Core Viewpoint - The company, Gilead Sciences-B (01672), has seen a significant stock increase of over 7% following the announcement of its potential "best-in-class" monthly subcutaneous injection amylin receptor agonist, ASC36, as a clinical development candidate [1] Group 1: Company Developments - Gilead has selected ASC36 as a candidate for clinical development, with plans to submit a new drug clinical trial application to the FDA in the second quarter of 2026 for obesity treatment [1] - ASC36 is designed to have a longer apparent half-life and higher bioavailability per milligram of peptide, enabling monthly subcutaneous administration [1] - The CEO, Dr. Wu Jinzi, indicated that ASC36's preclinical characteristics suggest it may achieve best-in-class efficacy and a more patient-friendly dosing titration scheme [1]

Core Viewpoint - The stock of Gilead Sciences-B (01672) rose over 7% following the announcement of a new clinical development candidate, ASC36, which is a potential "best-in-class" once-monthly subcutaneous amylin receptor agonist for obesity treatment [1] Company Summary - Gilead Sciences has selected ASC36 as a clinical development candidate, with plans to submit a new drug clinical trial application to the FDA in the second quarter of 2026 [1] - ASC36 is designed to have a longer apparent half-life and higher bioavailability per milligram of peptide, enabling once-monthly subcutaneous administration [1] - The CEO, Dr. Wu Jinzi, indicated that ASC36's preclinical characteristics suggest it may achieve best-in-class efficacy and a more convenient dosing regimen, potentially leading to superior weight loss effects and a patient-friendly titration scheme [1] Market Activity - As of the report, Gilead Sciences-B's stock increased by 7.05%, reaching HKD 11.08, with a trading volume of HKD 59.9381 million [1]

Core Insights - The article highlights the transformative journey of Gilead Sciences (1672.HK) in the Chinese biotech industry, showcasing its resilience and strategic decision-making in the face of challenges [2][11] - Gilead's shift towards a differentiated pipeline in weight loss drugs has led to a significant market re-evaluation and recovery in its stock price [4][9] Group 1: Company Development - Gilead Sciences was listed on the Hong Kong Stock Exchange in August 2018 at an initial price of 14 HKD, reaching a market capitalization of 16 billion HKD, but faced a decline due to setbacks in its core hepatitis C drug [3][4] - By August 2024, the company's stock price had plummeted to 0.76 HKD, resulting in a market value reduction of over 95% [3][4] - The founder, Dr. Wu Jinzi, demonstrated strategic foresight by pivoting the company's focus to the metabolic disease sector, particularly the weight loss drug market, starting in 2022 [3][5] Group 2: Strategic Shift and Market Response - Following the strategic shift, Gilead's stock price surged from 0.76 HKD in August 2024 to 18.75 HKD by August 2025, representing an increase of over 20 times and restoring its market capitalization to the billion HKD level [4][9] - The market's positive response reflects recognition of Gilead's research team's capabilities and strategic execution [4][9] Group 3: R&D and Competitive Advantage - Gilead has adopted a differentiated approach in drug development, focusing on oral small molecule GLP-1 receptor agonists and ultra-long-acting formulations, rather than following mainstream peptide drug development paths [5][8] - The core pipeline, ASC30, has shown promising clinical results, with a maximum weight reduction of 6.5% in U.S. Phase Ib trials, and is expected to complete Phase IIa trials by the end of the year [5][6] - Gilead is also developing ASC35 and ASC36, which are expected to provide significant advantages in terms of dosing frequency and efficacy compared to existing treatments [6][7] Group 4: Global Competitiveness and Valuation - Despite the stock price recovery, Gilead's current market capitalization is still considered undervalued compared to global peers, as evidenced by recent acquisition bids for similar companies [9][10] - Gilead's diverse pipeline, including multiple formulations with the potential for monthly and quarterly dosing, positions it favorably in the competitive landscape [9][10] Group 5: Lessons and Implications for the Industry - Gilead's successful transformation underscores the importance of strong R&D leadership and strategic vision in navigating industry challenges [11] - The case of Gilead serves as a valuable reference for other Chinese biotech companies seeking to innovate and compete on a global scale [11]

Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong reached 114.1 billion HKD [1]. Company Highlights - China Duty Free Group (601888) (01880) saw a surge of over 13% as the new duty-free policy in Hainan shows positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (600673) (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) gained over 5% as the company is expected to benefit significantly from urban pipeline upgrades under the 14th Five-Year Plan [1]. - Hou Shang Ayi (02589) increased by over 8% after the company proposed adopting an H-share incentive plan, successfully entering the "10,000-store club" [1]. - Education stocks performed well, with institutions noting overall good performance in the education sector and the potential for AI+ education to enhance valuation. China Education Holdings (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [1]. - Ruipu Lanjun (00666) increased by over 6% as global demand for energy storage remains strong, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [1]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [1]. - Goldwind Technology (002202) (02208) fell by over 5% as a major shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [1]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Controls (002050) (02050) falling over 3% [1].

