Market Performance - The three major indices in Hong Kong stock market rose collectively, with the Hang Seng Index increasing by 1.65% to close at 25,270.07 points, the Tech Index rising by 1.52% to 5,543.17 points, and the National Enterprises Index up by 1.62% to 9,039.09 points [2] - The Hang Seng Index rose from 24,775.73 points at the beginning of the week to above 25,000 points, reaching a historical high of 25,766.62 points during the week [4] Earnings Reports - Tencent reported revenue of 184.5 billion yuan, a year-on-year increase of 15%, with gross profit of 105 billion yuan, up 22%, and operating profit of 69.2 billion yuan, up 18% [6] - JD Group achieved total revenue of 356.7 billion yuan, a 22.4% year-on-year increase, marking a three-year high, but net profit fell by 51% to 6.2 billion yuan [7] - NetEase reported total revenue of 27.9 billion yuan, a 9.4% year-on-year increase, with net profit of 8.6 billion yuan, up 27.25% [8] - Tencent Music had total revenue of 8.44 billion yuan, a 17.9% year-on-year increase, with adjusted net profit of 2.64 billion yuan, up 33% [9] Sector Performance - Pharmaceutical stocks performed strongly, with notable gains from companies like Zhonghui Biological, which surged by 265.74% [10] - Zhonghui Biological's stock price increased by 157.98% on its first day of trading, with oversubscription of 4,007 times [11] - Other pharmaceutical stocks like Silver诺医药 and派格生物科技医药 also saw significant increases, with Silver诺医药 rising by 206.48% [13][14] Broker and Semiconductor Stocks - Broker stocks strengthened, with CITIC Securities, China Galaxy, and CICC rising by 10.98%, 9.48%, and 8.50% respectively, supported by increased trading volumes in the A-share market [15][16] - Semiconductor stocks gained attention, with InnoTech rising by 17.38%, supported by positive outlooks on domestic supply chains and AI applications [17][18] Weakness in Banking and Gaming Stocks - Banking stocks showed slight weakness, with Minsheng Bank, Postal Savings Bank, and Industrial and Commercial Bank falling by 3.60%, 3.29%, and 3.09% respectively [19] - Gaming stocks experienced profit-taking, with IGG, Boyaa Interactive, and Xindong Company declining by 6.63%, 5.80%, and 4.93% respectively [21]

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：2627） 董事會會議日期 江蘇中慧元通生物科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹 此宣佈，本公司將於2025年8月28日（星期四）舉行董事會會議，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日止六個月之未經審核中期業 績及其刊發，以及考慮派發中期股息之建議（如有）。 承董事會命 江蘇中慧元通生物科技股份有限公司 執行董事、董事長兼總經理 安有才先生 香港，2025年8月15日 於本公告日期，董事會成員包括：(i)執行董事安有才先生、李潤香女士及何一鳴 先生；(ii)非執行董事程千文先生、于建林先生及杜沐先生；及(iii)獨立非執行董 事李向明先生、李曉青女士及陳乘貝先生。 ...

Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (stock code "Zhonghui Bio", 02627.HK) has experienced a significant decline in its stock price, closing at 44.88 HKD on its fourth trading day, reflecting a drop of 14.02% from its initial offering price [1] Summary by Categories Company Overview - Zhonghui Bio's global offering included a total of 33,442,600 H shares, with 3,996,000 shares allocated for the Hong Kong offering and 29,446,600 shares for international offering [1] Financial Performance - The final offering price was set at 12.90 HKD per share, resulting in total proceeds of 431.4 million HKD. After deducting estimated listing expenses of 48.7 million HKD, the net proceeds amounted to 382.7 million HKD [1] Use of Proceeds - The net proceeds from the global offering will be allocated as follows: approximately 63.6% for the development and registration of core products; about 18.1% for the development and registration of other vaccines in research; around 8.4% for improving processes and commercialization capabilities; approximately 4.9% for the development of technology platforms; and about 5.0% for working capital and other general corporate purposes [1]

