Core Viewpoint - InnoCare Pharma Inc., a wholly-owned subsidiary of Innovent Biologics, has signed a licensing agreement with Zenas BioPharma, granting Zenas rights to develop, produce, and commercialize the drug Orelabrutinib and two preclinical assets, with total payments exceeding $2 billion [1][2][4]. Group 1: Licensing Agreement Details - The agreement includes global exclusive rights for Orelabrutinib in multiple sclerosis (MS) and other non-MS indications outside Greater China and Southeast Asia, as well as exclusive rights for a preclinical IL-17 inhibitor and a preclinical oral TYK2 inhibitor [2][3]. - Zenas will pay an upfront fee of $100 million, milestone payments, and grant 7 million common shares to Innovent, with total potential payments exceeding $2 billion [2][4]. Group 2: Strategic Importance - This licensing deal marks the second business development (BD) initiative for Innovent in 2023, emphasizing the company's focus on international expansion and product commercialization over the next three years [1][7]. - The management has indicated that BD will be a priority, aiming to accelerate the global development and commercialization of Orelabrutinib and other pipeline products [4][7]. Group 3: Market Reaction - Following the announcement, Innovent's stock price fell by 6.24% on October 9 and continued to decline by 9.16% on October 10, indicating market skepticism regarding the licensing of non-core indications for Orelabrutinib [3][4]. Group 4: Previous Collaborations - Innovent has a history of international collaborations, including a previous agreement with BeiGene for Orelabrutinib, which was terminated in June 2023, but the company remains committed to exploring the drug's potential in various B-cell lymphomas [5][6][7].

Market Overview - The chemical pharmaceutical sector experienced a decline of 1.67% on October 10, with Nanjing New Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Haizhu Yueye (Code: 001367) with a closing price of 24.42, up 4.23% [1] - Kangyi Pharmaceutical (Code: 300086) with a closing price of 7.13, up 3.78% [1] - Hanchang Group (Code: 600774) with a closing price of 9.64, up 3.77% [1] - Conversely, significant decliners included: - Nanjing New Pharmaceutical (Code: 688189) with a closing price of 8.01, down 11.98% [2] - Nuocheng Jianhua (Code: 688428) with a closing price of 24.29, down 9.16% [2] - Xiangrikui (Code: 300111) with a closing price of 6.91, down 8.60% [2] Capital Flow - The chemical pharmaceutical sector saw a net outflow of 1.305 billion yuan from institutional investors, while retail investors contributed a net inflow of 750 million yuan [2][3] - The top stocks by net inflow from institutional investors included: - Changshan Pharmaceutical (Code: 300255) with a net inflow of 117 million yuan [3] - Yipin Hong (Code: 300723) with a net inflow of 65.62 million yuan [3] - Guangsheng Tang (Code: 300436) with a net inflow of 60.34 million yuan [3]

Core Insights - The collaboration between Innovent Biologics and Zenas for three self-immune pipeline products marks a significant milestone in the internationalization of the drug Orelabrutinib and sets a new record for small molecule transactions in China's self-immune field, with a total potential transaction value exceeding $2 billion [1] - The development of the first-class new drug HH-003 (Libevev) by Huahui Anjian, targeting chronic hepatitis D, is expected to receive approval for market launch around the first quarter of 2026, representing a major milestone in the company's growth [2][3] Company Developments - Huahui Anjian has been developing HH-003 since its inception, with significant funding rounds supporting its clinical trials, including a recent A++ round financing and breakthrough therapy designation from the FDA for treating chronic hepatitis D [3][4] - The drug HH-003 has shown promising results in clinical trials, demonstrating good safety and antiviral activity, with a notable decrease in HBV DNA and hepatitis B surface antigen levels observed in patients [3][4] Industry Context - The Zhongguancun Life Science Park, where both Innovent Biologics and Huahui Anjian are based, is a key area for biotechnology innovation in Beijing, having produced significant drugs like Orelabrutinib and Zebutinib [1][5] - The park is recognized for its comprehensive industry chain, facilitating the transition from laboratory research to clinical application, thus fostering a competitive pharmaceutical health industry [10] Product Pipeline and Market Potential - Innovent Biologics has developed Orelabrutinib, a BTK inhibitor that has been approved in China and Singapore, with plans for further clinical trials targeting multiple sclerosis [6][7] - The company is also advancing its pipeline with a new generation TRK inhibitor, demonstrating a strategic focus on expanding its product offerings in oncology and autoimmune diseases [7][8] Competitive Landscape - The competitive landscape for BTK inhibitors in China includes several products, with Orelabrutinib positioned to capture market share due to its rapid development and broad application potential [6] - WanTai Biologics, another company in the park, is expanding its vaccine pipeline, including the world's first marketed hepatitis E vaccine, showcasing the diverse innovation occurring within the Zhongguancun Life Science Park [9][10]

