Market Overview - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Index falling by 0.66%, narrowly holding above 25,000 points, while the Hang Seng China Enterprises Index dropped by 0.86% and the Hang Seng Tech Index decreased by 1.04%, marking three consecutive days of decline [2][2][2] - Southbound capital recorded a net sell-off exceeding 10 billion HKD [2] Sector Performance - Major technology stocks, which serve as market indicators, showed collective weakness, particularly Meituan, which plummeted over 10% post-earnings, marking the worst performance. Alibaba and JD.com fell nearly 4%, while Baidu dropped over 1%. Xiaomi and Tencent also experienced declines [2][2][2] - The biopharmaceutical sector continued to decline due to impending drug tariffs, with innovative drug companies facing significant drops, including a more than 12% decline for BGI Genomics, alongside declines for Kangfang Bio, Zai Lab, WuXi Biologics, and BeiGene [2][2][2] - Chinese electric vehicle stocks in the US market also fell, leading to a collective drop in Hong Kong's new energy vehicle sector. Other sectors such as new consumption, steel, building materials, beer, heavy machinery, catering, and gambling stocks also saw declines [2][2][2] Positive Trends - Institutions are optimistic about the accelerated replacement of domestic chips, leading to a significant rise in semiconductor stocks, with SMIC surging over 8% and approaching historical highs [2][2][2] - Financial stocks, including domestic banks, Chinese brokerage firms, and domestic insurance stocks, generally performed actively, while oil and rare earth concept stocks saw widespread increases [2][2][2]

继昨日收跌7%后，康方生物(9926.HK)今日盘中再度走低，一度跌超7%报145.2港元。 消息面上，康方生物公布，拟配售2355万股新股，每股作价149.54港元，较昨日收市价折让4.75%，集 资35.22亿港元，其中80%将用于全球及中国的创新研发管道、平台以及全球及中国基础设施的建设、 10%将用于现有已批准产品的商业化，及10%将用于一般企业用途。 另外，主席、总裁兼首席执行官夏瑜及执行董事兼首席科学官李百勇将各配售150万股现有股份，合共 300万股，占现有已发行股份总数0.33%，每股配售价同为149.54港元，套现4.49亿港元。 ...

Core Insights - On August 27, SenseTime-W made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 565.00 billion, accounting for 29.55% of the day's total trading amount, with a net buying amount of HKD 134.39 billion [1] - Among the active stocks, SMIC had the highest trading volume at HKD 121.55 billion, followed by Alibaba-W and Tencent Holdings with trading volumes of HKD 78.33 billion and HKD 62.70 billion, respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1] - SenseTime-W recorded a trading volume of HKD 31.58 billion on its first appearance, with a net selling amount of HKD 0.86 billion, and closed the day with an increase of 8.90% [1] Active Stocks Overview - The following table summarizes the trading activity of the top active stocks on August 27: | Stock Code | Stock Name | Trading Amount (billion HKD) | Net Buying Amount (billion HKD) | Recent Listings | Latest Closing Price (HKD) | Daily Change (%) | |------------|------------------|-------------------------------|----------------------------------|------------------|----------------------------|-------------------| | 01810 | Xiaomi Group | 51.06 | -2.97 | 23 | 53.200 | -0.56 | | 00700 | Tencent Holdings | 62.70 | 0.41 | 23 | 599.000 | -1.72 | | 00981 | SMIC | 121.55 | -6.59 | 23 | 56.250 | 0.09 | | 09988 | Alibaba-W | 78.33 | 21.78 | 23 | 121.500 | 0.16 | | 03690 | Meituan-W | 43.88 | 17.83 | 19 | 116.300 | -3.08 | | 02800 | Tracker Fund | 56.61 | 55.50 | 16 | 25.700 | -1.23 | | 01347 | Hua Hong Semiconductor | 35.22 | 3.59 | 13 | 52.750 | -0.85 | | 02828 | Hang Seng China Enterprises | 32.06 | 30.43 | 11 | 92.300 | -1.28 | | 03033 | Southern Hang Seng Technology | 10.02 | 9.54 | 11 | 5.595 | -1.41 | | 09926 | CanSino Biologics | 41.98 | 5.74 | 9 | 157.000 | -7.10 | | 00020 | SenseTime-W | 31.58 | -0.86 | 1 | 2.080 | 8.90 | [1]

Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 1.23% as of August 28, 2025, with mixed performance among constituent stocks [3] - The Hang Seng Medical ETF (513060) fell by 1.15%, with a latest price of 0.69 yuan, but showed a 6.26% increase over the past month, ranking in the top third among comparable funds [3] - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) dropped by 1.02%, with the Hong Kong Innovative Drug Selection ETF (520690) down by 0.81% to 0.98 yuan [4] Company Highlights - Innovent Biologics reported a 50.6% year-on-year revenue increase to 5.95 billion yuan for the first half of 2025, achieving a gross margin of 86% and a net profit of 830 million yuan, driven by pipeline expansion in oncology and new product launches [4] - The company has over 2 billion USD in cash reserves to support future innovation pipeline advancements [4] Policy and Industry Developments - The Ministry of Commerce and Jiangsu Provincial Government issued a plan to enhance the biopharmaceutical industry in Jiangsu Free Trade Zone by 2030, focusing on large molecule biologics, cell and gene therapy, and innovative medical devices [5] - Recent market pressure on the pharmaceutical sector was noted, with the Hang Seng Healthcare Index dropping over 2.1%, influenced by U.S. tariff proposals on imported drugs that could disrupt the global pharmaceutical industry [5] Analyst Insights - Analysts suggest that the recent decline in the Hong Kong pharmaceutical sector is a short-term fluctuation and does not alter the long-term industry outlook, with ongoing favorable policies expected to drive more cross-border business development transactions [6] - The Chinese innovative drug assets are gaining international recognition, presenting structural opportunities in the medium to long term [6] ETF Performance and Metrics - The Hang Seng Medical ETF has seen a significant increase in scale by 46.87 million yuan this month, ranking in the top third among comparable funds [8] - The ETF's share count increased by 92.5 million shares over the past week, also ranking in the top third [9] - The ETF recorded a net inflow of 74.96 million yuan recently, with a total of 65.92 million yuan accumulated over the last five trading days [10] - The ETF's financing net purchase reached 2.5072 million yuan this month, with a financing balance of 268 million yuan [11] Risk and Return Metrics - The Hang Seng Medical ETF has achieved a 48.60% net value increase over the past two years, with a maximum monthly return of 28.34% since inception [11] - The ETF's Sharpe ratio for the past year is 2.41, indicating strong risk-adjusted returns [12] - The ETF has the lowest relative drawdown among comparable funds, with a drawdown of 0.63% year-to-date [13] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Medical ETF is 30.9, which is below the historical average, indicating a potentially undervalued position [15]

Market Overview - On August 27, the Hang Seng Index fell by 1.27%, closing at 25,201.76 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 15.371 billion [1][2] Trading Activity - The total trading volume for the Stock Connect on August 27 was HKD 191.172 billion, with a net purchase of HKD 15.371 billion [1] - The Shanghai Stock Connect had a trading volume of HKD 118.378 billion and a net purchase of HKD 9.005 billion, while the Shenzhen Stock Connect had a trading volume of HKD 72.794 billion and a net purchase of HKD 6.366 billion [1] Active Stocks - In the Shanghai Stock Connect, the most actively traded stock was SMIC, with a trading volume of HKD 6.799 billion, followed by Alibaba and Tencent, with trading volumes of HKD 4.360 billion and HKD 4.078 billion, respectively [1][2] - In terms of net buying, the top stock was the Tracker Fund of Hong Kong (盈富基金), with a net purchase of HKD 3.056 billion, despite its closing price dropping by 1.23% [1] - SMIC recorded the highest net selling amount of HKD 586 million, while its closing price increased by 0.09% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, SMIC also led in trading volume with HKD 5.356 billion, followed by Alibaba and the Tracker Fund of Hong Kong, with trading volumes of HKD 3.473 billion and HKD 2.502 billion, respectively [2] - The Tracker Fund of Hong Kong had a net purchase of HKD 2.494 billion, while Xiaomi Group recorded the highest net selling amount of HKD 300 million, with its closing price down by 0.56% [2]

