Core Insights - On October 10, Kexing Pharmaceutical announced a partnership with Zhixiang Biotech (Suzhou) Co., Ltd., a CDMO specializing in large molecule drug development, to collaborate on the development of large molecule drugs [1] Group 1 - Kexing Pharmaceutical has signed a cooperation agreement with Zhixiang Biotech [1] - The collaboration focuses on the development of large molecule drugs [1]

Core Insights - The trend of A-share companies pursuing dual listings in Hong Kong is becoming a standard configuration for internationalization, with 25 companies announcing plans in September alone [2][38] - The Hong Kong IPO market is experiencing a surge, with 286 new applications received by September 30, more than double the previous year, and a total of 66 new IPOs raising approximately 182.3 billion HKD [3][4] - The regulatory environment is favorable, with the China Securities Regulatory Commission supporting leading enterprises in their Hong Kong listings and the Hong Kong Stock Exchange optimizing the approval process for eligible A-share companies [5][6][7] Group 1: Market Activity - The Hong Kong IPO market is witnessing a significant influx of Chinese companies, with a total fundraising amount of 134.5 billion HKD by the end of August, a nearly sixfold increase compared to the same period in 2024 [3][4] - A-share companies utilizing the "A+H" listing model accounted for 70% of total fundraising in the first half of the year, with 11 companies raising a total of 91.7 billion HKD [3][4] Group 2: Strategic Considerations - The motivations behind A-share companies listing in Hong Kong include not only the expansion of financing channels but also the alignment with favorable policies and the need for global capital reallocation [10] - Companies like Kexing Pharmaceutical and Newnovel have explicitly stated that their Hong Kong listings are part of their strategies to enhance international competitiveness and accelerate global business development [11][13] Group 3: Investor Dynamics - The participation of cornerstone investors in the Hong Kong IPO market has significantly increased, with an average of 5.35 cornerstone investors per listing, compared to 1.37 last year [22] - Local state-owned enterprises are increasingly becoming cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [25][26] Group 4: Talent and Market Evolution - The changing landscape of market participants is leading to a shift in talent demand, particularly for teams in Hong Kong and AI-focused investment professionals [32] - International investment banks are ramping up their presence in Hong Kong, with major banks increasing their senior management personnel to meet the growing demand in the financial sector [34][36]

格隆汇10月9日丨科兴制药(688136.SH)公布，截至2025年9月30日，公司通过上海证券交易所交易系统 以集中竞价交易方式已累计回购公司股份1,269,333股，占公司目前总股本比例为0.63%，回购成交的最 高价为43.50元/股，最低价为23.14元/股，支付的资金总额为人民币4,738.19万元（不含交易佣金等费 用）。 ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-087 鉴于公司 2024 年年度权益分派已实施完毕，公司以集中竞价交易方式回购股 份价格上限由不超过人民币46.83元/股（含）调整为不超过人民币46.75元/股（含）。 具 体 内 容 详 见 公 司 于 2025 年 6 月 21 日 披 露 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《关于 2024 年年度权益分派实施后调整回购价格上限的公 告》（公告编号：2025-036）。 科兴生物制药股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/3/19 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 3 3 | 17 | 日~2026 | 年 | 月 | 16 | 日 | | 预计回购金额 | 3 ...

科兴生物制药股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688136 证券简称：科兴制药 科兴生物制药股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年十月 2025 年第二次临时股东会会议须知 为了维护科兴生物制药股份有限公司（以下简称"公司"或"本公司"）股 东的合法权益，确保股东会的正常秩序、议事效率，根据有关法律法规及《科兴 生物制药股份有限公司章程》（以下简称"《公司章程》"）、《科兴生物制药股份有 限公司股东会议事规则》（以下简称"《股东会议事规则》"）的相关要求，特制定 如下会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或营业执照复印件、授权 委托书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字， 法定代表人证明文件复印件须加盖公司公章，经验证后领取会议资料，方可出席 会议。 会议开始后，由会议主持人宣布现场出席会议的股东人数及其 ...

Core Viewpoint - The company, Kexing Pharmaceutical, announced plans to issue H-shares for a Hong Kong listing, joining a wave of A-share companies pursuing dual listings to enhance internationalization and diversify financing channels [1][5] Group 1: Company Developments - Kexing Pharmaceutical's revenue for the first half of 2025 was 700 million yuan, a year-on-year decrease of 7.82%, while net profit attributable to shareholders reached 80.34 million yuan, a significant increase of 576.45% [1] - The company reported a net cash flow from operating activities of 30 million yuan, a year-on-year increase of approximately 188%, attributed to increased sales collections and reduced operating expenses [2] - The company has made significant progress in innovative drug research, with its interferon α1b inhalation solution being included in the list of breakthrough therapies by the National Medical Products Administration [2][3] Group 2: Market Position and Strategy - Kexing Pharmaceutical's overseas commercialization platform has expanded to over 40 countries, covering emerging markets with populations over 100 million and GDP rankings within the top thirty [4] - The company aims to build a dual financing platform through the A+H listing, facilitating coordinated development in domestic and international markets and accelerating its internationalization process [5] - The company focuses on various therapeutic areas, including antiviral, oncology, and immunology, with a research and development investment of approximately 95.97 million yuan in the first half of 2025, representing 13.70% of its revenue [3]

