the subsidiary which operates in Hong Kong is subject to a corporate income tax (“CIT”) at a rate of 16.5% on the taxable income. Under the Hong Kong tax law, the subsidiaries in Hong Kong are exempted from income tax on their foreign derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

United States of America

Under the current laws of the United States of America (“USA”), the subsidiary which operates in the United States of America is subject to federal tax at a rate of 21% and state tax at a rate of 11.5% in New Jersey. Dividends payable by the Group’s US entity, to non US resident enterprises shall be subject to 30% withholding tax, unless the respective non US resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with US that provides for a reduced withholding tax rate or an exemption from withholding tax.

Ireland

Under the current laws of the Ireland, the subsidiary which operates in Ireland is subject to CIT at a rate of 12.5% on the taxable income. Dividend withholding tax is imposed on distributions made by Irish companies at a rate of 20% with many exemptions provided.

Mainland China

Pursuant to the Corporate Income Tax Law of the PRC and the respective regulations (the “CIT Law”), the subsidiaries which operate in Mainland China are subject to CIT at a rate of 25% on the taxable income. During the years ended December 31, 2020, 2019 and 2018, the applicable income tax rate was 25%. Dividends, interests, rent or royalties payable by the Group’s PRC entities, to non PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% EIT, namely withholding tax, unless the respective non PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

8. INCOME TAX (CONTINUED)

Netherlands

Under the current laws of Netherlands, the subsidiary which operates in Netherlands is subject to CIT at a rate of 25% on the taxable income. A tax rate of 16.5% (2019: 19% and 2018: 20%) applies to the first EUR200,000 of taxable income. The statutory withholding tax rate for dividends is 15% while several exemptions and reductions can apply.

	2020			2019			2018
	US$’000			US$’000			US$’000
Current – United States of America		(3,613	)		(65,948	)		64,312
Current – Elsewhere		(532	)		(371	)		913
Deferred (note 22)		—			68,921			(64,057	)
Total tax charge for the year		(4,145	)		2,602			1,168

A reconciliation of the tax expense applicable to loss before tax at the statutory rates for the countries (or jurisdictions) in which the Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates is as follows:

	2020						2019						2018
	US$’000			%			US$’000			%			US$’000			%
Loss before tax		(307,622	)					(130,370	)					(1,616	)
At the statutory blended income tax rate of 30.1% (2019 and 2018: 30.1%)		(92,548	)		30.1			(39,222	)		30.1			(486	)	30.1
Effect of tax rate differences in other countries		38,012			(12.4	)		6,395			(4.9	)		(605	)	37.4
Research and development credit		(6,451	)		2.1			(3,746	)		2.9			(2,341	)	144.9
Statutory income/expense		—			—			—			—			46.0			(2.9	)
Effect of non-deductible expenses		1,817			(0.6	)		188			(0.1	)		112			(6.9	)
Tax losses and deductible temporary differences not recognized		55,898			(18.2	)		44,844			(34.5	)		1,462		(90.5		)
Option income tax benefit		(1,331	)		0.4			—			—			—			—
Prior year true up		658			(0.2	)		(6,598	)		5.1			(76	)	4.7
Uncertain tax positions		(272	)		0.1			272			(0.2	)		3,056			(189.1	)
Withholding tax on interest		278			(0.1	)		393			(0.3	)		—			—
Others		(206	)		0.1			76			(0.1	)		—			—
Tax (benefit)/charge at the Group’s effective rate		(4,145	)		1.3			2,602			(2.0	)		1,168			(72.3	)

Loss per Share Attributable to Ordinary Equity Holders of the Parent

12 Months Ended

Dec. 31, 2020

Basic Earnings Per Share [Abstract]

Loss per Share Attributable to Ordinary Equity Holders of the Parent

9. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The calculation of the basic loss per share amount is based on the loss for the year attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 236,305,234, 200,000,000 and 200,000,000 in issue during the years 2020, 2019 and 2018, respectively.

The calculation of the diluted earnings per share amount is based on the loss for the year attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all dilutive potential ordinary shares into ordinary shares.

No adjustment has been made to the basic loss per share amounts presented for the years ended December 31, 2020, 2019 and 2018 in respect of a dilution as the impact of the outstanding share options and restricted stock units had an anti-dilutive effect on the basic loss per share amounts presented.

The calculations of basic and diluted loss per share are based on:

	2020			2019			2018
	US$’000			US$’000			US$’000
Earnings
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation		(303,477	)		(132,972	)		(2,784	)

	Number of shares
	2020		2019		2018
Shares
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation		236,305,234		200,000,000		200,000,000

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Disclosure Of Property Plant And Equipment [Abstract]

Property, Plant and Equipment

10. PROPERTY, PLANT AND EQUIPMENT

	Freehold land		Buildings			Machinery and equipment			Computer and office equipment			Transportation equipment			Construction in progress			Total
	US’000		US$’000			US$’000			US$’000			US$’000			US$’000			US$’000
December 31, 2020
At January 1, 2020
Cost		2,889		32,527			27,992			1,314			42			10,136			74,900
Accumulated depreciation		—		(1,534	)		(2,940	)		(341	)		(6	)		—			(4,821	)
Net carrying amount		2,889		30,993			25,052			973			36			10,136			70,079
At January 1, 2020, net of accumulated depreciation		2,889		30,993			25,052			973			36			10,136			70,079
Additions		—		—			—			560			—			49,497			50,057
Disposals		—		—			(165	)		—			—			—			(165	)
Depreciation provided during the year		—		(2,560	)		(4,593	)		(1,091	)		(4	)		—			(8,248	)
Exchange realignment		—		375			775			12			2			204			1,368
Transfers from construction in progress		—		12,929			8,459			1,422			—			(22,810	)		—
At December 31, 2020, net of accumulated depreciation		2,889		41,737			29,528			1,876			34			37,027			113,091
At December 31, 2020:
Cost		2,889		45,831			37,400			3,308			44			37,027			126,499
Accumulated depreciation		—		(4,094	)		(7,872	)		(1,432	)		(10	)		—			(13,408	)
Net carrying amount		2,889		41,737			29,528			1,876			34			37,027			113,091

10. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

	Freehold land		Buildings			Machinery and equipment			Computer and office equipment			Transportation equipment			Construction in progress			Total
	US’000		US$’000			US$’000			US$’000			US$’000			US$’000			US$’000
December 31, 2019
At January 1, 2019
Cost		—		127			4,217			367			43			24,335			29,089
Accumulated depreciation		—		(30	)		(830	)		(73	)		(1	)		—			(934	)
Net carrying amount		—		97			3,387			294			42			24,335			28,155
At January 1, 2019, net of accumulated depreciation		—		97			3,387			294			42			24,335			28,155
Additions		2,889		9,476			1,586			53			—			32,310			46,314
Disposals		—		—			(74	)		—			—			—			(74	)
Depreciation provided during the year		—		(1,505	)		(2,219	)		(273	)		(4	)		—			(4,001	)
Exchange realignment		—		(77	)		(70	)		(4	)		(2	)		(162	)		(315	)
Transfers from construction in progress		—		23,002			22,442			903			0			(46,347	)		—
At December 31, 2019, net of accumulated depreciation		2,889		30,993			25,052			973			36			10,136			70,079
At December 31, 2019:
Cost		2,889		32,527			27,992			1,314			42			10,136			74,900
Accumulated depreciation		—		(1,534	)		(2,940	)		(341	)		(6	)		—			(4,821	)
Net carrying amount		2,889		30,993			25,052			973			36			10,136			70,079

During the years ended December 31, 2020 and 2019, the additions of property, plant and equipment included the charge from a customer under a license and collaboration agreement amounting to US$13,663,000 and US$19,765,000 , respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2020

Disclosure Of Intangible Assets [Abstract]

Intangible Assets

11. INTANGIBLE ASSETS

	Software
	US$’000
December 31, 2020
At January 1, 2020
Cost		598
Accumulated amortisation		(79	)
Net carrying amount		519
At January 1, 2020, net of accumulated amortisation		519
Additions		2,583
Amortisation provided during the year		(192	)
Exchange realignment		(58	)
At December 31, 2020, net of accumulated amortisation		2,852
At December 31, 2020
Cost		3,186
Accumulated amortisation		(334	)
Net carrying amount		2,852
December 31, 2019
At January 1, 2019
Cost		67
Accumulated amortization		(18	)
Net carrying amount		49
At January 1, 2019, net of accumulated amortisation		49
Additions		534
Amortisation provided during the year		(63	)
Exchange realignment		(1	)
At December 31, 2019, net of accumulated amortisation		519
At December 31, 2019
Cost		598
Accumulated amortisation		(79	)
Net carrying amount		519

Other Non-Current Assets

12 Months Ended

Dec. 31, 2020

Categories Of Current Financial Assets [Abstract]

Other Non-Current Assets

12. OTHER NON-CURRENT ASSETS

	December 31, 2020		December 31, 2019
	US$’000		US$’000
VAT recoverable		3,542		—
Prepayments		431		—
		3,973		—

Leases

12 Months Ended

Dec. 31, 2020

Lease [Abstract]

Leases

13. LEASES

The Group as a lessee

The Group has lease contracts for land and buildings. Leases of buildings (including car park spaces) generally have lease terms between 2 and 10 years. Lump sum payments were made upfront to acquire the leased land from the owners with lease periods of 50 years, and no ongoing payments will be made under the terms of these land leases. Other buildings and rooms generally have lease terms of 12 months or less from the commencement date and do not contain a purchase option. The group applies the short-term lease recognition exemption to its short-term leases.

(a) Right-of-use assets

The carrying amounts of the Group’s right-of-use assets and the movements during the year are as follows:

	Prepaid land lease payments			Buildings			Total
	US$’000			US$’000			US$’000
December 31, 2020
Right-of-use assets at January 1, 2020, net of accumulated depreciation		4,630			4,718			9,348
Increase		—			491			491
Lease modification		—			(928	)		(928	)
Exchange realignment		318			273			591
Depreciation of right-of-use assets		(97	)		(1,396	)		(1,493	)
At December 31, 2020		4,851			3,158			8,009
December 31, 2019
Right-of-use assets at January 1, 2019, net of accumulated depreciation		—			3,733			3,733
Additions		4,677			2,163			6,840
Exchange realignment		—			(27	)		(27	)
Depreciation of right-of-use assets		(47	)		(1,151	)		(1,198	)
At December 31, 2019		4,630			4,718			9,348

13. LEASES (CONTINUED)

The Group as a lessee (continued)

(b) Lease liabilities

Lease liabilities are as indicated below:

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term.

	2020			2019
	US$’000			US$’000
Carrying amount at January 1		6,085			4,317
Increase		491			6,840
Lease modification		(928	)		—
Accretion of interest recognised during the year		195			199
Payments		(2,797	)		(5,255	)
Exchange realignment		327			(16	)
Carrying amount at December 31		3,373			6,085
Analyzed into:
Current portion		1,464			1,027
Non-current portion		1,909			5,058
		3,373			6,085

	2020		2019
	US$’000		US$’000
Interest on lease liabilities		195		199
Depreciation charge of right-of-use assets		1,493		1,198
Expense relating to short-term leases		69		272
Total amount recognized in profit or loss		1,757		1,669

The maturity analysis of lease liabilities is disclosed in note 31 to the financial statements. The total cash outflow for leases is disclosed in note 28(c) to the financial statements.

The Group as a lessor

The Group leases its right-of-use assets above consisting of five car parking spaces in Ireland for a lease term of 12 months. Rental income recognised by the Group for the year ended December 31, 2020 was US$4,000 (2019: 138,000), details of which are included in note 5 to the financial statements.

At December 31, 2020 and 2019, the undiscounted minimum lease payments receivables by the Group in future periods under non-cancellable operating leases with its tenants are as follows:

	2020		2019
	US$’000		US$’000
Within one year		4		16

Convertible Redeemable Preferred Shares

12 Months Ended

Dec. 31, 2020

Disclosure Of Classes Of Share Capital [Abstract]

Convertible Redeemable Preferred Shares

14. CONVERTIBLE REDEEMABLE PREFERRED SHARES

On March 30, 2020 and on April 16, 2020, the Company issued a total of 20,591,629 Series A convertible redeemable preferred shares (the “Series A Preference Shares”) to independent third parties, at the price of US$7.792 per share for an aggregate purchase consideration of US$160,450,000.

The key terms of the Series A Preference Shares are summarised as follows:

(1) Dividends rights

Each Series A Preference Shares holder is entitled to dividends at the rate of 8% of the Series A original issue price per annum per share shall accrue on such Series A Preference Shares. Such dividends (i) will be declared by the board of directors and paid to the holders of Series A Preference Shares each fiscal quarter, or (ii) if not declared and, with respect to any fiscal quarter, paid to the holders of Series A Preference Shares within thirty days after such fiscal quarter, such undeclared and unpaid dividends will accrue day to day from the last day of such fiscal quarter, will be cumulative and compound annually, and will only be paid upon a redemption or liquidation event or converted into ordinary shares upon an initial public offering.

(2) Conversion rights

Optional conversion

Each Series A Preference Share is convertible, at the option of the holder, at any time after the date of issuance of such Series A Preference Share, into such number of fully paid and non-assessable ordinary shares as is determined by dividing the Series A original issue price, by a conversion price equal to the lower of (i) the conversion price at the time in effect for such Series A Preference Share and (ii) the price per share that equals the lowest net price per ordinary share received by the Company in a public offering that is not a Qualified IPO.

Automatic conversion

Each Series A Preference Share will be automatically converted upon the closing of a Qualified IPO into a number of ordinary shares as is determined by dividing the Series A original issue price by a conversion price is equal to the lower of (i) the conversion price at the time in effect for such Series A Preference Share and (ii) the price per share that equals 90% of the lowest net price per ordinary share received by the Company in the Qualified IPO.

(3) Redemption rights

At any time on or after the occurrence of a Trigger Event (as defined below), each investor may require the Company to redeem the Series A Preference Shares issued to the investor and require the Company to immediately pay the investor an amount equal to the redemption price, plus 8% annualized. A “Trigger Event” means the occurrence of one or more of the following events: (A) as of September 30, 2021, the Company has not consummated a qualified IPO, (B) the Company consummates a non-Qualified IPO, (C) the License Agreement (i) is terminated as a result of a material breach by any party thereto or (ii) is amended in such a way that with (or without) the passage of time would reasonably be expected to adversely affect the value of the Company or the Series A Preference Shares in any material respect and (D) there occurs or it is discovered that there is a material adverse issue with respect to the patents, know-how and all other intellectual property owned or controlled by the Company or its affiliates and licensed to a customer under a license and collaboration agreement, which is not capable of being cured within a reasonable period.

14. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

(4) Liquidation

Upon any liquidation, dissolution or winding up of the Company (collectively, a “Liquidation Event”), before any distribution or payment shall be made to the holders of any Ordinary Shares, the holders of Series A Preference Shares will be entitled to be paid out of the assets of the Company legally available for distribution for each Series A Preference Share, an amount per Series A Preference Share equal to the sum of (i) the Series A Original Issue Price, plus (ii) any accrued but unpaid Dividends on each Series A Preference Share. If, upon any such Liquidation Event, the assets of the Company will be insufficient to make payment in full to all holders of Series A Preference Shares, then such assets (or consideration) will be distributed among the holders of Series A Preference Shares at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled.

All Series A Preferred Shares were converted into ordinary shares of the Company and all accrued but unpaid dividends were settled in the form of ordinary shares upon qualified IPO in June 2020. A fair value loss of $80.0 million was recorded in the fiscal year ended December 31, 2020 due to change in fair value upon conversion.

The movement of the convertible redeemable preferred shares is set out as below:

	December 31, 2020
	US$’000
At January 1, 2020		—
Issuance of the Series A Preference Shares on March 30, 2020 and on April 16, 2020		160,450
Fair value loss of the Series A Preferred Shares		79,984
Conversion to ordinary shares		(240,434	)
At December 31, 2020		—

Inventories

12 Months Ended

Dec. 31, 2020

Classes Of Inventories [Abstract]

Inventories

15. INVENTORIES

December 31,

2020

December 31,

2019

US$’000

Raw materials and consumables

1,800

1,157

Trade Receivables

12 Months Ended

Dec. 31, 2020

Trade And Other Receivables [Abstract]

Trade Receivables

16. TRADE RECEIVABLES

	December 31, 2020			December 31, 2019
	US$’000			US$’000
Trade receivables		75,000			30,000
Less: Impairment of trade receivables		(22	)		(9	)
		74,978			29,991

16. TRADE RECEIVABLES (CONTINUED)

The Group’s trading terms with its customers are mainly on credit. The credit period is 30 to 90 days. The Group seeks to maintain strict control over its outstanding receivables and overdue balances are reviewed regularly by management. Trade receivables are non-interest-bearing. The Group has concentration of credit risk as 100% and 100% of trade receivables were due from one single customer under a license and collaboration agreement as at December 31, 2020 and 2019, respectively.

