Core Viewpoint - The partnership between Guoshengtang Traditional Chinese Medicine Group and Nanyang Technological University aims to enhance the training of TCM professionals and evidence-based research in Singapore, contributing to the local healthcare ecosystem [1][9]. Academic Foundation - The collaboration represents a deep integration of a top academic institution and a quality healthcare service provider, focusing on talent and research as core pillars to support overseas development [4]. - The partnership aligns with Singapore's healthcare priorities, particularly in aging population management and chronic disease care, highlighting the growing importance of TCM [4]. Talent Development - The initiative includes inviting top TCM experts from China to lecture in Singapore, establishing doctoral scholarships, and creating international exchange programs to cultivate a globalized TCM talent pool [5]. - The collaboration will facilitate evidence-based research that meets international standards, enhancing the scientific credibility of TCM [5]. Technological Empowerment - Guoshengtang is leveraging AI and big data to digitize the clinical experiences of top TCM experts, creating an AI-assisted diagnostic system to enhance the efficiency of TCM practices [6]. - The "Chinese Medicine Brain" AI system serves as both an intelligent assistant for practitioners and a mentor for young TCM doctors, significantly shortening the training period for overseas practitioners [6][7]. Capital Support - A strategic investment from August Global Partners (AGP) will accelerate Guoshengtang's internationalization efforts and the development of AI technologies in TCM [8]. - Since entering the Singapore market in 2024, Guoshengtang has rapidly expanded, operating 16 clinics by December 2025, with plans to increase to 50 clinics by the end of 2026 [8]. Strategic Significance - This partnership is a milestone in the internationalization of TCM, integrating academic, technological, and capital elements to enhance TCM's position and credibility within Singapore's healthcare system [9]. - Guoshengtang aims to use Singapore as a core hub for regional development, expanding its influence across Southeast Asia and globally [9].

相关投资者为Ginkgo Health Investment Ltd.。Ginkgo Health Investment Ltd.为根据开曼群岛法律注册成立 的豁免公司，由Boyu Capital Growth Fund I, Pte. Ltd.全资拥有，而Boyu Capital Growth Fund I, Pte. Ltd.为 由其投资顾问Boyu Capital Group Management Ltd.提供建议的私募股权基金。Boyu Capital Group Management Ltd.为全球科技、医疗保健、消费品及可持续能源等领域的领先企业提供催化资本与战略 支持。 待完成发行可换股债券后，预计发行可换股债券募集净额约1.087亿美元，拟用于股份回购以优化资本 结构并提高股东价值，开发应用于中医诊疗、健康管理及专家经验传承的人工智能系统以及一般营运资 金用途。 智通财经APP讯，固生堂(02273)公布，于2026年1月26日(交易时段后)，公司与相关投资者订立认购协 议，拟向相关投资者发行本金总额为1.1亿美元的可换股债券，初始换股价为每股股份37.77港元，较股 份于2026年1月26日 ...

格隆汇1月26日丨固生堂(02273.HK)公告，于2026年1月26日，公司与相关投资者订立认购协议，据此， 公司有条件同意发行而相关投资者有条件同意认购本金总额为110,000,000美元的可换股债券。 初始换股价为每股股份37.77港元，较股份于2026年1月26日(即签订认购协议交易日)于联交所所报的收 市价每股30.90港元溢价约22.23%；公司拟将认购事项所得款项用于(i)股份回购以优化资本结构并提高 股东价值，(ii)开发应用于中医诊疗、健康管理及专家经验传承的人工智能系统以及(iii)一般营运资金用 途。 ...

待完成发行可换股债券后，预计发行可换股债券募集净额约1.087亿美元，拟用于股份回购以优化资本 结构并提高股东价值，开发应用于中医诊疗、健康管理及专家经验传承的人工智能系统以及一般营运资 金用途。 相关投资者为Ginkgo Health Investment Ltd.。Ginkgo Health Investment Ltd.为根据开曼群岛法律注册成立 的豁免公司，由Boyu Capital Growth Fund I,Pte.Ltd.全资拥有，而Boyu Capital Growth Fund I,Pte.Ltd.为由 其投资顾问Boyu Capital Group Management Ltd.提供建议的私募股权基金。Boyu Capital Group Management Ltd.为全球科技、医疗保健、消费品及可持续能源等领域的领先企业提供催化资本与战略 支持。 固生堂(02273)公布，于2026年1月26日(交易时段后)，公司与相关投资者订立认购协议，拟向相关投资 者发行本金总额为1.1亿美元的可换股债券，初始换股价为每股股份37.77港元，较股份于2026年1月26日 于联交所所报的收市价每股3 ...

