Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]

Core Insights - CloudTop New Horizon (1952.HK) announced strategic cooperation agreements with Haisen Biopharmaceuticals, including a commercialization service agreement and a licensing agreement [1][2] Group 1: Commercialization Service Agreement - CloudTop New Horizon's subsidiary will provide commercialization services for six mature products from Haisen Biopharmaceuticals, including Ceftriaxone, Somatostatin, Urapidil, Azilsartan, Candesartan, and Voglibose [1] - The service fee will range from 20% to 55% of the quarterly net sales of the relevant products, with annual payment caps of 560 million, 616 million, and 677 million yuan for the years 2026 to 2028 [1] Group 2: Licensing Agreement - The licensing agreement grants CloudTop New Horizon exclusive rights to conduct further clinical development, registration, and commercialization of Lerodalcibep in Greater China [2] - Lerodalcibep is a third-generation PCSK9 inhibitor aimed at lowering LDL-C levels in patients with high cholesterol, with a significant unmet medical need in China [2] - The product is expected to submit a biopharmaceutical application in Greater China in the first half of 2026, with potential approval and market launch by 2027 [2]

每经AI快讯，云顶新耀(01952.HK)午后涨超4%，截至发稿，涨4.65%，报45.8港元，成交额1.72亿港 元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Genting New Year (01952) has seen a stock price increase of over 4%, currently trading at 45.8 HKD, with a transaction volume of 172 million HKD, following the announcement of two strategic cooperation agreements with Haisen Biopharmaceutical [1] Group 1: Strategic Agreements - Genting New Year’s wholly-owned subsidiary, Genting New Year Pharmaceutical Technology, has signed two strategic cooperation agreements with Haisen Biopharmaceutical [1] - Under the commercialization service agreement, Genting New Year Pharmaceutical Technology will leverage its existing sales and marketing system to provide commercialization services for six mature products from Haisen Biopharmaceutical, focusing on critical care, cardiovascular, and metabolic fields [1] Group 2: Licensing Agreement - The licensing agreement grants Genting New Year Pharmaceutical Technology exclusive rights to conduct further clinical development, registration, and commercialization of Lerodalcibep in Greater China, enhancing its late-stage pipeline [1] - According to the licensing agreement, Genting New Year Pharmaceutical Technology will make an initial payment of approximately 205 million CNY, with potential development and regulatory milestone payments not exceeding 212 million CNY, and potential sales milestone payments not exceeding 1.977 billion CNY, along with potential royalties based on net sales [1]

Core Viewpoint - Genting New Year (01952) saw a significant increase of over 4% in its stock price, attributed to the announcement of two strategic cooperation agreements with Haisen Biopharmaceutical Co., Ltd. [1] Group 1: Strategic Cooperation Agreements - Genting New Year’s wholly-owned subsidiary, Genting New Year Pharmaceutical Technology Co., Ltd., signed two strategic cooperation agreements with Haisen Biopharmaceutical [1] - Under the commercialization service agreement, Genting New Year Pharmaceutical Technology will leverage its existing sales and marketing system to provide commercialization services for six mature products from Haisen Biopharmaceutical, focusing on critical care, cardiovascular, and metabolic fields [1] Group 2: Licensing Agreement - The licensing agreement grants Genting New Year Pharmaceutical Technology exclusive rights to conduct further clinical development, registration, and commercialization of Lerodalcibep in Greater China, enhancing its late-stage pipeline [1] - Genting New Year Pharmaceutical Technology will make an initial payment of approximately 205 million yuan, with potential development and regulatory milestone payments not exceeding 212 million yuan, and potential sales milestone payments not exceeding 1.977 billion yuan, along with royalties based on net sales [1]

Group 1 - The core viewpoint of the news is that CloudTop New Horizon has signed two strategic cooperation agreements with Haisen Biopharmaceutical, which will enhance operational efficiency and commercial capabilities in the cardiovascular disease sector [1][2] - The commercialization service agreement allows CloudTop New Horizon to provide services for six mature products from Haisen Biopharmaceutical, with service fees ranging from 20% to 55% of the quarterly net sales [1] - The annual transaction caps for Haisen Biopharmaceutical are set at RMB 560 million for 2026, RMB 616 million for 2027, and RMB 677 million for 2028 [1] Group 2 - The licensing agreement grants CloudTop New Horizon exclusive rights to develop, register, and commercialize Lerodalcibep in Greater China, enhancing its late-stage pipeline [2] - An initial payment of approximately RMB 205 million will be made by CloudTop New Horizon, along with potential milestone payments totaling up to RMB 2.12 billion for development and regulatory milestones, and up to RMB 19.77 billion for sales milestones [2] - Lerodalcibep is a third-generation PCSK9 inhibitor developed by LIB Therapeutics, aimed at lowering LDL-C levels in patients with high cholesterol [2]