Movements in the loss allowance for impairment of trade receivables were as follows:

	Total
	US$’000
At January 1, 2020		9
Impairment losses reversed		(9	)
Impairment losses recognised		22
At December 31, 2020		22
At January 1, 2019		8
Impairment losses reversed		(8	)
Impairment losses recognised		9
At December 31, 2019		9

The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. The Group performed an impairment analysis at the end of each year by considering the probability of default of the debtors or comparable companies with published credit ratings.

Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix:

As at December 31, 2020

Gross carrying

amount

Expected

loss rate

Expected

credit loss

USD’000

Within 3 months

75,000

0.03

As at December 31, 2019

Gross carrying

amount

Expected

loss rate

Expected

credit loss

USD’000

Within 3 months

30,000

0.03

Prepayments, Other Receivables and Other Assets

12 Months Ended

Dec. 31, 2020

Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]

Prepayments, Other Receivables and Other Assets

17. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Interest receivable		80		516
Other receivables		264		1,044
Income tax refund		4,267		—
Prepaid income tax		—		7,210
VAT recoverable		1,941		4,206
Prepayments		3,455		3,801
		10,007		16,777

As at December 31, 2020 and 2019, included in the Group’s other receivables were amounts due from the Group’s related parties that are repayable on demand of US$20,000 and US$291,000, respectively (note 30).

None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. The majority of the above balances were settled within 12 months and had no history of default. The Group estimated that the expected credit loss for the above receivables is insignificant.

Cash and Cash Equivalents and Pledged Deposits

12 Months Ended

Dec. 31, 2020

Disclosure Of Cash And Cash Equivalents And Pledged Deposits [Abstract]

Cash and Cash Equivalents and Pledged Deposits

18. CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS

	December 31, 2020			December 31, 2019
	US$’000			US$’000
Cash and bank balances		506,073			159,179
Less: Pledged short-term deposits		(384	)		(256	)
Time deposits		(50,000	)		(75,559	)

Cash and cash equivalents		455,689			83,364

Denominated in USD		451,165			69,846
Denominated in RMB		4,335			13,180
Denominated in EUR		189			338

Cash and cash equivalents		455,689			83,364

The cash and bank balances of the Group denominated in Renminbi (“RMB”) amounted to US$4,335,000 and US$13,180,000 in the consolidated statements of financial position as at December 31, 2020 and December 31, 2019, respectively. The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

The pledged deposit as at December 31, 2020 was pledged for issuing bank notes payables to suppliers of the Group and for credit card facilities. The pledged deposit as at December 31, 2019 was pledged for credit card facilities.

18. CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS (CONTINUED)

Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default. The carrying amounts of the cash and cash equivalents approximate to their fair values.

Trade and Notes Payables

12 Months Ended

Dec. 31, 2020

Trade And Other Payables [Abstract]

Trade and Notes Payables

19. TRADE AND NOTES PAYABLES

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Trade payables		4,911		9,586
Notes payable		327		—
		5,238		9,586

The trade payables are non-interest-bearing and are normally settled on 60-day terms.

As at December 31, 2020 and 2019, included in the Group’s trade payables were amounts due to the Group’s related parties of US$2,103,000 and US$5,225,000, respectively (note 30).

Other Payables and Accruals

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Payables And Accruals [Abstract]

Other Payables and Accruals

20. OTHER PAYABLES AND ACCRUALS

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Accrued payroll		13,609		6,633
Other payables		85,559		64,221
		99,168		70,854

Other payables are non-interest-bearing and repayable on demand.

As at December 31, 2020 and 2019, included in the Group’s other payables were amounts due to the Group’s related parties of US$3,736,000 and US$1,544,000, respectively (note 30).

Contract Liabilities

12 Months Ended

Dec. 31, 2020

Contract Liabilities [Abstract]

Contract Liabilities

21. CONTRACT LIABILITIES

Details of contract liabilities are as follows:

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Advances received from customers
License and collaboration revenue
- JSC service		330,085		324,059
Current		55,014		46,294
Non-current		275,071		277,765

21. CONTRACT LIABILITIES (CONTINUED)

The movements in contract liabilities during the year are as follows:

	US$’000
At January 1, 2020		324,059
Advance received/due for payment		75,000
Transferred to revenue		(75,676	)
Exchange realignment		6,702
At December 31, 2020		330,085
At January 1, 2019		297,593
Advance received/due for payment		85,217
Transferred to revenue		(57,261	)
Exchange realignment		(1,490	)
At December 31, 2019		324,059

Contract liabilities include advances received/due for payment under the license and collaboration agreement at the end of each year. The increase in contract liabilities in 2020 and 2019 was mainly due to the increase in milestone payments from a customer in relation to the agreement.

Deferred Tax

12 Months Ended

Dec. 31, 2020

Deferred Tax Assets And Liabilities [Abstract]

Deferred Tax

22. DEFERRED TAX

The movements in deferred tax assets during the year are as follows:

Deferred tax assets

	Amortized and accrued			Expense of share Options			Unrealised profit from intercompany			Contract liabilities			Losses available for offsetting against future taxable profits		Total
	US$’000			US$’000			US$’000			US$’000			US$’000		US$’000
At January 1, 2019		953			90			7,487			60,387			—		68,917
Deferred tax charged to the statement of profit or loss during the year		(953	)		(90	)		(7,487	)		(60,391	)		—		(68,921	)
Exchange realignment		—			—			—			4			—		4
Gross deferred tax assets at December 31, 2019 and 2020		—			—			—			—			—		—

The Group has tax losses arising in Hong Kong of US$25,000 in 2020 (2019: US$919,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose.

The Group has tax losses arising in Mainland China of US$63,600,000 in 2020 (2019: US$30,766,000 ) that will expire in 5 years for offsetting against future taxable profits of the companies in which the losses arose.

The Group has tax losses arising in the Netherlands of US$12,000 in 2020 (2019: US$2,000) that can be carried back for 1 year and carried forward for 9 years for offsetting against taxable profits of the company.

22. DEFERRED TAX (CONTINUED)

The Group has tax losses arising in Ireland of US$47,412,000 in 2020 (2019: US$31,594,000) that can be carried back for 1 year and carried forward indefinitely for offsetting against taxable profits of the company.

The Group has tax losses arising in the United States of US$33,050,000 in 2020 (2019: US$57,792,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose.

Deferred tax assets have not been recognized in respect of these tax losses as it is not considered probable that taxable profits will be available against which the tax losses can be utilised.

Deferred tax assets have not been recognised in respect of the following items:

	2020		2019
	US$’000		US$’000
Deductible temporary differences		74,409		59,399
Tax losses		144,099		121,073
		218,508		180,472

Deferred income tax assets are recognised for tax losses carried-forward to the extent that realization of the related tax benefit through future taxable profits is probable. Deferred tax assets have not been recognized in respect of the above items as it is not considered probable that taxable profits will be available against which the above items can be utilized.

Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. The requirement is effective from January 1, 2008 and applies to earnings after December 31, 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign investors. For the Group, the applicable rate is 10%. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in Mainland China in respect of earnings generated from January 1, 2008.

At December 31, 2020 and 2019, the subsidiary in Mainland China had no distributable retained earnings.

According to the US tax laws, dividends payable by the Group’s US entity, to non-US resident enterprises shall be subject to 30% withholding tax. A lower withholding tax rate may be applied if there is a tax treaty between US and the jurisdiction of the foreign investors. For the Group, the applicable rate is 5%. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in US.

At December 31, 2020 and 2019, the subsidiary in US had no distributable retained earnings.

Government Grants

12 Months Ended

Dec. 31, 2020

Government Grant [Abstract]

Government Grants

23. GOVERNMENT GRANTS

	2020		2019
	US$’000		US$’000
Deferred government grants		2,334		—
Current		283		—
Non-current		2,051		—

The grants were related to the subsidies received from local government authorities for the purpose of compensation for the expenditure on certain facilities and were credited to a deferred income account. The grants were released to other income and gains over the expected useful lives of the relevant assets. The group also received certain financial subsidies from local government authorities to support local business. There were no unfulfilled conditions and other contingencies attached to these government grants. These government grants were recognized in other income and gains upon receipt.

Share Capital and Share Premium

12 Months Ended

Dec. 31, 2020

Disclosure Of Classes Of Share Capital [Abstract]

Share Capital and Share Premium

24. SHARE CAPITAL AND SHARE PREMIUM

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Authorised:
500,000,000 ordinary shares of US$0.0001 each		50		50
Issued and fully paid:
266,010,256 (2019: 200,000,000) ordinary shares of US$0.0001 each		27		20

A summary of movements in the Company’s share capital and share premium is as follows:

	Number of shares in issue		Share capital		Share premium		Total
			US$’000		US$’000		US$’000
At December 31, 2019 and January 1, 2020		200,000,000		20		3,908		3,928

Issuance of ordinary shares for conversion of preferred shares		20,907,282		2		240,432		240,434
Issuance of ordinary shares for initial public offering, net of issuance cost		42,377,500		4		450,081		450,085
Issuance of ordinary shares for private placement by Genscript		1,043,478		-		12,000		12,000
Exercise of share option		1,681,996		1		1,885		1,886

At December 31, 2020		266,010,256		27		708,306		708,333

Share Option Scheme

12 Months Ended

Dec. 31, 2020

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share Option Scheme

25. SHARE OPTION SCHEME

The Company operates a share option scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Eligible participants of the Scheme include the Company’s directors, including independent non-executive directors, and employees of any member of the Group. The Scheme became effective on December 21, 2017 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The Scheme has a performance vesting condition and is subject to forfeiture if the participants cannot meet certain performance targets set by the board of directors.

Share options do not confer any voting rights, or rights to participate in any dividends or distributions.

The following share options were outstanding under the Scheme during the year:

	2020					2019					2018
	Weighted average exercise price		Number of options			Weighted average exercise price		Number of options			Weighted average exercise price		Number of options
	US$ per share		’000			US$ per share		’000			US$ per share		’000
At January 1,		0.9273		18,013			0.7782		14,311			0.5000		8,100
Granted during the year		15.6128		679			1.4973		3,757			1.0000		7,990
Forfeited during the year		0.9963		(2,769	)		1.0909		(55	)		0.5073		(1,779	)
Exercised during the year		1.0131		(1,682	)		—		—			—		—
At December 31,		1.9353		14,241			0.9273		18,013			0.7782		14,311
Exercisable at December 31		1.0703		4,619			0.7852		2,484			—		—

25. SHARE OPTION SCHEME (CONTINUED)

The weighted average share price at the date of exercise for share options exercised during the year was $14.9131 per share (2019 and 2018: No share options were exercised).

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows:

December 31, 2020
Number of options ’000		Exercise price* US$ per share		Exercise period
	5,393		0.5	2019/12/25 - 2027/12/25
	4,317		1.0	2019/07/01 - 2028/08/29
	540		1.0	2019/12/31 - 2028/12/30
	2,868		1.5	2020/07/02 - 2029/07/01
	444		11.5	2020/11/29 - 2029/11/28
	90		11.5	2021/06/05 - 2030/06/04
	569		16.3	2021/09/01 - 2030/08/31
	20		13.6	2021/11/19 - 2030/11/18
	14,241

December 31, 2019
Number of options ’000		Exercise price* US$ per share		Exercise period
6,347			0.5	2019/12/25 - 2027/12/25
7,283			1.0	2019/07/01 - 2028/08/29
656			1.0	2019/12/31 - 2028/12/30
3,225			1.5	2020/07/02 - 2029/07/01
502			1.5	2020/11/29 - 2029/11/28
18,013

December 31, 2018
Number of options ’000		Exercise price* US$ per share		Exercise period
6,347			0.5	2019/12/25 - 2027/12/25
7,288			1.0	2019/07/01 - 2028/08/29
	676		1.0	2019/12/31 - 2028/12/30
	14,311

The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in the Company’s share capital. Pursuant to certain listing rules of the Hong Kong Stock Exchange to which members of the Genscript Group are subject to, the Company adjusted the exercise price of options granted during November 29, 2019 through December 9, 2019 to $11.50 per share. Concurrent with this adjustment, the Company agreed to pay each employee holding affected share options an amount in cash representing the difference between the adjusted exercise price over the original exercise price upon exercising the share options.

The fair value of the share options granted during the year was US$6,666,000 (US$9.817 each) (2019: US$1,099,000, US$0.294 each; 2018: US$4,329,000, US$0.269 each). The Group recognised share option expense of US$1,905,000 (2019: US$1,272,000, 2018: US$704,000) during the year ended December 31, 2020.

25. SHARE OPTION SCHEME (CONTINUED)

The fair value of equity-settled share options granted during the period was estimated, using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used:

	2020		2019		2018
Dividend yield (%)		—		—		—
Expected volatility (%)	73.0-87.2		66.4-80.3		64.2-66.4
Risk-free interest rate (%)	0.07-0.91		1.98-2.69		2.48-2.87
Expected life of options (year)		10		10		10

The volatility measured at the standard deviation of expected share price returns is based on statistical analysis of comparable listed companies in the same industry. The weighted average share price was US$15.6128 used in the share option fair value valuation model during the year ended December 31, 2020.

As at December 31, 2020, the Company had 14,241,000 share options outstanding under the Scheme. The exercise in full of the outstanding share options would, under the present capital structure of the Company, result in the issue of 14,241,000 additional ordinary shares of the Company, an additional share capital of US$1,424 and a share premium of US$23,122,000 (before issue expenses).

Restricted Stock Units

12 Months Ended

Dec. 31, 2020

Restricted Stock Units [Abstract]

Restricted Stock Units

26. RESTRICTED STOCK UNITS

The company operates a restricted stock units scheme (the “RSU Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Eligible participants of the Scheme include the Company’s directors, including independent non-executive directors, and employees of any member of the Group. The Scheme became effective on May 26, 2020 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The Scheme has a performance vesting condition and is subject to forfeiture if the participants cannot meet certain performance target set by the board of directors.

The movement in the number of RSU outstanding for the year ended 31 December 2020, 2019 and 2018 was as follow:

	2020
	Number of RSU			Weighted average grant date fair value
	’000			US$ per unit
Outstanding at January 1	—			—
Granted during the year	1,139			15.3639
Forfeited during the year		(26	)	16.3350
Outstanding at December 31	1,113			15.3409

The weighted-average remaining contractual life for outstanding RSUs granted under the RSU Scheme was 8.84 years as of December 31, 2020.

The fair value of the awarded shares was calculated based on the market price of the Group’s shares at the respective grant date.

The fair value of the RSU granted during the period was US$17,497,000 (US$15.364 each), of which the Group recognised a RSU expense of US$2,855,000 during the year ended 31 December 2020.

Reserves

12 Months Ended

Dec. 31, 2020

Disclosure Of Reserves Within Equity [Abstract]

Reserves

27. RESERVES

The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity on page F-5 of the consolidated financial statements.

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of operations with a functional currency other than US$.

Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of net assets restricted include paid in capital and statutory reserve funds of the Company’s PRC subsidiary and the net assets, totaling US$26.0 million and US$24.0 million as at December 31, 2020 and 2019, respectively.

Notes to the Consolidated Statement of Cash Flows

12 Months Ended

Dec. 31, 2020

Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract]

Notes to the Consolidated Statement of Cash Flows

28. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Major non-cash transactions

For the years ended December 31, 2020, 2019 and 2018, the Group had non-cash additions to right-of-use assets of US$491,000, US$2,163,000 and US$4,280,000, and lease liabilities of US$491,000, US$ 2,163,000 and US$4,280,000, in respect of lease arrangements for buildings, respectively.

For the years ended December 31, 2019 and 2018, the Group had non-cash additions to property, plant and equipment of US$8,945,000 and US$7,280,000, respectively.

For the year ended December 31, 2019, Genscript Biotech Corporation utilized the balance due from the Group to settle the balance due to Genscript USA Incorporated in the amount of US$4,364,000.

For the year ended December 31, 2019, Genscript Biotech Corporation and Genscript USA Incorporated utilized the outstanding balance due from the Group to settle part of the outstanding balance due to the Group of US$19,510,000 and US$5,539,000, respectively.

For the year ended December 31, 2020, the Group had non-cash additions to finance costs of US$1,500,000 and other payable of US$1,500,000, in respect of expenses for convertible redeemable preferred shares.

For the year ended December 31, 2020, the Group had non-cash fair value loss of $79,984,000 of convertible redeemable preferred shares.

28. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

(b) Changes in liabilities arising from financing activities

	Convertible redeemable preferred shares			Other payables to related parties			Lease liabilities
				US$’000			US$’000
At January 1, 2020		—			4			6,085
Additions of lease liabilities		—			—			(437	)
Changes from financing cash flows		160,450			(4	)		(2,602	)
Interest expense		—			—			195
Interest paid classified as operating cash flows		—			—			(195	)
Fair value loss of the convertible redeemable preferred shares		79,984			—			—
Conversion to ordinary shares		(240,434	)		—			—
Foreign exchange movement		—			—			327
At December 31, 2020		—			—			3,373
At January 1, 2019		—			4,688			4,317
Additions of lease liabilities		—			—			6,840
Changes from financing cash flows		—			19,722			(5,056	)
Non-cash transaction (note 28(a))		—			(24,374	)		—
Interest expense		—			—			199
Interest paid classified as operating cash flows		—			—			(199	)
Foreign exchange movement		—			(32	)		(16	)
At December 31, 2019		—			4			6,085
At January 1, 2018		—			1,968			269
Additions of lease liabilities		—			—			4,280
Changes from financing cash flows		—			2,720			(219	)
Interest expense		—			—			82
Interest paid classified as operating cash flows		—			—			(82	)
Foreign exchange movement		—			—			(13	)
At December 31, 2018		—			4,688			4,317

28. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

The total cash outflow for leases included in the statement of cash flows is as follows:

	2020		2019		2018
	US$’000		US$’000		US$’000
Right-of-use assets
Within operating activities		195		199		82
Within financing activities		2,602		5,056		219
Short-term leases		69		272		—
		2,866		5,527		301

Capital Commitments

12 Months Ended

Dec. 31, 2020

Capital Commitments [Abstract]

Capital Commitments

29. CAPITAL COMMITMENTS

The Group had the following capital commitments at the end of the year:

	2020		2019		2018
	US$’000		US$’000		US$’000
Construction in progress		33,637		2,844		2,628

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Disclosure Of Transactions Between Related Parties [Abstract]

Related Party Transactions

30. RELATED PARTY TRANSACTIONS

Company		Relationship
Nanjing Jinsirui Biotechnology Co., Ltd.		Company controlled by the ultimate holding company
Jinsikang Technology (Nanjing) Co., Ltd.		Company controlled by the ultimate holding company
Nanjing Bestzyme Bioengineering Co., Ltd.		Company controlled by the ultimate holding company
Shanghai Jingrui Biotechnology Co., Ltd.		Company controlled by the ultimate holding company
Jiangsu Genscript Biotech Co., Ltd		Company controlled by the ultimate holding company
Genscript (HongKong) Ltd.		Company controlled by the ultimate holding company
Genscript USA Incorporated		Company controlled by the ultimate holding company
Genscript USA Holdings Inc		Company controlled by the ultimate holding company
Genscript Biotech (Netherlands) B.V.		Company controlled by the ultimate holding company
Yangtze Investment USA Inc.		Company controlled by the ultimate holding company
Genscript Biotech Corporation		Company controlled by the ultimate holding company

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year:

(i)

Services provided to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		—		1,029

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(ii)

Sales of materials to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		3		—

The terms of these services and materials were charged based on the prices agreed by both parties.

(iii)

Purchases from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		4,162		4,480		2,500
Genscript USA Incorporated		424		296		191
Shanghai Jingrui Biotechnology Co., Ltd.		—		—		18
Jiangsu Genscript Biotech Co., Ltd		41		198		2
Genscript USA Holdings Inc		—		4		—
Genscript Biotech (Netherlands) B.V.		7		—		—
		4,634		4,978		2,711

The transactions were made according to the published prices and conditions offered by related parties to their major customers.

(iv)

Management fee:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		—		511
Genscript (HongKong) Ltd		59		—		—
Genscript USA Incorporated		95		198		222
		154		198		733

The management fee was charged by related parties based on the cost of services provided.

(v)

Shared services:

During the years ended December 31, 2020, 2019 and 2018, Nanjing Jinsirui Biotechnology Co., Ltd. provided certain accounting, legal, IT and administrative shared services to the Group for a consideration of 3,298,000, US$2,121,000 and nil, respectively.

(vi)

Short term lease of properties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		265		—

The lease was made according to the contractual price and the lease term is 12 months.

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(vii)

Cash advances from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		28,199		—
Nanjing Jinsirui Biotechnology Co., Ltd.		—		2,168		21,735
Genscript USA Incorporated		—		8,000		14,200
Jinsikang Technology (Nanjing) Co., Ltd.		—		578		—
Genscript (HongKong) Ltd.		—		—		4
		—		38,945		35,939

(viii)

Repayment of cash advances from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		4,335		—
Nanjing Jinsirui Biotechnology Co., Ltd.		—		6,310		19,019
Genscript USA Incorporated		—		8,000		14,200
Jinsikang Technology (Nanjing) Co., Ltd.		—		578		—
Genscript (HongKong) Ltd.		4		—		—
		4		19,223		33,219

(ix)

Cash advances to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		13,006		55,000
Genscript USA Incorporated		—		—		20,000
Jinsikang Technology (Nanjing) Co., Ltd.		—		—		1,493
Nanjing Bestzyme Bioengineering Co., Ltd.		—		—		10,450
		—		13,006		86,943

(x)

Collection of cash advances to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		48,496		—
Genscript USA Incorporated		—		14,500		—
Jinsikang Technology (Nanjing) Co., Ltd.		—		—		1,493
Nanjing Bestzyme Bioengineering Co., Ltd.		—		—		10,450
		—		62,996		11,943

The above cash advances from/to related parties were unsecured, interest free and repayable on demand.

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(xi)

Entrusted loan from a related party:

	2020		2019		2018
	US$’000		US$’000		US$’000
Jinsikang Technology (Nanjing) Co., Ltd.		—		2,867		—

(xii)

Repayments of entrusted loan from a related party:

	2020		2019		2018
	US$’000		US$’000		US$’000
Jinsikang Technology (Nanjing) Co., Ltd.		—		2,867		—

The above entrusted loan from a related party was unsecured, bearing an interest rate of 4.35% p.a. and was repaid in December 2019, with an interest expense of US$24,000 recognized in 2019.

(xiii)

Purchase of equipment

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		54		7		14

(xiv)

Sale of equipment

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		13		12

The sale or purchase of equipment was made at their respective carrying values.

(b)

Outstanding balances with related parties:

The Group had the following significant balances with its related parties at the end of the year:

(i)

Due from related parties

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Other receivables
Yangtze Investment USA Inc.		—		20
Genscript USA Incorporated		6		93
Nanjing Jinsirui Biotechnology Co., Ltd.		14		178
		20		291

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(b)

Outstanding balances with related parties (continued):

(ii)

Due to related parties

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Trade payables
Nanjing Jinsirui Biotechnology Co., Ltd.		1,547		4,109
Genscript USA Incorporated		555		1,097
Jiangsu Genscript Biotech Co., Ltd		1		15
Genscript USA Holdings Inc		—		4
		2,103		5,225

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Other payables
Nanjing Jinsirui Biotechnology Co., Ltd.		3,736		—
Genscript USA Incorporated		—		1,006
Genscript (HongKong) Ltd.		—		538
		3,736		1,544

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Lease liabilities
Genscript USA Holdings Inc		582		2,114
Nanjing Jinsirui Biotechnology Co., Ltd.		351		1,303
		933		3,417

Except for lease liabilities with incremental borrowing rates between 2.00% and 7.28% repayable over 5 years, all other related party balances are unsecured and repayable on demand.

(c)

Compensation of key management personnel of the Group:

	2020		2019		2018
	US$’000		US$’000		US$’000
Short-term employee benefits		1,733		1,036		692
Equity-settled share-based compensation expense		529		590		210
Termination payment		774		—		—
Total compensation paid to key management personnel		3,036		1,626		902

Financial Instruments by Category

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Financial Instruments by Category

31. FINANCIAL INSTRUMENTS BY CATEGORY

The carrying amounts of each of the categories of financial instruments as at the end of each of the reporting periods are as follows:

As at December 31, 2020

Financial assets

	Financial assets at amortised cost
	US$’000
Trade receivables		74,978
Financial assets included in prepayments, other receivables and other assets (note 17)		344
Time deposits		50,000
Pledged deposits		384
Cash and cash equivalents		455,689
		581,395

Financial liabilities

	Financial liabilities at amortised cost
	US$’000
Trade and notes payables		5,238
Financial liabilities included in other payables and accruals (note 20)		85,559
Lease liabilities		3,373
		94,170

As at December 31, 2019

Financial assets

	Financial assets at amortised cost
	US$’000
Trade receivables		29,991
Financial assets included in prepayments, other receivables and other assets (note 17)		1,560
Time deposits		75,559
Pledged deposits		256
Cash and cash equivalents		83,364
		190,730

31. FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)

Financial liabilities

	Financial liabilities at amortised cost
	US$’000
Trade and notes payables		9,586
Financial liabilities included in other payables and accruals (note 20)		64,221
Lease liabilities		6,085
		79,892

Fair Value and Fair Value Hierarchy of Financial Instruments

12 Months Ended

Dec. 31, 2020

Disclosure Of Fair Value Of Financial Instruments [Abstract]

Fair Value and Fair Value Hierarchy of Financial Instruments

32. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

As at December 31, 2020, 2019 and 2018, the fair values of the Group’s financial assets or liabilities approximated to their respective carrying amounts.

Management has assessed that the fair values of cash and cash equivalents, pledged deposits, time deposits, financial assets included in prepayments, other receivables and other assets, trade receivables, trade and notes payables and financial liabilities included in other payables and accruals approximate to their carrying amounts largely due to the short-term maturities of these instruments.

The Group’s finance department headed by the finance manager is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance department reports directly to the finance manager. At each reporting date, the finance department analyzed the movements in the values of financial instruments and determined the major inputs applied in the valuation. The valuation was reviewed and approved by the finance manager. The valuation process and results are discussed with the directors once a year for annual financial reporting.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

During the years ended December 31, 2020, 2019 and 2018, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and liabilities.

Financial Risk Management Objectives and Policies

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Financial Risk Management Objectives and Policies

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial instruments comprise cash and cash equivalents, pledged deposits, time deposits, financial assets at fair value through profit or loss, prepayments, other receivables and other assets, and financial liabilities included in other payables and accruals. The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial assets and liabilities such as trade receivables and trade and notes payables, which arise directly from its operations.

The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised below.

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Foreign currency risk

The Group has transactional currency exposures. Such exposures arise from sales or purchases by operating units in currencies other than the units’ functional currencies. Approximately 15% in 2020 (2019 and 2018: 22% and 39%) of the Group’s sales were denominated in currencies other than the functional currencies of the operating units making the sale.

As at December 31, 2020, 2019 and 2018, the Group had no outstanding foreign currency forward exchange contract. At present, the Group does not intend to seek to hedge its exposure to foreign exchange fluctuations. However, management constantly monitors the economic situation and the Group’s foreign exchange risk profile and will consider appropriate hedging measures in the future should the need arise.

The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the EUR and RMB exchange rate against US$, with all other variables held constant, of the Group’s loss before tax (due to changes in the fair values of monetary assets and liabilities).

	Increase/ (decrease) in the rate of foreign currency %			Decrease/ (increase) in loss before tax US$’000
Year ended December 31, 2020
If US$ strengthens against RMB		5			678
If US$ weakens against RMB		(5	)		(678	)
If US$ strengthens against EUR		5			(817	)
If US$ weakens against EUR		(5	)		817
Year ended December 31, 2019
If US$ strengthens against RMB		5			329
If US$ weakens against RMB		(5	)		(329	)
If US$ strengthens against EUR		5			3,310
If US$ weakens against EUR		(5	)		(3,310	)
Year ended December 31, 2018
If US$ strengthens against RMB		5			343
If US$ weakens against RMB		(5	)		(343	)
If US$ strengthens against EUR		5			3,829
If US$ weakens against EUR		(5	)		(3,829	)

Credit risk

The Group trades only with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group’s exposure to bad debts is not significant. For transactions that are not denominated in the functional currency of the relevant operating unit, the Group does not offer credit terms without the specific approval of the Head of Credit Control.

The credit risk of the Group’s other financial assets, which comprise cash and cash equivalents, pledged deposits, financial assets at fair value through profit or loss and other receivables, arises from default of the counterparty, with a maximum exposure equal to the carrying amounts of these instruments. Further quantitative data in respect of the Group’s exposure to credit risk arising from trade receivables and other receivables are disclosed in notes 16 and 17 to the consolidated financial statements, respectively.

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Credit risk (continued)

Since the Group trades only with recognized and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are managed by debtor. The Group had certain concentrations of credit risk with respect to trade receivables, which are disclosed in note 16 to the consolidated financial statements.

Liquidity risk

The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g., trade receivables and other financial assets) and projected cash flows from operations.

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on contractual undiscounted payments, is as follows:

As at December 31, 2020
	Less than 1 years US$’000		Over 1 years US$’000		Total US$’000
Trade and notes payables		5,238		—		5,238
Other payables and accruals		85,559		—		85,559
Lease liabilities		1,464		2,099		3,563
		92,261		2,099		94,360

As at December 31, 2019
	Less than 1 years US$’000		Over 1 years US$’000		Total US$’000
Trade and notes payables		9,586		—		9,586
Other payables and accruals		64,221		—		64,221
Lease liabilities		1,027		5,860		6,887
		74,834		5,860		80,694

Capital management

The primary objectives of the Group’s capital management are to safeguard the Group’s ability to continue as a going concern and to maintain a strong credit rating and healthy capital ratios in order to support its business and maximise shareholders’ value.

The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the reporting periods.

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Capital management (continued)

The Group monitors capital using a gearing ratio, which is total liabilities divided by total assets. The gearing ratios as at the end of each year were as follows:

	December 31, 2020 US$’000			December 31, 2019 US$’000
Total liabilities		440,752			410,584
Total assets		721,007			287,715
Gearing ratio		61	%		143	%

Approval of the Consolidated Financial Statements

12 Months Ended

Dec. 31, 2020

Statement Of Financial Position [Abstract]

Approval of the Consolidated Financial Statements

34. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved and authorised for issue by the board of directors on April 2, 2021.

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary Of Significant Accounting Policies [Abstract]

Fair value measurement

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fair value measurement

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair value measurement (continued)

Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

Impairment of non-financial assets

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

(i)

has control or joint control over the Group;

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group;

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Related parties (continued)

(b)

the party is an entity where any of the following conditions applies:

(i)

the entity and the Group are members of the same group;

(ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii)

the entity and the Group are joint ventures of the same third party;

(iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

(vi)

the entity is controlled or jointly controlled by a person identified in (a);

(vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii)

the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Freehold land	Not depreciated
Buildings	2% to 2.6%
Machinery and equipment	10% to 25%
Computer and office equipment	20% to 33.3%
Transportation equipment		10%

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Property, plant and equipment and depreciation (continued)

Intangible assets

Intangible assets are amortised on the straight-line basis over the following useful economic lives:


Software		3-10 years

Research and development costs

All research costs are charged to the statement of profit or loss as incurred.

Leases

Group as a lessee

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Leases (continued)

(a) Right-of-use assets

Leasehold land		50 years
Buildings		2 to 10 years

(b) Lease liabilities

Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.

Group as a lessor

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

Investments and other financial assets

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, and fair value through profit or loss.

Subsequent measurement

Financial assets at amortised cost (debt instruments)

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Derecognition of financial assets

•

the rights to receive cash flows from the asset have expired; or

•

Impairment of financial assets

General approach

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Impairment of financial assets (continued)

General approach (continued)

Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs

Simplified approach

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, and lease liabilities.

Subsequent measurement

Financial liabilities at amortised cost (Loans and borrowings)

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.

Offsetting of financial instruments

Inventories

Cash and cash equivalents

Income tax

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income tax (continued)

Deferred tax liabilities are recognised for all taxable temporary differences, except:

•

Government grants

Revenue recognition

Revenue from contracts with customers

(a) License and collaboration revenue

As part of the accounting for this arrangement, the Group must use significant judgement to determine: (a) the performance obligations; and (b) the method to estimate variable consideration.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

(a) License and collaboration revenue (continued)

•

The counterparty simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs.

•

The Group’s performance creates or enhances an asset that the counterparty controls as the asset is created or enhanced.

•

The Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Upfront fees

Milestone payments

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

(a) License and collaboration revenue (continued)

Milestone payments (continued)

Licenses of intellectual property

Steering committee services

(b) Rendering of services

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods.