值得关注的是，诺诚健华此次和Zenas就三款自免管线达成授权许可合作，其中奥布替尼治疗进展型多 发性硬化（MS）进入全球III期临床开发。据公司2024年年报，奥布替尼去年实现收入10.00亿元，同比 增长49.14%。此外，资料显示，Zenas于去年9月在纳斯达克证券交易所挂牌上市，当前总市值约11亿美 元，聚焦自身免疫性疾病领域，现有产品均处于临床阶段。 诺诚健华(09969)再挫逾8%，该股昨日大跌超11%。截至发稿，跌8.84%，报15.15港元，成交额4.35亿港 元。 消息面上，诺诚健华日前公告称，全资子公司InnoCare Pharma Inc.（简称"公司"）与Zenas BioPharma, Inc.（简称"Zenas"）签署授权许可协议，将具有自主知识产权的产品奥布替尼及2项临床前资产有偿许 可给Zenas，使其可以开发、生产、商业化或以其他方式利用该等产品。交易金额包括1亿美元首付款和 700万普通股股票，以及潜在的研发及注册里程碑付款，总额超过20亿美元，此外，公司有权按许可产 品年度净销售额收取最高达高百分之十几的分层特许权使用费。 ...

消息面上，诺诚健华日前公告称，全资子公司InnoCare Pharma Inc.（简称"公司"）与Zenas BioPharma, Inc.（简称"Zenas"）签署授权许可协议，将具有自主知识产权的产品奥布替尼及2项临床前资产有偿许 可给Zenas，使其可以开发、生产、商业化或以其他方式利用该等产品。交易金额包括1亿美元首付款和 700万普通股股票，以及潜在的研发及注册里程碑付款，总额超过20亿美元，此外，公司有权按许可产 品年度净销售额收取最高达高百分之十几的分层特许权使用费。 智通财经APP获悉，诺诚健华(09969)再挫逾8%，该股昨日大跌超11%。截至发稿，跌8.84%，报15.15港 元，成交额4.35亿港元。 值得关注的是，诺诚健华此次和Zenas就三款自免管线达成授权许可合作，其中奥布替尼治疗进展型多 发性硬化（MS）进入全球III期临床开发。据公司2024年年报，奥布替尼去年实现收入10.00亿元，同比 增长49.14%。此外，资料显示，Zenas于去年9月在纳斯达克证券交易所挂牌上市，当前总市值约11亿美 元，聚焦自身免疫性疾病领域，现有产品均处于临床阶段。 ...

Core Viewpoint - The innovative drug concept has seen a significant surge in the market, with several companies experiencing notable stock price increases [1] Group 1: Company Performance - Changchun High-tech has risen over 8% [1] - Xinghao Pharmaceutical and Wanbangde have both increased by over 5% [1] - Other companies such as Tibet Pharmaceutical, Rongchang Bio, Xinlitai, Guangsheng Tang, and Nuocheng Jianhua have also shown upward movement in their stock prices [1]

（来源：医疗ETF） 10月9日，港股医药突发重挫，恒生生物科技指数低开低走，盘中一度跌超5%。港股通创新药板块跌势 更甚，港股通创新药ETF（520880）标的指数恒生港股通创新药精选指数最低下探6.14%，诺诚健华、 科伦博泰生物-B跌超10%，权重股中国生物制药跌超7%，信达生物跌超8%。 "十一"假期期间，全球权益资产普涨，港股通创新药板块亦有表现，上周（9月29日-10月3日），恒生 港股通创新药精选指数单周累涨6.54%，得益于此，A股今日开市，港股通创新药ETF（520880）高开 1.75%后走低，现跌逾1%，盘中转为溢价交易，反映低吸资金或渐占上风。 来源：市场资讯 港股通创新药ETF（520880）基金经理丰晨成指出，目前创新药投资已经进入alpha阶段，选股因子开始 大于beta，市场会逐步回归真正有临床价值且能真实兑现业绩的龙头品种。创新药板块短期的市场调 整，反而可能给真正质优的创新药企业提供了一次难得的买点。 【创新药"新势力"——港股通创新药ETF（520880）：不含CXO，纯正创新药，港股高弹性】 港股通创新药ETF（520880）是全市场首只跟踪恒生港股通创新药精选指数的E ...

Core Viewpoint - The semiconductor stocks experienced a significant decline, with several companies seeing drops exceeding 10% due to adjustments in margin financing rates related to high static price-to-earnings ratios [1] Group 1: Stock Performance - Dongxin Co. and Baiwei Storage fell over 11% - Yandong Micro and Jinghe Integration dropped over 10% - Demingli, Huahong, and Purun shares decreased over 8% - Lianyun Technology and Chiplink Integration fell over 7% - Other companies like Hengsuo, Aojie Technology, and Zhongke International saw declines over 6% [1] Group 2: Margin Financing Adjustments - On October 9, margin financing rates for stocks like Zhongke International and Baiwei Storage were reduced to 0 due to their static price-to-earnings ratios exceeding 300 times - Multiple brokerages clarified that this adjustment is a routine operation based on exchange rules established in 2016, applicable to all A-share stocks with similar high static price-to-earnings ratios [1]

