legn-6k_20210823.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

Date of Report: August 23, 2021

 

Commission File Number: 001-39307

 

 

Legend Biotech Corporation

(Exact Name of Registrant as Specified in its Charter)

 

 

2101 Cottontail Lane

Somerset, New Jersey 08873

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F      Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 



 

Legend Biotech Reports Financial Results for the Six-Months Ended June 30, 2021

Legend Biotech Corporation (“Legend Biotech”) is furnishing this report on Form 6-K to provide its unaudited consolidated financial statements for the six months ended June 30, 2021 and 2020 and to provide Management’s Discussion and Analysis of Financial Condition and Results of Operations with respect to such financial statements.

The unaudited condensed consolidated financial statements as of June 30, 2021 and for the six-months ended June 30, 2021 and 2020 are attached to this Form 6-K as Exhibit 99.1. Management’s Discussion and Analysis of Financial Condition and Results of Operations is attached to this Form 6-K as Exhibit 99.2.

This report on Form 6-K is hereby incorporated by reference into Legend Biotech’s Registration Statements on Form F-3 (Registration Nos. 333-257625 and 333-257609) and Legend Biotech’s Registration Statement on Form S-8 (Registration No. 333-239478).

 

EXHIBIT INDEX

 

Exhibit

 

Title

99.1

 

Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2021 and for the six months ended June 30, 2021 and 2020.

99.2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

101

 

The following materials from Legend Biotech’s Report on Form 6-K for the six months ended June 30, 2021 formatted in XBRL (eXtensible Business Reporting Language): (i) the Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income, (ii) the Interim Condensed Consolidated Statement of Financial Position, (iii) the Interim Condensed Consolidated Statements of Changes in Equity, (iv) the Interim Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Interim Condensed Consolidated Financial Statements.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

LEGEND BIOTECH CORPORATION

 

(Registrant)

 

 

 

August 23, 2021

By:

/s/ Ying Huang

 

Ying Huang, Ph.D.

 

Chief Executive Officer and Chief Financial Officer

 

 


 

 

Exhibit 99.1

 

LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2021

 

 

 

 

 

 

Six months ended June 30,

 

 

 

Notes

 

 

2020

 

 

2021

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

 

(in thousands, except per share data)

 

REVENUE

 

 

4

 

 

 

23,146

 

 

 

33,915

 

Other income and gains

 

 

4

 

 

 

3,796

 

 

 

2,390

 

Research and development expenses

 

 

 

 

 

 

(101,570

)

 

 

(154,529

)

Administrative expenses

 

 

 

 

 

 

(7,938

)

 

 

(17,991

)

Selling and distribution expenses

 

 

 

 

 

 

(16,102

)

 

 

(30,199

)

Other expenses

 

 

 

 

 

 

(82

)

 

 

(4,378

)

Fair value loss of warrant liability

 

14

 

 

 

 

 

 

(1,600

)

Fair value loss of convertible redeemable preferred shares

 

13

 

 

 

(79,984

)

 

 

 

Finance costs

 

 

 

 

 

 

(4,079

)

 

 

(90

)

LOSS BEFORE TAX

 

 

5

 

 

 

(182,813

)

 

 

(172,482

)

Income tax credit/(expense)

 

 

6

 

 

 

3,709

 

 

 

(1

)

LOSS FOR THE PERIOD

 

 

 

 

 

 

(179,104

)

 

 

(172,483

)

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

 

 

 

(179,104

)

 

 

(172,483

)

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY

   HOLDERS OF THE PARENT

 

 

7

 

 

 

 

 

 

 

 

 

Ordinary shares—basic and diluted

 

 

 

 

 

 

(0.86

)

 

 

(0.63

)

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income that may be reclassified to profit or

   loss in subsequent periods:

 

 

 

 

 

 

 

 

 

 

Exchange differences:

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

 

 

 

(213

)

 

 

3,305

 

Net other comprehensive (loss)/income that may be reclassified to profit

   or loss in subsequent periods

 

