Core Insights - The Hong Kong stock market remains a primary fundraising venue for innovative biopharmaceutical companies, with nearly HKD 30 billion raised and 26 companies listed in 2025, over half of which are unprofitable biotech firms [2][4][10] - The true challenge for these companies lies in crossing the profitability threshold post-IPO, which has become a key measure of value realization [2][11] - The IPO landscape is evolving, with a trend towards companies with mid-to-late stage pipelines and products nearing commercialization, as well as increased cases of overseas licensing [2][4][7] Fundraising and IPO Trends - In 2025, the Hong Kong stock market is expected to see around 100 IPOs, with total fundraising estimated at approximately HKD 272.1 billion, marking a year-on-year increase of 43% and 210% respectively [4][10] - The biopharmaceutical sector is a significant driver of this growth, with 26 companies (including 8 medical device firms) listed, a rise of 17 from 2024, and total fundraising reaching HKD 29.265 billion, a substantial increase of 751.7% year-on-year [4][10] - Notably, 16 unprofitable biotech companies raised a total of HKD 13.771 billion, accounting for 47.06% of the total fundraising, compared to only 4 such companies in the same period of 2024 [4][11] Performance of Leading IPOs - Leading IPOs have shown remarkable performance, with Heng Rui Pharmaceutical raising HKD 11.374 billion, representing about 40% of the sector's total fundraising and ranking among the top ten global IPOs of the year [5][10] - Other notable contributions include Jingfang Pharmaceutical-B, Ying'en Biotechnology-B, and Weili Zhibo-B, which collectively contributed around 20% of the sector's fundraising [5][10] Market Dynamics and Challenges - The capital is increasingly concentrated in high-barrier areas such as cancer treatment, ADCs, metabolic diseases, and gene therapy, with AI drug development emerging as a focal point [7][10] - Despite overall market activity, there is a growing internal differentiation, where leading companies with mature pipelines and commercialization capabilities attract funding, while those lacking innovative pipelines face challenges in passing IPO reviews [7][11] - The Hong Kong Stock Exchange and the Securities and Futures Commission have expressed concerns over the declining quality of some new listings, emphasizing the need for maintaining quality standards while encouraging applications [9][10] Future Outlook - The 2025 IPO market for biopharmaceuticals is characterized by a high volume of listings, a focus on innovative sectors, and a significant presence of unprofitable companies seeking funding through the 18A rule [10][11] - The market is expected to remain active in 2026, but with a more stable growth pace and structural deepening, as companies will need to focus on enhancing intrinsic value to navigate increased competition [15][16]

Company News - Bank of China (03988.HK) has completed the issuance of 50 billion yuan in subordinated capital bonds, with the funds intended to supplement the bank's Tier 2 capital, subject to applicable laws and regulatory approvals [2] - Huadian International Power (01071.HK) has fully commissioned two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project, which integrates advanced technologies and achieves energy consumption levels comparable to the best in the domestic market, enhancing grid stability and local heating and industrial steam supply [2] - Weisheng Holdings (03393.HK) has entered into a capital increase agreement with Boyu Capital, with Boyu investing a total of 380 million yuan to subscribe for additional shares in its subsidiary [3] - Green Leaf Pharmaceutical (02186.HK) has granted Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [4] - Heng Rui Medicine (01276.HK) has had its injectable SHR-A1904 included in the list of breakthrough therapy products by the drug review center [5] - Youzhiyou Biotechnology-B (02496.HK) has received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [6] - MicroPort Robotics-B (02252.HK) has achieved a global commercialization milestone with over 100 installations of its Tumi laparoscopic surgical robot [7] - Gao Shan Enterprises (00616.HK) has signed a memorandum of understanding to establish a joint venture to participate in or invest in stablecoins and blockchain-related industries [8] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion subscription shares at a discount of approximately 18.33%, aiming to raise about 254 million HKD [9] Buyback Activities - Tencent Holdings (00700.HK) has repurchased approximately 636 million HKD worth of 1.056 million shares at prices ranging from 598 to 604 HKD [10] - Xiaomi Group-W (01810.HK) has spent 149 million HKD to repurchase 3.8 million shares at prices between 39.08 and 39.26 HKD [11] - China COSCO Shipping Holdings (01919.HK) has repurchased shares worth approximately 27.225 million HKD, acquiring 1.96 million shares at prices from 13.82 to 13.95 HKD [12] - Kuaishou-W (01024.HK) has repurchased shares for about 29.9896 million HKD, buying 464,000 shares at prices between 64.05 and 64.9 HKD [13]

（股份代號：1276） 海外監管公告 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） 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。 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24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。 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议资料 江苏恒 ...

格隆汇12月24日丨恒瑞医药(01276.HK)公告，近日，江苏恒瑞医药股份有限公司子公司苏州盛迪亚生物 医药有限公司、上海恒瑞医药有限公司收到国家药品监督管理局核准签发关于注射用SHR-A2102的《药 物临床试验批准通知书》，将于近期开展临床试验。 药物名称：注射用SHR-A2102 剂型：注射剂 申请事项：临床试验 受理号：CXSL2500879、CXSL2500881 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年10月13日和14日受理的注 射用SHR-A2102临床试验申请符合药品注册的有关要求，同意本品开展两项临床试验。分别为：本品联 合注射用维迪西妥单抗在晚期实体瘤中开展临床试验；本品联合阿得贝利单抗或其他PD-(L)1药物联合 或不联合其他抗肿瘤治疗在局部晚期或转移性食管癌受试者中的安全性、耐受性及有效性的多中心、开 放ⅠB/Ⅱ期临床研究。 ...

