Core Viewpoint - The stock of Insilico Medicine (03696) surged over 11% on its second day of trading, reaching HKD 33.62, nearly a 40% increase from its IPO price of HKD 24.05 [1] Company Summary - Insilico Medicine, established in 2014, is a leading company in AI-driven drug discovery and development in China [1] - By December 10, 2025, the company is expected to generate over 20 clinical or IND application-stage assets through its proprietary generative AI platform, Pharma.AI [1] - Three of these assets have been licensed to international pharmaceutical companies, with a total contract value of up to USD 2.1 billion, alongside one Phase II asset currently in self-development [1] Industry Summary - According to Frost & Sullivan, the AI drug discovery and development (AIDD) market is projected to grow from USD 11.9 billion in 2023 to USD 74.6 billion by 2032, with a compound annual growth rate (CAGR) of 22.6% [1]

Group 1 - The core viewpoint of the article highlights the significant stock performance of InSilico Medicine (03696) on its second day of trading, with a rise of over 11%, reaching HKD 33.62, which is nearly a 40% increase from the IPO price of HKD 24.05 [1] - As of the report, the stock is up 11.14%, priced at HKD 33.32, with a trading volume of HKD 83.89 million and a total market capitalization exceeding HKD 18 billion [1] - InSilico Medicine, established in 2014, is recognized as a leading company in AI-driven drug discovery and development in China [1] Group 2 - By December 10, 2025, the company is expected to generate over 20 clinical or IND application stage assets through its proprietary generative AI platform, Pharma.AI, with three assets already licensed to international pharmaceutical companies, totaling a contract value of up to USD 2.1 billion [1] - The company also has one asset in Phase II of its independent development, which is considered to be at a leading stage in the industry [1] - According to Frost & Sullivan, the AI drug discovery and development (AIDD) market is projected to grow from USD 11.9 billion in 2023 to USD 74.6 billion by 2032, with a compound annual growth rate (CAGR) of 22.6% [1]

Policy Developments - The National Health Commission and 13 other departments announced the "Five Health Promotion Action Plan" for children and adolescents, aiming to improve health in areas such as obesity, myopia, psychological behavior abnormalities, spinal deformities, and dental caries by 2026-2030 [2] Drug and Medical Device Approvals - Aosheng Pharmaceutical received approval for the market launch of the raw materials for Palbociclib and Dapagliflozin, which will enhance the company's product line and competitiveness [4] - Aied Biological obtained a medical device registration certificate for its BRCA1/BRCA2 gene mutation detection kit for prostate cancer, marking the first approval for this indication in China [5] Capital Markets - Yingsi Intelligent successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.277 billion, becoming the first AI-driven biopharmaceutical company to list under the main board rules [7] - China Pharmaceutical announced a plan to acquire 70% of Shanghai Zezheng Pharmaceutical for RMB 525 million, focusing on improved drug development services [8] - Yuekang Pharmaceutical submitted an application for H-share issuance to the Hong Kong Stock Exchange [9] Industry Events - Guangdong Province will implement a "one registration for three days" policy in public medical institutions starting January 1, 2026, allowing patients to return for follow-up consultations without additional registration fees within three days [11] Company Developments - Jincheng Pharmaceutical signed a supplementary agreement regarding tax payment responsibilities with shareholders, clarifying compensation terms related to tax liabilities [12] - *ST Chang Pharmaceutical faced a court ruling rejecting its restructuring application, leading to the bankruptcy of its subsidiary and potential delisting risks due to financial misconduct investigations [14]

业务遍布全球的AI驱动生物科技公司。 据IPO早知道消息，InSilico Medicine Cayman TopCo（以下简称"英矽智能"）于2025年12月30日正式以"3696"为股票代码在港交所主板挂牌上市。 这意味着，英矽智能成为首家通过联交所主板上市规则8.05条上市的人工智能生物医药科技公司。 值得一提的是，英矽智能本次IPO募集资金总额为22.77亿港元，是年内募集资金最高的港股生物医药IPO。同时，英矽智能本次香港发售获1427.37倍超额 认购，锁定认购资金逾3283.49亿港元，创下年内非18A港股医疗健康IPO香港公开发售认购金额之最；国际发售占比90%，录得26.27倍超额认购，创下年内 非18A港股医疗健康IPO国际配售认购倍数之最。 此外，英矽智能在本次IPO发行中还引入包括礼来公司、腾讯、淡马锡、施罗德、瑞银、橡树资本、易方达、泰康人寿等在内的15家全球化基石投资者，阵 容涵盖全球制药龙头、互联网巨头、国际主权基金与大型资管机构以及国内头部公募与险资。 截至11:00，英矽智能报于每股34.16港元，较发行价上涨42.04%，市值超190亿港元。 英矽智能创始人兼首席执行官、首 ...

