Core Viewpoint - The extreme drop in the stock price of Wangshan Wangshui-B (02630) from HKD 97 to HKD 51, a nearly 50% decline, is seen as a recalibration of market order rather than the end of the story, leading to a clear double W bottom formation and subsequent upward trend [1] Phase 1: Panic Sell-off and Liquidity Crisis - From November 6 to November 12, the newly listed Wangshan Wangshui experienced a rapid decline of 44.37%, dropping from HKD 97 to HKD 51, which is still approximately 70% above the issue price of HKD 33.37, indicating that the drop was more about eliminating irrational early-stage bubbles [2] - The total trading volume during this period was 7.8622 million shares, with a 94.9% bearish volume ratio, suggesting that almost all liquid shares underwent a turnover, providing a solid foundation for new institutional investors [2][3] Phase 2: Double W Bottom Formation and Shift in Market Sentiment - From November 13 to November 21, the market quickly organized a rebound, forming a right bottom at HKD 52.55, which is higher than the left bottom at HKD 51, confirming the area as an effective low point [4] - The bullish volume reached 974,200 shares, surpassing the bearish volume of 846,400 shares for the first time since the drop, indicating a fundamental shift in market sentiment [4] Phase 3: Main Uptrend Breakthrough and Self-Reinforcing Trend - From November 24 to December 2, the stock price surged from HKD 59.85 to HKD 79.3, a 31.42% increase, successfully breaking through the neck line at HKD 74, indicating a strong bullish trend [6] - The low turnover rate of 1.13% during this period suggests that circulating shares were highly locked, indicating strong control by the main force [6] Phase 4: Healthy Consolidation and Technical Confirmation Post Main Uptrend - From December 3 to December 11, the stock price corrected from a high of HKD 79.3 to a low of HKD 70.5, resulting in a 7.80% decline, which is considered a healthy adjustment rather than a trend reversal [8] - The total trading volume of 962,440 shares during this period was slightly higher than during the main uptrend, indicating a typical "pullback with volume" phenomenon, while the 1.44% turnover rate suggests good locking of shares despite the adjustment [10][11]

在资本市场的技术分析框架中，一次极端的"断崖式"暴跌，往往并非故事的终点，而可能是一场精密计 算的秩序重构。 智通财经APP观察到，旺山旺水-B（02630）在经历从97元至51元、幅度近50%的垂直打击后，并未陷 入漫长的阴跌，反而在迅速构筑起一个结构清晰、量价配合经典的双W底形，并最终展开一轮流畅的主 升浪。下文，我们将穿透K线图与成交量的表层，剖析其背后主力运作的深层逻辑与市场情绪转换的微 观密码。 第一阶段：恐慌性暴跌与流动性危机 11月6日至12日，刚刚上市的旺山旺水经历了一场极限压力测试。其股价在短短5个交易日内从97港元的 高点急速坠落至51港元，累计跌幅达44.37%，完成了次近乎腰斩的极端调整。 值得关注的是，即使跌至51元低点，股价仍比发行价33.37港元高出约70%。这表明暴跌并未跌破发行 价这一核心价值锚，更多是挤出上市初期非理性泡沫的过程。此外，当首批获利丰厚的筹码（以发行价 计获利仍超70%）开始集体兑现时，由于流通盘（仅十分之一股份）本身很小，巨大的卖盘相对于有限 的活跃买盘形成碾压。 786.22万手的区间总成交与94.9%的阴量占比，以及超过10%的换手，意味着几乎所有流动筹 ...

Core Viewpoint - The licensing agreement between Xiansheng Pharmaceutical and Wangshan Wangshui for dextromethorphan hydrobromide is a significant development, as it positions Xiansheng to potentially launch the world's first nucleoside-based drug for RSV infections in Greater China [1] Group 1: Licensing Agreement - Xiansheng Pharmaceutical has entered into a licensing agreement with Wangshan Wangshui for dextromethorphan hydrobromide [1] - The agreement grants Xiansheng exclusive rights to the drug in Greater China for treating respiratory syncytial virus (RSV) and human metapneumovirus (HMPV) infections [1] Group 2: Drug Approval Status - Dextromethorphan hydrobromide tablets have already received regular approval in China for treating mild to moderate COVID-19 infections in adults [1] - The drug is expected to become the first approved nucleoside-based treatment for RSV globally [1]

Core Viewpoint - The announcement indicates that the stabilization period for the global offering of 旺山旺水-B (02630) has ended as of December 3, 2025, with no excess allocation of H-shares during the international offering [1] Group 1 - The stabilization period concluded on December 3, 2025, which is 30 days after the deadline for submitting the Hong Kong public offering application [1] - There were no stabilization actions taken by the stabilizing agent or any person acting on its behalf during the stabilization period [1] - The sponsor and overall coordinator did not exercise the over-allotment option, which has now lapsed as of December 3, 2025 [1]

