Core Viewpoint - The company has initiated the first patient dosing in a Phase II clinical trial for Isunaprevir α aimed at treating obesity and overweight in Australia, with an expected enrollment of approximately 200 participants [1] Group 1 - The company is conducting a Phase II clinical trial for Isunaprevir α [1] - The trial is focused on treating obesity and overweight [1] - The first patient dosing occurred on August 25, 2025 [1] Group 2 - The trial is expected to enroll around 200 participants [1]

Group 1 - The company has announced the completion of the first patient dosing in a Phase II clinical trial for Isupegadex α aimed at treating obesity and overweight in Australia [1] - The clinical trial is expected to enroll approximately 200 participants [1]

Core Viewpoint - Company plans to initiate a Phase II clinical trial for its core product, Isuparaglutide α, targeting obesity and overweight in Australia in the second half of 2025 [1] Group 1 - The company has completed the first patient dosing for the Phase II clinical trial of Isuparaglutide α in Australia on August 25, 2025 [1] - Approximately 200 participants are expected to be enrolled in the clinical trial [1]

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，並明確表示概不就因本公告全部或任何部分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。 Guangzhou Innogen Pharmaceutical Group Co., Ltd. 廣州銀諾醫藥集團股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：2591） 自願性公告 有關於澳大利亞進行核心產品臨床試驗的最新業務進展 本公告乃廣州銀諾醫藥集團股份有限公司（「本公司」）作出，以向本公司股東（「股 東」）及有意投資者告知有關其近期的業務最新進展。 誠如本公司日期為2025年8月7日的招股章程所披露，本公司計劃於2025年下半年 在澳大利亞啟動本公司用核心產品（即依蘇帕格魯肽α）治療肥胖和超重的II期臨 床試驗。本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月25日，本公 司已在澳大利亞完成依蘇帕格魯肽α用於治療肥胖和超重的II期臨床試驗的首例患 者給藥。本公司預期該臨床試驗將有約200名參與者入選。 提示聲明：本公司無法保證最終能夠在澳大利亞成功開發及╱或銷 ...

Group 1 - The company, Silver诺医药-B (02591.HK), announced that its board meeting will be held on August 29, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1]

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，並明確表示概不就因本公告全部或任何部分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。 Guangzhou Innogen Pharmaceutical Group Co., Ltd. 廣州銀諾醫藥集團股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：2591） 董事會會議通告 廣州銀諾醫藥集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事 會會議將於2025年8月29日（星期五）舉行，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2025年6月30日止六個月之中期業績及其發佈。 承董事會命 廣州銀諾醫藥集團股份有限公司 董事長、執行董事及總經理 WANG QINGHUA博士 中華人民共和國，上海 2025年8月19日 於本公告日期，董事會包括執行董事WANG QINGHUA博士、姜帆女士、徐文潔 女士及黃冰先生；非執行董事HO KYUNG SHIK先生及衡磊先生；及獨立非執行 董事陶武平先生、宋瑞霖博士及陳向榮先生。 ...

Core Viewpoint - Silver诺医药 (02591.HK) made a strong debut on the Hong Kong Stock Exchange, with a significant increase of 206.5% on its first trading day, closing at HKD 57.25 per share, resulting in a total market capitalization of HKD 26.15 billion [1] Company Overview - Silver诺医药 was established in 2014 and focuses on the discovery, development, and commercialization of innovative therapies for diabetes and other metabolic diseases [1] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic disorders [1] Market Response - The public offering portion of Silver诺医药 was oversubscribed by 5,341.66 times, indicating strong investor interest [1]

Group 1 - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, becoming the first company to utilize the new allocation mechanism under the recent IPO regulations [1] - On its first trading day, Yinnuo's stock price surged over 280%, with approximately 260,000 subscriptions leading to an oversubscription of 5,364 times, making it the second highest oversubscription this year [1] - The new IPO mechanism allows for a pre-locked public subscription ratio of 10% and an international placement ratio of 90%, with no mechanism for reallocation, ensuring institutional investors receive a stable allocation [1][3] Group 2 - The Hong Kong Stock Exchange's new IPO pricing mechanism, effective from August 4, is considered the most comprehensive adjustment in 27 years, aimed at balancing the interests of institutional and retail investors [3][4] - The minimum allocation for institutional investors has been reduced from 50% to 40%, and a dual-track allocation mechanism has been introduced, allowing issuers to choose between traditional reallocation or a pre-locked allocation [3][4] - Mechanism B, which is being increasingly favored by issuers, allows for a public subscription ratio between 10% and 60%, with no reallocation, enhancing flexibility for issuers [4] Group 3 - The reform aims to improve pricing efficiency by enhancing the role of professional institutional investors in the pricing process, which was previously dominated by retail investors [6][7] - The new rules are expected to reduce pricing bubbles caused by excessive retail subscriptions and mitigate the risk of post-listing price drops [6][7] - The market is witnessing a shift where high-quality projects are increasingly leaning towards institutional investors, as seen in recent IPOs like Ningde Times and Heng Rui Pharmaceutical [4][10] Group 4 - The Hong Kong IPO market has shown strong performance, with 53 new listings and a total fundraising amount of approximately HKD 127 billion in the first seven months of the year, a year-on-year increase of over six times [10] - Approximately two-thirds of the recent IPO investors are from foreign capital, indicating a growing interest from international long-term investors [10][12] - The previous allocation mechanism often left institutional investors struggling to secure adequate shares, leading to increased competition and the need to purchase shares in the secondary market [10][12] Group 5 - Retail investors are expressing concerns about their reduced chances of obtaining shares in IPOs due to the new allocation mechanisms, particularly with the public subscription ratio being locked at a low level [14][15] - The new rules may lead to a decrease in retail participation, as many retail investors feel that their chances of winning allocations are diminishing [15][17] - Despite the challenges for retail investors, the reforms aim to enhance overall market stability and reduce the risk of price drops post-listing, potentially benefiting all investors in the long run [16][17]

