Core Viewpoint - Inven Bio-B (09606) has seen a significant stock price increase, attributed to recent regulatory approvals for its drug DB-1418, which targets advanced non-small cell lung cancer [1] Group 1: Stock Performance - Inven Bio-B's stock rose over 8%, currently trading at 329.6 HKD with a trading volume of 658 million HKD [1] Group 2: Regulatory Approvals - On November 11, Inven Bio announced that DB-1418 received Fast Track designation from the US FDA for treating unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) patients [1] - On November 12, the China National Medical Products Administration (NMPA) publicly announced the clinical approval of DB-1418 for treating advanced/metastatic malignant solid tumors [1] Group 3: Collaboration and Financials - Earlier in January, Inven Bio entered a global development collaboration with Avenzo Therapeutics for the bispecific ADC product AVZO-1418/DB-1418, which targets EGFR/HER3 [1] - Under the agreement, Inven Bio received a 50 million USD upfront payment and is eligible for up to 1.15 billion USD in milestone payments related to development, registration, and commercialization [1] - Inven Bio is also entitled to a share of sales revenue from Avenzo within its region [1]

Core Viewpoint - Invenra Biologics-B (09606) experienced a significant stock increase of over 8%, currently trading at 329.6 HKD with a transaction volume of 658 million HKD, following the announcement of FDA's Fast Track designation for DB-1418 targeting inoperable locally advanced or metastatic non-small cell lung cancer (NSCLC) patients [1] Group 1: FDA and Regulatory Approvals - On November 11, Invenra Biologics announced that DB-1418 received Fast Track designation from the FDA for treating inoperable locally advanced or metastatic NSCLC patients [1] - On November 12, the China National Medical Products Administration (NMPA) publicly announced the clinical approval of Invenra's new drug DB-1418 for the treatment of advanced/metastatic malignant solid tumors [1] Group 2: Collaboration and Financial Aspects - Earlier in January, Invenra Biologics entered into a global development collaboration with Avenzo Therapeutics for the bispecific ADC product AVZO-1418/DB-1418, which targets EGFR/HER3 [1] - According to the agreement, Invenra will receive an upfront payment of 50 million USD and is eligible for up to 1.15 billion USD in milestone payments related to development, registration, and commercialization [1] - Additionally, Invenra is entitled to a share of sales revenue from Avenzo within its region [1]

Group 1 - Company Envision Biologics-B (09606.HK) saw an early morning increase of over 2% [1] - As of the report, the stock rose by 2.23%, reaching a price of 301 HKD [1] - The trading volume amounted to 18.0969 million HKD [1]

Core Viewpoint - The stock of InnoCare Pharma (09606) rose nearly 3% in early trading, currently up 2.23% at 301 HKD, with a trading volume of 18.1 million HKD, following the announcement that its partner Avenzo Therapeutics received FDA fast track designation for its EGFR/HER3 bispecific antibody drug conjugate AVZO-1418/DB-1418 [1][2]. Group 1 - Avenzo Therapeutics, a clinical-stage biotechnology company focused on next-generation cancer therapies, has been granted fast track designation by the FDA for AVZO-1418/DB-1418, aimed at treating patients with unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) [1][2]. - The fast track designation is specifically for patients with EGFR mutations (exon 19 deletions or L858R mutations) who have experienced disease progression after treatment with EGFR tyrosine kinase inhibitors (TKIs) [2]. - Currently, AVZO-1418/DB-1418 is undergoing an open-label Phase 1/2 clinical trial to evaluate its safety, tolerability, and preliminary clinical activity as a monotherapy and in combination therapy for patients with advanced solid tumors [2].

Core Viewpoint - The news highlights that EnGene Biotech-B (09606) has seen a stock price increase following the announcement that its partner Avenzo Therapeutics has received Fast Track designation from the FDA for its dual-specific antibody drug conjugate AVZO-1418/DB-1418, aimed at treating non-small cell lung cancer (NSCLC) patients with specific mutations [1][2]. Group 1: Company Developments - EnGene Biotech-B's stock rose nearly 3% in early trading, currently at 301 HKD with a trading volume of 18.1 million HKD [1]. - Avenzo Therapeutics, a clinical-stage biotechnology company, announced the FDA's Fast Track designation for AVZO-1418/DB-1418, which is a significant milestone for the drug's development [1][2]. Group 2: Product and Clinical Trials - The Fast Track designation is specifically for the treatment of patients with unresectable locally advanced or metastatic NSCLC who have specific EGFR mutations and have progressed after TKI treatment [2]. - AVZO-1418/DB-1418 is currently undergoing an open-label Phase 1/2 clinical trial to evaluate its safety, tolerability, and preliminary clinical activity as a monotherapy and in combination therapy for patients with advanced solid tumors [2].

