8月28日，康方生物（09926.HK）公告，两位创始人将通过配售分别减持150万股。按每股配售价149.54 港元计算，两位创始人可共套现近4.5亿港元。 减持的两位创始人是：康方生物董事会主席、总裁兼首席执行官夏瑜，执行董事、副总裁兼首席科学官 李百勇。 除了创始人配售老股外，康方生物此次还将发行新股，计划通过发行新股募资35亿港元。康方生物近两 年的再融资频次是同行中最高的，2024年，在资本寒冬下，康方生物通过两次配售新股分别募得11.7亿 港元、19.2亿港元。 在不断扩大的研发投入和商业推广投入下，康方生物的资金消耗速度很快，截至2025年6月底，其账面 现金余额为14.5亿元人民币，短期借款5.1亿元，流动负债约20亿元。 康方生物是一家总部位于广东中山的创新药企，2024年5月，因其核心药物在头对头临床试验中击败全 球"药王"K药而声名大噪。在2025年创新药股市热潮中，康方生物的股价从年初的58港元/股上涨至8月 27日的历史最高点179港元/股。 8月28日配售公告发布后，康方生物股价下挫，截至上午收盘，下跌4.2%，报150港元/股，总市值1350 亿港元，市值在创新药企中排在第7位。 ...

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]

截至2025年8月28日 10:15，恒生医疗保健指数(HSHCI)下跌1.23%。成分股方面涨跌互现，复星医药(02196)领涨2.82%，信达生物(01801)上涨2.03%，康诺 亚-B(02162)上涨1.58%；爱康医疗(01789)领跌10.79%，威高股份(01066)下跌10.17%，博安生物(06955)下跌7.25%。恒生医疗ETF(513060)下跌1.15%，最新 报价0.69元。拉长时间看，截至2025年8月27日，恒生医疗ETF近1月累计上涨6.26%，涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手10.37%，成交7.80亿元，市场交投活跃。拉长时间看，截至8月27日，恒生医疗ETF近1月日均成交24.17亿元，居可比基 金第一。 截至2025年8月28日 10:15，恒生港股通创新药精选指数(HSSCPB)下跌1.02%。成分股方面涨跌互现，复星医药(02196)领涨2.82%，信达生物(01801)上涨 2.03%，康诺亚-B(02162)上涨1.58%；晶泰控股(02228)领跌4.67%，再鼎医药(09688)下跌3.40%，康哲药业(00867)下跌3.0 ...

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]

假设于本公告日期至一级配售完成的日期间本公司的已发行股本并无变动，一级配售的一级配售股份数 目2355万股占本公告日期本公司已发行股本约2.62%及经发行一级配售股份扩大的已发行股本约 2.56%。配售的一级配售股份最大面值总额将为235.5美元。 配售价为每股一级配售股份149.54港元，较于2025年8月27日(即一级配售协议日期前最后一个完整交易 日)在联交所呈报的收市价每股股份157.00港元折让约4.75%。 本集团为中国的综合药物发现平台。假设所有一级配售股份获悉数配售，则一级配售估计所得款项总额 及净额(扣除配售佣金及其他相关开支及专业费用后)将分别为约35.22亿港元及约34.93亿港元。每股一 级配售股份的净配售价将为约148.32港元。 董事会获告知夏瑜博士(夏博士)及李百勇博士(李博士)(作为卖方)已于2025年8月28日与配售经办人订立 二级配售协议，卖方同意出售或促使出售而配售经办人同意促使买家按二级配售协议所载条款及条件以 配售价购买合共300万股现有股份(即二级配售股份)，占于本公告日期已发行股份总数约0.33%。 智通财经APP讯，康方生物(09926)发布公告，配售代理已有条 ...

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]