 

 

 

 

 

(213

)

 

 

3,305

 

OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD, NET

   OF TAX

 

 

 

 

 

 

(213

)

 

 

3,305

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

 

 

 

 

 

(179,317

)

 

 

(169,178

)

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

 

 

 

(179,317

)

 

 

(169,178

)

 

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

 

 

 


 

 

LEGEND BIOTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2020 AND UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT JUNE 30, 2021

 

 

 

Notes

 

 

December 31,

2020

 

 

June 30,

2021

 

 

 

 

 

 

 

US$’000

 

 

US$’000

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8

 

 

 

113,091

 

 

 

135,216

 

Advance payments for property, plant and equipment

 

 

 

 

 

 

224

 

 

 

2,197

 

Right-of-use assets

 

 

 

 

 

 

8,009

 

 

 

7,312

 

Other non-current assets

 

 

 

 

 

 

3,973

 

 

 

4,885

 

Intangible assets

 

 

 

 

 

 

2,852

 

 

 

4,681

 

Total non-current assets

 

 

 

 

 

 

128,149

 

 

 

154,291

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

1,800

 

 

 

1,700

 

Trade receivables

 

 

9

 

 

 

74,978

 

 

 

15,000

 

Prepayments, other receivables and other assets

 

 

 

 

 

 

10,007

 

 

 

11,170

 

Financial investment measured at amortized cost

 

 

10

 

 

 

 

 

 

29,849

 

Pledged short-term deposits

 

 

11

 

 

 

384

 

 

 

256

 

Time deposits

 

 

11

 

 

 

50,000

 

 

 

174,644

 

Cash and cash equivalents

 

 

11

 

 

 

455,689

 

 

 

488,215

 

Total current assets

 

 

 

 

 

 

592,858

 

 

 

720,834

 

Total assets

 

 

 

 

 

 

721,007

 

 

 

875,125

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Trade and notes payables

 

 

12

 

 

 

5,238

 

 

 

11,001

 

Other payables and accruals

 

 

 

 

 

 

99,168

 

 

 

109,183

 

Lease liabilities

 

 

 

 

 

 

1,464

 

 

 

1,178

 

Government grants

 

 

 

 

 

 

283

 

 

 

300

 

Warrant liability

 

 

14

 

 

 

 

 

 

83,300

 

Contract liabilities

 

 

 

 

 

 

55,014

 

 

 

56,139

 

Total current liabilities

 

 

 

 

 

 

161,167

 

 

 

261,101

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities

 

 

 

 

 

 

275,071

 

 

 

252,628

 

Lease liabilities

 

 

 

 

 

 

1,909

 

 

 

1,621

 

Other non-current liabilities

 

 

 

 

 

 

554

 

 

 

554

 

Interest-bearing loans and borrowings

 

 

15

 

 

 

 

 

 

17,310

 

Government grants

 

 

 

 

 

 

2,051

 

 

 

1,992

 

Total non-current liabilities

 

 

 

 

 

 

279,585

 

 

 

274,105

 

Total liabilities

 

 

 

 

 

 

440,752

 

 

 

535,206

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

16

 

 

 

27

 

 

 

29

 

Reserve

 

 

 

 

 

 

280,228

 

 

 

339,890

 

Total ordinary shareholders’ equity

 

 

 

 

 

 

280,255

 

 

 

339,919

 

Total equity

 

 

 

 

 

 

280,255

 

 

 

339,919

 

Total liabilities and equity

 

 

 

 

 

 

721,007

 

 

 

875,125

 

 

 

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

F-2


LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2021

 

 

Attributable to equity holders of the parent

 

 

 

Share

capital

US$’000

 

 

Share

premium*

US$’000

 

 

Share-based Compensation

reserves*

US$’000

 

 

Foreign

currency

translation

reserve*

US$’000

 

 

Accumulated

losses*

US$’000

 

 

