值得注意的是，嘉和生物4月15日公告，公司已向港交所递交上市申请，亿腾医药将反向收购嘉和生 物。早在2024年10月，嘉和生物与亿腾医药宣布达成战略性合并。合并后公司更名为"亿腾嘉和医药集 团有限公司"。嘉和生物向亿腾医药股东发行新股作为对价，亿腾医药、嘉和生物在此次交易中的股权 价值分别为6.77亿美元和1.97亿美元。亿腾医药股东将持有合并公司77.43%的股份，成为合并公司的控 股股东，而嘉和生物的股东则持有其余的22.57%股份。 智通财经获悉，嘉和生物-B(06998)午后涨超17%，截至发稿，涨14.98%，报3.76港元，成交额2233.1万 港元。 本文源自：智通财经网 消息面上，药物临床试验登记与信息公示平台数据显示，嘉和生物的一项在晚期实体瘤患者中评价PD - 1/CTLA - 4/VEGF三特异性抗体GB268的安全性、耐受性、药代动力学和疗效的首次人体、开放性、多 中心的I期研究已启动。公开资料显示，GB268是嘉和生物自主研发的一款抗PD-1/VEGF/CTLA-4三特异 性抗体。 ...

消息面上，药物临床试验登记与信息公示平台数据显示，嘉和生物的一项在晚期实体瘤患者中评价PD- 1/CTLA-4/VEGF三特异性抗体GB268的安全性、耐受性、药代动力学和疗效的首次人体、开放性、多中 心的I期研究已启动。公开资料显示，GB268是嘉和生物自主研发的一款抗PD-1/VEGF/CTLA-4三特异性 抗体。 值得注意的是，嘉和生物4月15日公告，公司已向港交所递交上市申请，亿腾医药将反向收购嘉和生 物。早在2024年10月，嘉和生物与亿腾医药宣布达成战略性合并。合并后公司更名为"亿腾嘉和医药集 团有限公司"。嘉和生物向亿腾医药股东发行新股作为对价，亿腾医药、嘉和生物在此次交易中的股权 价值分别为6.77亿美元和1.97亿美元。亿腾医药股东将持有合并公司77.43%的股份，成为合并公司的控 股股东，而嘉和生物的股东则持有其余的22.57%股份。 嘉和生物-B(06998)午后涨超17%，截至发稿，涨14.98%，报3.76港元，成交额2233.1万港元。 ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06998 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.00002 USD | | 20,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.00002 USD | | 20,000 | 公司名稱: 嘉和生物藥業（開曼）控股有限公司(於開曼群島註冊成立的有限公司) 本月底法定/註冊 ...

Group 1 - The Hong Kong biotechnology stocks collectively rose, with notable increases in several companies' stock prices [1][2] - Beihai Kangcheng-B saw a rise of nearly 19%, while other companies like Gilead Sciences-B and Ascentage Pharma-B also experienced significant gains of over 15% and 9% respectively [1][2] - The overall trend indicates a positive sentiment in the biotechnology sector, with multiple companies achieving gains of over 5% [1][2] Group 2 - Specific stock performance includes: Beihai Kangcheng-B at 18.99% increase, Gilead Sciences-B at 15.30%, and Ascentage Pharma-B at 9.48% [2] - The market capitalization of these companies varies significantly, with Gilead Sciences-B at approximately 11.477 billion and Ascentage Pharma-B at about 29.86 billion [2] - Other notable performers include Jiahua Bio-B and Beikang Medical-B, both showing increases of over 7% [1][2]

Group 1 - The Hong Kong biotechnology sector experienced a rise on August 5, with notable increases in stock prices for several companies [1] - Gilead Sciences (歌礼制药) saw a surge of over 15% in its stock price [1] - Ascentage Pharma (亚盛医药) increased by more than 9% [1] - Other companies such as Jiahe Biopharma (嘉和生物) and Innovent Biologics (复宏汉霖) rose by over 8% [1] - CanSino Biologics (康希诺生物) and Zai Lab (再鼎医药) experienced increases of over 5% [1]

