港股药捷安康-B尾盘跳水跌超10%。 来源：滚动播报 ...

Core Viewpoint - The company ZhiJie AnKang-B (02617) has received approval from the National Medical Products Administration (NMPA) for its drug, Tiengoni, to be included in the priority review list for the treatment of advanced, metastatic, or unresectable cholangiocarcinoma in adult patients who have previously received at least one systemic therapy and FGFR inhibitor treatment [1] Group 1 - Tiengoni has been recognized by NMPA as a breakthrough therapy for cholangiocarcinoma [1] - The indication for Tiengoni is specifically for adult patients with advanced, metastatic, or unresectable cholangiocarcinoma who have undergone prior systemic treatment [1]

Core Viewpoint - The company药捷安康-B (02617) has received approval from the National Medical Products Administration (NMPA) for its drug, Tienogratinib, to be included in the priority review list for the treatment of advanced, metastatic, or unresectable cholangiocarcinoma in adult patients who have previously received at least one systemic therapy and FGFR inhibitor treatment [1] Group 1 - Tienogratinib has been recognized as a breakthrough therapy for cholangiocarcinoma by the NMPA [1]

Core Viewpoint - The company药捷安康-B (02617.HK) has received approval from the National Medical Products Administration (NMPA) for its drug替恩戈替尼片 to be included in the priority review list for the treatment of advanced, metastatic, or unresectable cholangiocarcinoma in adult patients who have previously received at least one systemic therapy and FGFR inhibitor treatment [1] Group 1 - The drug替恩戈替尼片 is specifically indicated for adult patients with advanced, metastatic, or unresectable cholangiocarcinoma [1] - The NMPA has previously granted替恩戈替尼片 breakthrough therapy designation for the treatment of cholangiocarcinoma [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依 賴該等內容而引致的任何損失承擔任何責任。 TransThera Sciences (Nanjing), Inc. 藥捷安康（南京）科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2617） 自願性公告 替恩戈替尼片獲國家藥品監督管理局批准納入優先審評品種名單 本公告由藥捷安康（南京）科技股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以向本公司股東及潛在投資者提供有關本集團的最新業務。 上市規則第18A.08(3)條規定的警示聲明：無法保證本公司將能最終成功開發及銷 售相關產品。 承董事會命 藥捷安康（南京）科技股份有限公司 董事長兼首席執行官 吳永謙博士 香港，2025年12月3日 於本公告日期，董事會包括：(i)執行董事吳永謙博士及吳笛先生；(ii)非執行董事 賈中新女士及易華博士；及(iii)獨立非執行董事李書湃先生、徐海音女士及鄭哲 蘭女士。 本公司董事會（「董事會」）欣然宣佈，替恩戈替尼片 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 藥捷安康 (南京 )科技股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02617 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,666,673 | RMB | | 1 | RMB | | 301,666,673 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 301,666,673 | RMB | | 1 | RMB | | 301,666,673 | | 2. 股 ...

Core Insights - The article highlights the increasing influence of southbound funds in the Hong Kong stock market, with cumulative net purchases exceeding 50 billion HKD and a market capitalization of over 6.3 trillion HKD for holdings [1][1][1] - It discusses the emergence of new risk factors as mainland speculators engage in systematic capital operations to exploit the Hong Kong Stock Connect mechanism for cross-market arbitrage [1][1][1] Group 1 - Southbound funds accounted for 23.6% of the trading volume in the Hong Kong Stock Connect in the third quarter, indicating their growing liquidity influence in the market [1][1] - The operational chain identified by analysts involves selecting targets, aggressively driving up prices, facilitating entry into the Stock Connect, attracting passive funds, and successfully offloading shares [1][1][1] Group 2 - The case of Yaojie Ankang-B (02617.HK) illustrates the volatility associated with newly included stocks in the Stock Connect, with a price increase of over 136% before inclusion and a subsequent single-day surge of 115.58%, followed by a drastic drop of 53.73% [1][1][1] - Newly included stocks tend to have characteristics such as small float, short listing time, and popular concepts, making them more susceptible to speculative trading [1][1]