Other income

Contract assets

Contract liabilities

Share-based payments

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Share-based payments (continued)

The dilutive effect of outstanding options and RSUs are reflected as additional share dilution in the computation of earnings per share.

Other employee benefits

Pension scheme

Foreign currencies

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Foreign currencies (continued)

Impact of covid-19

Corporate Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Significant Investments In Subsidiaries [Abstract]

Information About Subsidiaries

Information about subsidiaries

Company	Place and date of incorporation	Issued ordinary shares/paid-up capital		Percentage of equity interest attributable to the Company					Principal activities
					Direct %		Indirect %
Legend Biotech Limited (“Legend BVI”)	The British Virgin Islands June 2, 2015		—			100		—	Investment holding
Legend Biotech HK Limited (“Legend HK”)	Hong Kong June 3, 2015		—			—		100	Investment holding
Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”)	PRC November 17, 2014	US$	62,500,000			—		100	Manufacture and sale of life science research products and services
Legend Biotech USA Incorporated (“Legend USA”)	United States of America August 31, 2017		—			—		100	Manufacture and sale of life science research products and services
Legend Biotech Ireland Limited. (“Legend Ireland”)	Ireland November 13, 2017		—			—		100	Manufacture and sale of life science research products and services
Legend Biotech (Netherlands) B.V. (“Legend Netherlands”)	Netherlands June 12, 2017		—			—		100	Sale of life science research products

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary Of Significant Accounting Policies [Abstract]

Summary of Depreciation Calculated on Straight-line Basis Over Estimated Useful Lives of Assets

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Freehold land	Not depreciated
Buildings	2% to 2.6%
Machinery and equipment	10% to 25%
Computer and office equipment	20% to 33.3%
Transportation equipment		10%

Summary of Intangible Assets Amortised

Intangible assets are amortised on the straight-line basis over the following useful economic lives:


Software		3-10 years

Summary of Estimated Useful Lives of Right-of-Use Assets

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows:

Leasehold land		50 years
Buildings		2 to 10 years

Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Operating Segments [Abstract]

Summary of Revenue from External Customers

(a) Revenue from external customers

	2020		2019		2018
	US$’000		US$’000		US$’000
North America		75,676		57,261		48,104
China		—		3		1,029
Total		75,676		57,264		49,133

Summary of Non-current Assets

(b) Non-current assets

	December 31, 2020		December 31, 2019
	US$’000		US$’000
China		43,953		27,731
Other countries		84,196		52,880
Total		128,149		80,611

Revenue, Other Income and Gains (Tables)

12 Months Ended

Dec. 31, 2020

Revenue Other Income And Gains [Abstract]

Summary of Analysis of Revenue

An analysis of revenue is as follows:

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue from contracts with customer
Rendering of services		—		—		1,029
Sales of goods		—		3		—
License and collaboration revenue
- Licensing of intellectual property		5,625		4,523		7,570
- JSC service		70,051		52,738		40,534
		75,676		57,264		49,133

Summary of Revenue Recognized That Included in Contract Liabilities at Beginning of Reporting Period and Performance Obligation Satisfied in Previous Periods

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue recognized that was included in contract liabilities at the beginning of the reporting period:
License and collaboration revenue
- JSC service		46,777		40,324		30,212

	2020		2019		2018
	US$’000		US$’000		US$’000
Revenue recognized from performance obligation satisfied in previous periods:
License and collaboration revenue
- Licensing of intellectual property		5,625		4,523		—
- JSC service		15,591		6,334		—
		21,216		10,857		—

Summary of Amounts of Transaction Prices Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied)

The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2020, 2019 and 2018 are as follows:

	December 31, 2020		December 31, 2019		December 31, 2018
	US$’000		US$’000		US$’000
Amounts expected to be recognized as revenue:
Within 1 year		55,014		46,294		40,324
1 - 2 years		55,014		46,294		40,324
2 - 3 years		55,014		46,294		40,324
3 - 4 years		55,014		46,294		40,324
After 4 years		110,029		138,883		160,935
		330,085		324,059		322,231

Other Income and Gains

	2020		2019		2018
	US$’000		US$’000		US$’000
Other income and gains
Foreign currency exchange gain, net		66		250		7,237
Government grants (note 23)		3,072		1,682		361
Finance income		2,930		4,581		6,214
Fair value gains on financial assets at fair value change through profit or loss		47		474		89
Rental income		4		138		—
		6,119		7,125		13,901

Loss Before Tax (Tables)

12 Months Ended

Dec. 31, 2020

Profit Loss [Abstract]

Schedule of Profit Loss Before Tax Arrived After Charging and Crediting Explanatory

The Group’s loss before tax is arrived at after charging/(crediting):

			2020		2019		2018
	Notes		US$’000		US$’000		US$’000
Loss on disposal of property, plant and equipment				55		—		—
Provision for/(reversal of) the impairment of trade receivables, net		16		13		1		(60	)
IPO expenses				1,439		—		—
Employee benefit expense (excluding directors’ remuneration):
Wages and salaries				70,682		37,038		12,039
Pension scheme contributions (defined contribution schemes)				640		1,166		416
Equity-settled share-based compensation expense				4,357		1,272		704

Finance Costs (Tables)

12 Months Ended

Dec. 31, 2020

Finance Costs [Abstract]

Summary of Finance Costs

	2020		2019		2018
	US$’000		US$’000		US$’000
Interest on lease liabilities		195		199		82
Interest on an entrusted loan from a related party		—		24		—
Expenses for issuance of convertible redeemable preferred shares		4,014		—		—
Total		4,209		223		82

Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Major Components Of Tax Expense Income [Abstract]

Summary of Tax Charges

	2020			2019			2018
	US$’000			US$’000			US$’000
Current – United States of America		(3,613	)		(65,948	)		64,312
Current – Elsewhere		(532	)		(371	)		913
Deferred (note 22)		—			68,921			(64,057	)
Total tax charge for the year		(4,145	)		2,602			1,168

Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates

	2020						2019						2018
	US$’000			%			US$’000			%			US$’000			%
Loss before tax		(307,622	)					(130,370	)					(1,616	)
At the statutory blended income tax rate of 30.1% (2019 and 2018: 30.1%)		(92,548	)		30.1			(39,222	)		30.1			(486	)	30.1
Effect of tax rate differences in other countries		38,012			(12.4	)		6,395			(4.9	)		(605	)	37.4
Research and development credit		(6,451	)		2.1			(3,746	)		2.9			(2,341	)	144.9
Statutory income/expense		—			—			—			—			46.0			(2.9	)
Effect of non-deductible expenses		1,817			(0.6	)		188			(0.1	)		112			(6.9	)
Tax losses and deductible temporary differences not recognized		55,898			(18.2	)		44,844			(34.5	)		1,462		(90.5		)
Option income tax benefit		(1,331	)		0.4			—			—			—			—
Prior year true up		658			(0.2	)		(6,598	)		5.1			(76	)	4.7
Uncertain tax positions		(272	)		0.1			272			(0.2	)		3,056			(189.1	)
Withholding tax on interest		278			(0.1	)		393			(0.3	)		—			—
Others		(206	)		0.1			76			(0.1	)		—			—
Tax (benefit)/charge at the Group’s effective rate		(4,145	)		1.3			2,602			(2.0	)		1,168			(72.3	)

Loss per Share Attributable to Ordinary Equity Holders of the Parent (Tables)

12 Months Ended

Dec. 31, 2020

Basic Earnings Per Share [Abstract]

Summary of Calculations of Basic and Diluted Loss per Share

The calculations of basic and diluted loss per share are based on:

	2020			2019			2018
	US$’000			US$’000			US$’000
Earnings
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation		(303,477	)		(132,972	)		(2,784	)

	Number of shares
	2020		2019		2018
Shares
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation		236,305,234		200,000,000		200,000,000

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

	Freehold land		Buildings			Machinery and equipment			Computer and office equipment			Transportation equipment			Construction in progress			Total
	US’000		US$’000			US$’000			US$’000			US$’000			US$’000			US$’000
December 31, 2020
At January 1, 2020
Cost		2,889		32,527			27,992			1,314			42			10,136			74,900
Accumulated depreciation		—		(1,534	)		(2,940	)		(341	)		(6	)		—			(4,821	)
Net carrying amount		2,889		30,993			25,052			973			36			10,136			70,079
At January 1, 2020, net of accumulated depreciation		2,889		30,993			25,052			973			36			10,136			70,079
Additions		—		—			—			560			—			49,497			50,057
Disposals		—		—			(165	)		—			—			—			(165	)
Depreciation provided during the year		—		(2,560	)		(4,593	)		(1,091	)		(4	)		—			(8,248	)
Exchange realignment		—		375			775			12			2			204			1,368
Transfers from construction in progress		—		12,929			8,459			1,422			—			(22,810	)		—
At December 31, 2020, net of accumulated depreciation		2,889		41,737			29,528			1,876			34			37,027			113,091
At December 31, 2020:
Cost		2,889		45,831			37,400			3,308			44			37,027			126,499
Accumulated depreciation		—		(4,094	)		(7,872	)		(1,432	)		(10	)		—			(13,408	)
Net carrying amount		2,889		41,737			29,528			1,876			34			37,027			113,091

	Freehold land		Buildings			Machinery and equipment			Computer and office equipment			Transportation equipment			Construction in progress			Total
	US’000		US$’000			US$’000			US$’000			US$’000			US$’000			US$’000
December 31, 2019
At January 1, 2019
Cost		—		127			4,217			367			43			24,335			29,089
Accumulated depreciation		—		(30	)		(830	)		(73	)		(1	)		—			(934	)
Net carrying amount		—		97			3,387			294			42			24,335			28,155
At January 1, 2019, net of accumulated depreciation		—		97			3,387			294			42			24,335			28,155
Additions		2,889		9,476			1,586			53			—			32,310			46,314
Disposals		—		—			(74	)		—			—			—			(74	)
Depreciation provided during the year		—		(1,505	)		(2,219	)		(273	)		(4	)		—			(4,001	)
Exchange realignment		—		(77	)		(70	)		(4	)		(2	)		(162	)		(315	)
Transfers from construction in progress		—		23,002			22,442			903			0			(46,347	)		—
At December 31, 2019, net of accumulated depreciation		2,889		30,993			25,052			973			36			10,136			70,079
At December 31, 2019:
Cost		2,889		32,527			27,992			1,314			42			10,136			74,900
Accumulated depreciation		—		(1,534	)		(2,940	)		(341	)		(6	)		—			(4,821	)
Net carrying amount		2,889		30,993			25,052			973			36			10,136			70,079

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Intangible Assets [Abstract]

Summary of Intangible Assets

	Software
	US$’000
December 31, 2020
At January 1, 2020
Cost		598
Accumulated amortisation		(79	)
Net carrying amount		519
At January 1, 2020, net of accumulated amortisation		519
Additions		2,583
Amortisation provided during the year		(192	)
Exchange realignment		(58	)
At December 31, 2020, net of accumulated amortisation		2,852
At December 31, 2020
Cost		3,186
Accumulated amortisation		(334	)
Net carrying amount		2,852
December 31, 2019
At January 1, 2019
Cost		67
Accumulated amortization		(18	)
Net carrying amount		49
At January 1, 2019, net of accumulated amortisation		49
Additions		534
Amortisation provided during the year		(63	)
Exchange realignment		(1	)
At December 31, 2019, net of accumulated amortisation		519
At December 31, 2019
Cost		598
Accumulated amortisation		(79	)
Net carrying amount		519

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Categories Of Current Financial Assets [Abstract]

Summary of Other Non-Current Assets

	December 31, 2020		December 31, 2019
	US$’000		US$’000
VAT recoverable		3,542		—
Prepayments		431		—
		3,973		—

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lease [Abstract]

Summary of Carrying Amounts of The Right-of-use Assets and Movements

The carrying amounts of the Group’s right-of-use assets and the movements during the year are as follows:

	Prepaid land lease payments			Buildings			Total
	US$’000			US$’000			US$’000
December 31, 2020
Right-of-use assets at January 1, 2020, net of accumulated depreciation		4,630			4,718			9,348
Increase		—			491			491
Lease modification		—			(928	)		(928	)
Exchange realignment		318			273			591
Depreciation of right-of-use assets		(97	)		(1,396	)		(1,493	)
At December 31, 2020		4,851			3,158			8,009
December 31, 2019
Right-of-use assets at January 1, 2019, net of accumulated depreciation		—			3,733			3,733
Additions		4,677			2,163			6,840
Exchange realignment		—			(27	)		(27	)
Depreciation of right-of-use assets		(47	)		(1,151	)		(1,198	)
At December 31, 2019		4,630			4,718			9,348

Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term.

	2020			2019
	US$’000			US$’000
Carrying amount at January 1		6,085			4,317
Increase		491			6,840
Lease modification		(928	)		—
Accretion of interest recognised during the year		195			199
Payments		(2,797	)		(5,255	)
Exchange realignment		327			(16	)
Carrying amount at December 31		3,373			6,085
Analyzed into:
Current portion		1,464			1,027
Non-current portion		1,909			5,058
		3,373			6,085

Summary of Lease Expense

	2020		2019
	US$’000		US$’000
Interest on lease liabilities		195		199
Depreciation charge of right-of-use assets		1,493		1,198
Expense relating to short-term leases		69		272
Total amount recognized in profit or loss		1,757		1,669

Summary of Undiscounted Minimum Lease Payments Receivables in Future Periods under Non-cancellable Operating Leases

At December 31, 2020 and 2019, the undiscounted minimum lease payments receivables by the Group in future periods under non-cancellable operating leases with its tenants are as follows:

	2020		2019
	US$’000		US$’000
Within one year		4		16

Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Classes Of Share Capital [Abstract]

Summary of Movement of Convertible Redeemable Preferred Shares

The movement of the convertible redeemable preferred shares is set out as below:

	December 31, 2020
	US$’000
At January 1, 2020		—
Issuance of the Series A Preference Shares on March 30, 2020 and on April 16, 2020		160,450
Fair value loss of the Series A Preferred Shares		79,984
Conversion to ordinary shares		(240,434	)
At December 31, 2020		—

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Classes Of Inventories [Abstract]

Summary of Inventories

December 31,

2020

December 31,

2019

US$’000

Raw materials and consumables

1,800

1,157

Trade Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Trade And Other Receivables [Abstract]

Summary of Trade Receivables

	December 31, 2020			December 31, 2019
	US$’000			US$’000
Trade receivables		75,000			30,000
Less: Impairment of trade receivables		(22	)		(9	)
		74,978			29,991

Summary of Movements in Loss Allowance for Impairment of Trade Receivables

Movements in the loss allowance for impairment of trade receivables were as follows:

	Total
	US$’000
At January 1, 2020		9
Impairment losses reversed		(9	)
Impairment losses recognised		22
At December 31, 2020		22
At January 1, 2019		8
Impairment losses reversed		(8	)
Impairment losses recognised		9
At December 31, 2019		9

Summary of Information About Credit Risk Exposure on Group's Trade Receivables Using Provision Matrix

Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix:

As at December 31, 2020

Gross carrying

amount

Expected

loss rate

Expected

credit loss

USD’000

Within 3 months

75,000

0.03

As at December 31, 2019

Gross carrying

amount

Expected

loss rate

Expected

credit loss

USD’000

Within 3 months

30,000

0.03

Prepayments, Other Receivables and Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]

Summary of Prepayments, Other Receivables and Other Assets

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Interest receivable		80		516
Other receivables		264		1,044
Income tax refund		4,267		—
Prepaid income tax		—		7,210
VAT recoverable		1,941		4,206
Prepayments		3,455		3,801
		10,007		16,777

Cash and Cash Equivalents and Pledged Deposits (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Cash And Cash Equivalents And Pledged Deposits [Abstract]

Summary of Cash and Cash Equivalents and Pledged Deposits

	December 31, 2020			December 31, 2019
	US$’000			US$’000
Cash and bank balances		506,073			159,179
Less: Pledged short-term deposits		(384	)		(256	)
Time deposits		(50,000	)		(75,559	)

Cash and cash equivalents		455,689			83,364

Denominated in USD		451,165			69,846
Denominated in RMB		4,335			13,180
Denominated in EUR		189			338

Cash and cash equivalents		455,689			83,364

Trade and Notes Payables (Tables)

12 Months Ended

Dec. 31, 2020

Trade And Other Payables [Abstract]

Summary of Trade and Notes Payables

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Trade payables		4,911		9,586
Notes payable		327		—
		5,238		9,586

Other Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Payables And Accruals [Abstract]

Summary of Other Payables and Accruals

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Accrued payroll		13,609		6,633
Other payables		85,559		64,221
		99,168		70,854

Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Contract Liabilities [Abstract]

