Core Points - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision against Mr. Pan Weidong, an executive director of CSPC Pharmaceutical Group Limited, imposing a fine of 5 million yuan for insider trading [1][4]. Group 1: Key Events - On December 8, 2023, CSPC's indirect non-wholly owned subsidiary, CSPC Innovation Pharmaceutical Co., Ltd., announced that its largest shareholder, CSPC Enbipu Pharmaceutical Co., Ltd., plans to increase its stake in CSPC Innovation by up to 100 million yuan within six months [3]. - On January 10, 2024, CSPC Innovation announced a trading suspension to acquire another wholly-owned subsidiary of CSPC, CSPC Baike (Shandong) Biopharmaceutical Co., Ltd., with the restructuring led by Pan Weidong [3]. - The CSRC confirmed that the restructuring transaction was insider information prior to its public disclosure, and Pan Weidong was aware of this information no later than December 5, 2023. He purchased 2.74258 million shares of CSPC Innovation for approximately 99.9888 million yuan between December 8 and December 20, 2023 [3]. Group 2: Penalty Results and Future Arrangements - The CSRC determined that Pan Weidong's actions violated relevant provisions of the Securities Law of the People's Republic of China, resulting in a penalty of 5 million yuan and a directive to handle illegally held securities [4]. - As of the announcement date, CSPC, through Enbipu and another wholly-owned subsidiary, held a total of 1.0486 billion shares of CSPC Innovation, accounting for approximately 74.66% of its total share capital, with the involved increase representing about 0.23% of CSPC Innovation's total share capital [4]. - CSPC stated that its business operations remain normal and that the penalty is not expected to negatively impact overall business operations. Additionally, CSPC Innovation announced on April 28, 2025, that the aforementioned restructuring transaction has been terminated and was not completed [4].

Core Viewpoint - The announcement reveals that Pan Weidong, an executive director of CSPC Pharmaceutical Group, has been penalized by the China Securities Regulatory Commission (CSRC) for insider trading related to a proposed acquisition of a subsidiary, which was later terminated due to market conditions [1][2]. Group 1: Regulatory Actions - Pan Weidong received an administrative penalty decision from the CSRC for insider trading, having purchased shares of CSPC Innovation before the public announcement of a significant acquisition [1]. - The CSRC found that Pan Weidong was aware of insider information by December 5, 2023, and subsequently bought 2,742,580 shares for approximately RMB 99.99 million between December 8 and December 20, 2023 [1]. - A fine of RMB 5 million was imposed on Pan Weidong, who also exhibited non-cooperation during the investigation [1]. Group 2: Transaction Details - The acquisition announcement was made on January 10, 2024, but the transaction was ultimately terminated on April 28, 2025, due to considerations of the pharmaceutical industry and capital market conditions [2]. - CSPC Pharmaceutical Group holds approximately 74.66% of CSPC Innovation's total share capital, including recent share purchases [2]. Group 3: Financial Performance - CSPC Innovation reported a revenue of RMB 1.59 billion for the first three quarters of the year, reflecting a year-on-year increase of 7.7% [3]. - The company recorded a net loss attributable to shareholders of RMB 24.05 million, which is a 117.3% improvement compared to the previous year [3]. - The adjusted net loss was RMB 64.82 million, showing a 147.4% decrease year-on-year [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty against Pan Weidong, an executive director of CSPC Pharmaceutical Group, for insider trading related to a proposed acquisition by CSPC Innovation Pharmaceutical Co., Ltd. [1] Summary by Relevant Sections Company Actions - CSPC Pharmaceutical Group announced that Pan Weidong received an administrative penalty from the CSRC [1] - The proposed acquisition involved CSPC's wholly-owned subsidiary, CSPC Baike (Shandong) Biopharmaceutical Co., Ltd., and was announced on January 10, 2024 [1] Regulatory Findings - The CSRC determined that the acquisition was insider information prior to its public announcement [1] - Pan Weidong was aware of the insider information no later than December 5, 2023 [1] Trading Activities - Pan Weidong used the securities account of Enbipu to purchase a total of 2,742,580 shares of CSPC Innovation from December 8 to December 20, 2023, amounting to approximately RMB 99.9888 million [1] - The CSRC found that Pan Weidong exhibited non-cooperative behavior during the investigation, including evading inquiries from enforcement personnel [1] Penalties Imposed - The CSRC has ordered Pan Weidong to legally dispose of the illegally held securities and imposed a fine of RMB 5 million [1]

