Group 1 - Fuhong Hanlin announced that it will present clinical data for multiple drugs at the ESMO Asia 2025 conference, highlighting the Phase II results of its core asset PD-L1 ADC drug HLX43 in cervical cancer [1] - The development pipeline for PD-L1 ADCs is limited, with Pfizer's PF-08046054 being the fastest, currently in Phase III clinical trials, while HLX43 is leading in development [1] Group 2 - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. has entered a delisting adjustment period after receiving a decision from the Shanghai Stock Exchange to terminate its stock listing, reflecting increased regulatory efforts to clear companies with significant uncertainties in operational sustainability [2] - The delisting of *ST Wuzhong is a typical case of the recent trend in A-shares towards "survival of the fittest," aiming to optimize the market ecosystem and encouraging investors to focus on companies with solid fundamentals and governance [2] Group 3 - Beijing Hotgen Biotech Co., Ltd. and its partners plan to jointly invest in Beijing Yaojing Gene Technology Co., Ltd., with a total investment of 80 million yuan, which will increase Yaojing Gene's registered capital from 110 million yuan to 150 million yuan [3] - Despite the dilution of its stake in Yaojing Gene from 40.91% to 38.00%, Hotgen Biotech maintains its position as a significant shareholder, and the investment is expected to enhance the target company's R&D and operational capabilities [3] Group 4 - The controlling shareholder of Henan Tailong Pharmaceutical Co., Ltd. is planning a major share transfer that may lead to a change in company control, which could optimize the governance structure but also introduce uncertainties in operational strategy [4] - The recent actions in Henan's state-owned enterprise reforms suggest that this share transfer may be part of regional industrial consolidation, prompting investors to pay attention to the strength of the incoming party and potential asset integration [4]

Core Insights - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct clinical trials for HLX37 injection [1] - The Phase I clinical trial for HLX37 is planned to be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - HLX37 is a recombinant humanized bispecific antibody targeting PD-L1 and VEGF, intended for the treatment of advanced/metastatic solid tumors [1]

智通财经APP讯，复宏汉霖(02696)公布，近日，公司自主研发的HLX37(重组人源化抗PD-L1与抗VEGF 双特异性抗体注射液)(HLX37)在晚期/转移性实体瘤患者中的1期临床试验申请(IND)获国家药品监督管 理局(NMPA)批准。 ...

格隆汇12月1日丨复宏汉霖(02696.HK)宣布，近日，公司自主研发的HLX37(重组人源化抗PD-L1与抗 VEGF双特异性抗体注射液)("HLX37")在晚期/转移性实体瘤患者中的1期临床试验申请(IND)获国家药品 监督管理局(NMPA)批准。 ...

Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 自願公告 HLX37（重組人源化抗PD-L1與抗VEGF雙特異性抗體注射液）在晚期/ 轉移性實體瘤患者中的臨床試驗申請獲國家藥品監督管理局批准 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倚賴 該等內容而引致的任何損失承擔任何責任。 A. 緒言 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知 本公司股東及潛在投資者本公司最新業務更新。 本公司董事會（「董事會」）欣然宣佈，近日，本公司自主研發的HLX37（重組 人源化抗PD-L1與抗VEGF雙特異性抗體注射液）（「HLX37」）在晚期/轉移性 實體瘤患者中的1期臨床試驗申請(IND)獲國家藥品監督管理局(NMPA)批准。 B. 關於HLX37 HLX37是本公司自主研發的重組人源化抗PD-L1與抗VEGF雙特異性抗體， 擬用於治療晚期/轉移性實體瘤。HLX37 ...

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of HLX37 injection for treating advanced/metastatic solid tumor patients [1] Group 1: Clinical Trial Approval - The approval allows for the initiation of Phase I clinical trials for HLX37 in mainland China once conditions are met [1] - The clinical trial is aimed at patients with advanced or metastatic solid tumors [1] Group 2: Research and Development Investment - As of October 2025, the cumulative R&D investment for HLX37 by the group is approximately RMB 50.23 million (unaudited) [1]

