伴随着市场情绪回暖和政策层面释放积极信号，港股IPO市场呈现一片繁荣景象。 港交所数据显示，今年前9个月，港交所处理的上市申请数目（含重新申请企业）达380家，超过去年同期的两倍。 这些企业覆盖从医疗科技到消费服务、从新能源到人工智能等多个热门赛道，既折射出中国经济结构转型的新趋势，也反映出港股市场吸引力正强劲回 升。 今年港股IPO的热度离不开A股企业的积极参与。 在前9月的5宗"超大盘"交易中，有4宗为"A+H"股，包括宁德时代(03750.HK)、恒瑞医药(01276.HK)、三花智控(02050.HK)和海天味业(03288.HK)。 此外，Wind数据显示，今年前9月港股IPO（含创业板）募资总额约1823.97亿港元，同比大幅增长227.15%，显著高于美股，强势登顶全球IPO募资额榜 首。 IPO热潮推动"科技"含量持续提升 掀起本轮港股IPO市场热潮的推动力有四个方面：港交所持续优化上市制度、内地鼓励企业赴港上市、A股融资收紧以及美国对中概股监管持续加码。 这些因素共同促使更多优质企业转向香港资本市场。例如，在支持内地企业赴港上市方面，香港证监会和港交所此前推出了针对合资格A股公司的快速审 批 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2025年10月9日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01276 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Core Insights - The Global X China Biotechnology ETF (02820) recorded positive returns in August, driven by globalization themes, domestic policy support, improved corporate earnings, and a favorable macro environment [1] - Significant foreign licensing transactions highlight global recognition of the innovation quality of Chinese companies, with an accelerating trend in the number and upfront payment amounts for such transactions over the past two years [1] - The Chinese biotechnology sector is expected to continue being a strong performer in 2023, with improved investor sentiment towards the healthcare sector due to enhanced earnings and commercialization processes [1] Industry Summary - The Chinese biopharmaceutical industry is being propelled by high-quality technology empowerment and policy support, as emphasized by the Chinese Premier during a recent visit [1] - The National Healthcare Security Administration has released a final list of drugs eligible for negotiation, with domestic biotech companies optimistic about upcoming negotiations becoming more favorable and flexible [1] - Reports indicate that the U.S. government is drafting an executive order to restrict Chinese pharmaceuticals and innovative therapies, but Chinese biotech firms may demonstrate resilience due to their capabilities in conducting global clinical trials [2] Company Analysis - Jiangsu Hengrui Medicine (01276) reported Q2 2025 revenue of 8.6 billion RMB (up 12.5% YoY) and a net profit of 2.6 billion RMB (up 25% YoY), with significant contributions from recent IPOs and licensing agreements [3] - Hengrui's new revenue growth point comes from collaboration income, including a licensing agreement with Merck that generated approximately 1.5 billion RMB [3] - Hengrui's recent licensing agreement with Braveheart Bio includes a $65 million upfront payment and potential milestone payments, indicating a strong pipeline for future licensing income [3] - BeiGene (06160) reported Q2 2025 revenue of $1.3 billion (up 18% QoQ) and a net profit of $94.3 million, exceeding market expectations, driven by strong sales of its product BRUKINSA [4] - BeiGene announced a deal with Royalty Pharma to sell sales-sharing rights for its anti-tumor drug IMDELLTRA outside China for up to $950 million, enhancing its cash reserves for future opportunities [4] - The Global X China Biotechnology ETF (02820) invests in 30 companies primarily engaged in the research, development, manufacturing, and distribution of biopharmaceuticals [4]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 8, with Northeast Electric (00042) leading at a premium of 730.77% and Ningde Times (03750) at the bottom with a premium of -17.12% [1][2]. AH Premium Rate Rankings - The top three stocks by AH premium rate are: - Northeast Electric (00042) with a premium of 730.77% [2] - Andeli Juice (02218) with a premium of 238.57% [2] - Zhejiang Shibao (01057) with a premium of 229.35% [2] - The bottom three stocks by AH premium rate are: - Ningde Times (03750) with a premium of -17.12% [2] - Heng Rui Medicine (01276) with a premium of -5.82% [2] - Chifeng Gold (06693) with a premium of -5.72% [2] Deviation Values - The top three stocks by deviation value are: - Red Star Macalline (01528) with a deviation of 20.62% [1] - Zhejiang Shibao (01057) with a deviation of 15.24% [1] - Junda Co., Ltd. (02865) with a deviation of 12.42% [1] - The bottom three stocks by deviation value are: - Northeast Electric (00042) with a deviation of -86.56% [1] - Dazhong Public Utilities (01635) with a deviation of -43.18% [1] - Shanghai Electric (02727) with a deviation of -41.15% [1]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 6, with Northeast Electric (00042) leading at 815.25% and CATL (03750) at -19.28% [1][2] - It also presents the deviation values for these stocks, indicating significant discrepancies between their A-shares and H-shares [1][2] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 815.25% - Andeli Juice (02218) at 237.07% - Zhejiang Shibao (01057) at 231.95% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750) at -19.28% - Hengrui Medicine (01276) at -7.05% - Zijin Mining (02899) at 3.16% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Red Star Macalline (01528) at 25.18% - Zhejiang Shibao (01057) at 21.61% - Changfei Optical Fiber (06869) at 19.13% [1] - The stocks with the lowest deviation values are: - Dazhong Public Utilities (01635) at -55.59% - Shanghai Electric (02727) at -41.10% - SMIC (00981) at -27.91% [1][2]

