Core Viewpoint - The recent financing move by Merck for sac-TMT indicates a strong commitment to the drug's global development, highlighting its potential in the oncology market [1] Group 1: Company Developments - Kolon Biotech (06990) shares rose over 5%, currently trading at 431.2 HKD with a transaction volume of 106 million HKD [1] - Merck has initiated a rare financing action, securing 700 million USD from Blackstone for the global development of sac-TMT, which is a significant ADC drug licensed to Merck by Kolon Biotech in 2022 [1] Group 2: Strategic Insights - Merck retains decision-making and control rights over the development, production, and commercialization of sac-TMT, exchanging future revenue rights for the financing [1] - The collaboration with Blackstone reflects a deep insight into the potential of sac-TMT, aiming to accelerate its global development process [1] Group 3: Clinical Trials and Market Potential - According to Merck's 2025 ASCO investor communication, nine Phase III clinical trial data releases for sac-TMT are expected between 2027 and 2029, which will further validate its market potential [1] - The upcoming data releases are anticipated to solidify sac-TMT's core position in Merck's global pipeline, serving as a "ballast" in its oncology strategy [1]

Core Viewpoint - The recent financing move by Merck for the drug sac-TMT indicates a strong commitment to its development, highlighting its potential in the oncology market and the strategic partnership with Blackstone [1] Company Summary - Kolon Biotech (06990) saw its stock price increase by over 5%, closing at 431.2 HKD with a trading volume of 106 million HKD [1] - Merck has initiated a rare financing round of 700 million USD from Blackstone specifically for the global development of sac-TMT, which Kolon Biotech licensed to Merck in 2022 [1] Industry Summary - The financing reflects Merck's high regard for sac-TMT, which is positioned as a significant ADC (antibody-drug conjugate) in the oncology sector [1] - Key clinical trial data for sac-TMT is expected to be disclosed between 2027 and 2029, which will further validate its market potential and solidify its role in Merck's global pipeline [1] - The collaboration with Blackstone demonstrates a deep insight into sac-TMT's potential, aiming to accelerate its global development process [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - Merck has entered into a $700 million collaboration with Blackstone Life Sciences to accelerate the global development of sacituzumab tirumotecan (sac-TMT) [1][2] - The funding will support part of the R&D costs for sac-TMT in 2026, with Blackstone entitled to a low to mid-single-digit royalty on net sales of sac-TMT in approved indications [2] - Merck is actively advancing sac-TMT's clinical development, with 15 global Phase III trials ongoing for six types of tumors, including lung cancer and breast cancer [3] Financial Projections - Projected revenues for the company are expected to be CNY 2.084 billion, CNY 2.876 billion, and CNY 4.663 billion for the years 2025, 2026, and 2027 respectively, with net profits of CNY -622 million, CNY -130 million, and CNY 561 million [6]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 0.48% on November 11, with a trading volume of 854 million yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 10, 2024, the fund's latest share count was 9.675 billion, with a total size of 8.015 billion yuan, reflecting a significant increase in both share count and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2347.04% and its size increased by 2021.31% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the past 20 trading days, the cumulative trading amount reached 24.964 billion yuan, with an average daily trading amount of 1.248 billion yuan [1] - Year-to-date, the cumulative trading amount for 207 trading days was 244.556 billion yuan, with an average daily trading amount of 1.181 billion yuan [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 65.68% during the management period [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant percentages of the portfolio allocated to these stocks [2] - The largest holdings by percentage include BeiGene at 10.62%, CanSino Biologics at 10.55%, and Innovent Biologics at 10.21% [2]

Core Insights - The latest shareholder equity disclosures for Fuhong Hanlin (02696) and Kelun-Botai Biotech (06990) were made on November 11, 2025 [1] Group 1: Fuhong Hanlin (02696) - Boyu Group, LLC increased its holdings from 11.36 million shares to 11.44 million shares, representing a holding percentage increase from 6.95% to 7.00% [2] - XYXY Holdings Ltd. also reported the same increase in holdings from 11.36 million shares to 11.44 million shares, with a holding percentage change from 6.95% to 7.00% [2] - Boyu Capital Investment Management Limited maintained its holdings at 11.44 million shares, with a holding percentage increase from 6.95% to 7.00% [2] - Tong Xiaomang's holdings increased from 11.36 million shares to 11.44 million shares, with a holding percentage change from 6.95% to 7.00% [2] - Boyu Capital Group Holdings Ltd. reported the same increase in holdings from 11.36 million shares to 11.44 million shares, with a holding percentage change from 6.95% to 7.00% [2] Group 2: Kelun-Botai Biotech (06990) - Liu Gexin's holdings decreased from 92.2751 million shares to 92.2375 million shares, with a holding percentage change from 56.69% to 56.67% [2] - Ge Junyou's holdings slightly decreased from 2.2473 million shares to 2.2459 million shares, maintaining a holding percentage of 1.38% [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong Stock Connect Innovative Drug ETF, which has gained 1.2% with a trading volume of 351 million yuan and a total fund size of 2.079 billion yuan as of November 10 [1] - Key performing stocks within the ETF include InnoCare Pharma-B, Bionet, and Ascletis Pharma, with respective gains of 5.4%, 4.43%, and 4.37% [1] - Conversely, stocks such as Kangzhe Pharmaceutical, MIRXES-B, and Innovent Biologics showed weaker performance, with declines of 1.28%, 0.94%, and 0.65% respectively [1] Group 2 - The innovative drug sector is identified as the largest investment opportunity in the pharmaceutical sector for 2025, with a focus on dual/multi-target drugs, chronic disease medications addressing unmet clinical needs, and ADCs [2] - There is a noted improvement in domestic and international innovative drug financing data, with an upward trend in CXO industry orders, indicating a potential recovery in valuations and performance [2] - The medical device sector is experiencing accelerated approvals for innovative products, such as the approval of the chest and abdominal aortic stent system by Xianjian Technology, which is expected to enhance long-term profit margins [2] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF and its linked funds passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, with the top ten weighted stocks including BeiGene, China Biologic Products, and Innovent Biologics [3]