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) has shown significant market activity, with a recent increase of 3.38% and a trading volume of 170 million yuan, indicating strong investor interest in the innovative drug sector [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) reached a new high in both scale and shares since its inception as of October 31 [1] - The ETF has experienced net inflows for 4 out of the last 5 trading days, totaling 18.9 million yuan [1] - The index it tracks, the National Certificate Hong Kong Stock Connect Innovative Drug Index, rose by 3.67%, with notable increases in component stocks such as Senhwa Biosciences (up 10.11%) and Kanglongda (up 8.80%) [1] Group 2: Policy and Industry Insights - The ongoing negotiations for the National Medical Insurance drug list are complemented by a new commercial health insurance innovative drug directory, aimed at providing new payment channels for high-value innovative drugs [1] - The CAR-T cell drug, Rukiyou Lunsai injection from WuXi AppTec, is making progress in negotiations to be included in the commercial health insurance innovative drug directory, with a listed price of 1.29 million yuan per injection [1] - Open Source Securities notes that the current innovative drugs included in both medical insurance and commercial insurance are in the early stages of volume growth, with potential for rapid revenue increases as policies continue to support innovative drugs [2] Group 3: Institutional Investment Trends - According to Guotou Securities, the proportion of all funds heavily invested in Biotech innovative drug companies has increased to 27.53%, reflecting a 2.61 percentage point rise, indicating growing institutional interest in the innovative drug sector [2] - The increasing allocation of funds to the innovative drug sector suggests a strong market recognition of its long-term development potential [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a fine of 5 million yuan on Pan Weidong, an executive director of CSPC Pharmaceutical Group (1093.HK), for insider trading violations, but the company asserts that this will not negatively impact its overall business operations [1][2] Group 1 - The CSRC found that Pan Weidong violated securities laws related to insider trading, leading to the administrative penalty [1] - CSPC Pharmaceutical Group's business operations are reported to be normal despite the penalty [1] - Pan Weidong is required to handle the illegal securities he held as per the CSRC's order [1] Group 2 - CSPC's wholly-owned subsidiary, Enbip, plans to increase its stake in CSPC Innovation by up to 100 million yuan within six months starting from December 8, 2023 [1] - On January 10, 2024, CSPC Innovation announced a suspension regarding the acquisition of another wholly-owned subsidiary, CSPC Baike (Shandong) Biopharmaceutical Co., Ltd., which was led by Pan Weidong at the time [1] - The CSRC's investigation revealed that Pan Weidong was aware of insider information regarding the restructuring transaction before it was made public [2] Group 3 - Between December 8 and 20, 2023, Pan Weidong used Enbip's securities account to purchase 2.7426 million shares of CSPC Innovation, totaling approximately 99.9888 million yuan [2] - CSPC Innovation announced the share increase on December 8 and 21, 2023 [2] - The restructuring transaction was ultimately terminated and did not materialize as disclosed in a subsequent announcement [2]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.03%), Gree Power Environmental (70.14%), and COSCO Shipping Energy (70.01%) [1] - The companies with the largest increase in holdings over the last five trading days are SMIC (+1.651 billion), CNOOC (+1.474 billion), and Hua Hong Semiconductor (+1.336 billion) [1] - The companies with the largest decrease in holdings over the last five trading days are Alibaba-W (-2.229 billion), Li Auto-W (-1.200 billion), and CSPC Pharmaceutical (-0.894 billion) [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.859 billion shares, 71.03% [1] - Gree Power Environmental (01330): 0.284 billion shares, 70.14% [1] - COSCO Shipping Energy (01138): 0.907 billion shares, 70.01% [1] - Other notable companies include: - Kaisa New Energy (01108): 0.170 billion shares, 68.09% [1] - China Shenhua (01088): 2.289 billion shares, 67.75% [1] Recent Increases in Holdings - SMIC (00981): +1.651 billion, +22.0185 million shares [1] - CNOOC (00883): +1.474 billion, +74.5610 million shares [1] - Hua Hong Semiconductor (01347): +1.336 billion, +16.7516 million shares [1] - Other companies with significant increases include Tencent Holdings (+1.016 billion) and Meituan-W (+0.777 billion) [1] Recent Decreases in Holdings - Alibaba-W (09988): -2.229 billion, -13.5031 million shares [2] - Li Auto-W (02015): -1.200 billion, -15.0509 million shares [2] - CSPC Pharmaceutical (01093): -0.894 billion, -11.6849 million shares [2] - Other companies with notable decreases include Xpeng Motors (-0.457 billion) and BYD Electronics (-0.398 billion) [2]