Schedule of Details of Contract Liabilities

Details of contract liabilities are as follows:

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Advances received from customers
License and collaboration revenue
- JSC service		330,085		324,059
Current		55,014		46,294
Non-current		275,071		277,765

Summary of Movements in Contract Liabilities

The movements in contract liabilities during the year are as follows:

	US$’000
At January 1, 2020		324,059
Advance received/due for payment		75,000
Transferred to revenue		(75,676	)
Exchange realignment		6,702
At December 31, 2020		330,085
At January 1, 2019		297,593
Advance received/due for payment		85,217
Transferred to revenue		(57,261	)
Exchange realignment		(1,490	)
At December 31, 2019		324,059

Deferred Tax (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Tax Assets And Liabilities [Abstract]

Schedule of Movements in Deferred Tax Assets

The movements in deferred tax assets during the year are as follows:

Deferred tax assets

	Amortized and accrued			Expense of share Options			Unrealised profit from intercompany			Contract liabilities			Losses available for offsetting against future taxable profits		Total
	US$’000			US$’000			US$’000			US$’000			US$’000		US$’000
At January 1, 2019		953			90			7,487			60,387			—		68,917
Deferred tax charged to the statement of profit or loss during the year		(953	)		(90	)		(7,487	)		(60,391	)		—		(68,921	)
Exchange realignment		—			—			—			4			—		4
Gross deferred tax assets at December 31, 2019 and 2020		—			—			—			—			—		—

Summary of Items with Respect to, Deferred Tax Assets have not been Recognised

Deferred tax assets have not been recognised in respect of the following items:

	2020		2019
	US$’000		US$’000
Deductible temporary differences		74,409		59,399
Tax losses		144,099		121,073
		218,508		180,472

Government Grants (Tables)

12 Months Ended

Dec. 31, 2020

Government Grant [Abstract]

Summary of Deferred Government Grants

	2020		2019
	US$’000		US$’000
Deferred government grants		2,334		—
Current		283		—
Non-current		2,051		—

Share Capital and Share Premium (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Classes Of Share Capital [Abstract]

Summary of Shares

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Authorised:
500,000,000 ordinary shares of US$0.0001 each		50		50
Issued and fully paid:
266,010,256 (2019: 200,000,000) ordinary shares of US$0.0001 each		27		20

Summary of Movements in the Company’s Share Capital and Share Premium

A summary of movements in the Company’s share capital and share premium is as follows:

	Number of shares in issue		Share capital		Share premium		Total
			US$’000		US$’000		US$’000
At December 31, 2019 and January 1, 2020		200,000,000		20		3,908		3,928

Issuance of ordinary shares for conversion of preferred shares		20,907,282		2		240,432		240,434
Issuance of ordinary shares for initial public offering, net of issuance cost		42,377,500		4		450,081		450,085
Issuance of ordinary shares for private placement by Genscript		1,043,478		-		12,000		12,000
Exercise of share option		1,681,996		1		1,885		1,886

At December 31, 2020		266,010,256		27		708,306		708,333

Share Option Scheme (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Summary of Share Options Outstanding Under the Scheme

The following share options were outstanding under the Scheme during the year:

	2020					2019					2018
	Weighted average exercise price		Number of options			Weighted average exercise price		Number of options			Weighted average exercise price		Number of options
	US$ per share		’000			US$ per share		’000			US$ per share		’000
At January 1,		0.9273		18,013			0.7782		14,311			0.5000		8,100
Granted during the year		15.6128		679			1.4973		3,757			1.0000		7,990
Forfeited during the year		0.9963		(2,769	)		1.0909		(55	)		0.5073		(1,779	)
Exercised during the year		1.0131		(1,682	)		—		—			—		—
At December 31,		1.9353		14,241			0.9273		18,013			0.7782		14,311
Exercisable at December 31		1.0703		4,619			0.7852		2,484			—		—

Summary of Exercise Prices and Exercise Periods of Share Options Outstanding

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows:

December 31, 2020
Number of options ’000		Exercise price* US$ per share		Exercise period
	5,393		0.5	2019/12/25 - 2027/12/25
	4,317		1.0	2019/07/01 - 2028/08/29
	540		1.0	2019/12/31 - 2028/12/30
	2,868		1.5	2020/07/02 - 2029/07/01
	444		11.5	2020/11/29 - 2029/11/28
	90		11.5	2021/06/05 - 2030/06/04
	569		16.3	2021/09/01 - 2030/08/31
	20		13.6	2021/11/19 - 2030/11/18
	14,241

December 31, 2019
Number of options ’000		Exercise price* US$ per share		Exercise period
6,347			0.5	2019/12/25 - 2027/12/25
7,283			1.0	2019/07/01 - 2028/08/29
656			1.0	2019/12/31 - 2028/12/30
3,225			1.5	2020/07/02 - 2029/07/01
502			1.5	2020/11/29 - 2029/11/28
18,013

December 31, 2018
Number of options ’000		Exercise price* US$ per share		Exercise period
6,347			0.5	2019/12/25 - 2027/12/25
7,288			1.0	2019/07/01 - 2028/08/29
	676		1.0	2019/12/31 - 2028/12/30
	14,311

Summary of Fair Value of Equity Settled Share Options Granted

. The following table lists the inputs to the model used:

	2020		2019		2018
Dividend yield (%)		—		—		—
Expected volatility (%)	73.0-87.2		66.4-80.3		64.2-66.4
Risk-free interest rate (%)	0.07-0.91		1.98-2.69		2.48-2.87
Expected life of options (year)		10		10		10

Restricted Stock Units (Tables)

12 Months Ended

Dec. 31, 2020

Restricted Stock Units [Abstract]

Summary of Movement in Number of RSU Outstanding

The movement in the number of RSU outstanding for the year ended 31 December 2020, 2019 and 2018 was as follow:

	2020
	Number of RSU			Weighted average grant date fair value
	’000			US$ per unit
Outstanding at January 1	—			—
Granted during the year	1,139			15.3639
Forfeited during the year		(26	)	16.3350
Outstanding at December 31	1,113			15.3409

Notes to the Consolidated Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract]

Summary of Changes in Liabilities Arising from Financing Activities

(b) Changes in liabilities arising from financing activities

	Convertible redeemable preferred shares			Other payables to related parties			Lease liabilities
				US$’000			US$’000
At January 1, 2020		—			4			6,085
Additions of lease liabilities		—			—			(437	)
Changes from financing cash flows		160,450			(4	)		(2,602	)
Interest expense		—			—			195
Interest paid classified as operating cash flows		—			—			(195	)
Fair value loss of the convertible redeemable preferred shares		79,984			—			—
Conversion to ordinary shares		(240,434	)		—			—
Foreign exchange movement		—			—			327
At December 31, 2020		—			—			3,373
At January 1, 2019		—			4,688			4,317
Additions of lease liabilities		—			—			6,840
Changes from financing cash flows		—			19,722			(5,056	)
Non-cash transaction (note 28(a))		—			(24,374	)		—
Interest expense		—			—			199
Interest paid classified as operating cash flows		—			—			(199	)
Foreign exchange movement		—			(32	)		(16	)
At December 31, 2019		—			4			6,085
At January 1, 2018		—			1,968			269
Additions of lease liabilities		—			—			4,280
Changes from financing cash flows		—			2,720			(219	)
Interest expense		—			—			82
Interest paid classified as operating cash flows		—			—			(82	)
Foreign exchange movement		—			—			(13	)
At December 31, 2018		—			4,688			4,317

Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows

The total cash outflow for leases included in the statement of cash flows is as follows:

	2020		2019		2018
	US$’000		US$’000		US$’000
Right-of-use assets
Within operating activities		195		199		82
Within financing activities		2,602		5,056		219
Short-term leases		69		272		—
		2,866		5,527		301

Capital Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Capital Commitments [Abstract]

Summary of Capital Commitments

The Group had the following capital commitments at the end of the year:

	2020		2019		2018
	US$’000		US$’000		US$’000
Construction in progress		33,637		2,844		2,628

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Transactions Between Related Parties [Abstract]

Summary of Nature of Related Party Relationship

Company		Relationship
Nanjing Jinsirui Biotechnology Co., Ltd.		Company controlled by the ultimate holding company
Jinsikang Technology (Nanjing) Co., Ltd.		Company controlled by the ultimate holding company
Nanjing Bestzyme Bioengineering Co., Ltd.		Company controlled by the ultimate holding company
Shanghai Jingrui Biotechnology Co., Ltd.		Company controlled by the ultimate holding company
Jiangsu Genscript Biotech Co., Ltd		Company controlled by the ultimate holding company
Genscript (HongKong) Ltd.		Company controlled by the ultimate holding company
Genscript USA Incorporated		Company controlled by the ultimate holding company
Genscript USA Holdings Inc		Company controlled by the ultimate holding company
Genscript Biotech (Netherlands) B.V.		Company controlled by the ultimate holding company
Yangtze Investment USA Inc.		Company controlled by the ultimate holding company
Genscript Biotech Corporation		Company controlled by the ultimate holding company

Summary of Transactions with Related Parties

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year:

(i)

Services provided to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		—		1,029

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(ii)

Sales of materials to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		3		—

(iii)

Purchases from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		4,162		4,480		2,500
Genscript USA Incorporated		424		296		191
Shanghai Jingrui Biotechnology Co., Ltd.		—		—		18
Jiangsu Genscript Biotech Co., Ltd		41		198		2
Genscript USA Holdings Inc		—		4		—
Genscript Biotech (Netherlands) B.V.		7		—		—
		4,634		4,978		2,711

(iv)

Management fee:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		—		511
Genscript (HongKong) Ltd		59		—		—
Genscript USA Incorporated		95		198		222
		154		198		733

(vi)

Short term lease of properties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		265		—

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(vii)

Cash advances from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		28,199		—
Nanjing Jinsirui Biotechnology Co., Ltd.		—		2,168		21,735
Genscript USA Incorporated		—		8,000		14,200
Jinsikang Technology (Nanjing) Co., Ltd.		—		578		—
Genscript (HongKong) Ltd.		—		—		4
		—		38,945		35,939

(viii)

Repayment of cash advances from related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		4,335		—
Nanjing Jinsirui Biotechnology Co., Ltd.		—		6,310		19,019
Genscript USA Incorporated		—		8,000		14,200
Jinsikang Technology (Nanjing) Co., Ltd.		—		578		—
Genscript (HongKong) Ltd.		4		—		—
		4		19,223		33,219

(ix)

Cash advances to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		13,006		55,000
Genscript USA Incorporated		—		—		20,000
Jinsikang Technology (Nanjing) Co., Ltd.		—		—		1,493
Nanjing Bestzyme Bioengineering Co., Ltd.		—		—		10,450
		—		13,006		86,943

(x)

Collection of cash advances to related parties:

	2020		2019		2018
	US$’000		US$’000		US$’000
Genscript Biotech Corporation		—		48,496		—
Genscript USA Incorporated		—		14,500		—
Jinsikang Technology (Nanjing) Co., Ltd.		—		—		1,493
Nanjing Bestzyme Bioengineering Co., Ltd.		—		—		10,450
		—		62,996		11,943

The above cash advances from/to related parties were unsecured, interest free and repayable on demand.

30. RELATED PARTY TRANSACTIONS (CONTINUED)

(a)

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year (continued):

(xi)

Entrusted loan from a related party:

	2020		2019		2018
	US$’000		US$’000		US$’000
Jinsikang Technology (Nanjing) Co., Ltd.		—		2,867		—

(xii)

Repayments of entrusted loan from a related party:

	2020		2019		2018
	US$’000		US$’000		US$’000
Jinsikang Technology (Nanjing) Co., Ltd.		—		2,867		—

(xiii)

Purchase of equipment

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		54		7		14

(xiv)

Sale of equipment

	2020		2019		2018
	US$’000		US$’000		US$’000
Nanjing Jinsirui Biotechnology Co., Ltd.		—		13		12

Summary of Outstanding Balances with Related Parties

(b)

Outstanding balances with related parties:

The Group had the following significant balances with its related parties at the end of the year:

(i)

Due from related parties

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Other receivables
Yangtze Investment USA Inc.		—		20
Genscript USA Incorporated		6		93
Nanjing Jinsirui Biotechnology Co., Ltd.		14		178
		20		291

(b)

Outstanding balances with related parties (continued):

(ii)

Due to related parties

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Trade payables
Nanjing Jinsirui Biotechnology Co., Ltd.		1,547		4,109
Genscript USA Incorporated		555		1,097
Jiangsu Genscript Biotech Co., Ltd		1		15
Genscript USA Holdings Inc		—		4
		2,103		5,225

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Other payables
Nanjing Jinsirui Biotechnology Co., Ltd.		3,736		—
Genscript USA Incorporated		—		1,006
Genscript (HongKong) Ltd.		—		538
		3,736		1,544

	December 31, 2020		December 31, 2019
	US$’000		US$’000
Lease liabilities
Genscript USA Holdings Inc		582		2,114
Nanjing Jinsirui Biotechnology Co., Ltd.		351		1,303
		933		3,417

Summary of Compensation of Key Management Personnel

(c)

Compensation of key management personnel of the Group:

	2020		2019		2018
	US$’000		US$’000		US$’000
Short-term employee benefits		1,733		1,036		692
Equity-settled share-based compensation expense		529		590		210
Termination payment		774		—		—
Total compensation paid to key management personnel		3,036		1,626		902

Financial Instruments by Category (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Summary of Financial Assets

Financial assets

	Financial assets at amortised cost
	US$’000
Trade receivables		74,978
Financial assets included in prepayments, other receivables and other assets (note 17)		344
Time deposits		50,000
Pledged deposits		384
Cash and cash equivalents		455,689
		581,395

Financial assets

	Financial assets at amortised cost
	US$’000
Trade receivables		29,991
Financial assets included in prepayments, other receivables and other assets (note 17)		1,560
Time deposits		75,559
Pledged deposits		256
Cash and cash equivalents		83,364
		190,730

Summary of Financial Liabilities

Financial liabilities

	Financial liabilities at amortised cost
	US$’000
Trade and notes payables		5,238
Financial liabilities included in other payables and accruals (note 20)		85,559
Lease liabilities		3,373
		94,170

Financial liabilities

	Financial liabilities at amortised cost
	US$’000
Trade and notes payables		9,586
Financial liabilities included in other payables and accruals (note 20)		64,221
Lease liabilities		6,085
		79,892

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Summary of Sensitivity to Reasonably Possible Change in Exchange Rates

	Increase/ (decrease) in the rate of foreign currency %			Decrease/ (increase) in loss before tax US$’000
Year ended December 31, 2020
If US$ strengthens against RMB		5			678
If US$ weakens against RMB		(5	)		(678	)
If US$ strengthens against EUR		5			(817	)
If US$ weakens against EUR		(5	)		817
Year ended December 31, 2019
If US$ strengthens against RMB		5			329
If US$ weakens against RMB		(5	)		(329	)
If US$ strengthens against EUR		5			3,310
If US$ weakens against EUR		(5	)		(3,310	)
Year ended December 31, 2018
If US$ strengthens against RMB		5			343
If US$ weakens against RMB		(5	)		(343	)
If US$ strengthens against EUR		5			3,829
If US$ weakens against EUR		(5	)		(3,829	)

Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on contractual undiscounted payments, is as follows:

As at December 31, 2020
	Less than 1 years US$’000		Over 1 years US$’000		Total US$’000
Trade and notes payables		5,238		—		5,238
Other payables and accruals		85,559		—		85,559
Lease liabilities		1,464		2,099		3,563
		92,261		2,099		94,360

As at December 31, 2019
	Less than 1 years US$’000		Over 1 years US$’000		Total US$’000
Trade and notes payables		9,586		—		9,586
Other payables and accruals		64,221		—		64,221
Lease liabilities		1,027		5,860		6,887
		74,834		5,860		80,694

Summary of Monitoring Capital Using Gearing Ratio

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Capital management (continued)

The Group monitors capital using a gearing ratio, which is total liabilities divided by total assets. The gearing ratios as at the end of each year were as follows:

	December 31, 2020 US$’000			December 31, 2019 US$’000
Total liabilities		440,752			410,584
Total assets		721,007			287,715
Gearing ratio		61	%		143	%

Corporate Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Significant Investments In Subsidiaries [Abstract]
Address of entity's registered office	PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grant Cayman KY1-1002, Cayman Islands
Country of incorporation	Cayman Islands
Date of incorporation	May 27, 2015

