Core Viewpoint - Heng Rui Medicine (01276) saw a stock increase of over 5%, reaching HKD 74.95, with a trading volume of HKD 55.6871 million, following the announcement of its antibody-drug conjugate (ADC) SHR-A1904 being included in the National Medical Products Administration's list of breakthrough therapies [1] Group 1: Company Developments - The ADC SHR-A1904 targets Claudin18.2 (CLDN18.2) and is intended for the treatment of locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma in patients who have previously received at least one line of systemic therapy [1] - The inclusion in the breakthrough therapy program is based on the potential clinical value of the drug for specific indications, which will lead to prioritized review resources and enhanced R&D guidance to accelerate clinical development and market entry [1] Group 2: Industry Context - Gastric cancer is a highly prevalent malignancy in China, with new cases and deaths in 2020 accounting for approximately 44% and 48.6% of global totals, respectively, indicating a significant unmet clinical need [1] - The CLDN18.2 target is highly expressed in various gastrointestinal tumors and is currently a popular target in cancer drug development, with no similar ADC products approved globally [1]

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

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12月31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。 www.grandall.com.cn 中国江苏省南京市汉中门大街 3 ...

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12月31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 2025-2 ...

Group 1 - The Hong Kong innovative drug market is returning to a bull market in 2025, driven by a significant BD deal worth $4.8 billion between 3SBio and Pfizer, with the Hang Seng Healthcare Index rising by 102.76% to a peak of 4721.41 points by September [1] - In 2025, the Hong Kong IPO market for new stocks ranked first globally, raising over 280 billion HKD, nearly three times the amount raised in the previous year, marking a new high in four years [1] - A total of 27 healthcare/biotech companies successfully went public in Hong Kong this year, with nearly 10 more companies submitting prospectuses in December, and about 300 companies still waiting in line, with one-third being health-related [1] Group 2 - The top five companies by IPO fundraising in 2025 include CATL with 41.006 billion HKD, Zijin Mining International with 28.732 billion HKD, SANY Heavy Industry with 15.349 billion HKD, Seres with 14.283 billion HKD, and Heng Rui Medicine with 11.374 billion HKD [2] - The performance of newly listed healthcare companies has been remarkable, with some experiencing significant stock price increases, such as Yaojie Ankang-B with a 773.76% increase and Xuanzhu Biotechnology-B with a 507.76% increase [3] Group 3 - The strong performance of the Hong Kong pharmaceutical sector is attributed to policy incentives and breakthroughs in innovation, marking a critical year for the Chinese pharmaceutical industry transitioning from "innovation awakening" to "value realization" [5] - The 2025 domestic pharmaceutical R&D policy focuses on "full-chain support for innovation and multi-level value assurance," significantly enhancing the market's expectations for growth in the innovative drug sector [5] Group 4 - The Hong Kong stock market has seen a significant increase in trading activity, with the total market capitalization reaching 48 trillion HKD, a 41% increase from the previous year, and the average daily trading volume rising by 95% to 255.8 billion HKD [7] - Southbound capital has become a crucial source of liquidity for the Hong Kong market, with a net purchase of 1.4 trillion HKD in 2025, indicating a strong interest in the pharmaceutical sector [7] Group 5 - The new IPO distribution mechanism implemented on August 4, 2025, has improved pricing efficiency and market stability, resulting in a decrease in the IPO failure rate to 28.83% compared to 32%-34% in previous years [8][9] - The innovative drug bull market has led to a lower IPO failure rate of approximately 17% for healthcare companies, with over 35% of new stocks experiencing first-day gains exceeding 100% [9] Group 6 - Despite the overall enthusiasm for the pharmaceutical sector, market sentiment shifted in December, with three healthcare IPOs experiencing significant first-day declines, indicating that investors are becoming more selective based on fundamentals [10] - Companies like Mingji Hospital and Hansi Aitai-B faced substantial first-day drops despite high oversubscription rates, while companies with stronger fundamentals, such as Yinxin Intelligent, achieved significant first-day gains [10]