Core Insights - The article highlights the short-selling ratios and amounts for several major companies, indicating significant bearish sentiment in the market, particularly for Tencent Holdings and JD.com [1][2]. Short-Selling Ratios - Tencent Holdings-R (80700) and JD.com-SWR (89618) both have a short-selling ratio of 100.00%, indicating complete bearish positions [2]. - SenseTime-WR (80020) follows with a short-selling ratio of 87.56% [1][2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 1.807 billion, followed by BYD Company (01211) at 1.358 billion, and Tencent Holdings (00700) at 0.977 billion [1][2]. - The short-selling amounts for these companies suggest a high level of investor concern regarding their future performance [1][2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 51.02%, followed closely by JD.com-SWR (89618) at 50.01% [1][2]. - The deviation values indicate a significant difference between current short-selling ratios and their historical averages, suggesting heightened market volatility for these stocks [1][2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 根據上市規則第 13.51B(2)條及第 13.51(2)條作出的公告 本公告由石藥集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.51B(2)條及第13.51(2)條作出。 本公司獲本公司執行董事潘衛東先生（「潘先生」）告知，其近日收到中華人民共和國證券監督管理委 員會（「中證監」）有關以下事情向其出具《行政處罰決定書》（「決定書」）： -1- 1. 根據本公司間接非全資附屬公司石藥創新製藥股份有限公司（「石藥創新」，其股份於深圳證券 交易所創業板上市，股份代碼：300765）於2023年12月8日發佈的公告，本公司全資附屬公司石 藥集團恩必普藥業有限公司（「恩必普」，為石藥創新的最大股東)擬自2023年12月8日起六個月 內，擇機增持石藥創新的股份上限不超過人民幣一億元。 2. 於2024年1月10日，石藥創新發佈了擬收購本公 ...

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest and market performance [1][2]. Group 1: Fund Performance - As of October 31, 2024, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 5.46% and a trading volume of 3.327 billion yuan [1]. - The fund's share volume increased by 1968.65% from 3.95 million shares at the end of 2023 to 81.79 million shares by October 30, 2024 [1]. - The fund's size grew by 1650.00%, from 378 million yuan to 6.612 billion yuan during the same period [1]. Group 2: Liquidity - Over the last 20 trading days, the cumulative trading amount for the fund reached 23.202 billion yuan, with an average daily trading amount of 1.16 billion yuan [1]. - Year-to-date, the cumulative trading amount for the fund is 234.346 billion yuan, averaging 1.172 billion yuan per day over 200 trading days [1]. Group 3: Fund Management - The current fund manager, Ma Jun, has managed the Hong Kong Innovative Drug ETF (159567) since its inception, achieving a return of 64.72% during the management period [2]. - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant percentages of the portfolio allocated to these stocks [2].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.15%), COSCO Shipping Energy (70.14%), and GCL-Poly Energy (70.09%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are CNOOC (+2.183 billion), SMIC (+2.136 billion), and Tencent (+1.679 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Alibaba (-1.659 billion), Tracker Fund (-1.405 billion), and CSPC Pharmaceutical (-1.324 billion) [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.876 billion shares, 71.15% [2] - COSCO Shipping Energy (01138): 909 million shares, 70.14% [2] - GCL-Poly Energy (01330): 283 million shares, 70.09% [2] - Other notable companies include China Shenhua (67.76%) and Tianjin Capital Environmental Protection (66.42%) [2] Recent Increases in Holdings - CNOOC (00883): +2.183 billion, +10.9063 million shares [2] - SMIC (00981): +2.136 billion, +2.6983 million shares [2] - Tencent (00700): +1.679 billion, +257.85 thousand shares [2] - Other companies with significant increases include China Mobile (+1.498 billion) and Meituan (+1.186 billion) [2] Recent Decreases in Holdings - Alibaba (09988): -1.659 billion, -964.24 thousand shares [3] - Tracker Fund (02800): -1.405 billion, -5.3224 million shares [3] - CSPC Pharmaceutical (01093): -1.324 billion, -17.72074 million shares [3] - Other companies with notable decreases include Li Auto (-894 million) and BYD Company (-370 million) [3]