Core Viewpoint - The article highlights the rapid IPO of Zhonghui Biotech, which achieved a listing on the Hong Kong Stock Exchange in just 10 months, setting a record for the fastest project handled by intermediary institutions [2][4]. Company Overview - Zhonghui Biotech, founded by An Youcai, is a newcomer in the vaccine industry, having been established only 10 years ago and currently offering one vaccine on the market [2][6]. - The company’s flu vaccine is the only quadrivalent subunit vaccine available in the domestic market, priced at 319 yuan per dose, making it the most expensive flu vaccine in China [10][11]. Financial Aspects - The IPO raised approximately 383 million HKD, which will alleviate the company's financial pressure, especially as it faces a bank loan repayment of about 400 million yuan within a year [4]. - As of the end of Q1 2025, Zhonghui Biotech had a cash balance of only 115 million yuan [4]. Market Position and Strategy - Zhonghui Biotech aims to position itself as an international company focused on innovation in the vaccine sector, distinguishing itself from competitors by not participating in the price-cutting trend for flu vaccines [3][10]. - The company is expanding its market reach internationally, particularly targeting Southeast Asia and Latin America, and has formed a strategic partnership with Watson Bio for overseas sales [11]. Product Development - Currently, Zhonghui Biotech has 11 vaccines in its pipeline, with 10 in development and one already on the market [10]. - The company is also working on a human diploid rabies vaccine and other products aimed at replacing imported vaccines and leading globally in vaccine technology [12][13]. Leadership and Expertise - An Youcai, the founder, transitioned into the vaccine industry from a non-biological background, leveraging 15 years of entrepreneurial experience to enhance his expertise in immunology and vaccine development [6][8]. - The company has attracted experienced scientists to its team, including those who have previously worked on significant vaccine projects [7].

Core Viewpoint - Zhonghui Biotech-B (02627.HK) has made a significant debut on the Hong Kong Stock Exchange, with its stock price rising by 158% on the first day, marking the highest first-day gain for a new stock since 2025. The company's market capitalization reached HKD 20.5 billion, ranking fifth among 18 domestic vaccine companies [2][3]. Company Overview - Zhonghui Biotech is a relatively new player in the vaccine industry, having been established only 10 years ago and currently offering just one vaccine on the market, which has been available for less than two years [2]. - The founder, An Youcai, transitioned into the vaccine sector from a non-biological background, emphasizing a commitment to maintaining pricing integrity for its flu vaccine amidst market competition [2][4]. IPO and Financials - The company raised approximately HKD 383 million from its IPO, which will help alleviate its financial pressures, especially considering it had only HKD 115 million in cash at the end of Q1 2025 and needed to repay around HKD 400 million in bank loans within a year [3]. Product and Market Position - Zhonghui Biotech's flu vaccine is the only quadrivalent subunit flu vaccine available in the domestic market, priced at HKD 319 per dose, making it the most expensive flu vaccine in China [8]. - The company has chosen not to participate in the recent price cuts initiated by competitors, focusing instead on a market segment that prioritizes safety and high-quality vaccines [8]. - The flu vaccine generated sales of approximately HKD 259 million in 2024, and the company plans to expand its production capacity from 2 million doses to between 10 million and 15 million doses as it enters international markets [8][9]. Research and Development - Zhonghui Biotech has a pipeline of 11 vaccines, with 10 currently in development. The company is also working on a human diploid rabies vaccine, which is expected to have fewer adverse reactions compared to traditional vaccines [9]. - The company aims to differentiate its products through unique positioning and targeting specific consumer groups, with plans to develop vaccines that can compete with imported products and lead in global technology [10].

Group 1: Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35% [1] - The early trading volume in the Hong Kong stock market reached HKD 143.8 billion [1] Group 2: Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, driven by a collective rise in pharmaceutical stocks following the debut of the "dual directory" for drug applications [1] - Zhonghui Biotech-B (02627) saw a significant increase of 24%, while Jiuyuan Gene (02566) rose by 8.99%, and Kintor Pharmaceutical (09939) increased by 5.7% [1] - Innovent Biologics (01801) experienced a rise of 7.27%, and He Yu-B (02256) reached a new high with a 7.38% increase, reporting a 59% year-on-year growth in net profit for the first half of the year [1] Group 3: Pharmaceutical Developments - Daqi Pharmaceutical-B (06996) rose over 15% as Claudin 18.2 ADC was proposed for inclusion as a breakthrough therapy [2] Group 4: Technology Sector - Tencent's subsidiaries reported generally better-than-expected earnings, with Tencent Music-SW (01698) rising by 15%, and Reading Group (00772) also increasing by over 15% [2] - Weimeng Group (02013) saw an increase of over 7% [2] Group 5: Industrial and Manufacturing Sector - Chongqing Machinery (02722) rose by 8.9%, with an expected 50% year-on-year growth in net profit due to rapid growth in AIDC engine demand [3] - Zhongyan Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export tax-free business, with earnings to be announced next Friday [3] Group 6: Technology and Electronics - Qiu Tai Technology (01478) rose by over 8%, reporting a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [4] - Hong Teng Precision (06088) increased by over 9% post-earnings, with a cumulative rise of over 60% in the month, reporting an 11% revenue growth but a 3% decline in net profit [5] - Minmetals Resources (01208) rose by over 9% after reporting a 15-fold increase in net profit for the first half of the year and lowering cost guidance for its mines [6] Group 7: Performance Review - 361 Degrees (01361) fell by over 10% post-earnings, with institutions stating that the first half performance met expectations, but net profit growth was slightly lower than revenue growth [7]

Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

Core Viewpoint - Zhonghui Biotech-B (02627) has seen its stock price increase over 20%, reaching a new high of 54 HKD, which is three times its IPO price of 12.9 HKD [1] Group 1: Stock Performance - As of the latest update, the stock is up 22.65%, trading at 53.6 HKD with a transaction volume of 43.85 million HKD [1] - The company's total market capitalization has surpassed 21 billion HKD [1] Group 2: Product Development - Zhonghui Biotech announced that its quadrivalent influenza virus subunit vaccine, branded as Huiru Kangs, has been included in the preliminary review list of innovative drugs for national commercial health insurance [1] - The vaccine received New Drug Application (NDA) approval from the National Medical Products Administration of China in May 2023, and it is intended for individuals aged three and above [1] - This vaccine is the first and only quadrivalent influenza virus subunit vaccine approved in China until July 21, 2025 [1]

智通财经APP获悉，中慧生物-B(02627)再涨超20%，高见54港元续创新高，较招股价12.9港元已涨三 倍。截至发稿，涨22.65%，报53.6港元，成交额4385.22万港元，总市值突破210亿港元。 消息面上，中慧生物今早公布，根据国家医疗保障局于8月12日发布的公告，本年度国家商业健康保险 创新药品目录通过初步审查的名单中，包括唯一一款疫苗产品—四价流感病毒亚单位疫苗。集团的商品 名为慧尔康欣的四价流感病毒亚单位疫苗于2023年5月获得中国国家药品监督管理局的新药申请(NDA) 批准，可用于三岁及以上人群(就含病毒株血凝素浓度而言规格为15μg/0.5ml)，为截至2025年7月21日在 中国获批的首款且唯一一款四价流感病毒亚单位疫苗。 ...

Core Viewpoint - The successful IPO of Zhonghui Biotech-B (02627) on August 11, 2025, marked a significant event in the Hong Kong stock market, with the stock price soaring by 157.98% on its first day, setting a record for the highest first-day gain of a new stock in 2025 [1] Company Overview - Zhonghui Biotech is a domestic innovative vaccine company with two core products: the quadrivalent influenza virus subunit vaccine (Huiruankangxin®) and an in-development lyophilized human rabies vaccine [1][2] - The company has seen a substantial increase in valuation, from 746 million yuan to 4.189 billion yuan during its pre-IPO financing rounds, with participation from renowned long-term funds [1] Product Details - Huiruankangxin® is the first and only approved quadrivalent influenza virus subunit vaccine in China, showing a nearly 400% increase in sales revenue from 52.2 million yuan in 2023 to 260 million yuan in 2024 [2] - The rabies vaccine, developed using human diploid cells, is expected to be a safer alternative to traditional Vero cell rabies vaccines, with Phase I clinical trials completed and Phase III trials planned for Q3 2025 [3] Market Potential - The global human vaccine market is projected to grow from $37.2 billion in 2019 to $49.8 billion by 2024, with a compound annual growth rate (CAGR) of 8.0% [5] - The Chinese human vaccine market is expected to grow from 535 billion yuan in 2019 to 961 billion yuan by 2024, with a CAGR of 12.4% [6] Strategic Initiatives - Zhonghui Biotech's fundraising plan includes over 10% of funds allocated for strategic acquisitions, with 63.6% focused on global registration of core products [4] - The company is expanding its international presence, with plans to submit registration applications in multiple countries, including Thailand, Uruguay, and Indonesia [2][4] Industry Context - The rise of innovative drugs in China is evident, with the share of China's innovative drug business development (BD) transactions increasing from 10.8% in 2015 to over 50% in 2023 [3] - The recent policy support from the National Healthcare Security Administration for innovative drugs further enhances the market environment for companies like Zhonghui Biotech [5]