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 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 映恩生物 (「本公司」) 呈交日期: 2025年11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) | 09606 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000 | USD | | 0.0001 | USD | | 20,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 200,000,000 | USD | | 0.0001 | USD | | 20,000 | 本月底法定/註冊股本總額： ...

Summary of the Conference Call for Yingensheng Bio Company Overview - Yingensheng Bio focuses on the research and development of ADC (Antibody-Drug Conjugates) drugs, with a total transaction scale exceeding $6 billion, particularly excelling in the L2.0 ADC combination therapy field, which is expected to see valuation growth by 2026 [2][3] Key Points Industry and Market Position - The ADC market is characterized by the combination of targeted drugs with small molecule cytotoxic drugs, enabling targeted chemotherapy, often referred to as "biological missiles" [7] - Chinese companies leverage engineering advantages to occupy a significant position in global ADC transactions, leading the upgrade of treatment boundaries [7] Product Pipeline and Innovations - Yingensheng Bio has multiple ADC pipelines and has conducted MRCT studies in over 20 countries, enrolling more than 2,600 patients, demonstrating global development capabilities [2][4] - The company possesses innovative technologies, including a topoisomerase inhibitor immunotoxin antibody conjugate platform and a dual antibody EDC platform, expected to yield results by 2026 [4] Financial Performance - Currently in a strategic loss period, the company anticipates milestone revenues exceeding 1 billion RMB (approximately $200 million) from business development collaborations in 2025-2026 [6] - Following its Hong Kong stock issuance, the company has sufficient cash flow and plans to further finance on the Sci-Tech Innovation Board to support global clinical trials [6] Clinical Trials and Regulatory Progress - The HER2 ADC for endometrial cancer shows superior efficacy and controllable safety, with plans to submit for U.S. approval by the end of 2025 and commercialization in 2026 [2][8] - The HER2 low-expression breast cancer product is undergoing Phase III clinical trials under FDA approval, with data expected in 2026 [9] Competitive Landscape - The overseas market, particularly in the monkey-rabbit ADC field, is relatively favorable, with major competitors being limited to 8,201 and Yingensheng [10] - Yingensheng's clinical efficacy and safety, such as low incidence of interstitial pneumonia, provide a differentiation advantage compared to competitors [10] Future Catalysts and Market Potential - Key catalysts include expected submissions for endometrial cancer and HER2-positive breast cancer in 2025, along with anticipated data updates for various ADC products in 2026 [14][15] - The B7-H3 ADC product shows strong potential in treating small cell lung cancer and prostate cancer, with ongoing global Phase II trials [11] Valuation and Market Elasticity - Current market valuation primarily reflects the HER2 ADC and B7-H3 ADC, with future elasticity expected from the new generation L2.0 upgrade path represented by Chorus-2 ADC [13] - If the POC data in 2026 is favorable, it could significantly enhance the company's valuation [13] Upcoming Data and Developments - Notable upcoming products and data updates in 2026 include promising lung cancer data, updates on breast cancer trials, and early clinical data for dual antibody ADCs [16][17] - The company is also exploring unique mechanisms in lupus treatment with BDC A2 ADC, which could lead to potential collaborations if successful [16] Conclusion Yingensheng Bio is positioned as a significant player in the ADC market with a robust pipeline, innovative technologies, and a strategic focus on global clinical trials, making it a company to watch for future developments and potential investment opportunities.