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分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告並非亦無意成為於美國或任何其他在根據任何有關司法權區證券法辦理登記或取得 資格前作出有關要約、招攬或銷售即屬違法的司法權區出售本公司證券之要約或招攬購買本 公司證券之要約。本公告所述證券概無且不會根據美國證券法登記，且不可在美國境內發售 或出售，惟根據美國證券法下的豁免或在不受美國證券法規限的交易中除外。本公告及本公 告所載資料不得直接或間接在美國境內分發或分發至美國。本公告所述證券並無亦不會在美 國境內公開發售。 GUSHENGTANG HOLDINGS LIMITED 固 生 堂 控 股 有 限 公 司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2273） 根據一般授權建議發行可換股債券 本公司的財務顧問 認購協議 於2026年1月26日（交易時段後），本公司與相關投資者訂立認購協議，據此， 本公司有條件同意發行而 ...

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index by 9.1% [1][4] - The pharmaceutical industry has seen significant growth, attributed to the valuation correction in Q4 of the previous year and strong allocation willingness from institutional investors at the beginning of the year [1][4] - Looking ahead to 2026, the trend of innovative drugs going overseas is expected to continue, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1][4] Group 2 - The estimated market size for patented drugs in China is approximately 300 billion to 400 billion RMB, accounting for about 25% to 35% of total drug sales in China [1][4] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1][4] - The company recommends buying shares in Sanofi (01530), Genscript (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1][4]

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation adjustments from the fourth quarter of last year and strong allocation intentions from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1] Group 2 - The current market size of patented drugs in China is estimated to be between 300 billion to 400 billion RMB, accounting for approximately 25% to 35% of total drug sales in China [1] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1] - The company recommends buying shares of three pharmaceutical firms: 3SBio (01530), Genscript Biotech (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1]

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation correction in the fourth quarter of last year and strong allocation willingness from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1] Group 2 - The current market size of patented drugs in China is estimated to be between 300 billion to 400 billion RMB, accounting for approximately 25% to 35% of total drug sales in China [1] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1] - The company recommends buying shares of three pharmaceutical firms: 3SBio (01530), Genscript Biotech (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1]

Core Viewpoint - The AI healthcare sector in Hong Kong is experiencing a strong bullish trend, driven by clear industry trends and significant market demand for AI health solutions [1] Group 1: Market Performance - Alibaba Health has surged over 13%, leading the market with a cumulative increase of over 46% this month [1] - Other notable performers include Yidu Tech with a rise of over 9%, MicroPort Robotics up by 8.9%, and Ping An Good Doctor increasing by over 4% [1] - Additional companies such as Yimaitong, JD Health, and Gushengtang also saw gains [1] Group 2: Industry Drivers - The launch of Ant Group's AI health assistant "Antifufu" has seen monthly active users exceed 30 million, with daily inquiries surpassing 10 million, indicating strong demand in the health AI sector [1] - OpenAI's introduction of "ChatGPT Health" on January 8 further emphasizes the confidence of leading AI companies in the health AI market [1] Group 3: Market Forecast - Frost & Sullivan predicts that China's "AI + healthcare" market will grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% over the next decade [1] - Huafu Securities reports that the AI healthcare industry is entering a critical phase of commercialization, supported by national strategies and market demand [1] - The report highlights a closed-loop demand for AI applications, which will sustain the continuous development of the AI industry [1]

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation correction that occurred in the fourth quarter of last year, leading to strong allocation interest from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already entered international markets [1] Group 2 - The report recommends buying shares in companies such as 3SBio, Genscript Biotech, WuXi AppTec, and China National Pharmaceutical Group [1]