Core Viewpoint - The successful debut of Insilico Medicine (03696) on the Hong Kong Stock Exchange has generated significant market interest, with its stock price surging on the first day of trading [1] Group 1: IPO Details - Insilico Medicine priced its shares at HKD 24.05, issuing a total of 94.69 million shares, resulting in net proceeds of approximately HKD 2.026 billion [3] - On the first trading day, the stock price increased to HKD 31.94, reflecting a gain of 32.81%, with a trading volume reaching HKD 768 million [3] Group 2: Company Overview - Insilico Medicine is recognized as a global leader in AI-driven drug discovery and development, showcasing its capabilities through the Pharma.AI platform [3] - The Pharma.AI platform integrates four major modules: Biology42, Chemistry42, Medicine42, and Science42, covering the entire drug development process from target identification to clinical outcome prediction [3] Group 3: Achievements - The company has successfully generated over 20 assets in clinical or IND application stages through its Pharma.AI platform [3] - Three of these assets have been licensed to international pharmaceutical and healthcare companies, with a total contract value of up to USD 2.1 billion [3] - Additionally, there is one asset in the advanced stage of Phase II development, indicating the company's strong position in the industry [3]

《星岛》见习记者 黄冬艳 广州报道 12月30日，港股市场在年终再度迎来IPO扎堆上市的热潮，英矽智能、林清轩、迅策、卧安机器人、美 联股份、五一视界（51WORLD）六家公司同日敲钟，挂牌港交所。其中有着AI制药概念光环的英矽智 能（03696.HK），在公开发售时，于香港已录得约1427.37倍超额认购，最终上市发行价定为24.05港元/ 股，募集资金总额22.77亿港元，成为年内募集资金最高的港股生物医药IPO。 据悉，暗盘阶段英矽智能一度涨超200%，最高报价72.3港元/股，最终收报36.86港元/股，涨幅53.3%。 12月30日当天，英矽智能亦一路高开高走，截至当日收盘报29.98港元/股，涨幅24.66%，总市值167.11 亿港元。 基石投资者方面，英矽智能此次上市引入了包括礼来、腾讯、淡马锡、施罗德、瑞银、橡树资本、易方 达、泰康人寿等在内的15家全球化基石投资者，涵盖全球制药龙头、互联网巨头、国际主权基金与大型 资管机构等。 英矽智能联合首席执行官兼首席科学官任峰博士表示，AI的价值远不止于降本增效，更在于持续拓展 源头创新的边界；资本市场的支持，将助力英矽智能加快AI平台迭代、优化管线 ...

Core Viewpoint - On December 30, the Hong Kong Stock Exchange welcomed six companies for collective listing, indicating a positive sentiment in the new stock market and a trend of companies rushing to go public before year-end financial disclosures [1] Group 1: Company Listings - Six companies listed on the Hong Kong Stock Exchange: skincare brand Lin Qingxuan (HK02657), construction service provider Meilian Holdings (HK02671), data infrastructure firm Xun Ce (HK03317), AI drug development company Yingsi Intelligent (HK03696), robotics company Woan Robotics (HK06600), and digital twin technology firm Wuyi Shijie (HK06651) [1] - Yingsi Intelligent opened at HKD 35, a significant increase of 45% from its issue price, making it a highlight of the day [1] Group 2: Market Sentiment and Trends - Investment manager Li Mingde from Dasheng Group noted that the recent positive sentiment in the Hong Kong new stock market, along with favorable valuations and strong financial performances from several tech companies this year, has encouraged firms to list before year-end [1]

