Core Viewpoint - The company, Heptares Therapeutics, is gaining significant attention in the competitive biopharmaceutical industry, particularly in the fields of immune diseases and oncology, following a remarkable 51-fold increase in net profit in the first half of the year and a substantial investment from Singapore's GIC [1][6]. Investment and Partnerships - GIC increased its stake in Heptares Therapeutics by investing approximately HKD 511 million to acquire 40.22 million shares, raising its ownership from 1.62% to 6.37% [2]. - GIC, managing over USD 800 billion, is recognized for its long-term value investment strategy, and its investment in Heptares is seen as a validation of the company's technological capabilities and commercial prospects [2]. - Heptares has established multiple collaborations with major pharmaceutical companies, including three significant partnerships with AstraZeneca, which highlight its growing influence in the global biopharmaceutical sector [4][5]. Technological Advancements - Heptares has developed proprietary antibody technology platforms, such as Harbour Mice, which can generate fully human monoclonal antibodies in various forms, enhancing its drug development capabilities [3]. - The company’s innovative products, including immune cell connectors and bispecific immune cell antagonists, are positioned to provide significant therapeutic benefits in oncology and inflammatory diseases [3]. Financial Performance - In the first half of 2025, Heptares reported total revenue of approximately CNY 725 million, a year-on-year increase of 327%, and a net profit of about CNY 523 million, reflecting a 51-fold increase [6]. - The company’s cash reserves reached approximately CNY 2.291 billion, a 92% increase from the end of the previous year, indicating strong financial health [6]. - Heptares has established a sustainable business model through innovative product licensing and partnerships, with over 40 collaborations and a potential total deal value exceeding USD 10 billion [6]. Future Prospects - Heptares plans to accelerate the development of innovative product pipelines targeting both new and known targets, with several clinical trials underway [7]. - The company aims to expand its platform capabilities into immune and inflammatory disease areas, leveraging its advanced drug discovery engines [7].

Core Viewpoint - Heptagon Pharmaceuticals (2142.HK) saw a 9% increase in stock price, reaching a historical high of HKD 16.06, following a mid-term report showing over 50 times year-on-year profit growth [1] Group 1: Financial Performance - The company reported a mid-term profit growth exceeding 50 times year-on-year, indicating strong financial performance [1] Group 2: Strategic Investments - Singapore's Government Investment Corporation (GIC) participated in a placement as a strategic investor on August 29, investing approximately HKD 511 million to acquire 45.022 million shares [1] - This marks the second major global institution to heavily invest in Heptagon Pharmaceuticals this year, following AstraZeneca's strategic investment in March, where it subscribed to 9.15% of newly issued shares at approximately HKD 10.74 per share, a 37.2% premium over the closing price on the day of the agreement [1]

Core Viewpoint - The Chinese innovative drug industry is experiencing a significant moment in 2025, driven by strong policy support and frequent License-out transactions, making it one of the hottest sectors in the capital market. HBM Holdings Ltd. (2142.HK) stands out with a remarkable stock price increase of 691.94% year-to-date as of September 2, 2025, due to its unique antibody technology platform and international collaborations [1][4]. Company Performance - HBM Holdings Ltd. reported a mid-year profit growth exceeding 50 times, attracting interest from top sovereign funds. The Government of Singapore Investment Corporation (GIC) invested approximately HKD 511 million to acquire 45.02 million shares, increasing its stake from 1.62% to 6.37% [1][4][8]. - Earlier in March 2025, AstraZeneca also made a strategic investment in HBM, acquiring 9.15% of newly issued shares at a price of approximately HKD 10.74 per share, representing a 37.2% premium over the closing price on the day of the agreement [1][11]. Investment Trends - GIC's investment is seen as a long-term commitment to the innovative drug sector, reflecting confidence in the underlying value and future growth potential of HBM. This investment is not merely financial but a strategic vote of confidence in the company's business model and platform value [7][9]. - The trend indicates a shift in valuation logic for Chinese innovative drug companies, moving from pipeline-based valuation to platform technology and business model-centric pricing [17]. Strategic Collaborations - HBM has established a unique value creation system through a three-dimensional cooperation model involving technology licensing, joint development, and equity investment, completing over 40 business development (BD) collaborations since its inception. The total amount of external cooperation has surpassed USD 6 billion in 2025 [11][12]. - The company is evolving towards a more comprehensive "antibody+" strategic ecosystem, aiming to transform into a top-tier platform-based pharmaceutical enterprise by 2028 [12][16]. Market Outlook - Several brokerage firms are optimistic about HBM's future, with East China Securities predicting revenues of USD 154 million, USD 110 million, and USD 144 million for 2025-2027, respectively, alongside net profits of USD 82 million, USD 47 million, and USD 63 million [12]. - The capital market's enthusiastic response is attributed to HBM's robust technology and clear BD strategy, which have garnered recognition from industry giants like AstraZeneca and GIC [16].