Core Insights - Candid Therapeutics, Inc. has made progress in clinical evaluation of GB261, a novel T cell engager for autoimmune diseases, with the first patients receiving treatment and showing good tolerance [1] - The subcutaneous formulation of GB261 has been established, which is a bispecific antibody targeting CD20 on B cells and CD3 on T cells, designed to mediate T cell cytotoxicity against CD20-expressing B cells [1] - GB261 has a low affinity for CD3, reducing the risk of T cell overactivation while maintaining effective and selective B cell clearance [1] Company Overview - Candid Therapeutics, Inc. is a clinical-stage biotechnology company focused on transforming treatment methods for autoimmune and inflammatory diseases through its novel T cell engager platform [2] - The company has granted a global exclusive license to TRC 2004, Inc. for the development and commercialization of GB261, excluding mainland China, Hong Kong, Macau, and Taiwan [2] - Following the merger of Candid Therapeutics, Inc. and TRC 2004, Inc. in August 2024, the rights will be transferred to Candid Therapeutics, which is led by an experienced management team including CEO Dr. Ken Song [2]

Individual Company News - Li Auto (02015.HK) reported a total revenue of 25.9 billion yuan for Q1 2025, representing a year-on-year increase of 1.1%. Adjusted net profit was 1 billion yuan, down 20.5% year-on-year [1] - Sihuan Pharmaceutical (01093.HK) is in discussions with potential partners regarding licensing and collaboration in drug development, production, and commercialization [1] - SANY International (00631.HK) achieved a net profit of 636 million yuan in Q1, a year-on-year increase of 30.6%, driven by significant revenue growth in large port machinery, oil and gas equipment, silicon energy products, and overseas mining vehicle sales [1] - Minxin Group (00222.HK) has jointly established a partnership to invest in a national-level specialized and innovative technology enterprise [1] - China Orient Group (00581.HK) reported an operating profit of approximately 199 million yuan for Q1 after deducting financial costs [1] Pharmaceutical Sector News - Jiahe Biotech (06998.HK) received approval from the Chinese National Medical Products Administration for the market launch of the new drug GB491 [2] - Fosun Pharma (02196.HK) had its registration application for the drug Luwomeitini approved by the National Medical Products Administration [2] - Yum China (09987.HK) entered into a share repurchase agreement for a total buyback amount of approximately 510 million USD for the second half of the year [2]

Core Viewpoint - Yiteng Pharmaceutical has completed a reverse acquisition of Jiahe Biotech, marking its entry into the Hong Kong stock market amid a challenging IPO environment for biopharmaceutical companies. However, the company faces scrutiny due to controversial financial practices, including soaring sales expenses and significant pre-listing dividends [1][2]. Group 1: Acquisition Details - Yiteng Pharmaceutical achieved a valuation of $677 million through a share swap with Jiahe Biotech, which was valued at $197 million, highlighting a stark contrast in market perceptions of established commercial products versus innovative drug development [2]. - The reverse acquisition was a strategic move after Yiteng's unsuccessful attempts to go public over four years, with multiple failed IPO applications since 2020 [2]. Group 2: Financial Practices - Sales and distribution expenses surged to 731 million yuan in 2024, accounting for 28.7% of revenue, significantly outpacing research and development expenditures of 480 million yuan [3]. - The company allocated over 220 million yuan to meeting expenses in 2024, nearly double the R&D spending of 122 million yuan for the same period, raising concerns about potential regulatory scrutiny regarding commercial bribery [3]. Group 3: Pre-listing Dividends - Yiteng Pharmaceutical distributed approximately 144 million yuan in dividends within six months before the merger, with the controlling shareholder, Ni Xin, receiving about 63 million yuan [4]. - This dividend distribution has drawn criticism as a potential "cash extraction" strategy, especially given the company's rising inventory levels and increased administrative expenses [4]. Group 4: Future Prospects - The newly formed entity, Yiteng Jiahe, is betting on its innovative drug pipeline, particularly the breast cancer drug GB491, which is expected to seek approval by 2025 and aims for inclusion in the medical insurance catalog [5]. - However, the company faces significant challenges, including intense competition for GB491 and potential pricing pressures from insurance negotiations, which could impact profitability [5]. Group 5: Conclusion - The reverse acquisition represents both a survival strategy in a tough capital market and a critical juncture for innovation transformation. The company's reliance on a sales-heavy model amidst regulatory scrutiny and governance questions will be pivotal in shaping its future trajectory [6].