Total

(deficits)/

equity

US$’000

 

As January 1, 2020

 

 

20

 

 

 

3,908

 

 

 

1,976

 

 

 

(1,491

)

 

 

(127,282

)

 

 

(122,869

)

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(179,104

)

 

 

(179,104

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of

   foreign operations

 

 

 

 

 

 

 

 

 

 

 

(213

)

 

 

 

 

 

(213

)

Total comprehensive loss for the

   period

 

 

 

 

 

 

 

 

 

 

 

(213

)

 

 

(179,104

)

 

 

(179,317

)

Issuance of ordinary shares for initial public

   offering, net of issuance costs

 

 

4

 

 

 

450,081

 

 

 

 

 

 

 

 

 

 

 

 

450,085

 

Conversion of convertible redeemable

   preferred shares to ordinary shares

 

 

2

 

 

 

240,432

 

 

 

 

 

 

 

 

 

 

 

 

240,434

 

Issuance of ordinary shares relating to

   private placement for Genscript

 

 

 

 

 

12,000

 

 

 

 

 

 

 

 

 

 

 

 

12,000

 

Equity-settled share-based compensation

   expense

 

 

 

 

 

 

 

 

668

 

 

 

 

 

 

 

 

 

668

 

As June 30, 2020 (Unaudited)

 

 

26

 

 

 

706,421

 

 

 

2,644

 

 

 

(1,704

)

 

 

(306,386

)

 

 

401,001

 

As January 1, 2021

 

 

27

 

 

 

708,306

 

 

 

6,314

 

 

 

(3,633

)

 

 

(430,759

)

 

 

280,255

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(172,483

)

 

 

(172,483

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of      

   foreign operations

 

 

 

 

 

 

 

 

 

 

 

3,305

 

 

 

 

 

 

3,305

 

Total comprehensive income/(loss) for the

   period

 

 

 

 

 

 

 

 

 

 

 

3,305

 

 

 

(172,483

)

 

 

(169,178

)

Issuance of ordinary shares relating to

   private placement for an institutional    

   investor

 

 

2

 

 

 

218,298

 

 

 

 

 

 

 

 

 

 

 

 

218,300

 

Exercise of share options

 

 

 

 

 

3,280

 

 

 

(771

)

 

 

 

 

 

 

 

 

2,509

 

Reclassification of vested restricted share

   units

 

 

 

 

 

200

 

 

 

(200

)

 

 

 

 

 

 

 

 

 

Equity-settled share-based compensation

   expense

 

 

 

 

 

 

 

 

8,033

 

 

 

 

 

 

 

 

 

8,033

 

As June 30, 2021 (Unaudited)

 

 

29

 

 

 

930,084

 

 

 

13,376

 

 

 

(328

)

 

 

(603,242

)

 

 

339,919

 

 

*

These reserve accounts comprise the consolidated reserve of US$400,975,000 and reserve of US$339,890,000in the condensed consolidated statements of financial position as at June 30, 2020 and 2021, respectively.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

F-3


LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2021

 

 

 

 

 

 

Six months ended June 30,

 

 

 

Note

 

 

2020

 

 

2021

 

 

 

 

 

 

 

US$’000

 

 

US$’000

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Loss before tax

 

 

 

 

 

 

(182,813

)

 

 

(172,482

)

Adjustments for:

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

 

4

 

 

 

(1,808

)

 

 

(227

)

Finance costs

 

 

 

 

 

 

4,079

 

 

 

90

 

Reversal of the impairment of trade receivables

 

 

9

 

 

 

(9

)

 

 

(22

)

Write-down of inventories to net realizable value

 

 

 

 

 

 

 

 

 

6

 

Loss from disposal of property, plant and equipment

 

 

 

 

 

 

1

 

 

 

937

 

Depreciation of property, plant and equipment

 

 

 

 

 

 

4,421

 

 

 

5,391

 

Amortisation of intangible assets

 

 

 

 

 

 

54

 

 

 