Corporate Information - Information About Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Share capital	$ 27	$ 20
Legend Biotech Limited (“Legend BVI”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Legend Biotech Limited (“Legend BVI”)
Place and date of incorporation	The British Virgin Islands June 2, 2015
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Investment holding
Legend Biotech HK Limited (“Legend HK”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Legend Biotech HK Limited (“Legend HK”)
Place and date of incorporation	Hong Kong June 3, 2015
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Investment holding
Nanjing Legend Biotechnology Co.,Ltd. (“Legend Nanjing”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”)
Place and date of incorporation	PRC November 17, 2014
Share capital	$ 62,500,000
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Manufacture and sale of life science research products and services
Legend Biotech USA Incorporated (“Legend USA”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Legend Biotech USA Incorporated (“Legend USA”)
Place and date of incorporation	United States of America August 31, 2017
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Manufacture and sale of life science research products and services
Legend Biotech Ireland Limited. (“Legend Ireland”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Legend Biotech Ireland Limited. (“Legend Ireland”)
Place and date of incorporation	Ireland November 13, 2017
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Manufacture and sale of life science research products and services
Legend Biotech (Netherlands) B.V. (“Legend Netherlands”)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Company	Legend Biotech (Netherlands) B.V. (“Legend Netherlands”)
Place and date of incorporation	Netherlands June 12, 2017
Percentage of equity interest attributable to the Company	100.00%
Principal activities	Sale of life science research products

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) Milestone	Dec. 31, 2019 USD ($) Milestone	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) Milestone
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Impairment loss	$ 0
Description of recognize a short-term leases	The Group applies the short-term lease recognition exemption to its short-term leases that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.
Cash and cash equivalents maturity, months	3 months
Non-refundable upfront amount recognized as revenue	$ 350,000,000
Milestone payments	50,000,000			$ 50,000,000
Estimated total transaction price	400,000,000
Upfront fees recognized as revenue	350,000,000		$ 350,000,000
Number of milestone payments \| Milestone				2
Additional milestone payment receivable	1,040,000,000
Equity-settled share-based compensation expense	4,760,000	$ 1,272,000	$ 704,000
Stock Option and Restricted Stock Unit Scheme
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Equity-settled share-based compensation expense	$ 0
CARTITUDE-1 Clinical Trial
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Number of milestone payments \| Milestone		2
Milestone achievement, clinical milestone		$ 60,000,000
Cilta-cel
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Number of milestone payments \| Milestone	1
Milestone achievement, clinical milestone	$ 75,000,000
Manufacturing Milestones \| Top of Range
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Milestone payment receivable	125,000,000
Future Development Milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Additional milestone payment receivable	105,000,000
Regulatory Milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Additional milestone payment receivable	725,000,000
Net Trade Sales Milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Additional milestone payment receivable	210,000,000
Specified manufacturing milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Milestone payments	125,000,000
Specified development milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Milestone payments	215,000,000
Specified regulatory milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Milestone payments	800,000,000
Specified net trade sales milestones
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Milestone payments	$ 210,000,000

Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Freehold Land
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	Not depreciated
Transportation Equipment
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	10.00%
Bottom of Range \| Buildings
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	2.00%
Bottom of Range \| Machinery and Equipment
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	10.00%
Bottom of Range \| Computer and Office Equipment
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	20.00%
Top of Range \| Buildings
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	2.60%
Top of Range \| Machinery and Equipment
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	25.00%
Top of Range \| Computer and Office Equipment
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Estimated useful lives of property, plant and equipment	33.33%

Summary of Significant Accounting Policies - Intangible Assets Amortised on Straight-line Basis over Useful Economic Lives (Details)	12 Months Ended
	Dec. 31, 2020
Software
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Useful economic lives of intangible assets	3-10 years

Summary of Significant Accounting Policies - Right-of-use Assets Depreciated on Straight-line Basis over Lease Terms and Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Leasehold Land
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Lease terms and estimated useful lives of right-of-use assets	50 years
Bottom of Range \| Buildings
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Lease terms and estimated useful lives of right-of-use assets	2 years
Top of Range \| Buildings
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items]
Lease terms and estimated useful lives of right-of-use assets	10 years

Significant Accounting Judgements and Estimates - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Judgements and Estimates [Line Items]
Unrecognised deferred tax assets	$ 218,508,000	$ 180,472,000
Equity-settled share option expense	1,905,000	1,272,000	$ 704,000
Temporary Differences and Unused Tax Losses
Significant Accounting Judgements and Estimates [Line Items]
Unrecognised deferred tax assets	$ 102,615,000	$ 46,717,000

Operating Segment Information - Summary of Revenue from External Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Operating Segments [Line Items]
Revenue	$ 75,676,000	$ 57,264,000	$ 49,133,000
North America
Disclosure Of Operating Segments [Line Items]
Revenue	$ 75,676,000	57,261,000	48,104,000
China
Disclosure Of Operating Segments [Line Items]
Revenue		$ 3,000	$ 1,029,000

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2020-01-01

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_32&doctype=Standard
-URIDate 2020-01-01

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_34&doctype=Standard
-URIDate 2020-01-01

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2020-01-01

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_103&doctype=Standard
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_102&doctype=Standard
-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2020-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2020-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2020-01-01

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

+ Details

Operating Segment Information - Summary of Non-current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 128,149	$ 80,611
China
Disclosure Of Operating Segments [Line Items]
Non-current assets	43,953	27,731
Other Countries
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 84,196	$ 52,880

Operating Segment Information - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Operating Segments [Line Items]
Revenue	$ 75,676,000	$ 57,264,000	$ 49,133,000
North America
Disclosure Of Operating Segments [Line Items]
Revenue	$ 75,676,000	$ 57,261,000	$ 48,104,000
Customer information	single customer	single customer	single customer

- Definition

+ References

+ Details

Revenue, Other Income and Gains - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from contracts with customer
Rendering of services			$ 1,029
Sales of goods		$ 3
Revenue from contracts with customer	$ 75,676	57,264	49,133
Licensing of intellectual property
Revenue from contracts with customer
License and collaboration revenue	5,625	4,523	7,570
JSC service
Revenue from contracts with customer
License and collaboration revenue	$ 70,051	$ 52,738	$ 40,534

Revenue, Other Income and Gains - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	May 27, 2015	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Licensing of intellectual property
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
License and collaboration revenue		$ 5,625	$ 4,523	$ 7,570
Licensing of intellectual property \| US and Non-US Territories
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
License and collaboration revenue	$ 30,000	$ 40,200
JSC service
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Estimated service period		9 years
Performance obligations estimated collaboration period		9 years
JSC service \| US and Non-US Territories
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Right-to-use license amount	$ 370,000	$ 494,800
Legend Ireland \| Non-U.S. territories
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Right-to-use license amount				$ 7,600

Revenue, Other Income and Gains - Summary of Revenue Recognized That Was Included in Contract Liabilities at Beginning of Reporting Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
JSC service
License and collaboration revenue
Revenue recognized that was included in contract liabilities at the beginning of the reporting period	$ 46,777	$ 40,324	$ 30,212

Revenue, Other Income and Gains - Summary of Revenue Recognized From Performance Obligation Satisfied in Previous Periods (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
License and collaboration revenue
Revenue recognized from performance obligation satisfied in previous periods	$ 21,216	$ 10,857
Licensing of intellectual property
License and collaboration revenue
Revenue recognized from performance obligation satisfied in previous periods	5,625	4,523
JSC service
License and collaboration revenue
Revenue recognized from performance obligation satisfied in previous periods	$ 15,591	$ 6,334

Revenue, Other Income and Gains - Summary of Amounts of Transaction Prices Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	$ 330,085	$ 324,059	$ 322,231
Within 1 year
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	55,014	46,294	40,324
1 - 2 years
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	55,014	46,294	40,324
2 - 3 years
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	55,014	46,294	40,324
3 - 4 years
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	55,014	46,294	40,324
After 4 years
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	$ 110,029	$ 138,883	$ 160,935

Revenue, Other Income and Gains - Other Income and Gains (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other income and gains
Foreign currency exchange gain, net	$ 66,000	$ 250,000	$ 7,237,000
Government grants (note 23)	3,072,000	1,682,000	361,000
Finance income	2,930,000	4,581,000	6,214,000
Fair value gains on financial assets at fair value change through profit or loss	47,000	474,000	89,000
Rental income	4,000	138,000
Other income and gains	$ 6,119,000	$ 7,125,000	$ 13,901,000

Loss Before Tax - Summery of loss before tax is arrived at after charging/(crediting) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit Loss Before Tax [Line Items]
Provision for/ (reversal of) for the impairment of trade receivables	$ 13	$ 1	$ (60)
Employee benefit expense (excluding directors’ remuneration):
Equity-settled share-based compensation expense	4,760	1,272	704
Profit Loss Before Tax Arrived After Charging And Crediting
Profit Loss Before Tax [Line Items]
Loss on disposal of property, plant and equipment	55
Provision for/ (reversal of) for the impairment of trade receivables	13	1	(60)
IPO expenses	1,439
Employee benefit expense (excluding directors’ remuneration):
Wages and salaries	70,682	37,038	12,039
Pension scheme contributions (defined contribution schemes)	640	1,166	416
Equity-settled share-based compensation expense	$ 4,357	$ 1,272	$ 704

Finance Costs - Summary of Finance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance Costs [Abstract]
Interest on lease liabilities	$ 195	$ 199	$ 82
Interest on an entrusted loan from a related party		24
Expenses for issuance of convertible redeemable preferred shares	4,014
Total	$ 4,209	$ 223	$ 82

Income Tax - Additional Information (Details) - EUR (€)	12 Months Ended
Income Tax - Additional Information (Details) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major Components Of Tax Expense Income [Line Items]
Income tax rate	30.10%	30.10%	30.10%
Hong Kong
Major Components Of Tax Expense Income [Line Items]
Income tax rate	16.50%
United States of America
Major Components Of Tax Expense Income [Line Items]
Income tax rate	21.00%
Withholding tax rate	30.00%
New Jersey
Major Components Of Tax Expense Income [Line Items]
Income tax rate	11.50%
Ireland
Major Components Of Tax Expense Income [Line Items]
Income tax rate	12.50%
Withholding tax rate	20.00%
China
Major Components Of Tax Expense Income [Line Items]
Income tax rate	25.00%	25.00%	25.00%
Withholding tax rate	10.00%
Netherlands
Major Components Of Tax Expense Income [Line Items]
Income tax rate	25.00%
Withholding tax rate	15.00%
Income tax rate	16.50%	19.00%	20.00%
Taxable income	€ 200,000

Income Tax - Summary of Tax Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major Components Of Tax Expense Income [Line Items]
Deferred		$ 68,921	$ (64,057)
Total tax charge for the year	$ (4,145)	2,602	1,168
United States of America
Major Components Of Tax Expense Income [Line Items]
Current - Tax charge	(3,613)	(65,948)	64,312
Elsewhere
Major Components Of Tax Expense Income [Line Items]
Current - Tax charge	$ (532)	$ (371)	$ 913

Income Tax - Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major Components Of Tax Expense Income [Abstract]
Loss before tax	$ (307,622,000)	$ (130,370,000)	$ (1,616,000)
At the statutory blended income tax rate of 30.1% (2019 and 2018: 30.1%)	(92,548,000)	(39,222,000)	(486,000)
Effect of tax rate differences in other countries	38,012,000	6,395,000	(605,000)
Research and development credit	(6,451,000)	(3,746,000)	(2,341,000)
Statutory income/expense			46,000
Effect of non-deductible expenses	1,817,000	188,000	112,000
Tax losses and deductible temporary differences not recognized	55,898,000	44,844,000	1,462,000
Option income tax benefit	(1,331,000)
Prior year true up	658,000	(6,598,000)	(76,000)
Uncertain tax positions	(272,000)	272,000	3,056,000
Withholding tax on interest	278,000	393,000
Others	(206,000)	76,000
Tax (benefit)/charge at the Group’s effective rate (amount)	$ (4,145,000)	$ 2,602,000	$ 1,168,000
At the statutory blended income tax rate	30.10%	30.10%	30.10%
Effect of tax rate differences in other countries, rate	(12.40%)	(4.90%)	37.40%
Research and development credit, effective tax rate	2.10%	2.90%	144.90%
Effect of non-deductible expenses, effective tax rate	(0.60%)	(0.10%)	(6.90%)
Tax losses and deductible temporary differences not recognized, effective tax rate	(18.20%)	(34.50%)	(90.50%)
Option income tax benefit, effective tax rate	0.40%
Prior year true up, effective tax rate	(0.20%)	5.10%	4.70%
Uncertain tax positions, effective tax rate	0.10%	(0.20%)	(189.10%)
Withholding tax on interest, effective tax rate	(0.10%)	(0.30%)
Others, effective tax rate	0.10%	(0.10%)
Tax (benefit)/charge at the Group’s effective rate	1.30%	(2.00%)	(72.30%)

Income Tax - Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major Components Of Tax Expense Income [Abstract]
Statutory blended income tax rate	30.10%	30.10%	30.10%

Loss per Share Attributable to Ordinary Equity Holders of the Parent - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic Earnings Per Share [Abstract]
Weighted average number of ordinary shares issued	236,305,234	200,000,000	200,000,000

Loss per Share Attributable to Ordinary Equity Holders of the Parent - Summary of Calculations of Basic and Diluted Loss per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic Earnings Per Share [Abstract]
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation	$ (303,477)	$ (132,972)	$ (2,784)
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation	236,305,234	200,000,000	200,000,000

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	$ 70,079	$ 28,155
Additions	50,057	46,314
Disposals	(165)	(74)
Depreciation provided during the year	(8,248)	(4,001)
Exchange realignment	1,368	(315)
Property, plant and equipment, ending balance	113,091	70,079
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	74,900	29,089
Property, plant and equipment, ending balance	126,499	74,900
Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	(4,821)	(934)
Property, plant and equipment, ending balance	(13,408)	(4,821)
Land
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	2,889
Additions		2,889
Property, plant and equipment, ending balance	2,889	2,889
Land \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	2,889
Property, plant and equipment, ending balance	2,889	2,889
Buildings
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	30,993	97
Additions		9,476
Depreciation provided during the year	(2,560)	(1,505)
Exchange realignment	375	(77)
Transfers from construction in progress	12,929	23,002
Property, plant and equipment, ending balance	41,737	30,993
Buildings \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	32,527	127
Property, plant and equipment, ending balance	45,831	32,527
Buildings \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	(1,534)	(30)
Property, plant and equipment, ending balance	(4,094)	(1,534)
Machinery and Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	25,052	3,387
Additions		1,586
Disposals	(165)	(74)
Depreciation provided during the year	(4,593)	(2,219)
Exchange realignment	775	(70)
Transfers from construction in progress	8,459	22,442
Property, plant and equipment, ending balance	29,528	25,052
Machinery and Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	27,992	4,217
Property, plant and equipment, ending balance	37,400	27,992
Machinery and Equipment \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	(2,940)	(830)
Property, plant and equipment, ending balance	(7,872)	(2,940)
Computer and Office Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	973	294
Additions	560	53
Depreciation provided during the year	(1,091)	(273)
Exchange realignment	12	(4)
Transfers from construction in progress	1,422	903
Property, plant and equipment, ending balance	1,876	973
Computer and Office Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	1,314	367
Property, plant and equipment, ending balance	3,308	1,314
Computer and Office Equipment \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	(341)	(73)
Property, plant and equipment, ending balance	(1,432)	(341)
Transportation Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	36	42
Depreciation provided during the year	(4)	(4)
Exchange realignment	2	(2)
Transfers from construction in progress		0
Property, plant and equipment, ending balance	34	36
Transportation Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	42	43
Property, plant and equipment, ending balance	44	42
Transportation Equipment \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	(6)	(1)
Property, plant and equipment, ending balance	(10)	(6)
Construction in Progress
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	10,136	24,335
Additions	49,497	32,310
Exchange realignment	204	(162)
Transfers from construction in progress	(22,810)	(46,347)
Property, plant and equipment, ending balance	37,027	10,136
Construction in Progress \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment, beginning balance	10,136	24,335
Property, plant and equipment, ending balance	$ 37,027	$ 10,136

Property, Plant and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Property Plant And Equipment [Line Items]
Additions of property, plant and equipment	$ 50,057,000	$ 46,314,000
License and Collaboration Agreement
Disclosure Of Property Plant And Equipment [Line Items]
Additions of property, plant and equipment	$ 13,663,000	$ 19,765,000

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Intangible Assets [Line Items]
Net carrying amount, beginning balance	$ 519
Net carrying amount, ending balance	2,852	$ 519
Software
Disclosure Of Intangible Assets [Line Items]
Net carrying amount, beginning balance	519	49
Additions	2,583	534
Amortisation provided during the year	(192)	(63)
Exchange realignment	(58)	(1)
Net carrying amount, ending balance	2,852	519
Software \| Cost
Disclosure Of Intangible Assets [Line Items]
Net carrying amount, beginning balance	598	67
Net carrying amount, ending balance	3,186	598
Software \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Net carrying amount, beginning balance	(79)	(18)
Net carrying amount, ending balance	$ (334)	$ (79)