Core Viewpoint - The company Insilico Medicine, driven by generative artificial intelligence, successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.277 billion, marking the highest fundraising for a biotech IPO in Hong Kong this year [1][3]. Group 1: IPO Details - Insilico Medicine's IPO was priced at HKD 24.05 per share, with an opening increase of 45.5% to HKD 35.00 per share [3]. - The IPO was co-sponsored by Morgan Stanley, CICC, and GF Securities, with a total issuance of 94.6905 million shares, where the Hong Kong public offering accounted for 10% and was oversubscribed by approximately 1,427.37 times, securing over HKD 328.349 billion in subscription funds [5]. - The international offering accounted for 90% and was oversubscribed by 26.27 times, setting a record for non-18A Hong Kong healthcare IPOs [5]. Group 2: Investor Participation - Insilico Medicine attracted 15 cornerstone investors, including Eli Lilly, Tencent, Temasek, Schroders, UBS, Oak Tree Capital, E Fund, and Taikang Life, enhancing its credibility in the global pharmaceutical and investment landscape [6]. - Notably, Eli Lilly and Tencent participated as cornerstone investors for the first time in a biotech company, while Oak Tree Capital returned to the Hong Kong biotech market as a cornerstone investor [6]. Group 3: Company Overview and Innovation - Insilico Medicine utilizes its proprietary Pharma.AI platform and advanced automated laboratories to accelerate drug discovery, focusing on unmet medical needs in areas such as fibrosis, oncology, immunology, pain, obesity, and metabolic disorders [7]. - The company has ten molecules that have received clinical trial approval, with Rentosertib being the most advanced candidate for treating idiopathic pulmonary fibrosis, having completed Phase 2a clinical studies with positive results [7]. - Compared to traditional drug development timelines of approximately 4.5 years, Insilico Medicine has reduced the average time from project initiation to clinical candidate nomination to 12 to 18 months for over 20 self-developed projects from 2021 to 2024 [7][8]. Group 4: Future Plans and Funding Allocation - Following the IPO, Insilico Medicine plans to allocate approximately 48% of the raised funds for further clinical development of key pipeline candidates, 20% for early drug discovery and development, 15% for developing innovative generative AI models and related validation studies, 12% for further development and expansion of automated laboratories, and 5% for operational funds and other general corporate purposes [9].

Core Insights - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Holdings, Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong Stock Exchange on December 30, marking the end of the 2025 IPO season and the first time in five years that six companies have listed on the same day [1][10] Group 1: Market Activity - The Hong Kong IPO market saw a significant increase in activity in 2025, with a total of 117 companies listed and a total fundraising amount of 285.7 billion HKD, making it the highest globally [14] - The average daily trading volume reached a historical high, indicating a robust market environment [14] - The successful listing of six companies on the same day is expected to lead to continued strong IPO activity in 2026, with predictions of around 160 new listings and total fundraising of at least 300 billion HKD [15] Group 2: Company Performances - All six companies listed on December 30 performed well, with no company experiencing a drop below the issue price on the first day of trading [10] - Wuyi Vision and Yingxi Intelligent had the highest first-day gains, with increases of 29.90% and 24.66%, respectively [10] - Yingxi Intelligent's public offering saw a subscription rate of 1427.37 times, indicating strong investor interest [10] Group 3: Company Highlights - Woan Robotics, a leader in AI-driven household robotics, emphasized its commitment to innovation and responsibility in the AI industrial revolution during its listing speech [8] - Linqingxuan, a domestic skincare brand, announced plans for global expansion and increased investment in research and development following its listing [9] - Xunce, a provider of real-time data infrastructure, expressed its belief in data intelligence as a core driver of high-quality industrial development [9] Group 4: Investment Insights - High-profile investors, such as Hillhouse Capital, backed both Yingxi Intelligent and Woan Robotics, highlighting a trend of AI applications in complex industrial scenarios [13] - Wuyi Vision is noted as the first Physical AI company to list in China, showcasing its unique capabilities in connecting the digital and physical worlds [13]

Group 1 - The core viewpoint of the news is that Insilico Medicine has successfully listed on the Hong Kong Stock Exchange, becoming the first AI-driven biopharmaceutical company to do so under the main board listing rules [1] - Insilico Medicine raised a total of HKD 22.77 billion in its IPO, marking the highest fundraising amount for a biopharmaceutical IPO in Hong Kong this year [1] - The company issued 94.69 million shares globally, with 10% allocated for public offering in Hong Kong, which was oversubscribed by approximately 1,427.37 times, attracting over HKD 328.35 billion in subscription funds [1][2] - The international offering accounted for 90% of the shares, with an oversubscription rate of 26.27 times, setting a record for non-18A healthcare IPOs in Hong Kong [1] Group 2 - Insilico Medicine has initiated over 20 self-developed projects from 2021 to 2024, significantly reducing the average time from project initiation to clinical candidate nomination to 12-18 months, compared to the traditional average of 4.5 years [2] - The company has built a pipeline of over 30 projects targeting diseases such as fibrosis, tumors, immunity, inflammation, cardiovascular metabolism, and central nervous system disorders, with 10 projects having received clinical trial approvals and 7 currently in clinical research [2] - A notable project is Rentosertib (ISM001-055), an AI-discovered candidate drug for idiopathic pulmonary fibrosis, which has shown good safety and tolerability in Phase II clinical trials conducted in China [2] Group 3 - The co-CEO and Chief Scientific Officer of Insilico Medicine stated that the successful listing marks a new starting point for integrating AI with life sciences and reshaping drug development paradigms [3] - The company aims to leverage its AI platform to discover innovative targets and molecules across multiple disease areas, enhancing clinical development efficiency and accelerating the translation of innovative drugs [3] - Insilico Medicine emphasizes a long-term and technology-driven approach to transform AI into a key productivity tool for improving human health [3]