Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising 0.02% to 25,780.09 points, the Hang Seng Tech Index up 0.07% to 5,492.83 points, the National Enterprises Index increasing by 0.09% to 8,922.07 points, and the Red Chip Index gaining 0.19% to 4,075.35 points [1] Company News - Pacific Basin Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [3] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.52 million, primarily engaged in coal sales [4] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [5] - Yiyuan Yuan (08223.HK) has entered into a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation opportunities in the traditional Chinese medicine industry [5] - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [7] - Runge Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, raising about HKD 68.6 million [8] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million at prices between HKD 602.5 and HKD 613.5 [9] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million at prices between HKD 63.7 and HKD 64.65 [10] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million at prices between HKD 39.1 and HKD 39.28 [11] - COSCO Shipping Holdings (01919.HK) repurchased approximately HKD 65.48 million worth of shares, totaling 4.7215 million shares at prices between HKD 13.75 and HKD 13.93 [12] - Huaxin Cement (06655.HK) shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to HKD 400 million [13] Institutional Insights - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential for a "Christmas rally" in US tech stocks that could resonate with Hong Kong tech stocks, although there are concerns about stock unlocks affecting the market [14] - Founder Securities highlights strong demand for energy storage, benefiting both power batteries and energy storage batteries, with expected growth rates of over 15% and 40% respectively by 2026. The lithium market is also expected to see a gradual recovery in supply-demand dynamics, with prices likely to rise [14] - CICC forecasts that global tungsten production will increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap. The demand for tungsten-based new materials is expected to grow due to advancements in manufacturing and new applications [15]

Major Events - Kuaishou-W (01024) strongly condemns illegal activities related to black and gray industries, has reported to law enforcement and relevant authorities [1] - Sihon Pharmaceutical (02096) receives clinical trial approval for SIM0610 (EGFR/cMET bispecific antibody-drug conjugate) from the National Medical Products Administration [1] - Sinopec Engineering (02386) plans to acquire 100% equity of East China Pipeline Design Institute [1] - Yanda Pharmaceutical (00512) introduces the world's first epinephrine nasal spray for treating severe allergic reactions [1] - Valiant Pharmaceuticals-B (09887) reports the first subject has been dosed in Phase I trial of LBL-047 [1] - Xinyi Energy (03868) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for 62 million yuan [1] - Zhongneng Holdings (00228) plans to receive a premium of approximately 9.03% for a full acquisition offer, with resumption of trading on December 24 [1] Operating Performance - Xipuni (02583) issues a profit warning, expecting annual net profit to increase year-on-year [1] - AEON CREDIT (00900) reports a profit of 353 million HKD for the first three quarters, an increase of 28.11% year-on-year [1] - New Fire Technology Holdings (01611) anticipates an annual net loss not exceeding 10 million HKD [1]

Company News - Pacific Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [2] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.5243 million, primarily engaged in coal sales [2] - Valiant Bio-B (09887.HK) announced the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, to the first patient in the Phase Ib/II clinical trial for platinum-resistant ovarian cancer [2] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [2] - Ziyuan Yuan (08223.HK) signed a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation and asset value enhancement in the traditional Chinese medicine industry [2] - Jiaxing Gas (09908) terminated its agreement with concerted action persons [2] Financing and Buyback Activities - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [2] - Rungao Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, aiming to raise about HKD 68.6 million [2] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million, with prices ranging from HKD 602.5 to 613.5 [3] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million, with prices between HKD 63.7 and 64.65 [3] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million, with prices from HKD 39.1 to 39.28 [4] - COSCO Shipping Holdings (01919) announced a repurchase of 4.7215 million shares for approximately HKD 65.4829 million [4] - Huaxin Cement (06655.HK) major shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to 400 million [4]

Core Viewpoint - The announcement from Valiant Biopharma-B (09887) indicates the successful administration of Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) to the first patient in a Phase Ib/II clinical trial for platinum-resistant ovarian cancer [1] Group 1 - The clinical trial is an open-label, multicenter Phase Ib/II study led by Professor Wu Lingying from the Cancer Hospital of the Chinese Academy of Medical Sciences [1] - The trial is being conducted simultaneously across multiple hospitals in China [1] - The objective of the trial is to evaluate the efficacy and safety of Opalizumab in combination with paclitaxel for patients with platinum-resistant ovarian cancer [1]

Core Viewpoint - The announcement by Weili Zhibo-B (09887) highlights the successful administration of Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) to the first patient in an ongoing Phase Ib/II clinical trial for the treatment of platinum-resistant ovarian cancer [1] Group 1 - The clinical trial is an open-label, multicenter Phase Ib/II study led by Professor Wu Lingying from the Chinese Academy of Medical Sciences Cancer Hospital [1] - The trial is being conducted simultaneously across multiple hospitals in China [1] - The objective of the trial is to evaluate the efficacy and safety of Opalizumab in combination with paclitaxel for patients with platinum-resistant ovarian cancer [1]