Other Non-Current Assets - Summary of Other Non-Current Assets (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Categories Of Current Financial Assets [Abstract]
VAT recoverable	$ 3,542
Prepayments	431
Other non-current assets	$ 3,973

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2020 USD ($) ParkingSpace	Dec. 31, 2019 USD ($)
Leases [Line Items]
Lessee, lease term description	12 months or less
Number of car parking spaces \| ParkingSpace	5
Lease term	12 months
Rental income	$ 4,000	$ 138,000
Buildings \| Bottom Of Range [Member]
Leases [Line Items]
Lessee, lease terms	2 years
Buildings \| Top of Range
Leases [Line Items]
Lessee, lease terms	10 years
Land
Leases [Line Items]
Lessee, lease terms	50 years
Ongoing lease payments	$ 0

Leases - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Right-of-use assets, net of accumulated depreciation, beginning balance	$ 9,348	$ 3,733
Increase	491
Lease modification	(928)
Additions		6,840
Exchange realignment	591	(27)
Depreciation of right-of-use assets	(1,493)	(1,198)
Ending balance	8,009	9,348
Land
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Right-of-use assets, net of accumulated depreciation, beginning balance	4,630
Additions		4,677
Exchange realignment	318
Depreciation of right-of-use assets	(97)	(47)
Ending balance	4,851	4,630
Buildings
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Right-of-use assets, net of accumulated depreciation, beginning balance	4,718	3,733
Increase	491
Lease modification	(928)
Additions		2,163
Exchange realignment	273	(27)
Depreciation of right-of-use assets	(1,396)	(1,151)
Ending balance	$ 3,158	$ 4,718

Leases - Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Payments	$ (2,866)	$ (5,527)	$ (301)
Analyzed into:
Current portion	1,464	1,027
Non-current portion	1,909	5,058
Lease liabilities [member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Carrying amount, lease liabilities	6,085	4,317
Increase	491	6,840
Lease modification	(928)
Accretion of interest recognised during the year	195	199
Payments	(2,797)	(5,255)
Exchange realignment	327	(16)	(13)
Carrying amount, lease liabilities	3,373	6,085	4,317
Analyzed into:
Current portion	1,464	1,027
Non-current portion	1,909	5,058
Carrying amount, lease liabilities	$ 3,373	$ 6,085	$ 4,317

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Presentation Of Leases For Lessee [Abstract]
Interest on lease liabilities	$ 195	$ 199	$ 82
Depreciation charge of right-of-use assets	1,493	1,198
Expense relating to short-term leases	69	272
Total amount recognized in profit or loss	$ 1,757	$ 1,669

Leases - Summary of Undiscounted Minimum Lease Payments Receivables in Future Periods under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Within 1 year
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]
Undiscounted minimum lease payments receivables in future periods under non-cancellable operating leases	$ 4	$ 16

Convertible Redeemable Preferred Shares - Additional Information (Details) - Series A Preference Shares	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued \| shares	20,591,629
Price per share \| $ / shares	$ 7.792
Issuance of ordinary shares	$ 160,450,000
Percentage of dividends	8.00%
Automatic conversion, description	Each Series A Preference Share will be automatically converted upon the closing of a Qualified IPO into a number of ordinary shares as is determined by dividing the Series A original issue price by a conversion price is equal to the lower of (i) the conversion price at the time in effect for such Series A Preference Share and (ii) the price per share that equals 90% of the lowest net price per ordinary share received by the Company in the Qualified IPO.
Redemption rights, description	At any time on or after the occurrence of a Trigger Event (as defined below), each investor may require the Company to redeem the Series A Preference Shares issued to the investor and require the Company to immediately pay the investor an amount equal to the redemption price, plus 8% annualized.
Fair value loss	$ 79,984,000

Convertible Redeemable Preferred Shares - Summary of Movement of Convertible Redeemable Preferred Shares (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Disclosure Of Classes Of Share Capital [Line Items]
At January 1, 2020	$ 20,000
At December 31, 2020	27,000
Series A Preference Shares
Disclosure Of Classes Of Share Capital [Line Items]
Issuance of the Series A Preference Shares on March 30, 2020 and on April 16, 2020	160,450,000
Fair value loss of the Series A Preferred Shares	79,984,000
Conversion to ordinary shares	$ (240,434,000)

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Classes Of Inventories [Abstract]
Raw materials and consumables	$ 1,800	$ 1,157

Trade Receivables - Summary of Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Financial Assets [Line Items]
Trade receivables	$ 74,978	$ 29,991
Less: Impairment of trade receivables	(22)	(9)	$ (8)
Gross Carrying Amount
Disclosure Of Financial Assets [Line Items]
Trade receivables	$ 75,000	$ 30,000

Trade Receivables - Additional Information (Details)	12 Months Ended
Trade Receivables - Additional Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Assets [Line Items]
Percentage of concentration of credit risk of trade receivables due from one single customer under a license and collaboration agreement	100.00%	100.00%
Bottom of Range
Disclosure Of Financial Assets [Line Items]
Credit period of trade receivables	30 days
Top of Range
Disclosure Of Financial Assets [Line Items]
Credit period of trade receivables	90 days

Trade Receivables - Summary of Movements in Loss Allowance for Impairment of Trade Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Trade And Other Receivables [Abstract]
Beginning balance	$ 9	$ 8
Impairment losses reversed	(9)	(8)
Impairment losses recognised	22	9
Ending balance	$ 22	$ 9

Trade Receivables - Summary of Information About Credit Risk Exposure on Group's Trade Receivables Using Provision Matrix (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Provision Matrix [Line Items]
Gross carrying amount	$ 74,978	$ 29,991
Expected credit loss	22	9	$ 8
Gross Carrying Amount
Disclosure Of Provision Matrix [Line Items]
Gross carrying amount	$ 75,000	$ 30,000
Within 3 Months
Disclosure Of Provision Matrix [Line Items]
Expected loss rate	0.03%	0.03%
Expected credit loss	$ 22	$ 9
Within 3 Months \| Gross Carrying Amount
Disclosure Of Provision Matrix [Line Items]
Gross carrying amount	$ 75,000	$ 30,000

Prepayments, Other Receivables and Other Assets - Summary of Prepayments, Other Receivables and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
VAT recoverable	$ 3,542
Prepayments	431
Prepayments Other Receivable and Other Assets
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Interest receivable	80	$ 516
Other receivables	264	1,044
Income tax refund	4,267
Prepaid income tax		7,210
VAT recoverable	1,941	4,206
Prepayments	3,455	3,801
Total	$ 10,007	$ 16,777

Prepayments, Other Receivables and Other Assets - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other Receivables
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Other receivables due from related parties	$ 20,000	$ 291,000

Cash and Cash Equivalents and Pledged Deposits - Summary of Cash and Cash Equivalents and Pledged Deposits (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and bank balances	$ 506,073,000	$ 159,179,000
Less: Pledged short-term deposits	(384,000)	(256,000)
Time deposits	(50,000,000)	(75,559,000)
Cash and cash equivalents	455,689,000	83,364,000	$ 210,166,000	$ 2,115,000
Denominated in USD
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and cash equivalents	451,165,000	69,846,000
Denominated in RMB
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and bank balances	4,335,000	13,180,000
Cash and cash equivalents	4,335,000	13,180,000
Denominated in EUR
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and cash equivalents	$ 189,000	$ 338,000

Cash and Cash Equivalents and Pledged Deposits - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and bank balances	$ 506,073,000	$ 159,179,000
Denominated in RMB
Disclosure of Cash and Cash Equivalents and Pledged Deposits [Line Items]
Cash and bank balances	$ 4,335,000	$ 13,180,000

Trade and Notes Payables - Summary of Trade and Notes Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade And Other Payables [Abstract]
Trade payables	$ 4,911	$ 9,586
Notes payable	327
Trade and notes payables	$ 5,238	$ 9,586

Trade and Notes Payables - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Trade And Notes Payables [Line Items]
Trade payables, term	60 days
Trade payables	$ 4,911,000	$ 9,586,000
Related Parties
Trade And Notes Payables [Line Items]
Trade payables	$ 2,103,000	$ 5,225,000

Other Payables and Accruals - Summary of Other Payables and Accruals (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Other Payables And Accruals [Abstract]
Accrued payroll	$ 13,609	$ 6,633
Other payables	85,559	64,221
Other payables and accruals	$ 99,168	$ 70,854

Other Payables and Accruals - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Other Payables And Accruals [Abstract]
Other payables due to related parties	$ 3,736,000	$ 1,544,000

Contract Liabilities - Schedule of Details of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Contract liabilities	$ 330,085	$ 324,059	$ 297,593
Current	55,014	46,294
Non-current	275,071	277,765
JSC service
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Contract liabilities	$ 330,085	$ 324,059

Contract Liabilities - Summary of Movements in Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract Liabilities [Abstract]
Balance	$ 324,059	$ 297,593
Advance received/due for payment	75,000	85,217
Transferred to revenue	(75,676)	(57,261)
Exchange realignment	6,702	(1,490)
Balance	$ 330,085	$ 324,059

Deferred Tax - Schedule of Movements in Deferred Tax Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Beginning balance	$ 68,917
Deferred tax charged to the statement of profit or loss during the year	(68,921)
Exchange realignment	4
Amortized and Accrued
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Beginning balance	953
Deferred tax charged to the statement of profit or loss during the year	(953)
Expense of Share Options
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Beginning balance	90
Deferred tax charged to the statement of profit or loss during the year	(90)
Unrealised Profit from Intercompany
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Beginning balance	7,487
Deferred tax charged to the statement of profit or loss during the year	(7,487)
Contract Liabilities
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Beginning balance	60,387
Deferred tax charged to the statement of profit or loss during the year	(60,391)
Exchange realignment	$ 4

Deferred Tax - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Reserves/(deficits)	$ 280,228,000	$ (122,889,000)
Hong Kong
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Tax losses	(25,000)	(919,000)
China
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Tax losses	$ (63,600,000)	$ (30,766,000)
Deferred tax carry forward period	5 years	5 years
Income tax rate	10.00%
Withholding tax percentage	10.00%
China \| Subsidiaries
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Reserves/(deficits)	$ 0	$ 0
Netherlands
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Tax losses	$ (12,000)	$ (2,000)
Deferred tax carry forward period	9 years	9 years
Deferred tax carry back period	1 year	1 year
Ireland
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Tax losses	$ (47,412,000)	$ (31,594,000)
Deferred tax carry back period	1 year	1 year
United States
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Tax losses	$ (33,050,000)	$ (57,792,000)
Income tax rate	5.00%
Withholding tax percentage	30.00%
United States \| Subsidiaries
Reconciliation of Changes in Deferred Tax Assets [Line Items]
Reserves/(deficits)	$ 0	$ 0

Deferred Tax - Summary of Items with Respect to, Deferred Tax Assets have not been Recognised (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Major Components Of Tax Expense Income [Abstract]
Deductible temporary differences	$ 74,409	$ 59,399
Tax losses	144,099	121,073
Deferred tax assets not yet recognised	$ 218,508	$ 180,472

Government Grants - Summary of Deferred Government Grants (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Government Grants [Abstract]
Deferred government grants	$ 2,334
Current	283
Non-current	$ 2,051

Government Grants - Additional Information (Details)	12 Months Ended
Government Grants - Additional Information (Details)	Dec. 31, 2020
Government Grants [Abstract]
Explanation of unfulfilled conditions and other contingencies attaching to government assistance	The grants were related to the subsidies received from local government authorities for the purpose of compensation for the expenditure on certain facilities and were credited to a deferred income account. The grants were released to other income and gains over the expected useful lives of the relevant assets. The group also received certain financial subsidies from local government authorities to support local business. There were no unfulfilled conditions and other contingencies attached to these government grants. These government grants were recognized in other income and gains upon receipt.

Share Capital and Share Premium - Summary of Shares (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Issued and fully paid:
266,010,256 (2019: 200,000,000) ordinary shares of US$0.0001 each	$ 27,000	$ 20,000
Ordinary Shares
Authorised:
500,000,000 ordinary shares of US$0.0001 each	50,000	50,000
Issued and fully paid:
266,010,256 (2019: 200,000,000) ordinary shares of US$0.0001 each	$ 27,000	$ 20,000

Share Capital and Share Premium - Summary of Shares (Parenthetical) (Details) - Ordinary Shares - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares authorized	500,000,000	500,000,000
Number of shares issued and fully paid	266,010,256	200,000,000
Price per share	$ 0.0001	$ 0.0001

Share Capital and Share Premium - Summary of Movements in the Company's Share Capital and Share Premium (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) shares
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance	$ 3,928
Issuance of ordinary shares for conversion of preferred shares	240,434
Issuance of ordinary shares for initial public offering, net of issuance cost	450,085
Issuance of ordinary shares for private placement by Genscript	12,000
Exercise of share option	1,886
Ending balance	$ 708,333
Share Capital
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance \| shares	200,000,000
Issuance of ordinary shares for conversion of preferred shares \| shares	20,907,282
Issuance of ordinary shares for initial public offering, net of issuance cost \| shares	42,377,500
Issuance of ordinary shares for private placement by Genscript \| shares	1,043,478
Exercise of share option \| shares	1,681,996
Ending balance \| shares	266,010,256
Share Capital
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance	$ 20
Issuance of ordinary shares for conversion of preferred shares	2
Issuance of ordinary shares for initial public offering, net of issuance cost	4
Exercise of share option	1
Ending balance	27
Share Premium
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance	3,908
Issuance of ordinary shares for conversion of preferred shares	240,432
Issuance of ordinary shares for initial public offering, net of issuance cost	450,081
Issuance of ordinary shares for private placement by Genscript	12,000
Exercise of share option	1,885
Ending balance	$ 708,306

Share Option Scheme - Additional Information (Details)	12 Months Ended
Share Option Scheme - Additional Information (Details)	Dec. 31, 2020 USD ($) shares $ / shares	Dec. 31, 2019 USD ($) shares $ / shares	Dec. 31, 2018 USD ($) shares $ / shares	Dec. 31, 2017 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Effective date of share option scheme	December 21, 2017
Period of share option scheme remain in force	10 years
Weighted average share price for share options in share-based payment arrangement exercised during period \| $ / shares	$ 14.9131
Fair value of share options granted	$ 6,666,000	$ 1,099,000	$ 4,329,000
Fair value per share of options granted \| $ / shares	$ 9.817	$ 0.294	$ 0.269
Share option expense	$ 1,905,000	$ 1,272,000	$ 704,000
Weighted average share price used in share option fair value valuation model (US$ per share) \| $ / shares	$ 15.6128
Number of share options outstanding \| shares	14,241	18,013	14,311	8,100
Binomial Model
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options outstanding \| shares	14,241,000
Additional share capital amount	$ 1,424
Share premium before issue expenses	$ 23,122,000
Ordinary Shares \| Binomial Model
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued \| shares	14,241,000

Share Option Scheme - Summary of Share Options Outstanding Under the Scheme (Details)	12 Months Ended
	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
At January 1, weighted average exercise price \| $ / shares	$ 0.9273	$ 0.7782	$ 0.5000
Granted during the year, weighted average exercise price \| $ / shares	15.6128	1.4973	1.0000
Forfeited during the year, weighted average exercise price \| $ / shares	0.9963	1.0909	0.5073
Exercised during the year, weighted average exercise price \| $ / shares	1.0131
At December 31, weighted average exercise price \| $ / shares	1.9353	0.9273	$ 0.7782
Exercisable at December 31, weighted average exercise price \| $ / shares	$ 1.0703	$ 0.7852
At January 1,Number of options \| shares	18,013	14,311	8,100
Granted during the year, Number of options \| shares	679	3,757	7,990
Forfeited during the year, Number of options \| shares	(2,769)	(55)	(1,779)
Exercised during the year, Number of options \| shares	(1,682)
At December 31, Number of options \| shares	14,241	18,013	14,311
Exercisable at December 31, Number of options \| shares	4,619	2,484