Core Viewpoint - Gilead Sciences-B (01672) saw a significant increase of over 7%, currently trading at 10.11 HKD, with a transaction volume of 21.57 million HKD, following its inclusion in the MSCI Global Small Cap Index, effective after the market close on November 24 [1] Group 1: MSCI Inclusion - Gilead Sciences-B has been included in the MSCI Global Small Cap Index as announced by MSCI on November 6 [1] - The adjustment from MSCI will take effect after the market closes on November 24 [1] Group 2: Clinical Research Updates - Gilead Sciences-B presented multiple reports at the 2025 ObesityWeek in Atlanta, Georgia, including a complete analysis of the ASC30 oral tablet Phase Ib study [1] - The ASC30 oral tablet study showed an average weight loss of up to 6.5% after placebo adjustment, demonstrating good safety and tolerability with only mild to moderate gastrointestinal adverse events [1] - The apparent half-lives of the ASC30 injection were 46 days and 75 days, supporting monthly and quarterly dosing regimens [1]

Core Viewpoint - Gilead Sciences-B (01672) saw a stock increase of over 7%, currently trading at 10.11 HKD, following its inclusion in the MSCI Global Small Cap Index, effective after market close on November 24 [1] Group 1: Stock Performance - Gilead Sciences-B's stock rose by 6.98%, with a trading volume of 21.57 million HKD [1] Group 2: MSCI Inclusion - On November 6, MSCI announced the results of its November index review, which included Gilead Sciences-B in the MSCI Global Small Cap Index [1] Group 3: Clinical Research Updates - Gilead Sciences-B presented multiple reports at the 2025 ObesityWeek in Atlanta, Georgia, including a complete analysis of the ASC30 oral tablet Phase Ib study [1] - The ASC30 oral tablet study showed an average weight loss of up to 6.5% after placebo adjustment, demonstrating good safety and tolerability with only mild to moderate gastrointestinal adverse events [1] - The apparent half-lives of the ASC30 injection were 46 days and 75 days, supporting monthly and quarterly dosing regimens [1]

Group 1 - MSCI announced the results of the November index review, with adjustments effective after the market close on November 24 [1] - The MSCI Global Small Cap Index will include 22 new stocks, such as Gilead Sciences (01672) and Meili Tianyuan Healthcare (02373) [1] - 17 stocks will be removed from the MSCI Global Small Cap Index, including China Gold International (02099) and China Nonferrous Mining (01258) [1] Group 2 - The MSCI Hong Kong Index will add 7 new stocks, including Chow Sang Sang (00116) and MGM China (02282) [2] - Stocks removed from the MSCI Hong Kong Index include Kintor Pharmaceutical (02171) and HKT Trust (00215) [2][3]

Group 1 - MSCI announced the results of the November index review, with adjustments effective after the market close on November 24 [1] - A total of 22 stocks were added to the MSCI Global Small Cap Index, including companies such as Genscript Biotech (01672) and Youzan (08083) [1] - 17 stocks were removed from the MSCI Global Small Cap Index, including China Gold International (02099) and Longi Green Energy (601869) [1] Group 2 - The MSCI Hong Kong Index included 7 new stocks, such as Chow Sang Sang (00116) and MGM China (02282) [2] - The MSCI Hong Kong Index removed stocks like Kintor Pharmaceutical (02171) and HKT Trust (00215) [2][3]

Group 1 - The company, Gilead Sciences-B (01672), announced a share buyback program on November 5, 2025, with an expenditure of approximately HKD 924,000 to repurchase 100,000 shares [1] - The repurchase price per share ranged from HKD 9.1 to HKD 9.32 [1]

Group 1 - Company repurchased 100,000 shares at a cost of HKD 924,000 on November 5 [1] - The repurchase is part of the company's strategy to manage its capital and enhance shareholder value [1] - The company is preparing for the complete analysis of the ASC30 oral tablet Phase Ib study at the 2025 ObesityWeek® [1] Group 2 - The company is also conducting Phase Ib studies for ASC30 injection and preclinical studies for ASC31 and ASC47 combination therapy [1]