Core Viewpoint - Xuan Zhu Biotech-B (02575) has seen a significant stock price increase, rising over 190% from its IPO price of 11.6 HKD, reaching a new high of 33.96 HKD, indicating strong market interest and confidence in the company's growth potential [1] Company Overview - Xuan Zhu Biotech is a Chinese biopharmaceutical company backed by the Hong Kong-listed company Sihuan Pharmaceutical, with dual research and development systems for small molecule drugs and large molecule biologics [1] - The company has successfully developed four candidate drugs and is actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] Product Pipeline - Currently, Xuan Zhu Biotech has three commercialized products: Annelazole sodium for duodenal ulcers, Pyrotinib for breast cancer, and Dirocitinib for non-small cell lung cancer, with approvals expected in 2023 and 2025 [1] Industry Outlook - Huafu Securities believes that the Chinese innovative drug sector is undergoing a transformation, with a positive outlook for the next 5-10 years driven by overseas business development, continuous data catalysts, and the ramp-up of new product sales [1]

Core Viewpoint - XuanZhu Biotech-B (02575) has seen a significant increase in stock price, rising over 11% and reaching a new high of 33.96 HKD, which is more than 190% above its IPO price of 11.6 HKD [1] Company Overview - XuanZhu Biotech is a Chinese biopharmaceutical company backed by Hong Kong-listed company Sihuan Pharmaceutical, with dual research and development systems for small molecule drugs and large molecule biologics [1] - The company has successfully developed four candidate drugs and is actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] Commercial Products - Currently, XuanZhu Biotech has three commercialized products: Annelazole sodium for duodenal ulcers, Pyrotinib for breast cancer, and Dirocitinib for non-small cell lung cancer, which are expected to be approved in 2023 and 2025 [1] Industry Trends - Huafu Securities believes that the Chinese innovative drug sector is experiencing a transformation driven by quantitative changes leading to qualitative changes, with a positive outlook on the industry trend over the next 5-10 years [1] - Factors such as business development overseas, continuous data catalysts, and the ramp-up of new product sales are expected to drive the rise of innovative drugs [1]

Core Viewpoint - XuanZhu Bio (02575) has seen a significant stock price increase of nearly 150% from its IPO price of HKD 11.6, closing at HKD 28.46 with a trading volume of HKD 56.32 million [1] Company Overview - XuanZhu Bio is an innovation-driven biopharmaceutical company based in China, actively developing over ten drug assets targeting digestive system diseases, tumors, and non-alcoholic fatty liver disease (NASH) [1] - The company has three NDA-approved assets, one drug project in the NDA registration stage, one in Phase III clinical trials, four in Phase I clinical trials, and five that have received IND approval [1] Fund Utilization - The net proceeds from the global offering amount to approximately HKD 701 million, with planned allocations as follows: - About 45% for the research and commercialization of core products (KBP-3571, XZP-3287, and XZP-3621) [1] - Approximately 14% for the research of key products (KM602, KM501, XZP-7797, and XZP-6924) [1] - Around 11% for funding other candidate drugs (including XZB-0004, XZP-5610, XZP-6019, and XZP-6877) [1] - About 20% to enhance commercialization and marketing capabilities, particularly through expanding sales and marketing teams [1] - Approximately 10% for working capital and other general corporate purposes [1]

轩竹生物此次全球发售所得款项净额约为7.01亿元。公司拟将其中约45%用于核心产品(即KBP-3571、 XZP-3287及XZP-3621)的研发与商业化；约14%将用于关键产品(即KM602、KM501、XZP-7797及XZP- 6924)的研发；约11%将用于为其他候选药物(包括XZB-0004、XZP-5610、XZP-6019及XZP-6877)的研发 拨资；约20%用于增强商业化及市场营销能力，尤其是通过扩张销售及市场营销团队；约10%作于营运 资金及其他一般公司用途。 公开资料显示，轩竹生物是一家以创新为驱动的中国生物制药公司。截至最后实际可行日期，公司有超 过十种药物资产在积极开发中，涵盖消化系统疾病、肿瘤和非酒精性脂肪性肝炎(NASH)，包括三项 NDA批准资产，一个药物项目处于NDA注册阶段，一个药物项目处于III期临床试验阶段，四个药物项 目处于I期临床试验阶段，五个已获IND批准。 轩竹生物(02575)尾盘涨超8%，较招股价11.6港元涨近150%，截至发稿，涨8.21%，报28.46港元，成交 额5632.89万港元。 ...