Core Insights - The top three companies with the highest short positions as of October 24 are ZTE Corporation (00763), Vanke Enterprises (02202), and COSCO Shipping Holdings (01919), with short ratios of 15.82%, 15.47%, and 15.42% respectively [1][2] - The companies with the largest increase in short positions are InnoCare Pharma-B (09606), Sanhua Intelligent Controls (02050), and Giant Biogene (02367), with increases of 2.41%, 2.04%, and 1.06% respectively [1][2] - The companies with the largest decrease in short positions are Junshi Biosciences (01877), Mingyuan Cloud (00909), and Shandong Gold (01787), with decreases of -0.95%, -0.94%, and -0.93% respectively [1][3] Top 10 Short Positions - The top 10 companies with the highest short ratios include: - ZTE Corporation (00763): 15.82% - Vanke Enterprises (02202): 15.47% - COSCO Shipping Holdings (01919): 15.42% - Contemporary Amperex Technology Co., Ltd. (03750): 13.88% - Ganfeng Lithium (01772): 13.55% - Ping An Insurance (02318): 13.03% - Fuyao Glass (06865): 12.01% - Zijin Mining (02899): 11.94% - Heng Rui Medicine (01276): 11.05% - MicroPort Medical (00853): 10.94% [2] Largest Increases in Short Positions - The companies with the largest increases in short ratios are: - InnoCare Pharma-B (09606): from 1.39% to 3.80% - Sanhua Intelligent Controls (02050): from 8.14% to 10.18% - Giant Biogene (02367): from 7.56% to 8.62% - Pop Mart International (09992): from 3.91% to 4.88% - GCL-Poly Energy Holdings (03800): from 7.92% to 8.77% - Fourth Paradigm (06682): from 1.20% to 1.96% - Yidu Tech (02158): from 2.64% to 3.38% - Yanzhou Coal Mining Company (01171): from 7.52% to 8.24% - Laopu Gold (06181): from 2.35% to 3.02% - Aluminum Corporation of China (02600): from 5.85% to 6.48% [2] Largest Decreases in Short Positions - The companies with the largest decreases in short ratios are: - Junshi Biosciences (01877): from 5.50% to 4.55% - Mingyuan Cloud (00909): from 4.52% to 3.58% - Shandong Gold (01787): from 8.17% to 7.24% - Kelaiying (06821): from 9.14% to 8.23% - Ganfeng Lithium (01772): from 14.32% to 13.55% - Zijin Mining (02899): from 12.62% to 11.94% - Luoyang Molybdenum (03993): from 6.20% to 5.53% - Yiming Anke-B (01541): from 1.13% to 0.49% - Innovent Biologics (09969): from 6.38% to 5.80% - ZhongAn Online (06060): from 7.11% to 6.57% [3][4]

Market Overview - The Hang Seng Index fell by 0.89%, down 232 points, closing at 26,050 points, while the Hang Seng Tech Index dropped by 1.91% [1] - The early trading volume in the Hong Kong stock market reached HKD 142.3 billion [1] Biotechnology Sector - The Hang Seng Biotechnology Index rebounded by 2.16%, with notable gains in several stocks: - InnoCare Pharma (09606) surged by 10.88% - 3SBio (01530) increased by over 10% - Innovent Biologics rose by 6.82% - Kelun-Biotech (06990) gained 5.69% [1] - Fosen Pharmaceuticals (01652) saw a significant increase, with a peak rise of nearly 74% and an early gain of 59.42% following the approval of Enzalutamide soft capsules and the potential selection of Metformin and Empagliflozin for national procurement [1] - Rongchang Biopharma (09995) rose by 6.75%, reporting a 40% year-on-year revenue growth and a significant reduction in losses for the first three quarters [1] Medical Sector - Spring Medical (01858) increased by over 21%, turning a profit of HKD 77.06 million in the third quarter as the company actively expands its international market [2] New Stocks Performance - Newly listed Dipo Technology (01384) continued to rise, gaining 18.97% and doubling its stock price within three days of listing [3] Financial Sector - China Everbright Bank (06818) fell by 5% post-earnings, with both revenue and profit declining in the third quarter, facing pressure from fair value changes [4] Other Notable Stocks - Huahao Zhongtian Pharmaceutical-B (02563) experienced a significant drop of over 37% due to a large unlock of shares after one year of listing [5] - Lion Holdings (02562) plummeted over 24% to a new low, planning to issue convertible bonds to raise approximately HKD 260 million for investments in gold and related products [6] - Air China (00753) dropped over 8%, with a more than 11% decline in net profit for the third quarter, and plans to raise up to HKD 20 billion through A-share placement [7]

Core Viewpoint - InnoCare Pharma-B (09606) has seen a significant stock price increase, rising over 13% during trading, with a current price of 314.4 HKD and a trading volume of 573 million HKD. The company announced plans to list on the STAR Market, pending market conditions and necessary approvals [1]. Group 1: Company Developments - The board of InnoCare Pharma has resolved to pursue a listing on the STAR Market, which requires further approval from the board, shareholders, and regulatory authorities [1]. - InnoCare Pharma's IPO on the Hong Kong Stock Exchange raised over 1.5 billion HKD, marking it as one of the largest IPOs in the Hong Kong 18A sector in the past four years [1]. Group 2: Industry Insights - According to Guojin Securities, the rapid innovation in the ADC technology sector has led to significant transactions, with InnoCare Pharma establishing multiple licensing and collaboration agreements with leading global companies, including BioNTech, BeiGene, Adcendo, GSK, and Avenzo [1]. - The confirmed business development (BD) revenue for InnoCare Pharma is projected to be 1.781 billion, 1.937 billion, and 1.227 billion CNY for the first halves of 2023, 2024, and 2025, respectively, with a total transaction value exceeding 6 billion USD [1].