格隆汇2月11日丨天鸽互动(01980.HK)宣布，公司已成立由全体独立非执行董事(即谢铭麟、王明春及林 益文)组成之独立董事委员会，就部分要约向公司独立股东提供意见。非执行董事曹菲同时担任Weibo Corporation首席财务官。由于Weibo Corporation与要约人皆由新浪公司控制，故其不被视为具备独立性 以担任独立董事委员会成员，并已据此向董事会申报其利益关系。 ...

Core Viewpoint - Hang Wan Technology (01523.HK) will hold a board meeting on February 26, 2026, to approve the audited annual results for the year ending December 31, 2025, and to consider the distribution of dividends, if any [1] Group 1 - The board meeting is scheduled for February 26, 2026 [1] - The meeting will focus on approving the audited annual performance for the year ending December 31, 2025 [1] - The board will also consider the potential distribution of dividends [1]

格隆汇2月11日丨喜相逢(02473.HK)公告，董事会拟根据于2025年6月18日举行公司股东周年大会上公司 股东通过的决议案授予董事会的一般授权，以购回公司股份的权力。根据购回授权，公司获准购回于股 东周年大会日期已发行股份总数最多10%的公司股份，即最多154,687,500股股份。购回授权的详情载于 公司日期为2025年5月12日的通函。 为促进公司的可持续经营及发展，维护投资者的长期利益及使股东价值最大化，经综合考虑公司目前的 经营状况，财务状况及未来发展前景，董事会决定于本公告日期至公司下届股东周年大会结束(届时购 回授权将届满)或股东于公司股东大会上撤销或更改授权期间，公司将根据市场状况及购回授权，动用 最高总额港币壹亿元不时于公开市场上购回股份，每股股份的实际购回价格不得比股份于紧接每次购回 前五个交易日的平均收市价高出5%或以上。董事会认为，股份回购计划符合公司及其股东的整体最佳 利益。 ...

经公司第二届董事会提名委员会进行任职资格审查后，公司于2026年2月11日召开第二届董事会第二十 二次会议，审议通过了《关于聘任公司总经理的议案》，同意聘任陈健旭先生担任公司总经理，任期自 本次董事会审议通过之日起至第二届董事会任期届满之日止。 格隆汇2月11日丨南新制药(688189.SH)公布，公司董事会于近日收到张世喜先生提交的书面辞职报告， 张世喜先生因工作调整原因申请辞去公司总经理职务。根据《公司法》《公司章程》的有关规定，张世 喜先生的辞职报告自送达董事会之日起生效。辞职后，张世喜先生仍担任公司董事、董事长、董事会战 略委员会召集人职务。 ...

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure, has entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals for the development of six preclinical siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1][2] Group 1: Agreement Details - The agreement grants Madrigal exclusive global rights to utilize Ribocure's RiboGalSTAR™ and siRNA chemical modification platforms for the development, production, and commercialization of several preclinical single-target and dual-target siRNA assets [1] - Ribocure will receive an upfront payment of $60 million, with potential milestone payments totaling up to $4.4 billion, in addition to potential royalties on net sales [1] - The milestone payments are contingent upon the achievement of certain development, regulatory, and commercialization milestones, indicating uncertainty regarding the final amount Ribocure may receive [1] Group 2: Strategic Implications - This collaboration will leverage the company's proven liver-targeting RiboGalSTAR™ platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a global leader in innovative siRNA [2] - The partnership aims to accelerate the company's global development and commercialization strategy, addressing unmet medical needs for MASH patients with more targeted and effective therapies [2]

格隆汇2月11日丨十月稻田(09676.HK)公告，2月11日耗资425万港元回购48.7万股。 ...

Core Viewpoint - China Financial Investment Management (00605.HK) announced a loan agreement with Chengdu Huixin Microfinance, where the latter will provide a loan of 8 million RMB to borrowers FP and FQ for a term of one year, effective February 11, 2026 [1] Group 1 - The loan amount is set at 8 million RMB, which is approximately 1.2 million USD [1] - The loan agreement is established between Chengdu Huixin Microfinance as the lender and two clients, FP and FQ, as borrowers [1] - The duration of the loan is one year, indicating a short-term financing arrangement [1]