Core Viewpoint - The stock of HAPO (02142) has seen a significant increase following the announcement of a substantial share purchase by the Government of Singapore Investment Corporation (GIC) and the release of strong interim financial results [1] Group 1: Share Purchase - GIC increased its stake in HAPO by acquiring 40.22 million ordinary shares at an average price of HKD 12.7133 per share, totaling approximately HKD 511 million [1] - Post-acquisition, GIC's total shareholding in HAPO rose to 53.977 million shares, increasing its ownership percentage from 1.62% to 6.37% [1] Group 2: Financial Performance - HAPO reported interim revenue of approximately USD 101 million, representing a year-on-year increase of about 327% [1] - The company's profit for the period was USD 72.999 million, showing a year-on-year growth of 5,125% [1] Group 3: Fundraising and Use of Proceeds - HAPO plans to place a total of 45.02 million new shares, accounting for 5.17% of the enlarged share capital, at a placement price of HKD 11.5 per share, expecting to raise net proceeds of approximately HKD 512 million [1] - Approximately 50% of the proceeds will be allocated to the research and development of innovative drug assets, around 40% will support clinical trials for existing pipeline drug assets, and about 10% will be used for working capital and other general corporate purposes [1]

和铂医药-B(02142)高开近5%，截至发稿，涨4.96%，报15.46港元，成交额204.07万港元。 消息面上，根据香港联交所披露文件，8月29日，新加坡政府投资公司(GIC)增持和铂医药4022.2万股普 通股股份，每股均价12.7133港元，价值约5.11亿港元。增持后，新加坡政府投资公司最新持股数目为 5,397.7万股股份，好仓比例由1.62%升至6.37%。 值得注意的是，和铂医药近日公布中期业绩，收入约1.01亿美元，同比增长约3.27倍；期内溢利7299.9 万美元，同比增长51.25倍。公司近期公布，拟配售合共4502.2万股新股份，占扩大后股本5.17%，每股 配售价11.5港元，预计配售事项所得款项净额5.12亿港元，约50%将用于开拓创新药物资产的研发；约 40%将用于推进现有管线药物资产的临床试验；及约10%将用于营运资金及其他一般企业用途。 ...

Group 1 - GIC Private Limited increased its stake in 和铂医药-B (02142.HK) by purchasing 40.22 million shares at an average price of HKD 12.7133 per share, totaling approximately HKD 511 million [1] - Following the acquisition, GIC's total shareholding in 和铂医药-B rose to 53.977 million shares, increasing its ownership percentage from 1.62% to 6.37% [1]

香港联交所最新资料显示，8月29日，GIC Private Limited增持和铂医药(02142)4022.2万股，每股作价 12.7133港元，总金额约为5.11亿港元。增持后最新持股数目为5397.7万股，最新持股比例为6.37%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月29日，GIC Private Limited增持和铂医药 (02142)4022.2万股，每股作价12.7133港元，总金额约为5.11亿港元。增持后最新持股数目为5397.7万 股，最新持股比例为6.37%。 ...

Core Viewpoint - The "going abroad" logic has become a crucial reference for funds to explore flexibility and assess counter-cyclical capabilities, indicating that overseas expansion is essential for achieving performance that surpasses macro data and industry growth rates [1][2]. Group 1: Fund Performance and Investment Strategy - In the context of stable economic growth, public funds have reached a consensus that "going abroad" is both a means to find incremental space and to hedge against traditional market business risks [2]. - The top ten public fund products this year have shown that overseas investments are a primary focus for finding high-quality investment opportunities [2]. - The top ten heavy stocks held by public funds include companies like Tencent, CATL, Alibaba, and Xiaomi, all of which have significant overseas revenue contributions [4]. Group 2: Overseas Revenue Contribution - New Yi Sheng has the highest overseas revenue contribution among the top ten heavy stocks, reaching 78.70% as of June 30, making it a favored choice for fund managers [4]. - Innovative drug companies are increasingly focusing on overseas licensing, with the overseas licensing amount exceeding $60 billion in the first half of the year [5]. - The overseas revenue contribution of He Bo Pharmaceutical surged to 98%, up from 37% two years ago, significantly boosting its stock price [5]. Group 3: Second Growth Curve - Fund managers are keen on exploring overseas varieties to find a second growth curve and to hedge against the slow growth of domestic revenues [6]. - Companies like Times Angel have seen their overseas revenue increase by 124%, compensating for slow domestic growth and attracting significant fund investments [6]. - QDII funds have also focused on companies like Blucor and Pop Mart, which have shown substantial overseas revenue growth compared to domestic revenue [6]. Group 4: Brand Development and Market Opportunities - The "going abroad" logic is seen as a pathway for Chinese manufacturing to upgrade to Chinese branding, providing better valuation premiums [10]. - Fund managers believe that successful overseas expansion is essential for companies with global competitiveness, driven by continuous technological innovation [10]. - The growth in the AI sector is also linked to overseas expansion, with companies like Jing Tai Holdings seeing a ninefold increase in overseas revenue, leading to significant stock price appreciation [7][8].

消息面上，和铂医药近日公布中期业绩，收入约1.01亿美元，同比增长约3.27倍；期内溢利7299.9万美 元，同比增长51.25倍。其中，分子许可费收入由2080万美元增加至9370万美元，主要由于与全球制药 公司的战略合作及新取得的创新产品对外授权。同时，研究服务及技术许可费收入由290万美元增长 164.9%至760万美元。 此外，公司公布，拟配售合共4502.2万股新股份，占扩大后股本5.17%，每股配售价11.5港元，预计配 售事项所得款项净额5.12亿港元，约50%将用于开拓创新药物资产的研发；约40%将用于推进现有管线 药物资产的临床试验；及约10%将用于营运资金及其他一般企业用途。 和铂医药(02142)涨超5%，高见15.67港元再创新高。截至发稿，涨4.89%，报15.44港元，成交额1.05亿 港元。 ...