Core Viewpoint - The recent tightening of U.S. regulatory policies and escalating geopolitical tensions have reignited discussions about the return of Chinese concept stocks (Chinext stocks) to Hong Kong, with the Hong Kong government implementing measures to solidify its position as the preferred destination for these listings [1][7]. Group 1: Market Trends - Since the reform of the listing system in 2018, 33 Chinese concept companies have chosen to list in Hong Kong, accounting for over 70% of the total market capitalization of all Chinese concept stocks [3][4]. - The trend shows that large-cap leading companies are often the first to initiate the return process, with 12 companies having a market capitalization exceeding 1 trillion HKD [4][5]. - As of June 5, 2023, 73% of the top quartile of Chinese concept stocks have achieved a dual listing, with 45% completing a primary dual listing and 26% achieving a secondary listing in Hong Kong [5]. Group 2: Industry Distribution - Chinese concept stocks are primarily concentrated in three sectors: new consumption, technology, and mid-to-high-end manufacturing, with retail accounting for 54% of the new consumption sector [6]. - The valuation discount previously faced by Chinese concept stocks in the Hong Kong market has been gradually alleviated due to increased market activity since last year [6]. Group 3: Government Initiatives - The Hong Kong government is committed to making the region the preferred destination for the return of Chinese concept stocks, with proactive measures being taken by the Securities and Futures Commission and the Hong Kong Stock Exchange [7][8]. - Hong Kong's financial market is characterized by its dual attributes of global capital allocation and local market familiarity, making it an attractive option for Chinese companies looking to return [8]. Group 4: Advantages of Returning to Hong Kong - The flexibility and inclusiveness of Hong Kong's regulatory environment provide significant advantages for Chinese concept stocks, including the ability to retain VIE structures and tax incentives [8]. - Hong Kong serves as a "safe haven," allowing for effective liquidity support from mainland funds while facilitating international capital inflows [7][8].

Group 1 - Hansoh Pharmaceutical granted Regeneron Pharmaceuticals exclusive overseas licensing for its GLP-1/GIP dual receptor agonist HS-20094, which has completed multiple Phase II clinical trials and is currently in Phase III trials in China [1][2] - The licensing agreement includes an upfront payment of $80 million, potential milestone payments of up to $1.93 billion, and double-digit royalties on future sales [2][3] - Recent licensing deals by Chinese pharmaceutical companies indicate a growing trend, with 33 license-out transactions completed in Q1 2025, totaling $36.633 billion, a year-on-year increase of approximately 258% [1][6] Group 2 - The licensing deal with Pfizer for the PD-1/VEGF dual antibody SSGJ-707 includes a record upfront payment of $1.25 billion, with potential milestone payments reaching $4.8 billion [3] - Other companies, such as Sinovant and Ansai, have also announced licensing agreements, indicating a robust market for Chinese pharmaceutical innovations [3][4] - The 2025 ASCO annual meeting showcased over 70 original research results from China, highlighting the international competitiveness of Chinese innovative drugs [4][5] Group 3 - The overall trend shows that Chinese innovative drugs are gaining global value, with a significant increase in licensing transactions and amounts [6][7] - The pharmaceutical industry is expected to see steady recovery, driven by the growing demand for innovative therapies and the improvement in the quality and quantity of domestic innovative drugs [7]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年6月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | 備註： | ...

Group 1 - The pharmaceutical sector has recently experienced a significant pullback, with the innovative drug concept seeing a net outflow of nearly 2.5 billion yuan in A-shares [1] - The Tianhong Innovative Drug ETF (517380) reached a new high for the year before experiencing a substantial decline, dropping 2.75% with a trading volume of 22 million yuan, and most constituent stocks fell nearly 5% [1] - The Tianhong Innovative Drug ETF is the only product tracking the Hang Seng-Hu-Shen-Hong Kong Innovative Drug Selected 50 Index, which includes leading innovative drug companies from the three markets [1] Group 2 - Dongwu Securities predicts that 2025 will mark the explosive growth of China's innovative drug industry, driven by three core factors: significant BD transactions, profitability turning points for leading companies, and an improving policy environment [2] - Guosheng Securities acknowledges short-term trading pullback risks but emphasizes the solid underlying logic and clear trends in the innovative drug sector, maintaining a positive outlook for the innovative drug bull market [2] - The market size of China's innovative drugs is expected to exceed 2 trillion yuan by 2030, with a compound annual growth rate of 24.1% [2]

