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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年11月17日 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-1 ...

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年11月17日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-1 ...

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年11月17日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江蘇恒瑞醫藥股份有限公司 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-1 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 277.62% and Sinopec Oilfield Service (01033) at 276.83% [1][2]. - The premium rates for the top three companies indicate a strong market preference for their H-shares compared to A-shares [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -7.20%, with China Merchants Bank (03968) at -0.80% and Heng Rui Medicine (01276) at 4.11% [1][3]. - The negative premium for Contemporary Amperex Technology suggests a potential undervaluation of its H-shares relative to A-shares [3]. Group 3: Premium Deviation Values - Zhongwei New Materials (02579) has the highest deviation value at 77.12%, indicating a significant difference from its historical average premium rate [1][4]. - The lowest deviation values are seen in Northeast Electric (00042) at -22.71%, suggesting a consistent underperformance compared to its historical premium [1][5].

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

Core Points - Heng Rui Pharmaceutical (01276) announced the actual unlocking of shares under its 2022 employee stock ownership plan, totaling 2.8303 million shares, which accounts for 0.04% of the company's current total share capital [1] - As of November 14, 2025, 1.6568 million shares will be transferred non-traditionally to the holders of the employee stock ownership plan, while 1.1735 million shares will be sold through centralized bidding [1] - The management committee of the 2022 employee stock ownership plan will carry out the corresponding asset distribution work based on the relevant agreements of this employee stock ownership plan [1]

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 中國上海 2025年11月14日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-178 江苏恒瑞医药股份有限公司 关于 2022 年员工持股计划第三个锁定期解锁 执行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 14, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -9.94% [1][2] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 831.03% - Sinopec Oilfield Service (01033) with a premium of 279.27% - Hongye Futures (03678) with a premium of 276.70% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) with a premium of -9.94% - China Merchants Bank (03968) with a premium of -0.10% - Heng Rui Pharmaceutical (01276) with a premium of 5.22% [1][2] Deviation Values - The stocks with the highest deviation values are: - Sinopec Oilfield Service (01033) with a deviation of 36.09% - Hongye Futures (03678) with a deviation of 32.04% - Zhejiang Shibao (01057) with a deviation of 29.03% [1][2] - The stocks with the lowest deviation values are: - Andeli Juice (02218) with a deviation of -18.61% - Ganfeng Lithium (01772) with a deviation of -17.09% - China Life (02628) with a deviation of -16.43% [1][2][3]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of Ruvelimab tablets, which will soon commence phase III trials for prostate cancer treatment [1] Group 1: Clinical Trial Approval - The National Medical Products Administration approved the clinical trial application for Ruvelimab tablets on August 26, 2025, allowing the company to conduct phase III clinical trials for prostate cancer [1] - Ruvelimab tablets are classified as a second-generation AR inhibitor, offering stronger AR inhibition without androgenic effects compared to first-generation inhibitors [1] Group 2: Market Context - Ruvelimab tablets were approved for market release in 2022 for treating high tumor burden metastatic hormone-sensitive prostate cancer (mHSPC) patients [1] - Competing second-generation AR inhibitors currently available in the market include Enzalutamide, Apalutamide, and Darolutamide [1] - According to EvaluatePharma, the global sales of similar products are projected to reach approximately $11.037 billion in 2024 [1] Group 3: Research Investment - The total research and development investment for Ruvelimab tablets has reached approximately 693.09 million yuan [1]