596

 

Depreciation of right-of-use assets

 

 

 

 

 

 

694

 

 

 

721

 

Fair value loss of warrant lability

 

 

 

 

 

 

 

 

 

1,600

 

Fair value loss of convertible redeemable preferred shares

 

13

 

 

 

79,984

 

 

 

 

Fair value gains on financial assets at fair value change through profit

   or loss

 

 

 

 

 

 

(39

)

 

 

 

Foreign currency exchange loss, net

 

 

 

 

 

 

27

 

 

 

703

 

Equity-settled share-based compensation expenses

 

 

 

 

 

 

668

 

 

 

8,033

 

Deferred government grant

 

 

 

 

 

 

 

 

 

(144

)

 

 

 

 

 

 

 

(94,741

)

 

 

(154,798

)

Decrease in trade receivables

 

 

 

 

 

 

30,000

 

 

 

60,000

 

Decrease/(increase) in prepayments, other receivables and other assets

 

 

 

 

 

 

387

 

 

 

(1,081

)

Increase in other non-current assets

 

 

 

 

 

 

 

 

 

(912

)

(Increase)/Decrease in inventories

 

 

 

 

 

 

(511

)

 

 

94

 

Government grant received

 

 

 

 

 

 

 

 

 

79

 

(Decrease)/increase in trade and notes payables

 

 

 

 

 

 

(2,610

)

 

 

5,763

 

(Decrease)/increase in other payables and accruals

 

 

 

 

 

 

(12,597

)

 

 

27,649

 

Decrease in contract liabilities

 

 

 

 

 

 

(23,033

)

 

 

(21,318

)

Decrease of pledged short-term deposits, net

 

 

 

 

 

 

 

 

 

128

 

Cash used in operations

 

 

 

 

 

 

(103,105

)

 

 

(84,396

)

Income tax paid

 

 

 

 

 

 

 

 

 

(1

)

Finance income received

 

 

 

 

 

 

529

 

 

 

145

 

Interest on lease payments

 

 

 

 

 

 

(105

)

 

 

(73

)

Net cash flows used in operating activities

 

 

 

 

 

 

(102,681

)

 

 

(84,325

)

 

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

F-4


LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2021

 

 

 

 

 

 

Six months ended June 30,

 

 

 

Note

 

 

2020

 

 

2021

 

 

 

 

 

 

 

US$’000

 

 

US$’000

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Net cash flows used in operating activities

 

 

 

 

 

 

(102,681

)

 

 

(84,325

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

 

 

 

 

(26,220

)

 

 

(28,926

)

Purchase of intangible assets

 

 

 

 

 

 

(530

)

 

 

(2,424

)

Proceeds from disposal of items of property, plant and equipment

 

 

 

 

 

 

 

 

 

20

 

Purchase of financial assets at fair value through profit or loss

 

 

 

 

 

 

(18,504

)

 

 

 

Cash received from withdrawal of financial assets at fair value through profit or

   loss

 

 

 

 

 

 

18,504

 

 

 

 

Cash receipts from investment income

 

 

 

 

 

 

39

 

 

 

 

Purchase of financial investment measured at amortized cost

 

 

 

 

 

 

 

 

 

(29,849

)

Addition of time deposits

 

 

 

 

 

 

 

 

 

(204,644

)

Decrease in time deposits

 

 

 

 

 

 

 

 

 

80,000

 

Net cash flows used in investing activities

 

 

 

 

 

 

(26,711

)

 

 

(185,823

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of cash advances from related parties

 

19

 

 

 

(4

)

 

 

 

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 for

   an institutional investor

 

 

 

 

 

 

 

 

 

300,000

 

Payments of expenses for issuance convertible redeemable preferred shares

 

 

 

 

 

 

(250

)

 

 

 

 

Proceeds from exercise of share option

 

 

 

 

 

 

 

 

 

2,509

 

Principal portion of lease payments

 

 

 

 

 

 

(1,723

)

