Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Core Viewpoint - Jing Tai Holdings (02228) announced the issuance of 225,000 shares under its share scheme on November 20, 2025 [1] Company Summary - The company plans to issue a total of 225,000 shares [1]

Core Viewpoint - Crystal Holdings (02228) announced the issuance of 225,000 shares under its share scheme on November 20, 2025 [1] Group 1 - The company will issue a total of 225,000 shares [1]

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： 晶泰控股有限公司（"本公司"） 呈交日期： 2025年11月20日 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 。 FF305 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) | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市 ...

Core Insights - On November 17, 2025, Alibaba-W (09988), the Tracker Fund of Hong Kong (02800), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.484 billion, 3.356 billion, and 2.080 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 3.686 billion, 1.774 billion, and 1.599 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 6.484 billion, net buy of 868 million - Tracker Fund of Hong Kong (02800): 3.356 billion, net buy of 3.180 billion - SMIC (00981): 2.080 billion, net sell of 29.1529 million - Tencent Holdings (00700): 1.735 billion, net sell of 1.8 billion - Xiaomi Group-W (01810): 1.577 billion, net buy of 435 million - Huahong Semiconductor (01347): 1.571 billion, net buy of 85.3433 million - Ganfeng Lithium (01772): 1.209 billion, net sell of 88.1303 million - Horizon Robotics-W (09660): 842 million, net buy of 60.0033 million - Pop Mart (09992): 824 million, net buy of 219 million - Jingtaik Holdings (02228): 806 million, net buy of 60.6432 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 3.686 billion, net buy of 1.202 billion - SMIC (00981): 1.774 billion, net sell of 44.1418 million - Tencent Holdings (00700): 1.599 billion, net buy of 258 million - Xiaomi Group-W (01810): 1.372 billion, net sell of 15.5 million - Huahong Semiconductor (01347): 1.054 billion, net sell of 74.6878 million - Ganfeng Lithium (01772): 708 million, net buy of 4.5961 million - Meituan-W (03690): 612 million, net buy of 248 million - Tracker Fund of Hong Kong (02800): 547 million, net buy of 546 million - XPeng Motors-W (09868): 532 million, net sell of 52.5404 million - China Mobile (00941): 491 million, net sell of 18.3796 million [2]

Summary of Key Points from the Conference Call Company Overview - **Company**: 金财控股 (Jincai Holdings) - **Industry**: Biotechnology and AI for Science Core Business and Model - 金财控股 focuses on using AI and robotics to empower drug discovery and new materials, operating as a research and development service platform [2][7][9] - The company has over 300 global clients, including 17 of the top 20 multinational pharmaceutical companies, showcasing its industry-leading technology platform [2][8] Recent Developments - A significant collaboration with 礼来 (Eli Lilly) was established, valued at approximately $350 million, involving AI-enabled large molecule antibody drug development [3][17] - Two AI-developed molecules for hair growth have been registered as cosmetic ingredients in the U.S. and received FDA approval, indicating successful application of AI technology in consumer products [2][3] Financial Performance and Market Position - The company went public on June 13, 2024, becoming the first listed company in the specialized technology and AI for Science sector, with over 43% of shares held through the Hong Kong Stock Connect [2][6] - Major institutional investors, including Vanguard and BlackRock, have invested in the company, reflecting confidence in its long-term growth [2][6] Competitive Advantage - Unlike traditional Chinese pharmaceutical companies that transfer pipelines to large overseas firms after significant investment, 金财控股 shares R&D costs and outcomes with clients, ensuring stable long-term development [5][9] - The company’s unique fee structure covers the entire lifecycle of drug development, significantly shortening the R&D cycle from 4-6 years to approximately 2 years [9][11] AI and Robotics in Drug Development - AI enhances drug discovery by overcoming human experience limitations, allowing for multi-target and multi-property optimization, which significantly reduces time and costs while increasing success rates [10][11] - The 24/7 operation of robotic laboratories improves experimental efficiency and accumulates high-quality data for further AI training, creating a rapid iterative feedback loop [11][12] Market Potential and Future Outlook - The hair growth product developed showed an 80% effectiveness rate in a trial with 100 participants, indicating substantial market potential, as approximately 2.5 billion people globally suffer from hair loss [15] - The company anticipates maintaining a growth rate of 50-70% annually, excluding unexpected large orders [17] Impact of External Factors - The company is insulated from U.S.-China tensions as it focuses on preclinical research and does not handle sensitive clinical trial data [18] - The company has received recognition for its data capabilities, winning a national award for data elements, which is crucial for enhancing AI algorithms [19][23] Conclusion - 金财控股 is positioned as a leader in the biotechnology sector, leveraging AI and robotics to innovate drug discovery and development, with a robust business model that emphasizes collaboration and shared success with clients. The company's strategic partnerships and technological advancements suggest a promising future in both pharmaceutical and materials science markets.