Core Viewpoint - The company has received a drug registration application acceptance notice from the National Medical Products Administration for its innovative drug, injection Karilizumab combined with Apalutamide capsules, for first-line treatment of recurrent or metastatic cervical cancer patients [1] Drug Information - Drug Names: Injection Karilizumab (injection) and Apalutamide capsules (capsule) [1] - The application is based on a Phase III clinical study comparing Karilizumab combined with Apalutamide to platinum-based chemotherapy for recurrent or metastatic cervical cancer [1] - The study was led by Professor Wu Xiaohua from Fudan University Shanghai Cancer Center, involving 45 domestic centers and enrolling 443 patients [1] - The study achieved its primary endpoint by July 2025, demonstrating that the experimental group significantly outperformed the control group in terms of progression-free survival (PFS) and overall survival (OS) [1] - The results confirm the efficacy and safety of Karilizumab combined with Apalutamide as a first-line treatment for recurrent or metastatic cervical cancer patients [1]

Core Viewpoint - Heng Rui Medicine (01276) has received a drug registration application acceptance notice from the National Medical Products Administration for its innovative drug, injection Karilizumab combined with Apalutamide capsules, for first-line treatment of recurrent or metastatic cervical cancer patients [1] Group 1: Drug Development - The application for market approval is based on a Phase III clinical study comparing Karilizumab combined with Apalutamide against platinum-based chemotherapy for recurrent or metastatic cervical cancer [1] - The study was led by Professor Wu Xiaohua from Fudan University Shanghai Cancer Center, involving 45 domestic centers and enrolling 443 patients [1] - The study achieved its primary endpoint by July 2025, demonstrating that the experimental group significantly outperformed the control group in terms of progression-free survival (PFS) and overall survival (OS) [1] Group 2: Efficacy and Safety - The results confirm the efficacy and safety of Karilizumab combined with Apalutamide as a first-line treatment for patients with recurrent or metastatic cervical cancer [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of HRS-2329 tablets, an innovative anti-tumor drug targeting late-stage solid tumors with RAS mutations or amplifications [1] Drug Information - Drug Name: HRS-2329 Tablets [1] - Dosage Form: Tablets [1] - Application Matter: Clinical Trial [1] - Acceptance Numbers: CXHL2500682, CXHL2500683, CXHL2500684 [1] - Approval Conclusion: The clinical trial application for HRS-2329 tablets, accepted on July 10, 2025, meets the requirements for drug registration and is approved for trials in patients with late-stage solid tumors carrying RAS mutations or amplifications [1] Development Status - HRS-2329 tablets are independently developed by the company and have shown good anti-tumor activity in preclinical animal models [1] - The drug is intended for the treatment of late-stage solid tumors with RAS mutations or amplifications [1] - Currently, there are no similar drugs approved for marketing domestically or internationally [1] - The cumulative R&D investment for the HRS-2329 project is approximately 60.15 million yuan [1]

Group 1 - The core point of the article is that Jiangsu Hengrui Medicine Co., Ltd.'s subsidiary, Suzhou Hengrui Medicine Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-4298 injection, which is intended for the treatment of advanced solid tumors [1] - SHR-4298 injection is a self-developed Class 1 therapeutic biological product that has shown good anti-tumor activity in preclinical animal models [1] - The clinical trial application for SHR-4298 injection was accepted on July 8, 2025, and it meets the requirements for drug registration according to the relevant regulations [1] Group 2 - There are currently no similar drugs approved for marketing domestically or internationally [1] - The total research and development investment for the SHR-4298 injection project has reached approximately 28.79 million yuan [1]

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） 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. 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9月30日 海外監管公告 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。 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。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-15 ...