 

 

(550

)

Net cash flows from financing activities

 

 

 

 

 

 

608,558

 

 

 

301,959

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

 

 

 

 

 

479,166

 

 

 

31,811

 

Effect of foreign exchange rate changes, net

 

 

 

 

 

 

(139

)

 

 

715

 

Cash and cash equivalents at beginning of period

 

 

11

 

 

 

83,364

 

 

 

455,689

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

11

 

 

 

562,391

 

 

 

488,215

 

ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and bank balances

 

 

 

 

 

 

638,206

 

 

 

663,115

 

Less: Pledged short-term deposits

 

 

 

 

 

 

256

 

 

 

256

 

Time deposits

 

 

 

 

 

 

75,559

 

 

 

174,644

 

Cash and cash equivalents as stated in the statement of financial position

 

 

11

 

 

 

562,391

 

 

 

488,215

 

Cash and cash equivalents as stated in the statement of cash flows

 

 

 

 

 

 

562,391

 

 

 

488,215

 

 

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

 

 

F-5


 

LEGEND BIOTECH CORPORATION

NOTES TO THE UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

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 parent company of the Company is Genscript Biotech Corporation (“Genscript”), which was incorporated in the Cayman Islands on May 21, 2015 and listed on the main board of Hong Kong Stock Exchange since December 30, 2015.

2.1. BASIS OF PREPARATION

The unaudited interim condensed consolidated financial statements of the company and its subsidiaries (collectively referred to as the “Group”) for the six months ended June 30, 2021 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS34”) issued by the International Accounting Standards Board (“IASB”).

 

The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s financial statements for the year ended December 31, 2020, except for the adoption of new standards effective as of January 1, 2021 set out below. The Group has not early adopted any other standards, interpretation or amendments that has been issued but is not yet effective.

 

In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of results to be expected for any other interim periods or for the year ended December 31, 2021. The condensed consolidated statement of financial position as of December 31, 2020 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by IFRS for annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the years ended December 31, 2020.

2.2.

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP

In the six months ended June 30, 2021, the Group has applied, for the first time, the following new and revised international financial reporting standards (“IFRS”) issued by the IASB that are mandatorily effective for the period.

 

Amendments to IFRS 9,

 

IAS 39, IFRS 7,

 

IFRS 4 and IFRS 16

Interest Rate Benchmark Reform – Phase 2

 

 

 

The prospective adoption of the above new and revised IFRSs does not have a material effect on the Group’s interim condensed consolidated financial statements.

3. 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 purpose 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 about the operating segment is presented.

F-6


Geographic information

(a) Revenue from external customers

 

 

Six months ended June 30,

 

 

 

2020

 

 

2021

 

 

 

US$’000

 

 

US$’000

 

 

 

(Unaudited)

 

 

(Unaudited)

 

North America

 

 

23,146

 

 

 

33,915

 

 

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

(b) Non-current assets

 

 

December 31,

2020

 

 

June 30,

2021

 

 

 

US$’000

 

 

US$’000

 

 

 

 

 

 

 

(Unaudited)

 

China

 

 

43,953

 

 

 

48,370

 

United States

 

 

78,022

 

 

 

98,455

 

Other countries

 

 

6,174

 

 

 

7,466

 

Total

 

 

128,149

 

 

 

154,291

 

 

The non-current asset information above is based on the locations of assets.

Information about major customer

Revenue of US$23,146,000 and US$33,915,000 for the six months ended June 30, 2020 and 2021, respectively, was derived from sales to a single customer.

4. REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as follows:

 

 

Six months ended June 30,

 

 

 

2020

 

 

2021

 

 

 

US$’000

 

 

US$’000

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue from contracts with customers

 

 

 

 

 

 

 

 

License and collaboration revenue

 

 

 

 

 

 

 

 

- Licensing of intellectual property

 

 

 

 

 

1,122

 

- JSC service

 

 

23,146

 

 

 

32,793

 

Total