Group 1 - The company, 康方生物, announced a conditional agreement for a placement of 23.55 million shares at a price of HKD 149.54 per share, which represents approximately 2.62% of the existing share capital as of the announcement date [1] - The placement price reflects a discount of about 4.75% compared to the closing price of HKD 157.00 on August 27, 2025 [1] - The estimated total gross proceeds from the placement are approximately HKD 3.522 billion, with net proceeds expected to be around HKD 3.493 billion after deducting commissions and related expenses [1] Group 2 - The board was informed that Dr. 夏瑜 and Dr. 李百勇, as sellers, entered into a secondary placement agreement to sell a total of 3 million existing shares, representing about 0.33% of the total issued shares as of the announcement date [2]

Group 1 - The company, CanSino Biologics (康方生物), announced a conditional agreement for a primary placement of 23.55 million shares at a price of HKD 149.54 per share, which represents approximately 2.62% of the company's issued share capital as of the announcement date [1] - The placement price reflects a discount of about 4.75% compared to the closing price of HKD 157.00 on August 27, 2025, the last trading day before the placement agreement [1] - The estimated total gross proceeds from the placement are approximately HKD 3.522 billion, with net proceeds expected to be around HKD 3.493 billion after deducting commissions and other related expenses [1] Group 2 - The board was informed that Dr. Xia Yu and Dr. Li Baiyong, as sellers, entered into a secondary placement agreement on August 28, 2025, to sell a total of 3 million existing shares, representing about 0.33% of the total issued shares as of the announcement date [2]

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 - AIA Group Limited (友邦保险-R) has the highest short-selling ratio at 100.00%, followed by JD Health (京东健康-R) at 93.01% and Anta Sports (安踏体育-R) at 92.84% [1][2] - Other notable mentions include BYD Company Limited (比亚迪股份-R) with a short-selling ratio of 90.97% and Tencent Holdings (腾讯控股-R) at 82.28% [2] Short-Selling Amounts - Meituan (美团-W) leads in short-selling amounts with 3.359 billion, followed by Alibaba Group (阿里巴巴-SW) at 3.259 billion and Tencent Holdings at 2.386 billion [1][3] - Other companies with significant short-selling amounts include Kuaishou Technology (快手-W) at 1.351 billion and SMIC (中芯国际) at 1.308 billion [3] Deviation Values - Tencent Holdings (腾讯控股-R) has the highest deviation value at 44.16%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][3] - AIA Group Limited (友邦保险-R) follows with a deviation value of 36.56%, and China Resources Beer (华润啤酒-R) at 36.35% [1][3]

Group 1 - The core announcement is that 康方生物 (Kangfang Biologics) has entered into a placement agreement with Morgan Stanley to issue 23.55 million shares at a price of HKD 149.54 per share, representing a discount of approximately 4.75% from the closing price of HKD 157.00 on August 27 [1][2] - The placement shares will account for about 2.62% of the company's existing share capital and approximately 2.56% of the enlarged share capital post-placement [1] - The estimated gross proceeds from the placement are approximately HKD 3.522 billion, with net proceeds expected to be around HKD 3.493 billion [2] Group 2 - The net proceeds from the placement will be allocated as follows: 80% for global and China innovation R&D pipeline and infrastructure development, 10% for commercialization of existing approved products, and 10% for general corporate purposes [2]

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。 本公告僅作參考，並非收購、購買或認購本公司證券的邀請或要約。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的 任何其他司法權區內刊發或派發。 本公告並非在美國購買或認購任何證券之要約或招攬，亦不構成其一部分。本公 告所述證券並未且將不會根據《1933年美國證券法》（「美國證券法」）登記，亦不會 在美國提呈或出售，除非根據美國證券法作出登記或獲豁免或為毋須根據美國證 券 法 作 出 登 記 之 交 易 。 本 公 司 無 意 根 據 美 國 證 券 法 登 記 本 公 告 內 所 指 之 任 何 證 券，或在美國進行證券之公開發售。 Akeso, Inc. 康 方 生 物 科 技（ 開 曼 ）有 限 公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9926） 根據一般授權配售新股 ...