Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 31.89 billion on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 29.76 billion through the Shanghai Stock Connect and HKD 2.13 billion through the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 30.31 billion, supported by recent announcements related to its mapping service and AI developments [4] - Meituan-W (03690) recorded a net inflow of HKD 7.15 billion, bolstered by the successful launch of its international delivery brand Keeta in Kuwait [5] - Baize Medical (02609) and Tongyuan Kang Medical-B (02410) received net inflows of HKD 3.27 billion and HKD 2.96 billion, respectively, following regulatory changes that enhance the clinical trial approval process for innovative drugs [5] Group 3: Notable Net Selling - The Tracker Fund of Hong Kong (02800) faced a significant net outflow of HKD 46.38 billion, with analysts suggesting that while short-term interest rates may benefit the Hong Kong market, the overall outlook remains cautious due to weakening fundamentals [7] - Xiaomi Group-W (01810), SMIC (00981), and Tencent (00700) experienced net outflows of HKD 5.69 billion, HKD 4.12 billion, and HKD 3.86 billion, respectively [8]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

Group 1 - The core viewpoint of the article highlights the significant stock price surge of Baize Medical (2609.HK), which rose over 50% in one day and further increased by 94% to reach HKD 19.88, marking a total increase of 192% over two days, with a market capitalization exceeding HKD 26 billion [1] - Baize Medical is primarily engaged in investment and provision of medical services related to oncology, operating six proprietary for-profit hospitals and managing two non-profit hospitals across various regions including Beijing, Tianjin, and Anhui [1] - The company’s flagship hospital is Beijing Xiyuan Cancer Hospital, which offers core services such as cancer screening, diagnosis, treatment, and rehabilitation [1] Group 2 - The inclusion of Baize Medical in the Hong Kong Stock Connect program, effective from September 8, has contributed to its stock price surge [1]

Core Viewpoint - Baize Medical (02609) has seen a significant stock price increase of over 50%, reaching a new high of 17.06 HKD, with a cumulative rise of 130% over the past two trading days [1] Company Summary - As of the latest report, Baize Medical's stock price increased by 58.01%, trading at 16.19 HKD, with a trading volume of 1.437 billion HKD and a total market capitalization exceeding 20 billion HKD [1] - The company has been included in the Hong Kong Stock Connect list, effective from September 8, which has contributed to the increased trading activity [1] - Baize Medical operates in the "full-cycle cancer medical services" sector, providing services such as screening, diagnosis, treatment, and rehabilitation [1] - The company has successfully operated eight hospitals across five provinces and cities, including Beijing, Tianjin, Anhui, Shanxi, and Henan [1] - In the first half of the year, Baize Medical reported revenue of 575 million RMB, a year-on-year increase of 0.66%, while the loss attributable to shareholders widened to 27.62 million RMB, an increase of 139.18% year-on-year [1]

Core Viewpoint - Baize Medical (02609) has seen a significant stock price increase of over 50%, reaching a new high of 17.06 HKD, with a cumulative rise of 130% over the past two trading days [1] Company Summary - Baize Medical is a service provider in the "full-cycle medical services for tumors" sector, offering services such as screening, diagnosis, treatment, and rehabilitation [1] - The company has successfully operated eight hospitals across five provinces and cities, including Beijing, Tianjin, Anhui, Shanxi, and Henan [1] - In the first half of the year, Baize Medical reported a revenue of 575 million RMB, reflecting a year-on-year increase of 0.66% [1] - The company experienced a shareholder loss of 27.62 million RMB, which represents a year-on-year increase of 139.18% in losses [1] Market Activity - The stock price of Baize Medical has surged by 58.01% to 16.19 HKD, with a trading volume of 1.437 billion HKD, and the total market capitalization has surpassed 20 billion HKD [1] - The company has been included in the Hong Kong Stock Connect list, effective from September 8, which has contributed to the increased trading activity [1] - The current percentage of Baize Medical shares held through the Hong Kong Stock Connect is 0.21% [1]

Core Insights - On September 15, 2025, Alibaba-W (09988), Pop Mart (09992), and Yaojie Ankang-B (02617) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 79.60 billion, 29.45 billion, and 26.94 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) led the trading volume, with amounts of 50.47 billion, 25.76 billion, and 18.75 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 79.60 billion with a net buying amount of +28.90 billion [2] - Pop Mart (09992) recorded a trading amount of 29.45 billion with a net selling amount of -3.25 billion [2] - Yaojie Ankang-B (02617) had a trading amount of 26.94 billion with a net selling amount of -1.39 billion [2] - Other notable companies included Brainstorm Aurora-B (06681) with a trading amount of 26.34 billion and a net buying amount of +2.66 billion [2] - Tencent Holdings (00700) had a trading amount of 23.45 billion with a net selling amount of -2.21 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) led with a trading amount of 50.47 billion and a net buying amount of +23.95 billion [2] - Xiaomi Group-W (01810) had a trading amount of 25.76 billion with a net buying amount of +457.14 million [2] - Tencent Holdings (00700) recorded a trading amount of 18.75 billion with a net buying amount of +26.27 million [2] - Pop Mart (09992) had a trading amount of 18.72 billion with a net selling amount of -1.27 billion [2] - Other significant companies included Meituan-W (03690) with a trading amount of 15.29 billion and a net buying amount of +3.88 billion [2]

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02609 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Core Viewpoint - Baize Medical Group (stock code: 02609.HK) has demonstrated strong internal growth resilience and sustainable development potential amid a complex and changing market environment in the healthcare industry, as evidenced by its mid-year performance for 2025 [1] Financial Performance - For the first half of 2025, the company reported revenue of approximately RMB 575 million, reflecting a steady growth of 0.7% compared to the same period in 2024 [1] - The gross profit reached approximately RMB 106 million, representing an increase of 8.3% year-on-year [1] - Adjusted net profit (excluding listing expenses) was approximately RMB 9.4 million, showing a significant year-on-year growth of 72.8% [1]