Core Viewpoint - Wellington Management Group LLP has increased its stake in 恒瑞医药 (Hengrui Medicine) by acquiring 855,600 shares at a price of HKD 72.6411 per share, totaling approximately HKD 62.1517 million, raising its total holdings to about 18.4627 million shares, which represents a 7.15% ownership stake [1] Summary by Category - **Share Acquisition** - Wellington Management Group LLP purchased 855,600 shares of 恒瑞医药 at HKD 72.6411 per share [1] - The total investment amounts to approximately HKD 62.1517 million [1] - **Ownership Details** - After the acquisition, Wellington Management's total shareholding in 恒瑞医药 is approximately 18.4627 million shares [1] - This represents a 7.15% ownership stake in the company [1]

Core Insights - The 8th China International Import Expo (CIIE) opened in Shanghai on November 5, 2023, with the theme "Open Up to Create New Opportunities, Collaborate to Share a New Future," attracting participation from 155 countries and regions, with over 4,108 foreign enterprises exhibiting, marking a new high in scale [1][3] Industry Developments - Multinational pharmaceutical companies are increasingly establishing R&D centers in China, with Astellas announcing its first innovation R&D center in Beijing on October 27, 2023, complementing its existing centers in Tokyo, San Francisco, Boston, Chicago, and Cambridge [3][4] - Major pharmaceutical companies like AstraZeneca and Boehringer Ingelheim have announced new investment plans in China, with AstraZeneca planning to invest $2.5 billion (approximately 18 billion RMB) and Boehringer Ingelheim over 5 billion RMB [4][5] - The trend of multinational companies acquiring innovative drug assets in China is accelerating, with companies like Takeda and Pfizer making significant investments to secure innovative drug assets, setting new records for business development (BD) transaction volumes in the Chinese innovative drug market [4][5] Market Positioning - China is evolving from a passive consumer market to a global innovation hub for multinational pharmaceutical companies, participating deeply in the entire process from R&D to production and sales [5][6] - By 2024, over 20% of the top 100 life sciences research institutions in the Nature Index will be in China, and the number of clinical trials initiated in China is expected to approach 2,000, reflecting a significant increase in China's innovation capabilities [6][7] Collaborative Trends - The number of multinational pharmaceutical companies establishing R&D centers in China has surged, with at least eight companies announcing new centers in October 2023 alone, including Eli Lilly, Pfizer, Bayer, and AstraZeneca [8][9] - Eli Lilly has invested over 20 billion RMB in China, focusing on a full industry chain layout from R&D to commercialization, and plans to continue expanding its local collaborations [10][11] Investment and Business Development - The total amount of innovative drug licensing agreements from China has surpassed $100 billion, with significant growth in transaction volumes and values, indicating a robust BD trend in the Chinese pharmaceutical market [15][16] - Notable transactions include Pfizer's $12.5 billion upfront payment for a breakthrough drug and Takeda's recent collaboration with Innovent Biologics involving a potential total deal value of up to $11.4 billion [16][17] Future Outlook - The trend of multinational companies seeking innovative resources in China is expected to continue, driven by the need to fill revenue gaps due to patent expirations in the U.S. and Europe [18][19] - The influence of Chinese biotech on the global market is growing, with projections indicating that by 2040, 35% of FDA-approved innovative drugs may originate from China [19]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 864.29%, followed by Hongye Futures (03678) at 261.85% and Sinopec Oilfield Service (01033) at 256.41% [1] - The top three stocks with the highest deviation values are Longi Green Energy (06869) at 30.97%, Chenming Paper (01812) at 30.06%, and Northeast Electric (00042) at 27.76% [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -15.00%, China Merchants Bank (03968) at 0.33%, and Hengrui Medicine (01276) at 2.66% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) at -14.75%, COSCO Shipping Energy (01138) at -13.64%, and CNOOC Services (02883) at -13.10% [1] Group 3: Additional Insights - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuations between H-shares and A-shares [1][2][3]

