Core Viewpoint - The A-share companies are increasingly enthusiastic about listing in Hong Kong, with a significant rise in A+H listings and innovative listing methods being adopted to enhance financing channels and optimize resource allocation [4][5][7][8]. Group 1: A+H Listing Trends - In the first eight months of this year, the total amount of new stock financing on the Hong Kong Stock Exchange reached HKD 134.5 billion, a year-on-year increase of nearly six times, with A+H listings accounting for 70% of the total fundraising in the first half of the year [4]. - A total of 11 A-share companies have completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in Hong Kong [5]. - More than 51 A-share companies are currently in the process of preparing for listings in Hong Kong, indicating a strong interest in the A+H model [5]. Group 2: Innovative Listing Methods - New listing methods such as share swap mergers and privatization are emerging in the current A+H expansion wave, providing companies with new avenues for financing [7]. - Zhejiang Hu-Hang-Zhou announced a share swap merger with Zhenyang Development, aiming to achieve A+H listing through this innovative approach [7]. - New Hope Group plans to privatize its Hong Kong subsidiary, New Hope Energy, and list it in Hong Kong through an introduction listing, marking a unique method of achieving A+H status [7]. Group 3: Market Structure Improvement - The enthusiasm for A+H listings is driven by multiple factors, including support from the mainland for quality companies to list in Hong Kong and the optimization of the approval process by the Hong Kong Stock Exchange [8]. - The influx of quality companies from the A-share market is expected to improve the industry structure of the Hong Kong stock market, which has been characterized by a lack of diversity [8]. - As of September 5, among 161 A+H stocks, five had H-share prices exceeding A-share prices, with the largest discount being 17.43% for Ningde Times [8].

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -9.90% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 831.03% with a deviation value of 51.67% [2][3] - Hongye Futures (03678) follows with a premium rate of 231.50% and a deviation value of -3.18% [2] - Andeli Juice (02218) ranks third with a premium rate of 231.11% and a deviation value of 8.10% [2] Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -9.90% with a deviation value of 9.35% [2][3] - Heng Rui Medicine (01276) shows a premium rate of 0.70% and a deviation value of 3.13% [2] - Midea Group (00300) has a premium rate of 5.55% with a deviation value of -2.32% [2] Group 3: Top Deviation Values - Northeast Electric (00042) leads in deviation value at 51.67% with a premium rate of 831.03% [3] - SMIC (00981) has a deviation value of 20.16% with a premium rate of 134.17% [3] - Dongjiang Environmental (00895) follows with a deviation value of 19.58% and a premium rate of 134.27% [3] Group 4: Bottom Deviation Values - Longpan Technology (02465) has the lowest deviation value at -32.47% with a premium rate of 79.45% [3] - BYD (01211) shows a deviation value of -32.20% with a premium rate of 21.67% [3] - Great Wall Motors (02333) has a deviation value of -22.23% with a premium rate of 60.74% [3]

Core Viewpoint - Heng Rui Medicine has announced a new collaboration with Braveheart Bio for the global development and commercialization of its heart disease drug HRS-1893, marking its second NewCo transaction aimed at expanding its international presence [1][3]. Group 1: Transaction Details - Heng Rui Medicine will receive a total of $65 million in upfront payments, consisting of $32.5 million in cash and $32.5 million in equity from Braveheart Bio [1]. - After the technology transfer, Heng Rui will receive an additional $10 million milestone payment, along with potential milestone payments and sales royalties that could total up to $1.013 billion, bringing the maximum potential revenue from this deal to $1.088 billion [1]. - A joint management committee will be established to coordinate the global development and commercialization of the licensed product, with equal representation from both companies [1]. Group 2: Product Development Status - HRS-1893 is currently undergoing a Phase III clinical trial in China for obstructive hypertrophic cardiomyopathy, which is a common hereditary heart disease and a leading cause of sudden cardiac death among adolescents and athletes [2]. Group 3: Previous Transactions and Company Background - This is Heng Rui Medicine's second NewCo model transaction; the first involved licensing three GLP-1 innovative drugs to a newly established U.S. company, Kailera, for an upfront payment of $100 million and a potential total deal value of $6 billion [3]. - Braveheart Bio was established in 2024 in Delaware, USA, with major investors including Forbion Capital and OrbiMed, and is led by CEO Travis Murdoch, who has a history of successful clinical project management [3][4]. - As of September 5, Heng Rui Medicine's A-shares rose by 3.35%, with a market capitalization of 470.9 billion yuan, while its Hong Kong shares increased by 3.07%, with a market capitalization of 555.9 billion HKD [4].