Group 1: Core Insights - The cumulative net buying scale of southbound funds has surpassed 50 billion HKD, indicating an increasing pricing power in the Hong Kong stock market [2][3] - Southbound funds accounted for 23.6% of the total trading volume in the Hong Kong stock market by the third quarter of 2025, with total holdings exceeding 6.3 trillion HKD, marking a significant increase of over 90% year-on-year [3] Group 2: Market Dynamics - The influx of mainland funds has become a crucial driver of liquidity in the Hong Kong stock market, with net inflows for the year exceeding 1.37 trillion HKD as of November 24, 2025 [3] - The trading style of individual investors in mainland China, characterized by short holding periods and high sensitivity to market sentiment, raises concerns about potential impacts on the Hong Kong market [6] Group 3: Investment Strategies - Mainland speculators have developed a systematic approach to capital operations, utilizing the Hong Kong Stock Connect mechanism for cross-market arbitrage, forming a complete operational chain [9][10] - The example of Yaojie Ankang-B (02617.HK) illustrates this strategy, where the stock price surged over 136% before being included in the Stock Connect, followed by extreme volatility [10][14] Group 4: Market Characteristics - New stocks entering the Hong Kong market, particularly in the pharmaceutical sector, often exhibit small float sizes and high volatility, making them attractive targets for speculative trading [14] - The correlation between the Hang Seng Index and the CSI 300 has strengthened, indicating increased market interdependence and rising volatility in the Hong Kong market [8]

Group 1 - The core viewpoint of the articles highlights the increasing influence of southbound funds in the Hong Kong stock market, with cumulative net purchases surpassing 5 trillion HKD, indicating a significant rise in pricing power [1][2] - Southbound funds accounted for 23.6% of the total trading volume in the Hong Kong stock market by the third quarter of 2025, with total holdings exceeding 6.3 trillion HKD, reflecting a year-on-year growth of over 90% [2] - The influx of mainland capital has become a crucial driver of liquidity in the Hong Kong market, with the net purchase amount for the year exceeding 1.37 trillion HKD as of November 24, 2025 [2] Group 2 - There are emerging risks associated with the evolving market structure, particularly the systematic capital operations by mainland speculators using the Hong Kong Stock Connect mechanism for cross-market arbitrage [1][8] - A complete operational chain has been established by mainland speculators, characterized by selecting targets, aggressive price increases, facilitating inclusion in the Stock Connect, and ultimately offloading shares to passive funds [8][12] - The stock of Yaojie Ankang-B (02617.HK) serves as a case study, showing a price increase of over 136% before being included in the Stock Connect, followed by extreme volatility, including a single-day drop of 53.73% [1][13] Group 3 - The investment style of southbound funds is primarily focused on fundamentals, contrasting with the short-term trading behavior typical of individual investors in the A-share market [4][7] - Institutional investors dominate the southbound fund structure, with insurance funds holding over 1.4 trillion HKD and public funds holding approximately 1.01 trillion HKD in the third quarter of 2025 [5][6] - The recent trend shows that newly included stocks in the Stock Connect, particularly in the pharmaceutical sector, are often small-cap stocks with high volatility, making them susceptible to speculative trading [13]

Core Insights - The China Securities Regulatory Commission (CSRC) has released a report on the status of domestic companies' overseas securities issuance and listing applications as of November 21, 2025, indicating ongoing interest in Hong Kong IPOs and full circulation of shares [1][2] Group 1: Companies Seeking Hong Kong IPOs - Dermavon Holdings Limited (德镁医药) is in the process of indirect overseas listing, with its application currently under review for supplementary materials [1][2] - Guangzhou Haote Energy Conservation Technology Co., Ltd. and Zhejiang Shimai Pharmaceutical Co., Ltd. are both pursuing direct overseas listings on the Hong Kong Stock Exchange [1][2] - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and Chengdu Canopus Robotics Technology Co., Ltd. are also applying for direct overseas listings [1][2] - Beijing Defeng New Journey Technology Co., Ltd. is seeking a direct overseas listing on the Hong Kong Stock Exchange [1][2] Group 2: Companies with Full Circulation Applications - Companies such as Youbao Online Technology Co., Ltd. and Yaojie Ankang (Nanjing) Technology Co., Ltd. have submitted applications for full circulation of shares, which have been received by the CSRC [1][2] - Other companies including Bama Tea Co., Ltd. and Shanghai Yingtai Medical Devices Co., Ltd. are also in the process of obtaining full circulation status [1][2] - Lianlian Digital Technology Co., Ltd. and Xuan Bamboo Biotechnology Co., Ltd. are among those seeking full circulation of shares on the Hong Kong Stock Exchange [1][2]