Group 1 - The stock of Crystal International Holdings (02228.HK) opened nearly 4% higher and is currently up 3.6%, trading at HKD 11.52 [2] - The trading volume reached HKD 13.7434 million [2]

Core Viewpoint - Jingtai Holdings (02228) has successfully developed and validated two innovative topical active ingredients for hair loss prevention and growth, leveraging its industry-leading AI molecular discovery platform, marking its entry into the consumer health sector [1] Group 1: Product Development - The two active ingredients developed are small molecule Remeanagen (XTP-118) and peptide AquaKine (XTP-016), both of which have successfully passed the INCI registration in the United States [1] - The combined formulation product Groland has also received FDA registration, indicating regulatory approval for market entry [1] Group 2: Strategic Partnerships - Jingtai's wholly-owned subsidiary Ailux has entered into a multi-target strategic cooperation and platform licensing agreement with Eli Lilly, with a total agreement value of up to $345 million, including several million dollars in upfront payments and milestone payments [1] - This partnership aims to accelerate the discovery and development of bispecific antibodies across multiple therapeutic areas, utilizing Ailux's proprietary platform and AI antibody research capabilities [1] - This collaboration follows a previous $250 million agreement between Jingtai Technology and Eli Lilly for AI small molecule drug development [1]

Core Viewpoint - Jingtai Holdings (02228) has successfully developed and validated two innovative topical active ingredients for hair loss prevention and growth, leveraging its industry-leading AI molecular discovery platform [1] Group 1: Product Development - The two developed molecules are small molecule Remeanagen (XTP-118) and peptide AquaKine (XTP-016), both of which have successfully passed the INCI registration in the US [1] - The combined formula product Groland has also received FDA registration, marking Jingtai's entry into the promising consumer health sector [1] Group 2: Strategic Partnerships - Jingtai's wholly-owned subsidiary Ailux has entered into a multi-target strategic cooperation and platform licensing agreement with Eli Lilly, with a total agreement value of up to $345 million, including tens of millions in upfront payments and milestone payments [1] - Eli Lilly will utilize Ailux's proprietary platform to accelerate the discovery and development of bispecific antibodies across multiple therapeutic areas, while also leveraging its AI antibody research platform to enhance internal pipeline research [1] - This partnership follows a previous $250 million collaboration between Jingtai Technology and Eli Lilly for AI small molecule drug development earlier in 2023 [1]

Core Viewpoint - Crystal Tech Holdings (02228) has successfully developed and validated two innovative topical active ingredients for hair loss prevention and growth, leveraging its industry-leading AI molecular discovery platform [1] Group 1: Product Development - The two active ingredients, small molecule Remeanagen™ (XTP-118) and peptide AquaKine™ (XTP-016), have shown significant improvements in hair growth and anti-hair loss efficacy, safety, and onset speed compared to existing products [1] - Both molecules have successfully passed the INCI (International Nomenclature of Cosmetic Ingredients) registration in the United States [1] - The combined formulation product, Groland, has received cosmetic registration from the FDA (Food and Drug Administration), marking a significant entry into the consumer health sector [1] Group 2: Strategic Vision - Crystal Tech's new mission statement emphasizes the integration of AI into every new drug and the incorporation of AI molecules into enhancing everyday life [1] - The company aims to tackle major diseases through drug development while also creating consumer-grade molecular products to improve the quality of life for the general public [1]