Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 再鼎醫藥有限公司 呈交日期: 2025年10月6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) | 09688 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.000006 | USD | | 30,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.000006 | USD | | 30,000 | 本月底法定/註冊股本總額： USD 30,000 F ...

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the grant of stock options and restricted stock units as part of its 2024 equity incentive plan, indicating a focus on employee retention and motivation through equity compensation [1] Summary by Category Stock Options - The company granted stock options to one grantee for a total of 25,000 American Depositary Shares (ADS) [1] Restricted Stock Units - Additionally, the company awarded restricted stock units to seven grantees involving a total of 32,200 ADS [1]

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the grant of stock options and restricted stock units as part of its 2024 equity incentive plan, indicating a focus on employee retention and motivation through equity compensation [1] Group 1 - The company granted a total of 25,000 American Depositary Shares (ADS) stock options to one grantee [1] - Additionally, the company awarded a total of 32,200 restricted stock units (RSUs) to seven grantees [1] - The grants are set to take effect on October 1, 2025, Eastern Time [1]

Core Viewpoint - The company announced the grant of stock options and restricted stock units as part of its 2024 equity incentive plan, indicating a focus on employee retention and motivation [1] Group 1: Stock Options and Restricted Stock Units - The company granted a total of 25,000 American Depositary Shares (ADS) stock options to one grantee [1] - Additionally, the company awarded a total of 32,150 restricted stock units (RSUs) to seven grantees [1] - The grants are set to take effect on October 1, 2025, Eastern Time [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號：9688） 授出購股權及受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。董事會謹此宣佈，於2025 年10月1日（美國東部時間），本公司根據2024年股權激勵計劃向1名承授人授出可認購 合共25,000股美國存託股份的購股權並向7名承授人涉及合共32,150股美國存託股份的受 限制股份單位。 授出2024年股權激勵計劃項下的購股權 本公司根據2024年股權激勵計劃條款向1名承授人授出25,000份購股權（以美國存託股 份計）。 購股權授出詳情如下： | 授出日期： | 2025年10月1日（美國東部時間） | | --- | --- | | 承授人數目： | 1 | | 承授人類型： | 本集團僱員參與者 | | 所授出購股權數目 | 25,000 | | （以美國存託股份計）： | | | 所授 ...

Group 1 - Abu Dhabi Investment Authority (ADIA) subsidiary becomes the main investor in GL Capital's single-asset continuation fund focused on SciClone Pharmaceuticals [1] - The estimated value of the continuation fund is approximately $230 million [1] - ADIA's private equity executive director highlighted SciClone as a leading company benefiting from the stable long-term development of China's healthcare sector [1] Group 2 - GL Capital previously led a $605 million privatization acquisition of SciClone in 2017 [1] - The establishment of the continuation fund allows GL Capital to maintain control over SciClone while facilitating further operational expansion [1]

Core Viewpoint - The recent announcement by Trump regarding a 100% tariff on all brand-name drugs starting in October is expected to have limited impact on the Chinese innovative drug industry chain, according to research from China International Capital Corporation (CICC) [1] Group 1: Tariff Impact - The new tariff policy does not apply to generic drugs, biosimilars, and active pharmaceutical ingredients (APIs) [1] - Most Chinese innovative drugs that are exported either have production capacity built in the U.S. or are outsourced to local Contract Manufacturing Organizations (CMOs) [1] - The majority of exported products are APIs or raw herbal extracts, which are not affected by the new tariff, while the proportion of finished dosage forms exported is low [1] Group 2: Market Dynamics - The direct impact on CXO orders is limited in the short term, but changes in policy could affect the pace of factory construction by multinational corporations (MNCs) in the long term [1] - Upcoming catalysts include the ESMO conference scheduled for mid to late October and the results of medical insurance negotiations along with the first version of the commercial insurance innovative drug catalog expected to be released in October-November [1]

Core Viewpoint - The recent announcement by Trump regarding a 100% tariff on all brand/patent drugs starting in October is expected to have limited impact on the Chinese innovative drug industry chain, according to research from CICC [1]. Group 1: Tariff Impact - Trump announced a 100% tariff on all brand/patent drugs unless manufacturers are building production facilities in the U.S. starting in October [1]. - The tariff does not apply to generic drugs, biosimilars, or active pharmaceutical ingredients (APIs) [1]. Group 2: Industry Analysis - CICC believes that most Chinese companies have either established production capacity in the U.S. or outsourced production to local Contract Manufacturing Organizations (CMOs) [1]. - The majority of Chinese innovative drugs exported are in the form of APIs or raw herbal extracts, which are not affected by the new tariff [1]. - The export ratio of finished dosage forms is low, and investments by multinational corporations (MNCs) in building factories will take time, leading to limited short-term impact on CXO orders [1]. Group 3: Future Catalysts - Upcoming catalysts include the ESMO conference scheduled for mid to late October [1]. - Results from medical insurance negotiations and the first version of the commercial insurance innovative drug catalog are expected to be announced in October to November [1].

Market Performance - The Hong Kong stock market indices experienced significant gains, with the Hang Seng Tech Index rising by 2.24%, reaching a new high for the period [1] - In September, the Hang Seng Tech Index accumulated a nearly 14% increase, while the Hang Seng Index and the National Enterprises Index rose by 7.09% and 6.79%, respectively [1][2] Sector Highlights - Major technology stocks saw collective gains, with Kuaishou leading with a rise of over 7%, followed by Alibaba and NetEase with increases of 2% [2][4] - Semiconductor stocks remained strong, with Huahong Semiconductor surging nearly 11% to set a new high [2][8] - Apple-related stocks also saw gains as Apple reportedly notified its supply chain to increase production capacity [2][9] Gold and Copper Stocks - Gold stocks rallied, with Zijin Mining International soaring over 68%, and other gold-related companies also showing strong performance [6] - Copper stocks followed suit, with China Molybdenum rising by 11.84% and Jiangxi Copper gaining over 8% [7] Biopharmaceutical Sector - The biopharmaceutical sector showed positive movement, with WuXi AppTec increasing by over 8% and other companies like Zai Lab and BeiGene also experiencing gains [12][13] Airline Industry - Airline stocks generally rose, with China Eastern Airlines up by 6.73% and both China Southern Airlines and Air China increasing by over 4% [11] - Citic Securities noted strong demand for air travel during the upcoming holidays, suggesting potential for positive performance in the sector [11] Oil and Gas Sector - Oil stocks collectively declined, with China Petroleum falling by 2.75% and other major oil companies also experiencing losses [14] - Reports indicated that OPEC+ plans to increase oil production in November, contributing to the downward pressure on oil prices [14] Gaming and Telecom Stocks - Casino and gaming stocks mostly fell, with Sands China down by 2.25% and other major gaming companies following suit [15] - Telecom stocks also saw declines, with China Telecom and China Mobile both experiencing slight drops [17] Capital Inflows - Southbound capital saw a net inflow of HKD 15.48 billion, indicating strong investor interest in the Hong Kong market [19] Future Outlook - Everbright Securities highlighted the strong overall profitability of Hong Kong stocks, particularly in sectors like internet, new consumption, and innovative pharmaceuticals, suggesting that despite recent gains, valuations remain low and long-term investment potential is high [19]