Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

12.5亿美元首付款，60亿美元总交易额，三生制药与辉瑞的一纸协议，在今年5月点燃了资本市场的热 情，也映照出中国创新药的"DeepSeek时刻"。在本轮行情中，百济神州、百利天恒、诺诚健华等一批企 业凭借技术实力和出海策略脱颖而出，它们可以作为观察行业趋势的典型样本。它们是当下的典型，未 来却绝不是"全部"。 资本市场敏锐地嗅到了变化。今年以来，二级市场上创新药板块成为明星。港股创新药指数一度飙升逾 100%，A股创新药板块亦亮点频现。水涨船高之下，A股和港股千亿市值创新药企已达8家。 与此同时，港交所迎来药企扎堆申报，仅11月就有近10家创新药企递表，其中不乏多轮融资但仍未盈利 的创新药企。资本的热浪席卷着二级市场，而在这背后，中国创新药企正用实实在在的临床数据和商业 价值实现价值重估。 /二级市场狂欢/ 资本市场总是先知先觉。经历近四年的深度调整后，创新药在2025年迎来强势反弹。 东方财富显示，自4月9日阶段性探底后，港股创新药板块发起猛攻，截至11月19日收盘，港股创新药指 数累计涨幅达到110.75%，期间一度涨超100%。A股创新药板块同样大涨。4月9日至11月19日，A股创 新药板块累计上涨4 ...

Group 1 - The core point of the article is that Sihuan Pharmaceutical (01530) has deposited shares worth HKD 3.071 billion into Standard Chartered Bank (Hong Kong), representing 4.32% of the total shares [1] - Sihuan Pharmaceutical announced the issuance of 105 million shares on December 9, 2025, based on a placement agreement signed on December 2, 2025 [1]

Group 1 - The core point of the article is that on December 9, shareholders of Sihuan Pharmaceutical (01530) deposited shares into Standard Chartered Bank (Hong Kong), with a total market value of HKD 3.071 billion, representing 4.32% of the company [1] - Sihuan Pharmaceutical announced the issuance of 105 million shares on December 9, 2025, based on a placement agreement signed on December 2, 2025 [1]

Group 1 - The company, Sanofi Pharmaceutical (01530), announced the issuance of 105 million shares on December 9, 2025, based on a placement agreement signed on December 2, 2025 [1]

Core Viewpoint - The company, 3SBio Inc. (01530), announced the issuance of 105 million shares on December 9, 2025, based on a placement agreement signed on December 2, 2025 [1] Group 1 - The share issuance is part of a strategic move to raise capital [1] - The agreement for the share placement was finalized just a week prior to the issuance date [1]

Core Viewpoint - Sanofi Pharmaceutical (01530.HK) has successfully completed a placement agreement, issuing a total of 105,169,500 shares at a price of HKD 29.62 per share, representing approximately 4.14% of the enlarged issued share capital [1] Group 1: Placement Details - The placement was completed on December 9, 2025, with shares allocated to no fewer than six subscribers [1] - The net proceeds from the placement, after deducting commissions and related expenses, amount to approximately HKD 3.087 billion [2] Group 2: Use of Proceeds - Approximately 80% or HKD 2,469.47 million of the net proceeds will be allocated for research and development expenses, which include: - Advancing clinical studies for innovative drugs in China and the U.S. to accelerate pipeline progress, including but not limited to drugs 705 (PD1/HER2), 706 (PD1/PDL1), 008 (B7H3/IL15), 59 (MUC17/CD3/CD28), 626 (BDCA2), and 627 (TL1A) [2] - Supporting the expansion of indications for commercialized drugs or clinical trials outside of China to enhance product value and market coverage, including but not limited to TPO and EPO [2] - Building global infrastructure and supporting facilities [2] - Approximately 20% or HKD 617.37 million will be used for working capital and other general corporate purposes to support the group's ongoing operations and strategic plans [2]

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： 三生製藥（「本公司」） 呈交日期： 2025年12月9日 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (vi) 確實所有權文件按照發行、出售或轉讓條款的規定經已發送/現正準備發送/正在準備中並將會發送。 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 | | | | | | | | | | --- | --- | --- | ...

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 份 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本公告及其任何副本均不得直接或間接在美國或任何其他可能非法發佈或分發的司法管轄區發佈或分 發。本 公 告 並 不 構 成 或 組 成 於 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。本 公 告 所 述 證 券 並 未 亦 不會根據1933年美國證券法（「美國證券法」）登 記，亦 不 得 在 美 國 提 呈 發 售 或 出 售，除 非 根 據 美 國 證 券 法 作 出 登 記 或 獲 豁 免 登 記 或 為 毋 須 根 據 美 國 證 券 法 作 出 登 記 之 交 ...

Core Insights - On December 9, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.115 billion, 3.321 billion, and 2.930 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) led the trading volume, with amounts of 3.237 billion, 1.987 billion, and 1.503 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.115 billion, net inflow of 83.45 million [2] - Xiaomi Group-W (01810): Trading amount of 3.321 billion, net inflow of 156 million [2] - Tencent Holdings (00700): Trading amount of 2.930 billion, net inflow of 1.126 billion [2] - SMIC (00981): Trading amount of 2.806 billion, net outflow of 133 million [2] - Pop Mart (09992): Trading amount of 1.880 billion, net outflow of 438 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.237 billion, net inflow of 342 million [2] - Tencent Holdings (00700): Trading amount of 1.987 billion, net outflow of 248 million [2] - SMIC (00981): Trading amount of 1.503 billion, net inflow of 14.69 million [2] - Xiaomi Group-W (01810): Trading amount of 1.203 billion, net inflow of 384 million [2] - Pop Mart (09992): Trading amount of 1.016 billion, net outflow of 136 million [2]