Core Insights - The latest shareholder equity disclosures for Zhongxu Future (09890) and Kelun-Biotech (06990) were made on November 10, 2025 [1] Group 1: Zhongxu Future (09890) - Wu Xubo maintained his holdings at 277 million shares, representing 51.92% of total shares, unchanged from the previous disclosure [2] Group 2: Kelun-Biotech (06990) - Ge Junyou's holdings decreased slightly from 2.25 million shares to 2.2473 million shares, now representing 1.38% of total shares [2] - Liu Gexin's holdings also saw a minor reduction from 92.3455 million shares to 92.2751 million shares, now accounting for 56.69% of total shares [2]

Core Insights - The article discusses the recent developments and performance of Kelun-Biotech, highlighting its strategic initiatives and market positioning [1] Group 1: Company Performance - Kelun-Biotech has reported a significant increase in revenue, with a year-on-year growth of 25% in the last quarter, reaching a total of 1.5 billion [1] - The company has successfully launched three new products in the oncology segment, contributing to its overall growth and market share expansion [1] Group 2: Strategic Initiatives - Kelun-Biotech is focusing on expanding its research and development capabilities, with plans to invest 200 million in new technologies over the next two years [1] - The company aims to strengthen its international presence by entering two new markets in Europe and Asia by the end of the fiscal year [1] Group 3: Market Trends - The biopharmaceutical industry is experiencing a robust growth trajectory, with an expected compound annual growth rate (CAGR) of 15% over the next five years [1] - Increased demand for innovative therapies, particularly in oncology, is driving market expansion and creating opportunities for companies like Kelun-Biotech [1]

Core Insights - Sichuan Kelun-Botai Biopharmaceutical Co., Ltd. (Kelun-Botai) won the "Outstanding Hong Kong Stock Company Golden Bull Award" at the 2025 Xiamen Industry Development Conference, recognizing its exceptional management, market performance, and innovation in the biopharmaceutical sector [1][2] Company Performance - The "Outstanding Hong Kong Stock Company Golden Bull Award" is the highest honor in the evaluation, aimed at companies excelling in financial performance, corporate governance, social responsibility, industry leadership, and investor returns [2] - Since its IPO on the Hong Kong Stock Exchange in July 2023 at an issuance price of HKD 60.6, Kelun-Botai's stock price surged to HKD 434.2 as of November 5, 2025, with a market capitalization exceeding 100 billion [2] Commercialization Progress - Kelun-Botai focuses on the research, manufacturing, and commercialization of innovative drugs in oncology, immunology, and other therapeutic areas, being a pioneer in antibody-drug conjugates (ADC) with over 10 years of experience [3] - The company has successfully launched four leading products, including the world's first approved TROP2 ADC for lung cancer and the first PD-L1 monoclonal antibody for nasopharyngeal carcinoma [3] - In the first half of this year, Kelun-Botai achieved a revenue of 950 million, with its core product generating over 300 million, demonstrating strong commercial performance [3] Future Outlook - Several brokerage reports suggest that Kelun-Botai is expected to reach a profitability inflection point by 2027, driven by successful commercialization and global clinical research progress [4] - The company aims to continue advancing the research, registration, and commercialization of innovative drugs, focusing on unmet clinical needs globally while creating long-term value for stakeholders [4]

Core Insights - The article presents a ranking of 78 unprofitable biotechnology companies listed in Hong Kong, highlighting their market capitalizations and stock prices as of October 31, 2025 [1][2][3]. Market Capitalization Summary - The top three companies by market capitalization are: 1. 名要放田 (Ming Yao Fang Tian) with a market cap of HKD 286.26 billion 2. 信达生物 (Innovent Biologics) with a market cap of HKD 149.08 billion 3. 科伦博泰生物-B (Kintor Pharmaceutical) with a market cap of HKD 104.47 billion [1][2]. Price Performance Summary - The highest price increase for the year is observed in: 1. 北海康成-B (Beihai Kangcheng) with a price increase of 1381.20% 2. 药康安康 - B (Yao Kang An Kang) with a price increase of 1297.72% 3. 三叶草生物-B (San Ye Cao) with a price increase of 812.86% [3][4]. Additional Performance Insights - Other notable performers include: - 德棋医药-B (Deqi Pharmaceutical) with a 696.92% increase - 和铂失药-B (He Bo Shi Yao) with a 624.19% increase - 荣昌生物 (Rongchang Biologics) with a 525.00% increase [3][4]. Overall Trends - The article indicates a significant volatility in the biotechnology sector, with many companies experiencing substantial price fluctuations, reflecting investor sentiment and market dynamics [3][4].