Core Viewpoint - XuanZhu Biopharma (02575) has seen a significant stock price increase of over 8%, reaching approximately 28.46 HKD, which is nearly 150% higher than its IPO price of 11.6 HKD [1] Company Overview - XuanZhu Biopharma is an innovation-driven biopharmaceutical company based in China, actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] - The company has three drug assets that have received NDA approval, one drug project in the NDA registration stage, one in Phase III clinical trials, four in Phase I clinical trials, and five that have received IND approval [1] Fund Utilization - The net proceeds from the global offering amount to approximately 701 million HKD, with the following allocation plans: - About 45% will be used for the research and commercialization of core products (KBP-3571, XZP-3287, and XZP-3621) [1] - Approximately 14% will be allocated to the research of key products (KM602, KM501, XZP-7797, and XZP-6924) [1] - Around 11% will be directed towards the development of other candidate drugs (XZB-0004, XZP-5610, XZP-6019, and XZP-6877) [1] - About 20% will enhance commercialization and marketing capabilities, particularly through expanding sales and marketing teams [1] - Approximately 10% will be used for working capital and other general corporate purposes [1]

港交所又有18A新股大涨。10月15日，轩竹生物（02575.HK）登陆港交所。上市首日，轩竹生物大幅收 涨126.72%。据了解，轩竹生物系四环医药（00460.HK）旗下公司，曾申报科创板IPO未果。作为一家 创新药企，轩竹生物已有三款产品获批上市。不过，轩竹生物目前尚未扭亏。成功登陆港交所，也为公 司后续发展打开了新的想象空间。值得一提的是，近几个月的几只18A新股，上市首日表现均不俗。诸 如，银诺医药上市首日收涨206.48%，劲方医药上市首日收涨106.47%等。 于未经过间变性淋巴瘤激酶（ALK）抑制剂治疗的ALK阳性的局部晚期或转移性非小细胞肺癌 （NSCLC）患者的治疗。 针对公司相关问题，北京商报记者向轩竹生物方面发去采访函，截至记者发稿，未收到公司回复。 报告期内持续亏损 上市首日收涨126.72% 10月15日，轩竹生物在港交所挂牌上市。公司股票高开153.97%，开盘价报29.46港元/股，盘中一度涨 逾160%，尾盘涨幅收窄，收于26.3港元/股，收涨126.72%，总市值为136.2亿港元。 根据配发结果，轩竹生物全球发售6733.35万股H股，香港公开发售占10%，国际发售占90 ...

Core Viewpoint - The successful debut of Xuan Bamboo Biotech (02575.HK) on the Hong Kong Stock Exchange, with a first-day surge of 126.72%, reflects a positive market sentiment towards biotech stocks, particularly those listed under the 18A category [1][3][7] Company Overview - Xuan Bamboo Biotech is a subsidiary of Sihuan Pharmaceutical (00460.HK) and has previously attempted to list on the STAR Market without success [1][3] - The company has three approved products and is actively developing over ten drug assets targeting various diseases, including gastrointestinal disorders, tumors, and non-alcoholic fatty liver disease [3][4] Financial Performance - Despite the successful listing, Xuan Bamboo Biotech reported continuous losses, with projected losses increasing in 2024. Revenue figures for 2023 and 2024 are 29,000 yuan and 30.09 million yuan, respectively, with losses of 301 million yuan and 556 million yuan for the same periods [5][6] - The increase in losses is attributed to reduced revenue and rising administrative expenses, particularly due to stock-based compensation for management and staff [6] Market Sentiment and Trends - The recent performance of 18A new stocks, including Xuan Bamboo Biotech, indicates a recovery in investor confidence in the biotech sector, with several stocks experiencing significant first-day gains [1][7] - The overall market sentiment towards the biotech industry has improved, driven by increased global focus on biopharmaceutical research and technological advancements [7]