Core Viewpoint - The article discusses the recent IPO of Guangzhou Yinnuo Pharmaceutical Group, which became the first company to utilize the new allocation mechanism under the Hong Kong Stock Exchange's (HKEX) revised IPO rules, highlighting a shift towards favoring institutional investors over retail investors in the IPO process [1][6][16]. Summary by Sections IPO Mechanism Reform - The HKEX's new IPO pricing mechanism, effective from August 4, is considered the most comprehensive reform in 27 years, aimed at balancing the interests of institutional and retail investors [6][7]. - The new rules lower the minimum allocation for institutional investors from 50% to 40% and introduce a dual-track allocation mechanism, allowing issuers to choose between a traditional mechanism with a flexible allocation or a fixed allocation with no reallocation [6][9]. Impact on Institutional Investors - The reform is expected to enhance the participation of institutional investors, who have historically faced challenges in securing adequate allocations due to the previous reallocation mechanisms favoring retail investors [12][13]. - Notable IPOs like CATL and Heng Rui Pharmaceutical have already shown a trend of favoring institutional investors, with CATL locking in a low public offering ratio of 7.5% to ensure a larger share for institutions [7][12]. Retail Investor Concerns - Retail investors are increasingly concerned about their reduced chances of obtaining shares in IPOs, as seen in the case of Yinnuo Pharmaceutical, which had a public offering oversubscription of 5,364 times, leading to a lottery system for allocations [1][16]. - The new rules may lead to a perception of unfairness among retail investors, as they may find it more difficult to participate in IPOs, potentially diminishing their enthusiasm for the market [16][17]. Market Dynamics and Pricing Efficiency - The reform aims to improve pricing efficiency by allowing more informed institutional investors to participate in the pricing process, which could reduce the risk of inflated IPO prices and subsequent poor performance [9][10]. - However, the initial performance of Yinnuo Pharmaceutical, which saw its stock price surge over 200% on the first day, raises questions about the effectiveness of the new pricing mechanism in stabilizing stock prices [10][11]. Future Outlook - The HKEX has acknowledged the concerns of retail investors and made some adjustments to the proposed reforms, but the overall trend appears to favor institutional investors, which may lead to a more rational market environment in the long term [18][19]. - The ongoing transition period may result in volatility in the IPO market as both institutional and retail investors adjust to the new rules [10][19].

Group 1 - The new listing rules of the Hong Kong Stock Exchange took effect on August 4, focusing on IPO issuance and pricing mechanisms, as well as public market regulations [1] - Silver诺医药-B (HK02591) experienced significant market interest during its subscription phase, with over 250,000 investors participating and nearly HKD 300 billion frozen in subscriptions [1] - On August 15, Silver诺医药 officially listed on the Hong Kong Stock Exchange at a price of HKD 18.68 per share, with an opening price that surged over 200%, closing with a gain of 206.48% [3] Group 2 - The new rules allow new listing applicants to choose between Mechanism A or Mechanism B for public subscription distribution, with Mechanism B allowing a fixed allocation of 10% to 60% for public offerings [4] - Silver诺医药 opted for Mechanism B, allocating only 10% of its shares for public sale, resulting in a significantly lower chance of winning shares for retail investors [4][5] - The company received 5,341.66 times the subscription demand, but only 0.5% of investors successfully obtained shares, with only 18,300 out of over 250,000 participants winning shares [5] Group 3 - Silver诺医药 focuses on innovative therapies for diabetes and other metabolic diseases, with its core product, Irsuglutide α (brand name: Yinuo Qing), being referred to as "domestic Semaglutide" [6] - Despite the commercialization of Irsuglutide α, the company faces intense market competition, with three long-acting GLP-1 receptor agonists expected to capture 83% of the global GLP-1 therapy market by 2024 [6] - The company is also advancing clinical trials for its core product targeting obesity, amidst a competitive landscape with 51 GLP-1 receptor agonist candidates in clinical development in China [6]