Core Viewpoint - The company Kexing Pharmaceutical (688136.SH) announced plans to issue H-shares for a Hong Kong listing, joining a wave of A-share companies pursuing dual listings in Hong Kong, with 25 companies announcing similar plans in September 2023 [1]. Group 1: Company Developments - Kexing Pharmaceutical aims to deepen its "innovation + internationalization" strategy and accelerate overseas business development through the Hong Kong listing [1]. - The company reported a revenue of 700 million yuan in the first half of 2023, a year-on-year decrease of 7.82%, while net profit attributable to shareholders increased significantly by 576.45% to 80.34 million yuan [1]. - The net cash flow from operating activities reached 30 million yuan, a year-on-year increase of approximately 188%, attributed to increased sales collections and reduced operating expenses [2]. Group 2: Research and Development - Kexing Pharmaceutical's innovative drug pipeline has made significant progress, with its interferon α1b inhalation solution included in the list of breakthrough therapies by the National Medical Products Administration [2]. - The company focuses on antiviral, oncology, and immunology research, with R&D investment in the first half of 2023 amounting to approximately 95.97 million yuan, representing 13.70% of total revenue, an increase from 11.52% in the previous year [3]. Group 3: Market Position and Future Outlook - Kexing Pharmaceutical's overseas commercialization platform has expanded to over 40 countries, covering emerging markets with populations over 100 million and GDP rankings in the top thirty [4]. - The company’s product, albumin-bound paclitaxel, has shown significant growth in the European market, with a quarter-on-quarter revenue increase of 35.84% in Q2 2023 [3][4]. - The upcoming Hong Kong listing is expected to help Kexing Pharmaceutical build a dual financing platform, facilitating coordinated development in domestic and international markets [4].

Group 1 - The company has proposed to adjust the annual remuneration for independent directors from 180,000 RMB to 240,000 RMB, which aligns with industry standards and aims to enhance corporate governance [1][2] - The adjustment requires approval from the upcoming extraordinary general meeting of shareholders [1] Group 2 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and optimize its capital structure [3][4] - The issuance will comply with relevant laws and regulations and requires approval from regulatory bodies [4][5] - The company is currently discussing the issuance with relevant intermediaries, and specific details are yet to be finalized [4] Group 3 - The company has scheduled the extraordinary general meeting for October 17, 2025, to discuss the proposed H-share issuance and other matters [9][10] - Voting will be conducted through both on-site and online platforms [10][11] Group 4 - The company has appointed Crowe (Hong Kong) CPA Limited as the auditing firm for the H-share issuance [23][24] - The auditing firm has a strong track record and is expected to meet the company's needs for the H-share issuance [27][28] Group 5 - The board of directors has approved several resolutions regarding the H-share issuance, including the types of shares, issuance methods, and fundraising plans [31][34] - The proposed fundraising will be used for drug research and development, overseas commercialization, and working capital [62]

Key Points - Hainan Huatie's shareholder Hu Danfeng has terminated the share reduction plan and plans to increase holdings in the company with an investment of no less than 30 million yuan and no more than 50 million yuan [2] - Yonghe Co. expects a net profit increase of 447.64% to 506.85% year-on-year for Q3 2025, driven by the high demand in the refrigerant industry and product optimization [3] - Delis Co. is planning a change in company control, leading to a suspension of its stock from October 9, 2025 [4] - BYD reported September 2025 sales of 396,300 new energy vehicles, a slight decrease from 419,400 units in the same month last year, while cumulative sales for the year reached 3.26 million units, up 18.64% [5] - Chipone Technology expects Q3 2025 revenue of 1.284 billion yuan, marking a historical high for the company, with a year-on-year increase of 78.77% [7] - Chipone anticipates a significant improvement in profitability for Q3 2025, with new orders expected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - ST Zhengping's stock will be suspended from trading starting October 9, 2025, due to unusual stock price fluctuations [2][28] - Huanxin Cement plans to repurchase shares worth between 32.25 million and 64.5 million yuan [14] - Sichuan Gold won exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating strong geological potential [15]

Core Viewpoint - The trend of A-share companies seeking to list in Hong Kong continues, with a significant number of companies announcing plans to do so in September 2023 [1] Group 1: A-share Companies Going Public in Hong Kong - As of September 30, three A-share listed companies, namely XinNuoWei, Kexing Pharmaceutical, and KOTAI Power, announced plans to list in Hong Kong [1] - In total, 25 A-share listed companies have announced plans to list in Hong Kong since the beginning of September 2023 [1] - As of October 2, there are 76 A-share listed companies that have submitted listing materials to the Hong Kong Stock Exchange and are awaiting hearings [1] Group 2: Industry Distribution - The A-share companies that have submitted applications for listing in Hong Kong cover various industries, including pharmaceuticals, telecommunications, food and beverages, automotive, and machinery [1] - Notable companies from multiple sectors are among those seeking to list in Hong Kong [1]