Core Viewpoint - The recent acquisition of shares by Taikang Life in Fuhong Hanlin marks a significant increase in insurance capital's engagement in the stock market, with a total of 37 instances of shareholding increases this year, the highest in nearly a decade [1][5]. Group 1: Taikang Life's Share Acquisition - On November 20, 2025, Taikang Life purchased 518,500 shares of Fuhong Hanlin, raising its total holdings to 8.3371 million shares, which constitutes 5.10% of the company's H-share capital [1][3]. - Prior to this acquisition, Taikang Life held 7.8186 million shares, representing 4.78% of the H-share capital [3]. - The total investment for this acquisition amounted to approximately 34.77 million HKD, with each share priced at 67.07 HKD [3]. Group 2: Insurance Capital Trends - The number of shareholding increases by insurance companies has surged this year, with 37 instances recorded, second only to the 62 instances in 2015 [5]. - The focus of these acquisitions has been primarily on high-quality assets, particularly in sectors such as banking, public utilities, and environmental protection, with a notable preference for H-shares [5]. - A diverse range of insurance companies, including China Ping An and Xinhua Insurance, have participated in these shareholding increases, indicating a broader trend beyond just one or two major players [5]. Group 3: Investment Strategy Insights - Analysts suggest that the motivations behind these share acquisitions can be categorized into two main types: equity investment focused on high ROE assets and stock investment aimed at high dividend yields [6]. - High ROE assets are expected to enhance the overall ROE of the insurance companies, while high dividend stocks provide stable cash flow without affecting net profit [6].

Core Viewpoint - A major fire occurred in Hong Kong's Tai Po district, resulting in significant casualties and prompting various sectors to respond with support and donations for emergency relief efforts [1] Group 1: Insurance Industry Response - China Ping An initiated a donation of 10 million HKD for emergency relief and post-disaster recovery efforts, providing essential supplies and financial support to affected residents [1] - Sunshine Insurance Group announced an emergency donation of 10 million HKD to assist in the fire rescue efforts in Tai Po [1] - Waterdrop Inc. pledged a donation of 1 million HKD to support the rescue efforts for residents impacted by the fire [1] - Yunfeng Financial Group and its subsidiary, Wantong Insurance, committed to a donation of 10 million HKD specifically for medical treatment, emergency housing, and transitional living assistance for affected residents [1] - The Fosun Public Welfare Foundation, in collaboration with Fosun International and other affiliated companies, donated 10 million HKD for urgent rescue and post-disaster reconstruction efforts [1]

Core Viewpoint - Insurance capital is actively entering the market, with significant investments in listed companies, indicating a trend of increasing confidence in the market and potential for future growth [2][9]. Group 1: Investment Activities - On November 26, Taikang Life announced an increase in its stake in Fuhong Hanlin, raising its holding to 5.10%, triggering a mandatory disclosure [2][6]. - This marks the second time in 2025 that Taikang Life has made a significant investment, having previously participated as a cornerstone investor in Fengcai Technology's IPO [7][9]. - In total, 25 listed companies have been targeted by insurance capital this year, with 33 instances of stake increases, surpassing the total from the previous four years combined [4][9]. Group 2: Financial Metrics - Prior to the recent purchase, Taikang Life held 7.8186 million shares of Fuhong Hanlin, representing 4.78% of its H-share capital. After acquiring an additional 518,500 shares, the total holding is now 8.3371 million shares [6]. - The investment in Fuhong Hanlin was made at a price of HKD 67.07 per share, totaling approximately HKD 34.77 million, which translates to about CNY 5.13 billion based on the exchange rate [6]. - For the first half of 2025, Fuhong Hanlin reported revenue of CNY 2.82 billion, a year-on-year increase of 2.67%, and a net profit of CNY 390 million, up 0.99% [7]. Group 3: Market Trends - The insurance sector has seen a notable resurgence in stake increases, with 33 announcements made by various insurance companies by November 27, 2025, marking a significant increase compared to previous years [9][10]. - Analysts attribute this trend to several factors, including low interest rates, the need for asset diversification, and supportive policies encouraging long-term capital investment in the stock market [10][11]. - The most favored sectors for insurance capital include banking, public utilities, transportation, and energy, with a notable focus on high-dividend stocks [10][11].

Group 1 - The core point of the article is that Taikang Life Insurance Co., Ltd. has increased its stake in Fuhong Hanlin H shares, triggering a mandatory disclosure due to the ownership surpassing 5% [2] - On November 20, Taikang Life, through its trustee Taikang Asset Management (Hong Kong) Co., Ltd., acquired an additional 518,500 shares of Fuhong Hanlin [2] - The total shares held by Taikang Life in Fuhong Hanlin now amount to 8,337,100 shares, representing 5.10% of the total H share capital [2]