在供应紧张成为市场常态的当下，选对赛道就成功了一半。 紫金矿业作为卡位铜、金、锂这三大兼具长期需求和供给刚性核心品种的巨头企业，确实很好契合了这一轮行业价值重 估的大逻辑。 2026年2月，高盛集结13家亚洲大宗商品巨头，召开了一场关乎未来5年资源格局的闭门会议。 会后，高盛很快发出研报点出，当下全球大宗商品市场已经进入结构性的供应约束时代，在资源品位下降、地缘政策干 预等因素叠加下，金铜锂这类的战略金属的价值重估已经开启。 其中，有"金铜双冠王"的之称的紫金矿业被高盛给出了A/H股双买入评级，目标价分别到50元/股、52港元/股，以表示明 确的长期看好。 那为什么高盛要长期看好紫金矿业？ 简单来看，就是看好在它在这场全球资源控制权的争夺战里，有着清晰的产能规划、很强的成本控制和超前的全球布 局，因而未来业绩稳健增长有很高的确定性。 01 先说黄金，作为地缘局势紧张、货币通胀、去美元化浪潮下的硬通货，黄金的长期看涨逻辑堪称扎实： 一方面，全球央行购金潮持续发酵，且95%的央行计划未来12个月继续增持，黄金成为各国"去美元化"的核心工具； 另一方面，2026年全球地缘格局持续紧张，即便美债实际收益率、美元指数出 ...

Group 1 - The company plans to acquire 70% equity of Huilian Electronics for no more than RMB 700 million, aiming to gain control over the company [1] - The funding for the acquisition will come from the company's own funds and merger loans [1] - The company also intends to acquire 70% equity of WINWIN HITECH (THAILAND) CO., LTD. for no more than RMB 28 million to address competition issues and develop overseas markets [1] Group 2 - Huilian Electronics specializes in PCB tools, cutting tools, and precision parts, recognized as a national-level "little giant" in the PCB tool sector and a champion enterprise in Henan province [2] - The acquisition will include PCB tools and related assets, with the major shareholders cooperating to divest non-PCB tool business assets [2] - This transaction is a strategic move to enhance the company's comprehensive layout in cutting tools and accelerate the domestic substitution of PCB tools, strengthening the integration of the hard alloy industry chain [2]

Core Viewpoint - The recent surge in "A+H" listings has seen over 100 A-share companies at various stages of seeking listings in Hong Kong, with a notable presence of biopharmaceutical companies like Kexing Pharmaceutical, which has submitted its application for dual listing [1][2]. Company Overview - Kexing Pharmaceutical, established in 1989 and restructured into a joint-stock company in 2019, is headquartered in Jinan, Shandong [4][3]. - The actual controller of the company, Deng Xueqin, holds 56.27% of the voting rights as of October 2025 [5]. - The board of directors consists of eight members, including four executive directors [6]. Financial Performance - Kexing Pharmaceutical's revenue has fluctuated in recent years, with figures of 1.31 billion, 1.26 billion, 1.40 billion, and 700 million RMB reported for 2022, 2023, 2024, and the first half of 2025, respectively [25]. - The company achieved profitability in 2024, with net profits of 27.05 million RMB and 78.96 million RMB in the first half of 2025 [26]. - Sales expenses have been high, totaling 2.369 billion RMB over three and a half years, while R&D expenses were approximately 788 million RMB, accounting for 16.8% of total revenue [27]. Product Portfolio - Kexing Pharmaceutical has established a product matrix consisting of commercialized products, a research pipeline, and introduced products [9][12]. - The company has four main commercialized products, including SINOGEN, which holds a 55.2% market share in China's short-acting interferon α1b market [10][11]. - The revenue from these products for the years 2022, 2023, 2024, and the first half of 2025 was 1.314 billion, 1.254 billion, 1.392 billion, and 680 million RMB, respectively [12]. Research and Development - Kexing Pharmaceutical has a pipeline of 5 products in clinical stages and 10 in preclinical stages, focusing on oncology, autoimmune diseases, and degenerative diseases [13][18]. - The company has developed a "3KX technology platform" to enhance the R&D process, integrating various advanced technologies [14]. - The most advanced products in the pipeline are GB05 and GB-K02, both currently in Phase III clinical trials [19][20]. Market Position and Challenges - The company is facing challenges due to a lack of blockbuster products and a relatively weak R&D capability compared to other biotech firms [30]. - The sales team may struggle with centralized management due to a dispersed pipeline layout, leading to higher sales expenses [30].