Mergers and Collaborations - The company signed a merger agreement with Eton Pharmaceuticals on September 13, 2024, where Eton's shareholders will hold approximately 77% of the enlarged issued shares post-merger, while the company's shareholders will hold about 23%[8]. - The merger agreement with Yiteng Pharmaceutical was established on September 13, 2024, with Yiteng's shareholders expected to hold approximately 77% of the enlarged issued shares post-merger, while the company will retain about 23%[23]. - The merger is expected to significantly enhance the commercialization success of the CDK4/6i product due to Yiteng's established sales and distribution network[25]. - The merger will be settled entirely through the issuance of consideration shares, ensuring the company has sufficient cash resources for business development post-merger[28]. - The collaboration with TRC 2004, Inc. includes granting global exclusive rights for the development and commercialization of GB261, with potential milestone payments reaching up to USD 443 million[28]. - The company signed an outsourcing management agreement with Yiteng Pharmaceutical for CDK4/6i management on September 13, 2024[34]. - A collaboration agreement was signed with Yiteng Pharmaceutical for the development of two trispecific antibodies, GBD218 and GBD220, both in the early discovery phase[76]. Drug Development and Clinical Trials - The company submitted a New Drug Application (NDA) for Lerociclib (GB491) in combination with letrozole for the treatment of HR+/HER2- advanced breast cancer to the National Medical Products Administration (NMPA) on February 28, 2024, which was officially accepted on March 13, 2024[10]. - The company achieved significant progress with the NDA for Lerociclib in combination with fulvestrant for advanced second-line breast cancer, completing the submission of supplementary materials in March 2024 and passing inspections in September and October 2024[11]. - GB268, a tri-specific antibody targeting PD-1, VEGF, and CTLA-4, entered the preclinical development stage in 2024, with promising safety and efficacy results observed in preclinical studies[12]. - The company’s candidate drug GB263T, a tri-specific antibody, showed promising efficacy and safety in treatment doses of 1,260-1,680 mg, with updated clinical trial results accepted for presentation at the ESMO conference in September 2024[13]. - GB491 (Lerociclib) has completed patient enrollment for a Phase III clinical trial in advanced first-line breast cancer, achieving the primary endpoint in interim analysis with a p-value of 0.0004[31]. - The independent data monitoring committee (IDMC) recommended that the trial met the statistical significance requirements for efficacy and safety[31]. - GB261, a bispecific antibody, is undergoing Phase I/II clinical trials in Australia and China, with good safety and pharmacokinetic profiles reported[33]. - The initial results of GB261's I/II clinical trial showed a favorable safety and efficacy balance, with low incidence of cytokine release syndrome (CRS)[62]. - The company has paused the internal development of GB226 PD-1 and GB221 for further evaluation of development strategies and resource allocation[15]. - The company is focusing on optimizing CMC quality and efficiency, significantly reducing production costs while maintaining product quality[40]. - The company is advancing GB268 (anti-PD-1/VEGF/CTLA-4 trispecific antibody) into pre-IND development and conducting CMC process development and GLP toxicology studies[51]. Financial Performance - Total revenue for the reporting period was approximately RMB 206.2 million, compared to zero for the year ended December 31, 2023, primarily due to income from a licensing and equity agreement with TRC 2004, Inc.[21]. - Research and development expenses for the reporting period were approximately RMB 202.8 million, down from RMB 564.3 million for the year ended December 31, 2023, mainly due to new drug development costs and ongoing clinical trial expenses[21]. - Total comprehensive loss for the reporting period was approximately RMB 51.5 million, a decrease from RMB 676.0 million for the year ended December 31, 2023, attributed to increased revenue and reduced expenses[21]. - Adjusted loss for the reporting period was approximately RMB 41.3 million, compared to RMB 614.3 million for the year ended December 31, 2023, calculated by excluding share-based payment expenses[21]. - The company's loss for the reporting period decreased from RMB 675.2 million in 2023 to RMB 53.0 million in 2024, indicating improved financial performance[96]. - Cash and bank balances decreased from RMB 1,165.5 million as of December 31, 2023, to RMB 1,058.8 million as of December 31, 2024, primarily due to operating losses during the reporting period[98]. - The current ratio improved from 5.41 in 2023 to 8.74 in 2024, and the debt ratio decreased from 0.18 to 0.11, indicating a stronger liquidity position and lower leverage[102]. Pipeline and Product Candidates - The company has several promising drug candidates in its pipeline, including GB491 for HR+/HER2- breast cancer and GB261 for non-Hodgkin lymphoma, currently in various clinical stages[15]. - The company is actively pursuing business development collaborations for its pipeline, focusing on new drug applications and approvals[22]. - The company has optimized its structure and successfully implemented a light-asset model to reduce operational costs while actively pursuing strategic collaborations and signing merger agreements[22]. - The company is focusing on advancing core pipeline development and new drug approvals through multiple flexible external cooperation forms[22]. - The company is actively pursuing clinical pipeline development with efficient project management and patient recruitment strategies[46]. - The company is focusing on global oncology and autoimmune disease FIC and BIC innovative pipelines, aiming to address unmet medical needs[83]. Corporate Governance and Compliance - The board of directors has confirmed compliance with relevant laws and regulations without any serious violations during the reporting period[126]. - The company has complied with all applicable social security fund obligations as per Chinese law as of December 31, 2024[111]. - There were no significant acquisitions or disposals of subsidiaries or associated companies during the reporting period, consistent with the previous year[104]. - The company has no significant contingent liabilities as of December 31, 2024, consistent with the previous year[107]. - The company does not face significant foreign exchange risks, with a potential RMB 102.9 million impact on pre-tax losses if the RMB appreciates or depreciates by 10% against the USD[109]. - The company has no major events affecting its operations reported after the fiscal year-end[121]. Employee and Shareholder Information - As of December 31, 2024, the total employee count is 24, with 25% in R&D, 46% in clinical development, and 29% in general and administration[110]. - The interests of directors and senior executives in the company's shares as of December 31, 2024, included 1,522,500 shares (0.29%) held by Mr. Ong and 21,158,108 shares (4.07%) held by Dr. Guo[152]. - The company has adopted several stock option plans to incentivize qualified participants, including pre-IPO and post-IPO stock option plans[112]. - The company aims to incentivize key employees through the pre-IPO share option plan to promote growth and development[156]. - The total number of shares available for issuance under the pre-IPO share option plan is capped at 58,573,872 shares, which is about 11.26% of the total issued shares[160]. - The maximum number of shares that can be received by Dr. Guo under various share option plans is 5,579,054 shares[157]. - The total number of issued shares is 520,358,899[153]. - The company has no controlling shareholder following the completion of the global offering, and no significant contracts were established with any controlling shareholder during the reporting period[149].

