Core Insights - The article discusses the changes in the Hong Kong Stock Connect holdings, highlighting the companies with the largest increases and decreases in shareholding percentages. Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in shareholding percentage, rising by 2.35% to a total of 23.75% [1] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its total to 17.52% [1] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [1] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% over the last five trading days [2] Group 2: Decreased Holdings - Country Garden (02007) had the largest decrease in shareholding percentage, dropping by 0.51% to 15.33% [1] - Geely Automobile (00175) saw a decrease of 0.16%, resulting in a holding of 11.37% [1] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, bringing its total to 20.19% [1] - In the last five trading days, notable decreases included Jiahe Biology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [2] Group 3: 20-Day Holding Changes - Over the past 20 days, Lion Group (02562) had the most significant increase, rising by 23.92% to 49.05% [2] - Jihong Co., Ltd. (02603) increased by 22.62% to 54.86% [2] - Red Star Macalline (01528) saw an increase of 8.47%, reaching 52.20% [2] - Conversely, the largest decrease was seen in the Wan Guo Gold Group (02979), which dropped by 11.34% to 0.00% [3]

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of December 31, 2025 [1] Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in ownership percentage, rising by 2.35% to a total holding of 23.75% [2] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its holding to 17.52% [2] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [2] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% [3] Group 2: Decreased Holdings - Country Garden (02007) faced the largest decrease, with a drop of 0.51% to a holding of 15.33% [2] - Geely Automobile (00175) saw a reduction of 0.16%, resulting in a holding of 11.37% [2] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, leading to a holding of 20.19% [2] - Other significant decreases include Jiahe Biotechnology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [3] Group 3: Five-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase in ownership percentage, up by 3.79% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw significant increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotechnology-B (06998) had the largest decrease of 1.74% over the same period [3] Group 4: Twenty-Day Changes - In the last twenty days, Lion Group (02562) experienced a substantial increase of 23.92% in ownership [4] - Jihong Co., Ltd. (02603) followed with a 22.62% increase, reaching a holding of 54.86% [4] - Red Star Macalline (01528) also saw an increase of 8.47%, bringing its holding to 52.20% [4]

Core Viewpoint - Yiteng Pharmaceutical Group completed a reverse acquisition of Jiahe Biopharma, marking the establishment of Yiteng Jiahe Pharmaceutical Group and entering a new phase of strategic integration and development [1][2]. Group 1: Company Overview - Yiteng Pharmaceutical, founded in 2001, has developed a comprehensive value chain in R&D, production, and commercialization, focusing on oncology, autoimmune diseases, cardiovascular, respiratory, and anti-infection treatments [3]. - The company has a solid market foundation with approximately 1,000 sales representatives covering 31 provinces, 17,000 hospitals, 19,000 pharmacies, and 188 commercial companies as of June 30, 2025 [3]. Group 2: Strategic Transformation - Yiteng Pharmaceutical transitioned from a traditional CSO model to a dual-driven strategy of acquiring mature products and licensing innovative drugs, evolving into a specialty pharmaceutical company [4]. - The year 2019 was pivotal for Yiteng, completing significant acquisitions that transformed it from a channel agent to a product holder and manufacturer, establishing it as a true pharmaceutical enterprise [4]. Group 3: Financial Performance - Yiteng's revenue is projected to grow from 2.074 billion RMB in 2022 to 2.546 billion RMB in 2024, with net profits of approximately 306 million RMB, 308 million RMB, and 388 million RMB for the respective years [6]. - As of June 30, 2025, the company had cash and cash equivalents of 778 million RMB, a 54.1% increase year-on-year, with a net cash flow from operating activities reaching 916 million RMB in 2024 [6]. Group 4: Industry Context - The Chinese biopharmaceutical industry is undergoing a capital winter, with a significant decline in financing cases and amounts, which presents both challenges and opportunities for companies like Yiteng with strong commercial capabilities and cash flow [7][6]. - The market for innovative drugs is shifting towards a focus on R&D and clinical value, with Yiteng's acquisition of Jiahe Biopharma seen as a strategic move to enhance its capabilities in the oncology and autoimmune sectors [7][25]. Group 5: Acquisition of Jiahe Biopharma - Jiahe Biopharma, initially valued at over 14 billion HKD, saw its market value drop nearly 90% to 1.6 billion HKD due to setbacks in its core product, a PD-1 monoclonal antibody [9][8]. - The merger allows Yiteng to leverage Jiahe's promising oncology pipeline, particularly the CDK4/6 inhibitor GB491, which has received regulatory approval and is entering commercialization [11][25]. Group 6: Future Prospects - The merger is expected to create a synergistic effect, with Yiteng's established sales network providing a "highway" for GB491's market penetration, while also ensuring financial support for Jiahe's future pipeline development [25][26]. - The combined entity aims to navigate the competitive landscape of oncology treatments, with a focus on innovative therapies that meet clinical needs and market viability [27][26].