Core Viewpoint - The collaboration between 旺山旺水-B and 先声药业 aims to accelerate the clinical development and commercialization of VV116 for new indications, specifically targeting RSV and HMPV infections in Greater China [1][2]. Group 1: Licensing Agreement - 旺山旺水-B has entered into a licensing agreement with 先声药业 for exclusive rights to develop VV116 for RSV and HMPV infections in Greater China [1]. - The partnership leverages the strengths of both companies in research, production, and commercialization to benefit more patients [1]. Group 2: Product Overview - VV116 is an oral nucleoside prodrug that received conditional approval from the National Medical Products Administration (NMPA) in January 2023 for treating mild to moderate COVID-19, with plans for full approval by January 2025 [1]. - VV116 has shown broad-spectrum antiviral activity against various RNA viruses, including RSV, demonstrating good inhibition effects [1]. Group 3: Clinical Trials and Safety - A Phase II clinical trial for VV116 as a treatment for RSV in infants has been completed, leading to its designation as a breakthrough therapy by NMPA [2]. - Preclinical studies indicate significant antiviral effects of VV116 in vitro and in animal models, along with improvements in lung pathology [2]. - Clinical pharmacokinetic studies show good oral absorption and linear pharmacokinetics, with no significant impact from infant formula on its main metabolites [2]. - Overall safety of VV116 in clinical studies is reported to be good, with no severe adverse events noted [2].

国际发售中概无超额分配H股。稳定价格操作人或代其行事的任何人士于稳定价格期间并无采取任何稳 定价格行动。保荐人兼整体协调人(为其本身及代表国际承销商)并无行使超额配股权，且超额配股权已 于2025年12月3日失效。因此，概无H股由公司根据超额配股权发行或将予发行。 格隆汇12月3日丨旺山旺水-B(02630.HK)宣布，有关全球发售的稳定价格期间已于2025年12月3日(即递 交香港公开发售申请截止日期後第30日)结束。 ...

Core Viewpoint - The announcement indicates that the stabilization period for the global offering of 旺山旺水-B (02630) has ended on December 3, 2025, with no excess allocation of H-shares during the international offering [1] Group 1 - The stabilization period concluded 30 days after the deadline for the Hong Kong public offering application [1] - No stabilization actions were taken by the stabilizing agent or any representatives during the stabilization period [1] - The underwriters did not exercise the over-allotment option, which has now expired as of December 3, 2025 [1]

Core Viewpoint - The company Wangshan Wangshui-B (02630.HK) has entered into a licensing agreement with Xiansheng Pharmaceutical (02096.HK) for the new indications of VV116, focusing on respiratory syncytial virus (RSV) and human metapneumovirus (HMPV) infections in Greater China [1] Group 1 - The licensing agreement grants Xiansheng Pharmaceutical exclusive rights to develop and commercialize VV116 for RSV and HMPV indications in the Greater China region [1] - The collaboration aims to leverage the strengths of both companies in research and development, production, and commercialization to accelerate the clinical development and commercialization process of VV116 [1] - The partnership is expected to benefit a larger patient population by enhancing the availability of VV116 for treating RSV and HMPV infections [1]

除非本公告另有界定，否則本公告所用詞彙與招股章程所界定者具有相同涵義。 本公告乃由本公司根據香港法例第571章《證券及期貨條例》項下的《證券及期貨（穩定價格）規 則》第9(2)條作出。 Vigonvita Life Sciences Co., Ltd. 蘇州旺山旺水生物醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2630） 穩定價格期間結束、並無穩定價格行動及超額配股權失效 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 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引致的任何損失承擔任何責任。 本公告不會直接或間接在或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並非亦無意構成或組成於美國或任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。發售股份不曾亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或美國任何州或其他司法管轄區的證券法登記，且不得在美國境內提呈發售、出售、抵押 或轉讓，惟獲豁免遵守或毋須 ...

Core Viewpoint - The company has entered into a licensing agreement with Ascletis Pharma Inc. for the exclusive rights to develop and commercialize VV116 for RSV and HMPV infections in Greater China, aiming to accelerate clinical development and commercialization to benefit more patients [1][2]. Group 1: Licensing Agreement - The company grants Ascletis exclusive licensing rights for VV116 in the treatment of RSV and HMPV infections in Greater China [1]. - This collaboration leverages the strengths of both companies in research, production, and commercialization [1]. Group 2: Product Overview - VV116 is an oral nucleoside prodrug that received conditional approval from the National Medical Products Administration (NMPA) in January 2023 for treating mild to moderate COVID-19 infections, with plans for full approval by January 2025 [1]. - VV116 exhibits broad-spectrum antiviral activity, showing effective inhibition against various RNA viruses, including RSV [1]. Group 3: Clinical Trials and Safety - A Phase II clinical trial for VV116 as a treatment for RSV in infants has been completed, leading to its designation as a breakthrough therapy by the NMPA [2]. - Preclinical studies indicate significant antiviral effects of VV116 in vitro and in animal models, along with improvements in lung pathology [2]. - Clinical pharmacokinetic studies demonstrate good oral absorption and linear pharmacokinetics, with no significant impact from infant formula on its main metabolites [2]. - Overall safety in clinical studies is reported to be good, with no severe adverse events noted [2].