Core Viewpoint - On October 22, the Hang Seng Index fell by 0.94% to close at 25,781.77 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 10.018 billion [1] Group 1: Market Activity - The total trading volume for the Stock Connect on October 22 was HKD 106.582 billion, with a net purchase of HKD 10.018 billion [1] - The Shanghai Stock Connect accounted for HKD 66.693 billion in trading volume, with a net purchase of HKD 6.693 billion, while the Shenzhen Stock Connect had a trading volume of HKD 39.887 billion and a net purchase of HKD 3.325 billion [1] Group 2: Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 41.14 billion, followed by SMIC and Innovent Biologics with HKD 34.07 billion and HKD 32.39 billion respectively [1] - The top net purchase stock was the Tracker Fund of Hong Kong (盈富基金) with a net purchase of HKD 12.93 billion, despite a closing price drop of 1.05% [1] - Alibaba-W recorded the highest net sell amount at HKD 1.80 billion, closing down by 1.94% [1] Group 3: Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Innovent Biologics led with a trading volume of HKD 26.84 billion, followed by Alibaba-W and Pop Mart with HKD 24.66 billion and HKD 23.36 billion respectively [2] - The Tracker Fund of Hong Kong (盈富基金) also had a net purchase of HKD 7.02 billion, closing down by 1.05% [2] - Innovent Biologics had the highest net sell amount at HKD 2.53 billion, with a closing price drop of 1.96% [2]

Core Insights - On October 22, 2025, Alibaba-W (09988), SMIC (00981), and Innovent Biologics (01801) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 4.114 billion, 3.407 billion, and 3.239 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Innovent Biologics (01801), Alibaba-W (09988), and Pop Mart (09992) led the trading volume, with amounts of 2.684 billion, 2.466 billion, and 2.336 billion respectively [1] Southbound Stock Connect (Hong Kong-Shanghai) - Top three active stocks by trading amount: - Alibaba-W (09988): 4.114 billion, net buy of -0.18 billion - SMIC (00981): 3.407 billion, net buy of 0.292 billion - Innovent Biologics (01801): 3.239 billion, net buy of 0.374 billion [2] - Other notable stocks include: - Pop Mart (09992): 2.730 billion, net buy of 0.199 billion - Tencent Holdings (00700): 1.716 billion, net buy of 0.259 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top three active stocks by trading amount: - Innovent Biologics (01801): 2.684 billion, net buy of -0.253 billion - Alibaba-W (09988): 2.466 billion, net buy of 0.172 billion - Pop Mart (09992): 2.336 billion, net buy of 0.041 billion [2] - Other notable stocks include: - SMIC (00981): 1.857 billion, net buy of 0.350 billion - Tencent Holdings (00700): 1.081 billion, net buy of 0.049 billion [2]

Core Viewpoint - Some Hong Kong pharmaceutical stocks have shown strong performance, with notable increases in share prices for specific companies [1] Group 1: Stock Performance - Yaojie Ankang-B (02617.HK) experienced a significant increase, rising over 25% at one point and closing up 14.13% [1] - Shenghe Biotechnology-B (02898.HK) saw a rise of 4.31% [1] - Beikang Medical-B (02170.HK) increased by 3.65% [1]

Core Viewpoint - The stock of Zai Lab Limited (药捷安康-B) surged over 25% following the announcement of new research data on its core product, Tiengogatinib, for cholangiocarcinoma at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] Company Summary - Zai Lab's Tiengogatinib is an innovative multi-target small molecule kinase inhibitor developed in-house, currently in the registration clinical phase [1] - The drug targets tumor cells and improves the tumor microenvironment to exert anti-tumor effects [1] - Tiengogatinib is undergoing multiple clinical trials for cholangiocarcinoma, prostate cancer, and breast cancer in both the US and China [1] Regulatory Approvals - Tiengogatinib has received several designations, including Orphan Drug Designation (ODD) and Fast Track Designation from the US FDA for cholangiocarcinoma and prostate cancer [1] - The drug is also included in the breakthrough therapy list approved by China's NMPA and has received ODD from the European EMA for cholangiocarcinoma [1]

Group 1 - The core point of the article highlights that the stock of the company药捷安康-B experienced a significant increase, rising over 25% during the trading session on October 22 [1] Group 2 - The article notes that the stock's performance indicates strong market interest and potential investor confidence in the company [1]