Share Option Scheme - Summary of Exercise Prices and Exercise Periods of Share Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares	Dec. 31, 2017 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	14,241	18,013	14,311	8,100
2019/12/25 - 2027/12/25
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	5,393	6,347	6,347
Exercise price per share \| $ / shares	$ 0.5	$ 0.5	$ 0.5
2019/07/01 - 2028/08/29
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	4,317	7,283	7,288
Exercise price per share \| $ / shares	$ 1.0	$ 1.0	$ 1.0
2019/12/31 - 2028/12/30
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	540	656	676
Exercise price per share \| $ / shares	$ 1.0	$ 1.0	$ 1.0
2020/07/02 - 2029/07/01
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	2,868	3,225
Exercise price per share \| $ / shares	$ 1.5	$ 1.5
2020/11/29 - 2029/11/28
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	444	502
Exercise price per share \| $ / shares	$ 11.5	$ 1.5
2021/06/05 - 2030/06/04
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	90
Exercise price per share \| $ / shares	$ 11.5
2021/09/01 - 2030/08/31
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	569
Exercise price per share \| $ / shares	$ 16.3
2021/11/19 - 2030/11/18
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options	20
Exercise price per share \| $ / shares	$ 13.6
Top of Range \| 2019/12/25 - 2027/12/25
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Dec. 25, 2027	Dec. 25, 2027	Dec. 25, 2027
Top of Range \| 2019/07/01 - 2028/08/29
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Aug. 29, 2028	Aug. 29, 2028	Aug. 29, 2028
Top of Range \| 2019/12/31 - 2028/12/30
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Dec. 30, 2028	Dec. 30, 2028	Dec. 30, 2028
Top of Range \| 2020/07/02 - 2029/07/01
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Jul. 01, 2029	Jul. 01, 2029
Top of Range \| 2020/11/29 - 2029/11/28
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Nov. 28, 2029	Nov. 28, 2029
Top of Range \| 2021/06/05 - 2030/06/04
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Jun. 04, 2030
Top of Range \| 2021/09/01 - 2030/08/31
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Aug. 31, 2030
Top of Range \| 2021/11/19 - 2030/11/18
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Nov. 18, 2030
Bottom Of Range [Member] \| 2019/12/25 - 2027/12/25
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Dec. 25, 2019	Dec. 25, 2019	Dec. 25, 2019
Bottom Of Range [Member] \| 2019/07/01 - 2028/08/29
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Jul. 01, 2019	Jul. 01, 2019	Jul. 01, 2019
Bottom Of Range [Member] \| 2019/12/31 - 2028/12/30
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2019
Bottom Of Range [Member] \| 2020/07/02 - 2029/07/01
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Jul. 02, 2020	Jul. 02, 2020
Bottom Of Range [Member] \| 2020/11/29 - 2029/11/28
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Nov. 29, 2020	Nov. 29, 2020
Bottom Of Range [Member] \| 2021/06/05 - 2030/06/04
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Jun. 05, 2021
Bottom Of Range [Member] \| 2021/09/01 - 2030/08/31
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Sep. 01, 2021
Bottom Of Range [Member] \| 2021/11/19 - 2030/11/18
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise period	Nov. 19, 2021

Share Option Scheme - Summary of Exercise Prices and Exercise Periods of Share Options Outstanding (Parenthetical) (Details)	Dec. 31, 2020 $ / shares
November 29, 2019 through December 9, 2019 \| Genscript Group
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price per share	$ 11.50

Share Option Scheme - Summary of Fair Value of Equity Settled Share Options Granted (Details) - Year	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items]
Expected life of options (year)	10	10	10
Bottom of Range
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items]
Expected volatility (%)	73.00%	66.40%	64.20%
Risk-free interest rate (%)	0.07%	1.98%	2.48%
Top of Range
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items]
Expected volatility (%)	87.20%	80.30%	66.40%
Risk-free interest rate (%)	0.91%	2.69%	2.87%

Restricted Stock Units - Additional Information (Details) - USD ($)		12 Months Ended
	May 26, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units [Line Items]
Restricted stock units scheme term	10 years
Fair value per share of options granted		$ 9.817	$ 0.294	$ 0.269
Equity-settled share-based compensation expense		$ 4,760,000	$ 1,272,000	$ 704,000
RSU
Restricted Stock Units [Line Items]
Weighted-average remaining contractual life for outstanding RSUs granted		8 years 10 months 2 days
Fair value of share options granted		$ 17,497,000
Fair value per share of options granted		$ 15.364
Equity-settled share-based compensation expense		$ 2,855,000

Restricted Stock Units - Summary of Movement in Number of RSU Outstanding (Details) - RSU shares in Thousands	12 Months Ended
	Dec. 31, 2020 shares $ / shares
Restricted Stock Units [Line Items]
Number of RSU, Granted during the year \| shares	1,139
Number of RSU, Forfeited during the year \| shares	(26)
Number of RSU, Outstanding at December 31 \| shares	1,113
Weighted average grant date fair value, Granted during the year \| $ / shares	$ 15.3639
Weighted average grant date fair value, Forfeited during the year \| $ / shares	16.3350
Weighted average grant date fair value, Outstanding at December 31 \| $ / shares	$ 15.3409

Reserves - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Reserves Within Equity [Abstract]
Net asset	$ 26.0	$ 24.0

Notes to the Consolidated Statement of Cash Flows - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Notes to Consolidated Statement of Cash Flows [Line Items]
Non-cash additions to right-of-use assets	$ 491,000	$ 2,163,000	$ 4,280,000
Non-cash additions to lease liabilities	491,000	2,163,000	4,280,000
Non-cash additions to property, plant and equipment		8,945,000	$ 7,280,000
Fair value loss of convertible redeemable preferred shares	79,984,000
Convertible Redeemable Preferred Shares
Disclosure of Notes to Consolidated Statement of Cash Flows [Line Items]
Non-cash additions to finance costs	1,500,000
Non-cash other payable	1,500,000
Fair value loss of convertible redeemable preferred shares	$ 79,984,000
Genscript USA Incorporated
Disclosure of Notes to Consolidated Statement of Cash Flows [Line Items]
Settlement of balance due to related party		4,364,000
Outstanding due from related party		5,539,000
Genscript Biotech Corporation
Disclosure of Notes to Consolidated Statement of Cash Flows [Line Items]
Outstanding due from related party		$ 19,510,000

Notes to the Consolidated Statement of Cash Flows - Summary of Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Convertible Redeemable Preferred Shares
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Changes from financing cash flows	$ 160,450
Fair value loss of the convertible redeemable preferred shares	79,984
Conversion to ordinary shares	(240,434)
Other Payables to Related Parties
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Beginning balance	4	$ 4,688	$ 1,968
Changes from financing cash flows	(4)	19,722	2,720
Non-cash transaction		(24,374)
Foreign exchange movement		(32)
Ending balance		4	4,688
Lease liabilities [member]
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Beginning balance	6,085	4,317	269
Additions of lease liabilities	(437)	6,840	4,280
Changes from financing cash flows	(2,602)	(5,056)	(219)
Interest expense	195	199	82
Interest paid classified as operating cash flows	(195)	(199)	(82)
Foreign exchange movement	327	(16)	(13)
Ending balance	$ 3,373	$ 6,085	$ 4,317

Notes to the Consolidated Statement of Cash Flows - Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Right-of-use assets
Within operating activities	$ 195	$ 199	$ 82
Within financing activities	2,602	5,056	219
Short-term leases	69	272
Cash outflow for leases	$ 2,866	$ 5,527	$ 301

Capital Commitments - Summary of Capital Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital Commitments [Abstract]
Construction in progress	$ 33,637	$ 2,844	$ 2,628

Related Party Transactions - Summary of Nature of Related Party Relationship (Details)	12 Months Ended
	Dec. 31, 2020
Nanjing Jinsirui Biotechnology Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Jinsikang Technology (Nanjing) Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Nanjing Bestzyme Bioengineering Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Shanghai Jingrui Biotechnology Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Jiangsu Genscript Biotech Co., Ltd
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Genscript (HongKong) Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Genscript USA Incorporated
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Genscript USA Holdings Inc
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Genscript Biotech (Netherlands) B.V.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Yangtze Investment USA Inc.
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company
Genscript Biotech Corporation
Disclosure Of Transactions Between Related Parties [Line Items]
Relationship	Company controlled by the ultimate holding company

Related Party Transactions - Summary of Transactions with Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties	$ 4,634	$ 4,978	$ 2,711
Management fee	154	198	733
Proceeds from cash advances from related parties		38,945	35,939
Repayment of cash advances from related parties	4	19,223	33,219
Cash advances to related parties		13,006	86,943
Collection of cash advances to related parties		62,996	11,943
Nanjing Jinsirui Biotechnology Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Services provided to related parties			1,029
Sales of materials to related parties		3
Purchases from related parties	4,162	4,480	2,500
Management fee			511
Short term lease of properties		265
Proceeds from cash advances from related parties		2,168	21,735
Repayment of cash advances from related parties		6,310	19,019
Purchase of equipment	54	7	14
Sale of equipment		13	12
Genscript USA Incorporated
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties	424	296	191
Management fee	95	198	222
Proceeds from cash advances from related parties		8,000	14,200
Repayment of cash advances from related parties		8,000	14,200
Cash advances to related parties			20,000
Collection of cash advances to related parties		14,500
Shanghai Jingrui Biotechnology Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties			18
Jiangsu Genscript Biotech Co., Ltd
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties	41	198	2
Genscript USA Holdings Inc
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties		4
Genscript Biotech (Netherlands) B.V.
Disclosure Of Transactions Between Related Parties [Line Items]
Purchases from related parties	7
Genscript (HongKong) Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Management fee	59
Proceeds from cash advances from related parties			4
Repayment of cash advances from related parties	$ 4
Genscript Biotech Corporation
Disclosure Of Transactions Between Related Parties [Line Items]
Proceeds from cash advances from related parties		28,199
Repayment of cash advances from related parties		4,335
Cash advances to related parties		13,006	55,000
Collection of cash advances to related parties		48,496
Jinsikang Technology (Nanjing) Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Proceeds from cash advances from related parties		578
Repayment of cash advances from related parties		578
Cash advances to related parties			1,493
Collection of cash advances to related parties			1,493
Entrusted loan from a related party		2,867
Repayments of entrusted loan from a related party		$ 2,867
Nanjing Bestzyme Bioengineering Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Cash advances to related parties			10,450
Collection of cash advances to related parties			$ 10,450

Related Party Transactions - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Bottom of Range
Disclosure Of Transactions Between Related Parties [Line Items]
Lessee's incremental borrowing rate applied to lease liabilities	2.00%
Lease liabilities, repayment term	5 years
Top of Range
Disclosure Of Transactions Between Related Parties [Line Items]
Lessee's incremental borrowing rate applied to lease liabilities	7.28%
Nanjing Jinsirui Biotechnology Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Consideration paid for shared services	$ 3,298,000	$ 2,121,000
Lease term	12 months
Jinsikang Technology (Nanjing) Co., Ltd.
Disclosure Of Transactions Between Related Parties [Line Items]
Borrowings, interest rate		4.35%
Borrowings, repayment date		2019-12
Interest expense on borrowings		$ 24,000

Related Party Transactions - Summary of Outstanding Balances with Related Parties (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other Receivables
Disclosure Of Transactions Between Related Parties [Line Items]
Other receivables due from related parties	$ 20,000	$ 291,000
Trade Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	2,103,000	5,225,000
Other Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	3,736,000	1,544,000
Lease liabilities [member]
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	933,000	3,417,000
Nanjing Jinsirui Biotechnology Co., Ltd. \| Other Receivables
Disclosure Of Transactions Between Related Parties [Line Items]
Other receivables due from related parties	14,000	178,000
Nanjing Jinsirui Biotechnology Co., Ltd. \| Trade Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	1,547,000	4,109,000
Nanjing Jinsirui Biotechnology Co., Ltd. \| Other Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	3,736,000
Nanjing Jinsirui Biotechnology Co., Ltd. \| Lease liabilities [member]
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	351,000	1,303,000
Yangtze Investment USA Inc. \| Other Receivables
Disclosure Of Transactions Between Related Parties [Line Items]
Other receivables due from related parties		20,000
Genscript USA Incorporated \| Other Receivables
Disclosure Of Transactions Between Related Parties [Line Items]
Other receivables due from related parties	6,000	93,000
Genscript USA Incorporated \| Trade Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	555,000	1,097,000
Genscript USA Incorporated \| Other Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties		1,006,000
Jiangsu Genscript Biotech Co., Ltd \| Trade Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	1,000	15,000
Genscript USA Holdings Inc \| Trade Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties		4,000
Genscript USA Holdings Inc \| Lease liabilities [member]
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties	$ 582,000	2,114,000
Genscript (HongKong) Ltd. \| Other Payables
Disclosure Of Transactions Between Related Parties [Line Items]
Due to related parties		$ 538,000

Related Party Transactions - Summary of Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Transactions Between Related Parties [Abstract]
Short-term employee benefits	$ 1,733	$ 1,036	$ 692
Equity-settled share-based compensation expense	529	590	210
Termination payment	774
Total compensation paid to key management personnel	$ 3,036	$ 1,626	$ 902

Financial Instruments by Category - Summary of Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	$ 581,395	$ 190,730
Trade Receivables
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	74,978	29,991
Financial Assets Included in Prepayments, Other Receivables and Other Assets
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	344	1,560
Time Deposits
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	50,000	75,559
Pledged Deposits
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	384	256
Cash and Cash Equivalents
Disclosure Of Financial Assets [Line Items]
Financial assets at amortised cost	$ 455,689	$ 83,364

Financial Instruments by Category - Summary of Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Liabilities [Line Items]
Financial liabilities at amortised cost	$ 94,170	$ 79,892
Trade And Notes Payables
Disclosure Of Financial Liabilities [Line Items]
Financial liabilities at amortised cost	5,238	9,586
Financial Liabilities included in Other Payables and Accruals
Disclosure Of Financial Liabilities [Line Items]
Financial liabilities at amortised cost	85,559	64,221
Lease liabilities [member]
Disclosure Of Financial Liabilities [Line Items]
Financial liabilities at amortised cost	$ 3,373	$ 6,085

Fair Value and Fair Value Hierarchy of Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]
Fair value, assets, level 1 to level 2 transfers	$ 0	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers	0	0	0
Fair value, liabilities, level 1 to level 2 transfers	0	0	0
Fair value, liabilities, level 2 to level 1 transfers	0	0	0
Fair value, measurement asset transfers into level 3	0	0	0
Fair value, measurement asset transfers out of level 3	0	0	0
Fair value, measurement liability, transfers into level 3	0	0	0
Fair value, measurement liability, transfers out of level 3	$ 0	$ 0	$ 0

Financial Risk Management Objectives and Policies - Additional Information (Details) - Foreign Currency Risk - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Financial Instruments [Line Items]
Percentage of foreign currency forward exchange contract	15.00%	22.00%	39.00%
Outstanding foreign currency forward exchange contracts	$ 0	$ 0	$ 0

Financial Risk Management Objectives and Policies - Summary of Sensitivity to Reasonably Possible Change in Exchange Rates (Details) - Foreign Currency Risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
US$ Strengthens Against RMB
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency %	5.00%	5.00%	5.00%
Decrease/ (increase) in loss before tax US$’000	$ 678	$ 329	$ 343
US$ Weakens Against RMB
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency %	(5.00%)	(5.00%)	(5.00%)
Decrease/ (increase) in loss before tax US$’000	$ (678)	$ (329)	$ (343)
US$ Strengthens Against EUR
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency %	5.00%	5.00%	5.00%
Decrease/ (increase) in loss before tax US$’000	$ (817)	$ 3,310	$ 3,829
US$ Weakens Against EUR
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency %	(5.00%)	(5.00%)	(5.00%)
Decrease/ (increase) in loss before tax US$’000	$ 817	$ (3,310)	$ (3,829)

Financial Risk Management Objectives and Policies - Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Instruments [Line Items]
Other payables and accruals	$ 99,168	$ 70,854
Liquidity Risk
Disclosure Of Financial Instruments [Line Items]
Trade and notes payables	5,238	9,586
Other payables and accruals	85,559	64,221
Lease liabilities	3,563	6,887
Financial liabilities	94,360	80,694
Less than 1 years \| Liquidity Risk
Disclosure Of Financial Instruments [Line Items]
Trade and notes payables	5,238	9,586
Other payables and accruals	85,559	64,221
Lease liabilities	1,464	1,027
Financial liabilities	92,261	74,834
Over 1 years \| Liquidity Risk
Disclosure Of Financial Instruments [Line Items]
Lease liabilities	2,099	5,860
Financial liabilities	$ 2,099	$ 5,860

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Financial Risk Management Objectives and Policies - Summary of Monitoring Capital Using Gearing Ratio (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Instruments [Line Items]
Total liabilities	$ 440,752	$ 410,584
Total assets	721,007	287,715
Capital Management
Disclosure Of Financial Instruments [Line Items]
Total liabilities	440,752	410,584
Total assets	$ 721,007	$ 287,715
Gearing ratio	61.00%	143.00%