Core Insights - CloudTop New Horizon Limited has signed two strategic cooperation agreements with Haisen Biopharmaceutical Co., Ltd, which will enhance operational efficiency and accelerate commercialization capabilities in the cardiovascular disease sector [2][3] Group 1: Strategic Agreements - The commercial service agreement allows CloudTop New Horizon to provide commercialization services for six mature products from Haisen Biopharmaceutical, with service fees ranging from 20% to 55% of quarterly net sales [3] - The annual transaction cap for Haisen Biopharmaceutical is set at CNY 560 million for 2026, CNY 616 million for 2027, and CNY 677 million for 2028 [3] Group 2: Licensing Agreement - The licensing agreement grants CloudTop New Horizon exclusive rights for the clinical development, registration, and commercialization of Lerodalcibep in Greater China, with an initial payment of approximately CNY 205 million [4] - Potential milestone payments could reach up to CNY 2.12 billion for development and regulatory milestones, and CNY 19.77 billion for sales milestones, along with royalties based on net sales [4] Group 3: Product Development and Market Position - CloudTop New Horizon has established a commercial platform focused on high-potential markets, with its flagship product, Naisukang, achieving sales exceeding CNY 1 billion by Q3 2025, prompting an upward revision of revenue expectations [5] - The next major product, Aiqumote, is expected to be approved for market launch in the first half of 2026, contributing to the company's profitability [5] - Recent strategic moves include increasing stakes in XinQiao Biotech and introducing VIS-101, indicating a focus on expanding into new therapeutic areas [5]

12月11日，云顶新耀(HKEX1952.HK)宣布，其全资附属公司云顶新耀医药科技与海森生物签署两项战 略合作协议：商业化服务协议以及授权许可协议。两项协议将在财务与战略上形成显著协同效应，提升 现有商业化平台的运营效率，加快云顶新耀产品全生命周期、全渠道覆盖的商业化能力建设，同时为公 司在心血管疾病领域打造具有吸引力的业务版图。 对于两项协议的价值，云顶新耀表示，将在财务与战略上形成显著协同效应，提升现有商业化平台的运 营效率，加快产品全生命周期、全渠道覆盖的商业化能力建设。通过此次合作，公司将巩固在中国的商 业化基础，提升市场份额，为心血管业务的长期增长注入核心动力。 根据商业化服务协议，云顶新耀医药科技将依托现有销售与市场体系，为海森生物旗下六款成熟产品提 供商业化服务，覆盖急重症、心血管和代谢三大治疗领域。云顶新耀医药科技将按相关产品季度净销售 总额的20%-55%收取服务费，预计2026-2028年海森生物拟支付的年度交易金额上限分别为5.6亿元、 6.16亿元和6.77亿元。 在业内人士看来，云顶新耀此次合作既体现出其商业化能力的应用延伸，既为海森生物的成熟产品提供 市场支持，也能借助自身渠道将 ...

Core Insights - Cloudtop New Horizon (HKEX 1952.HK) has signed two strategic cooperation agreements with Haisen Biopharmaceutical Co., Ltd., which will enhance operational efficiency and commercial capabilities in the cardiovascular disease sector [1][3] Group 1: Strategic Agreements - The commercial service agreement allows Cloudtop New Horizon to leverage its existing sales and marketing system to provide commercialization services for six mature products from Haisen Biopharmaceutical, focusing on critical care, cardiovascular, and metabolic fields [1] - The licensing agreement grants Cloudtop New Horizon exclusive rights for the clinical development, registration, and commercialization of Lerodalcibep in Greater China, enriching its late-stage pipeline [1] Group 2: Financial Terms - Under the licensing agreement, Cloudtop New Horizon will make an initial payment of approximately 205 million yuan, with potential milestone payments not exceeding 212 million yuan for development and regulatory milestones, and up to 1.977 billion yuan for sales milestones, along with potential royalties based on net sales [1] Group 3: Product Overview - Lerodalcibep, developed by LIB Therapeutics, is a third-generation PCSK9 inhibitor designed to lower LDL-C levels in patients with high cholesterol, including heterozygous familial hypercholesterolemia [2] - The product is designed for convenient monthly subcutaneous injection and has shown significant efficacy in clinical trials, with applications submitted to the FDA and EMA, and a BLA submission expected in mid-2026 in Greater China [2] Group 4: Industry Implications - This collaboration is seen as a critical step in strengthening Cloudtop New Horizon's full industry chain layout, aligning with its long-term development strategy and enhancing its core competitiveness [3]

本文源自：金融界AI电报 云顶新耀(01952.HK)公布，于2025年12月11日，云顶新耀医药科技有限公司(公司的全资附属公司)与海 森生物订立商业化服务协议，据此，该附属公司将于中国就产品提供CSO服务。 ...