Core Viewpoint - Heng Rui Medicine (01276.HK) announced a share buyback of 210,000 A-shares at a total cost of RMB 13.0221 million, with a buyback price range of RMB 61.6 to 62.3 per share [1] Related Events - Heng Rui Medicine (01276.HK) executed a buyback of 210,000 A-shares on November 4, 2025, costing RMB 13.0221 million [1] - Wellington Management Group LLP increased its holdings by 1,012,200 shares in Heng Rui Medicine [1]

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, intending to repurchase 210,000 A-shares at a total cost of 13.0221 million yuan [1] Group 1 - The company plans to execute the buyback on November 4, 2025 [1] - The total expenditure for the buyback is approximately 13.0221 million yuan [1] - The number of shares to be repurchased is 210,000 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 4, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00%, followed by Hongye Futures (03678) at 258.42% and Zhejiang Shibao (01057) at 252.00% [1] - The top ten stocks with the highest premium rates include Sinopec Oilfield Service (01033) at 251.95% and Andeli Juice (02218) at 250.56% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -17.17%, China Merchants Bank (03968) at 1.22%, and Heng Rui Pharmaceutical (01276) at 5.23% [1] - Other notable mentions in the bottom ten include Midea Group (00300) at 6.99% and Weichai Power (02338) at 11.05% [1] Summary of Deviation Values - Northeast Electric (00042) also leads in deviation value at 64.66%, indicating a significant difference from its average premium rate [1] - Other stocks with high deviation values include Changfei Optical Fiber (06869) at 27.92% and Shandong Molong (00568) at 27.79% [1] - Conversely, the stocks with the lowest deviation values include CNOOC Oilfield Services (02883) at -12.36% and Haohai Biological Technology (06826) at -9.36% [1]

Core Viewpoint - The healthcare stocks in mainland China have experienced a significant pullback since early last month, with the Hang Seng Healthcare Index and the CSI 300 Healthcare Index declining by 12% and 9% respectively, compared to a 2% drop in the Hang Seng Index and a 1% increase in the CSI 300 Index [1] Group 1: Market Influences - The decline in healthcare stocks is attributed to multiple factors, including heightened US-China tensions and increased geopolitical risk premiums prompting profit-taking by investors [1] - The introduction of a milder version of the US "Biosecurity Act" attached to next year's National Defense Authorization Act has raised uncertainties regarding pharmaceutical outsourcing services [1] - Concerns persist regarding potential increased regulation from the US, such as restrictions on authorized transactions with China or limitations on clinical data from China, which could impact the biotech and pharmaceutical sectors [1] Group 2: Market Sentiment and Valuation - The anticipated outcomes of the national medical insurance drug list price negotiations and the legislative progress of the "Biosecurity Act" are expected to influence market sentiment [1] - Despite the recent stock price declines, industry valuations and market expectations for business development transactions are returning to more reasonable levels, with no substantial deterioration in the industry's fundamental performance observed [1] - The recent pullback in stock prices may provide favorable conditions for performance in the upcoming year [1] Group 3: Preferred Stocks - The company identifies preferred stocks including CanSino Biologics (09926), Hansoh Pharmaceutical (03692), and WuXi AppTec (603259) (02359) [1] - The company also expresses optimism for Innovent Biologics (01801) and Heng Rui Medicine (600276) (01276) [1]

格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月30日，恒瑞医药(01276.HK)获Wellington Management Group LLP在场内以每股均价73.65港 元增持101.22万股，涉资约7455.08万港元。 增持后，Wellington Management Group LLP最新持股数目为16,282,567股，持股比例由5.91%上升至6.31%。 | 股份代號: | 01276 | | --- | --- | | 上市法國名稱: | 江蘇恒瑞醫藥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | | 设计算 | | | ( 語參與 有投票權股 (日 / 月 / 年) | | | | | | | | 178 - 177 11 | | ...

| 股份代號: | 01276 | | --- | --- | | 上市法國名稱: | 江蘇恒瑞醫藥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | 格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月30日，恒瑞医药(01276.HK)获GIC Private Limited在场内以每股均价73.4253港元增持43万 股，涉资约3157.29万港元。 增持后，GIC Private Limited最新持股数目为5442.26万股，持股比例由20.91%上升至21.08%。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | | | | | | | | | 份百分比 | | | | | | | | | 96 | | | CS202511 ...