Core Viewpoint - Rebio Biotech-B (06938) announced the issuance and allocation of 4.7414 million H shares on February 10, 2026, following the full exercise of the over-allotment option [1] Group 1 - The company will issue a total of 4.7414 million H shares [1]

FF305 呈交日期： 2026年2月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06938 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 | 庫存股份變動 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年1月31日 | 165,813,510 | 份）數目百分比 (註3) | ...

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribobio-B (06938), has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. to develop innovative siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1] Group 1: Financial Aspects - Ribobio-B's stock price increased by 13.65%, reaching HKD 79.95, with a trading volume of HKD 6.4582 million [1] - The agreement includes an upfront payment of USD 60 million to Ribobio-B, with potential total payments of up to USD 4.4 billion contingent on achieving various clinical development, regulatory approval, and commercial sales milestones [1] Group 2: Development and Collaboration - The collaboration will leverage Ribobio-B's proprietary liver-targeting RiboGalSTAR platform to jointly develop six siRNA therapies for MASH [1] - Ribobio-B grants Madrigal exclusive global rights for the research, production, and commercialization of multiple single-target and dual-target clinical-stage siRNA assets in the MASH field [1]

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure Bio-B (06938), has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. to develop innovative siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) using Ribocure's RiboGalSTAR™ platform [1] Group 1 - Ribocure Bio-B's stock rose over 13%, specifically by 13.65%, reaching HKD 79.95 with a trading volume of HKD 6.4582 million [1] - The agreement allows Madrigal Pharmaceuticals exclusive rights for the global research, production, and commercialization of multiple clinical-stage siRNA assets in the MASH field [1] - Ribocure Bio-B will receive an upfront payment of USD 60 million and is eligible for up to USD 4.4 billion in total payments, including milestone payments related to clinical development, regulatory approval, and commercial sales [1]

Group 1 - The stock price of Reborn Biotech (06938.HK) increased by 13.65% [1] - WuXi Biologics (02269.HK) saw a rise of 4.83% in its stock price [1] - Baosai Tu-B (02315.HK) experienced a stock price increase of 3.88% [1] - WuXi AppTec (02359.HK) had a stock price growth of 3.15% [1]

Market Overview - The Hong Kong stock market opened slightly lower, with the Hang Seng Index down 0.2% at 27,210.56 points, the Hang Seng Tech Index down 0.47% at 5,474.25 points, and the National Enterprises Index down 0.19% at 9,250.27 points [1] - Major tech stocks mostly opened lower, with Alibaba down 1.37%, Tencent down 2.01%, and Meituan down 2.48%, while AI application stocks showed strength, with Zhihui up 8.77% and MINIMAX-WP up 5.65% [1] Company Performance - NetEase reported strong performance, with a net revenue of approximately 112.63 billion yuan, a year-on-year increase of 6.96%, and a net profit of approximately 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music saw a significant profit increase of 75.4%, with a revenue of 7.76 billion yuan and a profit of 2.75 billion yuan, confirming a turning point in performance [2] Industry Trends - The hard technology and manufacturing sectors showed signs of recovery, with Qiu Tai Technology reporting a 22.8% year-on-year increase in camera module sales and an 18.4% increase in fingerprint recognition module sales, driven by demand in IoT and smart automotive sectors [3] - The renewable energy sector also saw growth, with China Resources Power reporting a 28.4% year-on-year increase in electricity sales, and solar power sales soaring by 72.3% [3] Biopharmaceutical Sector - The biopharmaceutical sector experienced significant positive developments, with Rebio Biotech announcing a global exclusive licensing agreement worth up to 4.4 billion USD, leading to a substantial increase in stock price [4] - Heng Rui Pharmaceutical's product was included in a breakthrough therapy list, with projected global sales exceeding 6.5 billion USD in 2024 [4] Capital Market Activity - Industrial capital is actively engaging in buybacks to stabilize the market, with Geely Automobile repurchasing shares worth approximately 20.30 million HKD and other companies like Kingsoft and Bai Rong Cloud also participating in buybacks [5] - Huili Group is expected to see a profit increase of over 20 times in 2025, indicating a strong performance reversal [5] Institutional Insights - There is a divergence in institutional views regarding market fluctuations, with some suggesting that the recent pullback is a liquidity shock, while others believe that valuation recovery is nearly complete [6] - Specific sectors like AI computing and surgical robots are highlighted for potential growth, with expectations for high performance in 2025 and 2026 [6]