Market Overview - The Hong Kong stock market experienced a strong rebound after seven consecutive declines, with the Hang Seng Index rising 1.84% to 25,910.60 points and a total trading volume of HKD 315.81 billion [1] - Market sentiment is expected to show a "first suppress then rise" trend in the short term, with a potential slow bull market in the medium to long term as multiple marginal benefits accumulate [1] Blue-Chip Stocks Performance - Alibaba (09988) saw a notable increase of 3.86%, closing at HKD 161.6, contributing 90.84 points to the Hang Seng Index [2] - Other blue-chip stocks such as China Life (02628) and JD Health (06618) also performed well, rising 6.02% and 5.82% respectively [2] Sector Highlights - Large technology stocks collectively rebounded, with Alibaba up nearly 4%, Baidu up 2.74%, and Tencent up nearly 1% [3] - The consumer sector was strong, driven by domestic demand expectations and the upcoming "Double 11" shopping festival [3] - Gold stocks surged following the spot gold price surpassing USD 4,200 per ounce, with companies like Zhenfeng Gold (01815) rising 24.21% [5] Chip Sector Developments - Semiconductor stocks generally rose, with notable increases in companies like Jingmen Semiconductor (02878) and Huahong Semiconductor (01347) [6] - The Bay Area Semiconductor Industry Ecological Expo showcased advancements in domestic electronic engineering design software, enhancing industry competitiveness [6] New Listings and Rumors - Xuan Bamboo Biotechnology (02575) debuted with a significant increase of 126.72%, closing at HKD 26.3 [7] - Sanhua Intelligent Control (02050) rose 12.92% amid rumors of a substantial order from Tesla, although the company is verifying the information [8] Earnings Reports - China National Building Material (03323) issued a profit warning, expecting a profit of approximately RMB 2.95 billion for the nine months ending September 30, 2025, compared to a loss of RMB 684 million in the same period last year [10]

中国经济网北京10月15日讯轩竹生物科技股份有限公司(以下简称"轩竹生物"，02575.HK)今日在港交所 上市，开盘报29.46港元。截至今日收盘，轩竹生物报26.30港元，涨幅126.72%。 轩竹生物是一家以创新为驱动的中国生物制药公司。 根据配发结果公告，轩竹生物本次发售股份数目67,333,500股股份，其中，香港公开发售的发售股份数 目6,733,500股股份，国际发售的发售股份数目(不包括优先发售的预留股份)57,233,500股股份。轩竹生 物于上市时已发行的股份数目517,947,790股股份。 轩竹生物本次发行的独家保荐人及保荐人兼整体协调人为中国国际金融香港证券有限公司，联席整体协 调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际金融香港证券有限公司、招银国 际融资有限公司。 配发结果公告显示，轩竹生物的基石投资者为北京德诺瑞朗十五期股权投资基金中心(有限合伙)("德诺 瑞朗十五期")，获分配的发售股份数目为6,603,000股股份，占发售股份的百分比为9.81%，占全球发售 后已发行H股总数的百分比为4.11%，占全球发售后已发行股份总数的百分比为1.27%。 | | | ...

E-commerce Sector - The e-commerce sector saw a strong performance with a near 3% increase in the index, driven by stocks like RuYuchen, YiWanYiChuang, and QingMuKeJi [2] - The "Double Eleven" shopping festival has officially started, with major platforms like Taobao and Tmall launching their promotions, following JD's early start [3] - Online retail sales in China from January to August increased by 9.6%, with significant growth in digital products such as smart wearables and computers, which grew by 25.2% and 23.7% respectively [4] Pharmaceutical Sector - The pharmaceutical and biotech sector experienced a collective surge, particularly in innovative drugs, with the index rising over 2% [7] - Companies like Asia Pacific Pharmaceutical and Guangsheng Tang saw significant stock price increases, with some stocks hitting the daily limit [7] - The IPO market for innovative drugs is heating up, with a focus on cutting-edge fields such as small molecule drugs and antibody-drug conjugates [9] Cross-border E-commerce - Cross-border e-commerce is rapidly expanding, with sales of Indonesian bird's nest and Kazakh safflower oil increasing by 160.1% and 143.2% respectively from January to August [6] - The growth in e-commerce promotions is expected to release potential consumer demand, benefiting shelf e-commerce [6] New Listings - XuanZhu Bio debuted on the Hong Kong Stock Exchange, initially surging over 167% before stabilizing at a still significant increase of over 130% [10][11] - XuanZhu Bio focuses on "digestion + oncology" and is also entering the NASH market, which currently lacks approved therapies in China, indicating a large unmet need [12] Market Trends - The overall A-share market showed slight fluctuations, with major indices experiencing mixed results, but the number of rising stocks outnumbered those that fell [5] - The innovative drug sector is expected to see a transformation driven by business development (BD) opportunities and new product launches, with a record 95 BD transactions in China's innovative drug sector since 2025 [12]