Core Viewpoint - Jiayou Bio-B (06998) has submitted a listing application to the Hong Kong Stock Exchange, marking the first reverse acquisition case of an innovative pharmaceutical company since the implementation of Rule 18A by the Hong Kong Stock Exchange [1] Group 1: Company Overview - Yiteng Pharmaceutical is a comprehensive professional biopharmaceutical company that has established a competitive and market-potential portfolio of original and innovative drugs through acquisitions of brand drug assets from multinational companies [1] - The product portfolio of Yiteng Pharmaceutical includes five main products, three of which are original products (Wenkexin, Xikelai, and Yirui Ping) and two innovative products (Vascepa and Mulpleta), all of which have been commercialized [1][2] Group 2: Financial Performance - Yiteng Pharmaceutical's revenue for the years ending December 31, 2022, 2023, and 2024 is projected to be 2.0738 billion, 2.3038 billion, and 2.5460 billion respectively, indicating steady sales growth driven by the strong performance and potential of its product portfolio [5] Group 3: Strategic Implications - The integration of Jiayou Bio's innovative R&D resources will enable Yiteng Pharmaceutical to accelerate the development and market promotion of innovative drugs, particularly the upcoming CDK4/6 inhibitor, which can synergize with Yiteng's existing HDAC inhibitor to explore broader market opportunities [5]