Core Viewpoint - The announcement highlights the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, in the first patient of a Phase Ib/II clinical trial for platinum-resistant ovarian cancer [1] Group 1: Clinical Trial Details - The clinical trial is an open-label, multicenter Phase Ib/II study led by Professor Wu Lingying from the Cancer Hospital of the Chinese Academy of Medical Sciences [1] - The trial is being conducted simultaneously across multiple hospitals in China [1] - The objective of the trial is to evaluate the efficacy and safety of LBL-024 in combination with paclitaxel for patients with platinum-resistant ovarian cancer [1]

Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 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 對 因 本 公 告 全部或任何部份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。 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 LBL-024於鉑耐藥卵巢癌IB/II期試驗的首例患者用藥 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 本 公 司 欣 然 宣 布，評 價 奧 帕 替 蘇 米 單 抗（PD-L1/4-1BB雙特異性抗體LBL-024）用 於治療鉑耐藥卵巢癌的Ib/II期 臨 床 研 究 首 例 患 者 已 成 功 用 藥。 關 於LBL-024 LBL-024是一種 ...

Core Viewpoint - The announcement from Valiant Biopharma-B (09887) highlights the successful administration of the first subject in the Phase I clinical trial of LBL-047, focusing on its safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary clinical efficacy [1] Group 1: Clinical Trial Details - The Phase I study is a randomized, double-blind, placebo-controlled, single ascending dose trial conducted in healthy adults and patients with systemic lupus erythematosus (SLE) [1] - The healthy volunteer segment is led by Professor Meng Xianmin from Shanghai Public Health Clinical Center, while the SLE segment is overseen by Professors Ye Shuang and Chen Sheng from Renji Hospital, affiliated with Shanghai Jiao Tong University School of Medicine [1] Group 2: Drug Mechanism and Potential - LBL-047 is a bispecific fusion protein composed of a humanized anti-BDCA2 antibody and a modified transmembrane activator and calcium-modulating cyclophilin ligand (TACI) extracellular domain [1] - The drug selectively eliminates plasmacytoid dendritic cells (pDC) to reduce type I interferon production and inhibits the B-cell activating factor (BAFF) and proliferation-inducing ligand (APRIL) signaling pathways, thereby blocking B-cell activation, differentiation, and antibody production [1] - This differentiated approach targets two major driving factors of autoimmune disease pathogenesis, indicating potential for treating various autoimmune indications [1] - LBL-047 has also been optimized to extend its half-life through Fc region modification [1]

Core Viewpoint - The announcement from Valiant Biopharma-B (09887) highlights the successful administration of the first subject in the Phase I clinical trial of LBL-047, focusing on its safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary clinical efficacy [1] Group 1: Clinical Trial Details - The Phase I study is a randomized, double-blind, placebo-controlled, single ascending dose trial conducted in healthy adults and patients with systemic lupus erythematosus (SLE) [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary clinical efficacy of LBL-047 [1] - The healthy volunteer segment is led by Professor Meng Xianmin from Shanghai Public Health Clinical Center, while the SLE segment is led by Professors Ye Shuang and Chen Sheng from Renji Hospital, affiliated with Shanghai Jiao Tong University School of Medicine [1] Group 2: Drug Mechanism and Potential - LBL-047 is a bispecific fusion protein composed of a humanized anti-BDCA2 antibody and a modified transmembrane activator and calcium-modulating cyclophilin ligand (TACI) extracellular domain [1] - The drug selectively eliminates plasmacytoid dendritic cells (pDCs) to reduce type I interferon production and inhibits the B-cell activating factor (BAFF) and proliferation-inducing ligand (APRIL) signaling pathways, thereby blocking B-cell activation, differentiation, and antibody production [1] - This differentiated approach targets two major driving factors of autoimmune disease pathogenesis, indicating potential for treating various autoimmune indications [1] - LBL-047 has also been optimized to extend its half-life through Fc region modification [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 對 因 本 公 告 全部或任何部份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。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 LBL-047於I期試驗的首例受試者用藥 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 本 公 司 欣 然 宣 布，評 價LBL-047安 全 性、耐 受 性、藥 代 動 力 學╱藥 效 動 力 學 及 初 步臨床有效性的I期 臨 床 研 究 首 例 受 試 者 已 成 功 用 藥。 該I期研究為在健康成年人和系統性紅斑狼瘡（SLE）患 者 中 進 行 ...