江蘇恒瑞醫藥股份有限公司 章 程 | 目錄 | | --- | | 第一章 | 總則 | 2 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 3 | | 第三章 | 股份 | 4 | | 第一節 | 股份發行 | 4 | | 第二節 | 股份增減和回購 | 5 | | 第三節 | 股份轉讓 | 6 | | 第四章 | 股東和股東會 | 8 | | 第一節 | 股東 | 8 | | 第二節 | 控股股東和實際控制人 | 11 | | 第三節 | 股東會的一般規定 | 12 | | 第四節 | 股東會的召集 | 15 | | 第五節 | 股東會的提案與通知 | 16 | | 第六節 | 股東會的召開 | 18 | | 第七節 | 股東會的表決和決議 | 22 | | 第五章 | 董事會 | 27 | | 第一節 | 董事的一般規定 | 27 | | 第二節 | 董事會 | 32 | | 第三節 | 獨立董事 | 35 | | 第四節 | 董事會專門委員會 | 39 | | 第六章 | 高級管理人員 | 41 | | 第七章 | 財務會計制度、利潤分配和審計 | 43 | | 第一節 ...

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之內容概不負責，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而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 有關決議案的進一步詳情載於本公司日期為2025年12月10日的股東會通告（「該通 告」）及同日的通函（「通函」）。 除非文義另有所指，否則本公告所用詞彙與通函所界定者具有相同涵義。 截至股東會記錄日期，(i)本公司已發行股份（「股份」）總數為6,637,199,874股，包 含258,197,600股H股及6,379,002,274股A股；及(ii)6,633,460,924股股份的持有人 （或授權代表）有權出席股東會並於會上就提呈的決議案投票。用於計算出席股東 會的股份總數不包括本公司已回購並於股票回購賬戶持作庫存股份的3,738,950股 A股。本公司於股東會中並未就上述股份行使表決權。此外，概無本公司已購回 而待註銷的股份。 據本公司所知、所悉及所信，概無股東須根據香港上市規則的規定，於股東會上 就所提呈的決議案放棄投票。此外，概無任何一方於通函中表示有意就股東會上 提呈的決議案投反對票或放棄投票， ...

Core Viewpoint - The report highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies, with notable outliers in both categories [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 900.00%, followed by Zhejiang Shibao (01057) at 402.44% and Hongye Futures (03678) at 294.14% [1]. - The top three companies with the highest deviation values are Zhejiang Shibao (01057) at 98.41%, Jin Feng Technology (02208) at 27.90%, and Hongye Futures (03678) at 19.75% [1][2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -12.98%, followed by China Merchants Bank (03968) at -4.49% and Heng Rui Medicine (01276) at 0.14% [1]. - The bottom three companies with the lowest deviation values are GAC Group (02238) at -24.57%, Zhongwei New Materials (02579) at -9.99%, and Chenming Paper (01812) at -9.89% [1][3]. Group 3: Additional Insights on Premium Rates - The report includes a detailed ranking of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of market performance [1][2][3]. - Companies like Jiangsu Ningshu Highway (00177) and Agricultural Bank (01288) also show significant deviations, indicating potential investment opportunities or risks [3].

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 864.29%, Zhejiang Shibao (01057) at 460.57%, and Hongye Futures (03678) at 286.19% [1][2] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -12.08%, China Merchants Bank (03968) at -4.45%, and Heng Rui Medicine (01276) at 1.09% [1][2] - Zhejiang Shibao (01057), Goldwind Technology (02208), and Zhaoyan New Drug (06127) have the highest deviation values at 162.73%, 44.98%, and 18.82% respectively [1][2] Group 2 - The lowest deviation values are seen in GAC Group (02238) at -23.87%, Northeast Electric (00042) at -19.61%, and Chenming Paper (01812) at -15.51% [1][2] - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (01349) at 253.76% and Andeli Juice (02218) at 230.43% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at 9.59% and WuXi AppTec (02359) at 10.14% [2]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]