New IPOs - The largest biotech IPO in Hong Kong for 2025 is initiated by Insilico Medicine (03696), which boasts the fastest global progress in AI drug development [1] - Lin Qingxuan (02657) will conduct its IPO from December 18 to December 23, attracting cornerstone investors like Fidelity [1] - Woan Robotics (06600) is set to launch its IPO during the same period, with an expected listing date of December 30 [1] - Meilian Holdings (02671) and Wuyi Vision (06651) will also hold their IPOs from December 18 to December 23, both expected to list on December 30 [1] - Xun Ce (03317) will follow the same IPO schedule, with a listing anticipated on December 30 [1] - Zhihui Mining (02546) achieved a remarkable 5248.15 times subscription in its public offering, with a listing date of December 19 [1] - China National Airlines (00753) plans to invest in Shenzhen Airlines' equity financing, with Kunhang Investment, a state-owned entity, being shortlisted [1] - Sensetime-W (00020) intends to place 1.75 billion new Class B shares, aiming to raise approximately HKD 3.146 billion [1] - Fosun Pharma (02196) is enhancing its overseas innovative drug strategy by signing a cooperation and option agreement with Clavis Bio [1] - WuXi AppTec (02359) invested around EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [1] - Minhua Holdings (01999) plans to acquire 100% equity in the American soft furniture company Gainline Recline Intermediate Corp [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.055 million shares for HKD 636 million on December 18 [2] - Xiaomi Group-W (01810) spent HKD 151 million to buy back 3.75 million shares on the same day [2] - COSCO Shipping Holdings (01919) repurchased 5.9 million shares for HKD 80.557 million [2] - Country Garden Services (06098) bought back 2.7 million shares for HKD 17.136 million [2] - Jiangsu Ninghu Expressway (00177) saw an increase of 52.862 million shares by Yunsong Capital [2]

Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma is a strategic move to gain control over the Alzheimer's drug "Jiuyiqi" (Mannose Sodium Capsules), which has faced regulatory challenges and production halts, reflecting both potential opportunities and significant risks in the CNS disease market [1][3][4]. Company Summary - Fosun Pharma plans to invest approximately 1.412 billion RMB to acquire a 53% stake in Green Valley Pharmaceutical, which will be consolidated into Fosun's financial statements post-acquisition [1]. - The core asset of this acquisition is the drug "Jiuyiqi," which has been halted from commercial production due to regulatory issues, specifically the expiration of its drug registration certificate in November 2024 [1][4]. - Green Valley's revenue for the first three quarters of 2025 was only 102 million RMB, with a net loss of 67.61 million RMB, indicating a significant decline in its financial health [1][4]. Industry Summary - The Alzheimer's drug market is characterized by high unmet clinical needs, with approximately 17 million patients in China and projected social costs reaching 3.2 trillion RMB by 2030 [9]. - "Jiuyiqi" has been surrounded by controversy regarding its efficacy and regulatory compliance, leading to a halt in its production and a rise in black market activity due to supply shortages [4][5]. - The acquisition is part of Fosun's broader strategy to enhance its portfolio in the CNS disease sector, which includes investments in diagnostic and therapeutic technologies [6][7].

如本次合作中的某一合作项目获 Clavis Bio 行使选择权，就该单一合作项目而言，本集团将可获得至多 36,250 万美元付款（包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款），并可基于该合 作项目所涉产品于许可区域内的净销售额达成情况收取约定百分比例的特许权使用费；此外，本集团还 将以零对价对应获得 Clavis Bio 之控股股东（即 Aditum Bio Fund 3）为该合作项目而相应单独设立之新 项目公司约定比例的少数股权。 格隆汇12月18日丨复星医药(600196.SH)公布，公司控股子公司复星医药产业与合作方ClavisBio签订 《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与ClavisBio 共同选定靶点 （基于 Clavis Bio 提名）并推进针对获选靶点化合物（即合作项目）的临床前开发。Clavis Bio 就该等 合作项目享有除中国境内、香港、澳门外的全球范围内开发、生产及商业化独家许可的选择权；无论合 作方是否行使上述选择权，本集团就该等合作项目均享有于中国境内、香港、澳门独家开发、生产及商 业化的权利。 ...

Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%. Net profit reached approximately HKD 147 million, up 121.4% year-on-year [2] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership for approximately HKD 1.337 billion to facilitate a REITs issuance [2] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [2] - Weichai Power (03393.HK) won a bid for the Brazil CPFL project with a contract amount exceeding HKD 80 million [3] - WuXi AppTec (02359.HK) invested approximately EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [3] - Joy Spreader Group (02473.HK) established a long-term strategic cooperation with New Stone Technology in areas such as autonomous vehicle procurement and market promotion [3] - Fosun Pharma (02196.HK) signed a cooperation and option agreement with Clavis Bio to jointly advance preclinical development of selected target compounds [3] - CSPC Pharmaceutical Group (01093.HK) reported top-line analysis data from the Phase III clinical trial of its drug, Truxima [3] - Yihai International (01662.HK) announced a strategic cooperation between Trio AI and HGC [4] Financing and Buyback Activities - Zhi Yuan Holdings (00990.HK) plans to issue a total of 515 million new shares at a discount of approximately 1.4%, aiming to raise about HKD 355.3 million [5] - Tencent Holdings (00700.HK) repurchased 1.055 million shares for HKD 636 million, with buyback prices ranging from HKD 599.5 to HKD 605.5 [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 151 million, with buyback prices between HKD 40.12 and HKD 40.24 [6] - COSCO Shipping Holdings (01919.HK) repurchased 5.9 million shares for HKD 80.6 million, with buyback prices from HKD 13.52 to HKD 13.76 [7] - Kuaishou-W (01024.HK) repurchased 1.235 million shares for HKD 80.2 million, with buyback prices ranging from HKD 64.35 to HKD 65.60 [7] - Geely Automobile (00175.HK) repurchased 1.908 million shares for HKD 31.8 million, with buyback prices between HKD 16.26 and HKD 16.8 [8]

12月18日晚间，复星医药（600196）发布公告，公司控股子公司复星医药产业与合作方Clavis Bio签订 《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与Clavis Bio共同选定靶点(基 于Clavis Bio提名)并推进针对获选靶点化合物(即合作项目)的临床前开发。 同时，Clavis Bio会否就合作项目行使选择权，尚存在不确定性；即使Clavis Bio行使选择权，各合作项 目相关开发注册里程碑付款、销售里程碑付款及特许权使用费，仍须以约定的临床、商业化进展、销售 达成情况等作为触发条件。因此，公司基于后期潜在对外许可实际收取的开发注册里程碑付款、销售里 程碑付款及特许权使用费亦存在不确定性。 Clavis Bio将就该等合作项目享有除中国内地、香港、澳门外的全球范围内开发、生产及商业化独家许 可的选择权；无论合作方是否行使上述选择权，复星医药就该等合作项目均享有于中国内地、香港、澳 门独家开发、生产及商业化的权利。 就在通过合作拓展海外市场的同时，复星医药也在通过收购等方式获取新药管线。12月16日，复星医药 发布公告，控股子公司复星医药产业拟出资14.12亿元控股收购绿谷 ...

12月18日，复星医药（股票代码：600196.SH；02196.HK）宣布，其控股子公司上海复星医药产业发展 有限公司（以下简称"复星医药产业"）与生物技术公司Clavis Bio， Inc.（以下简称"Clavis Bio"）达成 战略合作，双方将基于由Clavis Bio提名的前沿靶点共同开发创新疗法。Clavis Bio系Aditum Bio旗下基 金为本次合作设立的全资控股子公司。 根据协议，双方将在约定的5年合作期限内，基于Clavis Bio提名的靶点（每年至多4个）共同选定并推 进针对获选靶点化合物的临床前开发。针对每个合作项目，Clavis Bio享有在除中国内地及港澳地区以 外的全球区域内进行开发、生产及商业化的独家许可选择权。无论Clavis Bio是否行使该项全球许可选 择权，复星医药均保留在中国内地及港澳地区进行独家开发、生产和商业化的权利。 如本次合作中的某一合作项目获Clavis Bio行使选择权，就该单一合作项目而言，复星医药将可获得至 多3.625亿美元付款，包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款，并可基于该合 作项目所涉产品于许可区域内的净销售额达成情况收 ...