Group 1 - Yiteng Pharmaceutical Group Co., Ltd. completed a reverse acquisition with Jiahe Biopharmaceuticals, marking the establishment of Yiteng Jiahe Pharmaceutical Group Co., Ltd. and entering a new phase of strategic integration and development [1][2] - The Chinese biopharmaceutical industry is characterized by intense competition, with companies typically following linear paths from R&D to commercialization, but Yiteng Pharmaceutical has chosen a reverse path, starting from a solid commercialization backend to integrate production and R&D [2][6] - Yiteng Pharmaceutical, founded in 2001, has built a comprehensive value chain in R&D, production, and commercialization, focusing on oncology, autoimmune diseases, cardiovascular, respiratory, and anti-infection treatments [2][3] Group 2 - The company has established a balanced product portfolio, with three core commercial products: Vancomycin, Cefaclor, and Fluticasone, alongside three innovative products, providing growth momentum for future development [3][5] - Yiteng Pharmaceutical's revenue is projected to grow from 2.074 billion RMB in 2022 to 2.546 billion RMB in 2024, with net profits of approximately 306 million RMB, 308 million RMB, and 388 million RMB for the same years [5] - The company has a strong cash flow, with cash and cash equivalents reaching 778 million RMB as of June 30, 2025, a 54.1% increase year-on-year, primarily driven by its core business operations [5] Group 3 - Jiahe Biopharmaceuticals, initially valued at over 14 billion HKD, saw its market value shrink by nearly 90% to 1.6 billion HKD due to setbacks in the approval process for its core product, GB226 [7][8] - The company has shifted its R&D focus to developing GB491, a CDK4/6 inhibitor for breast cancer, and three new antibody drugs, aiming to regain market traction [8][10] - GB491 has received approval for two indications and is now in the commercialization phase, with significant market potential in the competitive breast cancer treatment landscape [10][11] Group 4 - The merger between Yiteng Pharmaceutical and Jiahe Biopharmaceuticals is seen as a strategic move to leverage Yiteng's strong commercialization capabilities to enhance the market presence of Jiahe's products, particularly GB491 [25][26] - The combined entity aims to create a comprehensive commercial and R&D ecosystem, addressing the challenges faced by Jiahe in commercializing its innovative products [23][25] - The merger is expected to provide a robust platform for future growth, with Yiteng's established sales network facilitating the rapid market entry of Jiahe's products [25][26] Group 5 - The merger represents a unique case in the Chinese biopharmaceutical landscape, showcasing a pragmatic approach to building a sustainable business model that integrates commercialization, production, and R&D [27] - The combined company is positioned to navigate the current capital winter in the pharmaceutical industry, leveraging its strong cash flow and established market presence to drive innovation and growth [26][27] - This strategic integration is anticipated to enhance the competitive edge of the new entity in the rapidly evolving biopharmaceutical market, emphasizing the importance of diverse growth paths in the industry [27]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with significant increases in ownership for companies like Sanhua Intelligent Control, Lion Group, and Dongfang Electric, while companies like Chalco International, Jiahe Biotech-B, and China Merchants Hengsheng Technology saw the largest decreases in ownership [1][2]. Group 1: Increased Holdings - Sanhua Intelligent Control (02050) saw an increase of 3.22%, bringing its latest holding ratio to 22.04% [2] - Lion Group (02562) experienced a 2.85% increase, with a current holding ratio of 49.05% [2] - Dongfang Electric (01072) had a 2.61% increase, resulting in a holding ratio of 28.02% [2] - Zhejiang Shibao (01057) and Haohai Biological Technology (06826) also reported significant increases of 3.55% and 2.10%, respectively [3] Group 2: Decreased Holdings - Chalco International (02068) faced a decrease of 2.69%, with a holding ratio of 19.44% [2] - Jiahe Biotech-B (06998) saw a reduction of 1.74%, bringing its holding ratio down to 0.61% [2] - China Merchants Hengsheng Technology (03423) experienced a decrease of 1.41%, with a current holding ratio of 5.34% [2] - Other companies like Fourth Paradigm and China Metallurgical also reported declines in their holding ratios [3] Group 3: 5-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase of 3.79%, maintaining a holding ratio of 49.05% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw notable increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotech-B (06998) and Chalco International (02068) had the largest decreases of 1.74% and 1.50% [3] Group 4: 20-Day Changes - In the last 20 days, Lion Group (02562) had a substantial increase of 24.68%, with a holding ratio of 49.05% [4] - Other companies like Jihong Co. (02603) and Red Star Macalline (01528) also reported significant increases [4] - Conversely, companies like Wan Guo Gold Group and Shandong Molong saw notable decreases in their holding ratios [4]

嘉和生物-B(06998)发布公告，于2025年12月30日公司根据特定授权发行代价股份14.83亿股。 ...

智通财经APP讯，嘉和生物-B(06998)发布公告，于2025年12月30日公司根据特定授权发行代价股份 14.83亿股。 ...

格隆汇12月30日丨嘉和生物-B(06998.HK)发布公告，2025年12月30日，公司根据特定授权发行约14.83 亿股代价股份。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 亿腾嘉和醫藥集團有限公司 呈交日期： 2025年12月30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 。 FF305 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 06998 | 說明 | 普通股 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

Core Viewpoint - Jiahe Biotech-B (06998) has completed a proposed merger and plans to change its name to "Yiteng Jiahe Pharmaceutical Group Limited" effective December 31, 2024, marking a significant milestone as the first reverse acquisition case in Hong Kong's 18A sector [1] Group 1: Merger and Name Change - Jiahe Biotech has announced the completion of its proposed merger and will change its name to "Yiteng Jiahe Pharmaceutical Group Limited" [1] - The new name will be effective from December 31, 2024, and the company's shares will no longer carry the "B" designation [1] - The merger agreement with Yiteng Pharmaceutical was signed on September 13, 2024, and involves a reverse acquisition through a share swap [1] Group 2: Market Impact and Product Development - Jiahe Biotech's stock price increased by over 7% during trading, with a current increase of 4.9%, reaching HKD 3.21, and a trading volume of HKD 2.2008 million [1] - The company recently announced that its product, GB491 (Lairosili), has been included in the national medical insurance drug list, which is expected to enhance patient accessibility and reduce economic burdens [1] - The inclusion of GB491 in the insurance directory is anticipated to accelerate its commercialization process and market penetration, thereby boosting innovative returns [1]