Group 1 - The core viewpoint is that the innovative drug sector is experiencing a significant upward trend, with multiple companies showing substantial stock price increases ahead of the 2025 World Lung Cancer Conference [1] - Notable stock price increases include: 9.55% for 3SBio, 6.25% for Hengrui Medicine, and 5.16% for WuXi Biologics, indicating strong market interest [1] - The upcoming conference in Barcelona is expected to provide new development opportunities and market attention for innovative drug companies through the release of significant new products [1] Group 2 - In the first seven months of the year, China's innovative drug companies have seen a normalization in business development (BD) overseas, with license out amounts nearing $80 billion, a year-on-year increase of over 160% [2] - Analysts suggest that the essence of China's innovative drug overseas expansion is to replace certain ecological niches of foreign biotech companies, potentially leading to new breakthroughs in the global innovative drug industry [2] - The deep participation of Chinese innovative drugs in the global supply chain is expected to benefit significantly from the global innovation cycle [2]

Core Insights - Heng Rui Medicine (01276) saw its stock price increase by 2.89% to HKD 83.70, with a trading volume of HKD 162 million [1] Group 1: Business Development - Heng Rui Medicine announced an exclusive licensing agreement with BraveheartBio for its self-developed Myosin small molecule inhibitor HRS-1893 [1] - The business development (BD) transaction operates under a NewCo model, contributing to a total of over USD 15 billion in BD transactions for Heng Rui Medicine this year [1] - The agreement grants BraveheartBio exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1]

Group 1 - The core point of the article is that 恒瑞医药 has entered into an exclusive licensing agreement with BraveheartBio for its Myosin small molecule inhibitor HRS-1893, leading to a significant increase in its stock price [1] - 恒瑞医药's stock rose by 3.5% to HKD 84.2, with a trading volume of HKD 155 million [1] - The total amount of 恒瑞医药's three business development (BD) transactions this year has exceeded USD 15 billion [1] Group 2 - Under the agreement, 恒瑞医药 grants BraveheartBio exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - BraveheartBio will pay 恒瑞医药 an upfront payment of USD 65 million, which includes USD 32.5 million in cash and an equivalent of USD 32.5 million in BraveheartBio equity, along with a USD 10 million milestone payment after technology transfer [1] - Additionally, 恒瑞医药 could receive up to USD 1.013 billion in milestone payments related to clinical development and sales, as well as corresponding sales royalties [1]

Core Viewpoint - Heng Rui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac drug HRS-1893, which is currently in Phase III clinical trials, utilizing the "NewCo" model to expand internationally [1][2]. Group 1: Licensing Agreement Details - The agreement allows Braveheart Bio to develop, produce, and commercialize HRS-1893 globally, excluding China, with Heng Rui receiving a total of $75 million upfront, including $32.5 million in cash and $32.5 million in equity [1]. - Heng Rui is also entitled to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties, bringing the total potential value of the agreement to $1.088 billion [1]. Group 2: Product Information - HRS-1893 is a highly selective Myosin small molecule inhibitor that normalizes myocardial contractility, reduces left ventricular hypertrophy, and improves diastolic compliance [2]. - The drug has undergone multiple clinical trials, with Phase I data recently presented at the 2025 European Society of Cardiology (ESC) Congress, and Phase III trials for obstructive hypertrophic cardiomyopathy have been initiated in China [2]. Group 3: Company Strategy and Performance - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration, aiming to strengthen international partnerships to enhance the efficient translation of research outcomes into the global drug innovation network [2]. - The company has completed a total of 16 licensing agreements to date, contributing nearly 2 billion yuan in revenue from licensing transactions in the first half of the year [3].

Core Insights - Heng Rui Medicine has entered into an agreement with Braveheart Bio to license its innovative drug HRS-1893, which is currently in Phase III clinical development for the treatment of obstructive hypertrophic cardiomyopathy (oHCM) [1][2] Group 1 - HRS-1893 is a Myosin selective inhibitor that reduces excessive myocardial contraction by inhibiting ATPase activity, thereby decreasing left ventricular hypertrophy and improving diastolic relaxation [1] - The licensing agreement grants Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [2] Group 2 - Braveheart Bio will pay a total of $75 million to Heng Rui, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in equity) and a $10 million milestone payment upon completion of technology transfer [2] - Heng Rui is eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with sales royalties based on HRS-1893's performance outside the specified regions [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） 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5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 2025-141 （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 )刊發了有關本公司與Braveheart ...

Group 1 - The company, Heng Rui Medicine, announced a share buyback of approximately 2.73 million A-shares at a cost of about 18.31 million yuan on September 4, 2025 [1]