据悉，Clavis Bio 成立于 2025 年 3 月，注册地为美国特拉华州，其总裁为 Praveena Kandula。Clavis Bio 系 Aditum Bio 旗下基金(即 Aditum Bio Fund 3)为本次合作而设立的全资子公司。Aditum Bio 主要从事生 物科技领域风险投资，系由诺华前首席执行官 Joe Jimenez 及诺华生物医学研究院(Novartis Institutes for Biomedical Research)前院长 Mark Fishman 博士于 2019 年共同创立，致力于加速临床需求未被满足且影 响重大的疾病领域药物开发，以此改善人类健康。Aditum Bio 主要通过筛选并许可引进高潜力候选分子 推进候选药物的临床研究。 本次合作旨在充分发挥合作双方各自研发优势，进一步丰富集团高价值产品管线储备，且后期可通过潜 在对外许可加快该(等)管线在全球范围的临床开发和商业化进程，持续拓展集团创新产品的海外布局。 如本次合作中的某一合作项目获 Clavis Bio 行使选择权，就该单一合作项目而言，该集团将可获得至多 36,250 万美元付款(包括不可煺还的行权 ...

据悉，Clavis Bio成立于2025年3月，注册地为美国特拉华州，其总裁为Praveena Kandula。Clavis Bio系 Aditum Bio旗下基金(即Aditum Bio Fund3)为本次合作而设立的全资子公司。Aditum Bio主要从事生物科 技领域风险投资，系由诺华前首席执行官Joe Jimenez及诺华生物医学研究院(Novartis Institutes for Biomedical Research)前院长Mark Fishman博士于2019年共同创立，致力于加速临床需求未被满足且影响 重大的疾病领域药物开发，以此改善人类健康。Aditum Bio主要通过筛选并许可引进高潜力候选分子推 进候选药物的临床研究。 本次合作旨在充分发挥合作双方各自研发优势，进一步丰富集团高价值产品管线储备，且后期可通过潜 在对外许可加快该(等)管线在全球范围的临床开发和商业化进程，持续拓展集团创新产品的海外布局。 复星医药（600196）(02196)公布，2025年12月18日，公司控股子公司复星医药产业与合作方Clavis Bio 签订《合作及选择权协议》，根据约定，于约定合作期限内，由复星医 ...

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的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對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的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 控股子公司簽訂合作及選擇權協議的公告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年1 2 月1 8 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生； 本公 司之非執行董事為陳啟宇先生及潘東輝先生； 本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳 ...

证券代码：600196 股票简称：复星医药 编号：临 2025-200 上海复星医药（集团）股份有限公司 关于控股子公司签订合作及选择权协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ●协议类型：合作开发及授予合作方独家许可的选择权 ●协议内容：于约定合作期限内，由控股子公司复星医药产业与合作方 Clavis Bio 共同选定靶点（基于 Clavis Bio 提名）并推进针对获选靶点化合物（即合作项 目）的临床前开发。Clavis Bio 就该等合作项目享有除中国境内、香港、澳门外的 全球范围内开发、生产及商业化独家许可的选择权；无论合作方是否行使上述选择 权，本集团就该等合作项目均享有于中国境内、香港、澳门独家开发、生产及商业 化的权利。 如本次合作中的某一合作项目获 Clavis Bio 行使选择权，就该单一合作项目而 言，本集团将可获得至多 36,250 万美元付款（包括不可退还的行权费、开发注册里 程碑付款及销售里程碑付款），并可基于该合作项目所涉产品于许可区域内的净销 售额达成情况收取约定百 ...