Core Viewpoint - The recent licensing agreement between Nuo Cheng Jian Hua and Zenas has led to a significant market reaction, with Nuo Cheng Jian Hua's stock dropping while Zenas's stock surged, indicating a divergence in market sentiment regarding the deal's value and potential [1][2]. Summary by Sections Licensing Agreement Details - Nuo Cheng Jian Hua has licensed its BTK inhibitor, Oubutini, for multiple sclerosis and other autoimmune diseases to Zenas, receiving an upfront payment of $100 million, milestone payments, and 7 million shares of Zenas stock, with a total potential deal value exceeding $2 billion [1][2]. - The upfront payment and stock value combined amount to $280 million, which is considered reasonable compared to industry standards, where the average upfront payment ratio is around 8% [3]. Market Reaction and Sentiment - The market's cautious sentiment towards the deal stems from two main concerns: the upfront payment not meeting expectations and the perceived lack of recognition of Zenas as a partner [2][5]. - Nuo Cheng Jian Hua's stock fell by 6.24% in A-shares and 11.64% in Hong Kong shares, while Zenas's stock rose by 24.22% following the announcement [1]. Strategic Considerations - Nuo Cheng Jian Hua had previously engaged with multinational corporations (MNCs) but ultimately chose Zenas due to smoother communication and Zenas's strong clinical development capabilities, particularly in the field of multiple sclerosis [5][10]. - Zenas, founded in 2019 and listed on NASDAQ in 2024, currently has no commercial products but has a promising pipeline, including a dual-function monoclonal antibody that complements Oubutini [7][8]. Industry Context - The collaboration reflects a shift in the global innovation drug landscape from one-time licensing deals to deeper collaborative models, where local pharmaceutical companies can retain equity in new ventures [12]. - Nuo Cheng Jian Hua's previous partnership with Biogen ended after about 18 months, highlighting the challenges in securing long-term collaborations in the industry [11]. Future Outlook - The partnership aims to advance the development of Oubutini in treating primary and secondary progressive multiple sclerosis, with significant market opportunities projected in the U.S. alone [8]. - The success of this collaboration will depend on Zenas's ability to progress its pipeline and the overall market performance of its shares [12].

Summary of the Conference Call for 诺诚健华 (Nocera Biopharma) Company Overview - **Company**: 诺诚健华 (Nocera Biopharma) - **Partner**: Xenios BioPharma - **Industry**: Biopharmaceuticals, focusing on autoimmune diseases and central nervous system disorders Key Points and Arguments Strategic Partnership - 诺诚健华 has entered a significant global licensing agreement with Xenios BioPharma, covering the global rights for 奥布替尼 (Obutinin) in multiple sclerosis (MS) and two preclinical drugs outside Greater China and Southeast Asia, with a total potential deal value exceeding $2 billion [2][3][5] - The deal includes an upfront payment of $100 million, milestone payments, and approximately $180 million worth of 7 million shares of Zyno common stock, totaling $280 million in upfront and near-term milestone payments [2][5] - 诺诚健华 will receive royalties of up to 17% to 19% on net product sales [2][5] Rationale for Partnership - The choice of Xenios BioPharma was based on its clinical development experience in autoimmune diseases, its Nasdaq listing, and strong execution capabilities, which are expected to maximize the global development potential of 奥布替尼 and other assets [2][6] - The partnership is expected to accelerate the clinical development of 奥布替尼 and other products in the global market, supporting 诺诚健华's internationalization efforts and enhancing long-term value through equity exchange [2][8] Development Stage and Future Plans - 诺诚健华 is entering a 2.0 development phase, focusing more on internationalization, commercialization, and differentiated product development, with plans to strengthen these capabilities through flexible business models and partnerships with international companies [4][11] - The company has over 10 products in various stages of development and aims to increase revenue through business development (BD) partnerships, with a focus on internationalization over the next three years [11][12] Clinical Development and Market Potential - 奥布替尼's global oncology rights remain with 诺诚健华, which is expanding into tumor indications and plans to submit applications in countries like Australia and Canada [13] - The company is also advancing clinical studies for ITP and SLE, which are particularly relevant in Asian populations [13] - The partnership with Xenios is expected to enhance the success potential of 奥布替尼 in global Phase III clinical trials and facilitate expansion into more autoimmune disease areas [8] Financial Implications - The cash component of the deal includes the $100 million upfront payment and milestone payments, with the stock component being part of the transaction price [16] - The transaction is anticipated to have a positive impact on the company's revenue and asset profit and loss statements [16] Additional Insights - The 7 million shares of Zyno common stock were issued at a nominal value of $0.001 per share, resulting in a minimal cost of approximately $700 [10] - The partnership with Zenith for 奥布替尼 development is based on their strong clinical development capabilities and successful track record in the autoimmune disease sector [8][12] - The collaboration is expected to create synergies and enhance the execution capabilities of both companies [12][18] Market Competition - Genesys is developing a dual antibody for MS, which may have a differentiated profile compared to 奥布替尼, but 诺诚健华 believes its Aurora kinase B inhibitor has higher success rates and market potential in treating MS [18] Conclusion The partnership between 诺诚健华 and Xenios BioPharma represents a strategic move to enhance the development and commercialization of innovative therapies in the autoimmune disease space, with significant financial implications and a focus on international growth. The collaboration is expected to leverage both companies' strengths to maximize the potential of their product pipelines.