Core Viewpoint - Heng Rui Medicine (01276.HK) announced that its injectable SHR-A1904 has been included in the list of breakthrough therapies by the National Medical Products Administration's Drug Evaluation Center [1] Group 1 - The company is recognized for its innovative approach with the inclusion of SHR-A1904 in the breakthrough therapy list [1] - This recognition may enhance the company's market position and potential for accelerated development and approval processes for SHR-A1904 [1]

Core Viewpoint - The company, Jiangsu Hengrui Medicine Co., Ltd., has announced that its injectable SHR-A1904 has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration (NMPA) of China [1] Group 1: Industry Context - Gastric cancer is a significant global health issue, ranking fifth in incidence and fourth in mortality worldwide, with approximately 60% of cases occurring in East Asia [1] - In China, gastric cancer is particularly prevalent, with 479,000 new cases and 374,000 deaths reported in 2020, accounting for 44.0% and 48.6% of global gastric cancer incidence and mortality, respectively [1] - The incidence and mortality rates of gastric cancer rank fourth and third among malignant tumors in China, posing a serious threat to public health [1] Group 2: Product Information - SHR-A1904 is a targeted antibody-drug conjugate (ADC) developed by the company, specifically targeting Claudin18.2, with its effective payload being a topoisomerase inhibitor (TOPOi) [2] - Claudin proteins are key components of tight junctions (TJ), maintaining various functions of TJs and stabilizing the intracellular environment [2] - Claudin18.2 is a highly specific cell surface molecule expressed only in differentiated gastric mucosal epithelial cells under normal conditions, but is highly expressed in gastric cancer, pancreatic cancer, and esophageal cancer [2] - Currently, there are no similar products approved for market globally, and the cumulative R&D investment for SHR-A1904 has reached approximately 174 million yuan [2]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of its drug SHR-A2102, indicating progress in its oncology pipeline and potential market entry for a new targeted therapy [1] Group 1: Clinical Trials - The company’s subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., and Shanghai Heng Rui Medicine Co., Ltd. have been authorized to conduct two clinical trials for SHR-A2102 [1] - The first trial will evaluate SHR-A2102 in combination with Vedolizumab for advanced solid tumors [1] - The second trial will assess SHR-A2102 in combination with Atezolizumab or other PD-(L)1 inhibitors for locally advanced or metastatic esophageal cancer in a multicenter, open-label Phase IB/II study [1] Group 2: Product Details - SHR-A2102 is a targeted antibody-drug conjugate (ADC) that targets Nectin-4, with an effective payload of topoisomerase I inhibitor (TOP1i) [1] - Currently, there is one similar product, Enfortumab vedotin (brand name: Padcev), which has been approved and is projected to generate global sales of approximately $1.949 billion in 2024 [1] Group 3: Investment and Development - The total investment in the SHR-A2102 development project has reached approximately 248.22 million yuan [1]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. and its subsidiary Shanghai Hengrui Medicine Co., Ltd. have announced that their injectable SHR-A1904 has been included in the list of breakthrough therapies by the National Medical Products Administration (NMPA) of China [1] Group 1: Drug Information - Drug Name: Injectable SHR-A1904 [1] - Acceptance Number: CXSL2100034 [1] - Drug Type: Therapeutic biological product [1] - Registration Category: Class 1 [1] - Application Date: November 1, 2025 [1] - Proposed Indication: Locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma positive for CLDN18.2, previously treated with at least one line of systemic therapy [1] Group 2: Regulatory Approval - The application has been reviewed and meets the requirements of the "Drug Registration Management Measures" and the announcement regarding the "Breakthrough Therapy Drug Review Work Procedures (Trial)" issued by the NMPA [1] - The inclusion in the breakthrough therapy program has been approved [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-A2102, indicating progress in its drug development pipeline [1] Group 1: Drug Information - Drug Name: SHR-A2102 [1] - Dosage Form: Injectable [1] - Application Type: Clinical trial [1] Group 2: Approval Details - Acceptance Numbers: CXSL2500879, CXSL2500881 [1] - Approval Conclusion: The clinical trial applications for SHR-A2102, submitted on October 13 and 14, 2025, meet the requirements for drug registration and are approved for two clinical trials [1] Group 3: Clinical Trials - The first trial will investigate the combination of SHR-A2102 with Vedolizumab in patients with advanced solid tumors [1] - The second trial will assess the safety, tolerability, and efficacy of SHR-A2102 combined with Atezolizumab or other PD-(L)1 inhibitors, with or without other anti-tumor treatments, in patients with locally advanced or metastatic esophageal cancer [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。 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 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。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司苏州盛迪亚 生物医药有限公司、上海恒瑞医药有限公司收到国家药品监督管理局（ ...