Core Viewpoint - The stock of药捷安康-B (02617) experienced a significant decline, dropping over 11% during trading, with a current decrease of 9.74% to HKD 176.2, and a trading volume of HKD 591 million. The company announced plans to convert 44.9711 million domestic shares held by 10 shareholders into H-shares, representing approximately 11.33% of the total issued shares, pending regulatory approvals [1][1][1]. Group 1 - The company’s stock price fell sharply, with a notable drop of over 11% during trading hours [1] - As of the latest update, the stock is down 9.74%, trading at HKD 176.2, with a total transaction volume of HKD 591 million [1] - The board has approved an application to the China Securities Regulatory Commission for the conversion of domestic shares into H-shares, which will be eligible for listing and trading on the main board of the Hong Kong Stock Exchange [1][1][1] Group 2 - The stock had a strong rebound from October 16 to 17, with a cumulative increase of nearly 80% over two days [1] - The rebound was characterized as a violent surge driven by international short-term speculative funds, which were utilized by domestic major funds as an "exit window" [1] - The largest holding group did not participate in the buying but instead became the largest seller, indicating that the foundation of this rebound was weakened and reliant on subsequent speculative inflows [1][1][1]

Core Viewpoint - The stock of药捷安康-B (02617.HK) experienced a significant decline, dropping over 11% during trading, with a current decrease of 9.74%, priced at 176.2 HKD, and a trading volume of 5.91 million HKD [2] Company Summary -药捷安康-B's stock price fell to 176.2 HKD, reflecting a notable decline in market performance [2] - The trading volume reached 5.91 million HKD, indicating active trading despite the price drop [2]

Core Viewpoint - The stock of药捷安康-B (02617) experienced a significant decline of over 11% during trading, with a current drop of 9.74% to HKD 176.2, and a trading volume of HKD 591 million. The company announced plans to convert 44.9711 million domestic shares held by 10 shareholders into H-shares, representing approximately 11.33% of the total issued shares, pending regulatory approvals [1][1][1]. Group 1 - The company’s stock price fell sharply after a recent surge, indicating volatility in investor sentiment [1][1]. - The recent rebound from October 16 to 17 saw a cumulative increase of nearly 80%, driven by international short-term speculative funds [1][1]. - The rebound was characterized as a "window for unloading" by domestic major funds, suggesting that the primary holders were selling rather than buying [1][1]. Group 2 - The analysis from智通财经APP highlighted that the recent price surge was not supported by the main holding group, which instead became the largest sellers [1][1]. - The sustainability of the rebound is questioned, as it relies heavily on subsequent market participation and inflow of speculative funds [1][1].

Core Viewpoint - The stock of药捷安康-B (02617) experienced a significant decline of over 11% during trading, closing down 9.74% at HKD 176.2, with a trading volume of HKD 591 million [1] Group 1: Company Announcement - The company announced that its board has approved the application to convert 44.9711 million domestic shares held by 10 shareholders into H-shares, which represents approximately 11.33% of the total issued shares [1] - Upon obtaining all necessary approvals and complying with applicable laws and regulations, these domestic shares will be converted into H-shares and will qualify for listing and trading on the main board of the Hong Kong Stock Exchange [1] Group 2: Market Reaction - Notably, on October 16-17, the stock rebounded strongly, with a cumulative increase of nearly 80% over two days [1] - The recent violent rebound was characterized as being driven by international short-term speculative funds, while domestic institutional investors utilized this as an "exit window" [1] - When the largest holding group not only refrains from buying but instead becomes the largest seller, the foundation of this rebound is considered to be hollow, relying entirely on subsequent follow-up buying and short-term international funds [1]

Core Viewpoint - On October 20, China Life made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month, with a trading volume of 10.41 billion HKD and a net buying amount of 1.37 billion HKD, closing up 2.44% [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on October 20 was 369.37 billion HKD, accounting for 33.62% of the day's total trading amount, with a net selling amount of 21.97 billion HKD [1] - Alibaba-W led the trading volume with 96.98 billion HKD, followed by SMIC and Tencent Holdings with trading amounts of 53.97 billion HKD and 44.91 billion HKD, respectively [1] Frequent Trading Stocks - The stocks that appeared most frequently on the active trading list over the past month were Alibaba-W and Huahong Semiconductor, each appearing 15 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Life's recent appearance marks its first in nearly a month, highlighting a potential shift in investor interest [1] Individual Stock Performance - Tencent Holdings had a trading amount of 44.91 billion HKD with a net buying amount of 0.97 billion HKD, closing up 3.21% [1] - SMIC recorded a trading amount of 53.97 billion HKD with a net selling amount of 3.25 billion HKD, closing up 3.91% [1] - Alibaba-W had a significant trading amount of 96.98 billion HKD but faced a net selling amount of 17.54 billion HKD, closing up 4.86% [1] - China Life's trading amount was 10.41 billion HKD with a net buying amount of 1.37 billion HKD, closing at 23.520 HKD, up 2.44% [1]