Group 1 - The National Health Commission and 11 other departments issued the "National Essential Drug Directory Management Measures," revising six key areas to enhance the essential drug system in China [1] - The revised measures include optimizing the directory structure, categorizing drugs into chemical drugs, biological products, and traditional Chinese medicine based on clinical pharmacology and functionality [1] - The management mechanism for the directory has been improved, emphasizing the clinical value of drugs and considering factors such as disease spectrum changes and drug supply assurance [1] Group 2 - Reborna Biotech and Madrigal Pharmaceuticals entered a global exclusive licensing agreement worth $4.4 billion to develop innovative siRNA therapies for metabolic dysfunction-related fatty liver disease (MASH) [2] - Reborna will receive a $60 million upfront payment and is eligible for additional payments upon achieving clinical development and regulatory milestones, along with royalties based on global net sales [2] - The agreement highlights the international value of domestic innovative drugs and the urgent demand for effective therapies in the MASH field, indicating significant market potential [2] Group 3 - Watson Bio announced plans to invest 450 million yuan to establish a biological industry investment fund, targeting a total fund size of 1 billion yuan [3] - The fund will primarily invest in the synthetic biology manufacturing sector, including areas such as synthetic biology, health, bio-agriculture, bio-energy, and bio-materials [3] - This initiative is expected to help Watson Bio capture industry benefits and lay the groundwork for future strategic mergers and acquisitions [3] Group 4 - Hengrui Medicine's subsidiary, Suzhou MSD Biopharmaceutical Co., has had its drug SHR-A1811 included in the list of breakthrough therapies by the National Medical Products Administration [4] - SHR-A1811 is intended for first-line treatment of locally advanced or metastatic non-small cell lung cancer patients with HER2 (ERBB2) activating mutations [4] - The inclusion of SHR-A1811 reflects Hengrui's research achievements in the ADC field, although it will face competition from several already approved similar products [4]

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

Core Insights - Ribo Life Science and Ribocure Pharmaceuticals have entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals for six pre-clinical siRNA programs targeting metabolic dysfunction-associated steatohepatitis (MASH) [1] - The collaboration will leverage Ribo's GalSTARTM platform to develop novel treatments for MASH, with options to expand into new siRNA programs [1] - Ribo will receive an upfront payment of US$60 million, with potential cumulative payments reaching US$4.4 billion based on milestone achievements, along with royalties on net sales [1] Company Overview - Suzhou Ribo Life Science Co., Ltd. is focused on developing nucleic acid drugs based on RNA interference technology, with a strong product pipeline aimed at addressing serious diseases with unmet medical needs [1] - Ribocure Pharmaceuticals, a subsidiary of Ribo, is dedicated to the global development of life-saving oligonucleotide therapies and innovative capacities for clinical trials [1] Industry Context - MASH is a serious liver disease that can lead to severe complications, including cirrhosis and liver cancer, and is a leading cause of liver transplantation [1] - The prevalence of MASH is increasing, with a significant rise in diagnosed patients expected, particularly those with moderate to advanced fibrosis [1] - Madrigal Pharmaceuticals has developed Rezdiffra, the first medication approved for treating MASH with moderate to advanced fibrosis, highlighting the high unmet medical need in this area [1]

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure Bio-B (6938.HK), has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for the development of six clinical-stage small interfering RNA (siRNA) therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1] Group 1 - The agreement grants Madrigal exclusive global rights to utilize Ribocure's RiboGalSTAR and siRNA chemical modification platforms for the development, production, and commercialization of several clinical-stage single-target and dual-target siRNA assets [1] - Ribocure will receive an upfront payment of $60 million, with potential cumulative payments of up to $4.4 billion upon achieving various development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [1] - This collaboration leverages the company's proven liver-targeting RiboGalSTAR platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a leading global innovator in siRNA [1]