Group 1 - Over 200 foreign institutions have conducted research on A-share listed companies since May, totaling more than 500 investigations, with a focus on hard technology sectors such as electronic devices and integrated circuits [1] - Notable foreign institutions involved in the research include Goldman Sachs, Fidelity, BlackRock, UBS, Allianz, and Point72, with companies like Aopu Technology, Lanke Technology, Hudian Co., and Aobi Zhongguang attracting over 30 foreign institution investigations each [1] - Point72, referred to as "Wall Street's craziest money-making machine," led the research activities with 17 investigations, focusing on companies such as Huace Testing, Miaoke Landuo, and Ruixin Micro [1] Group 2 - In addition to electronic devices and integrated circuits, sectors such as healthcare, industrial machinery, and electronic components have also garnered significant attention from foreign institutions, with industry leaders like BeiGene, Huichuan Technology, New Industry, and Shenzhen South Circuit receiving the most investigations [2] - Multiple foreign giants believe that the A-share market presents abundant investment opportunities, particularly in the technology growth sector, with Morgan Stanley highlighting key areas such as technology growth, Chinese manufacturing, and new consumption as worthy of attention [3] - Morgan Asset Management is optimistic about sectors including leading automotive manufacturers and components, AI-related industries, robotics, trendy toys, and pet-related businesses [3]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年5月30 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向二名承授人授出可認 購合共21,140股美國存託股份的購股權並向三百六十八名承授人授出涉及合共 54,538股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的購股權 於2025年5月30日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予二名 承授人可認購合共21,140股美國存託股份的購股權。 授出購股權詳情 購股權詳情如下： 授出日期： 2025年5月30日 承授人數目： 二名 授出購股權及受限制股份單位 已授出購股權涉及的相關股份數目： 274,820 購股權總數（美國存託股份）: 21,140 因已授出購股權獲行使而可予 ...

Group 1 - The market experienced a rebound on June 4, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] - The innovative drug concept remained active, with the Tianhong Innovative Drug ETF (517380) closing up 2.34%, reaching a peak price of 0.660 yuan, the highest since November 2023, and achieving a trading volume of nearly 20 million yuan, a two-year high [1] - The Tianhong Innovative Drug ETF (517380) has seen a year-to-date increase of 25.96% as of June 4, ranking first among all industry ETFs in the market [1] Group 2 - Changjiang Securities indicated that the valuation level of domestic innovative drugs is low, and some products have the potential to be the best in their class globally, supporting the outlook for innovative drugs to expand internationally and achieve premium valuations [2] - Guojin Securities emphasized that innovative drugs and certain semi-innovative drugs are key investment focuses, with upcoming policy changes and data releases expected to catalyze stock price movements [2] - Huafu Securities reported that the total transaction amount for innovative drug BD from 2020 to 2024 increased from 9.2 billion USD to 52.3 billion USD, with the upfront payment amount rising from 600 million USD to 4.1 billion USD [2]

Group 1 - The core viewpoint of the articles highlights the active performance of innovative drug ETFs, particularly Tianhong (517380), which has seen significant gains and is leading the market in terms of growth [1][2] - As of June 3, 2025, the Tianhong innovative drug ETF has accumulated a year-to-date increase of 23.08%, ranking first among all industry ETFs [1] - The Tianhong ETF tracks the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug Selected 50 Index, which includes leading innovative drug companies from the three regions, indicating a high concentration of innovation [1] Group 2 - In the first five months of 2025, the National Medical Products Administration approved over 20 first-class innovative drugs, setting a record for the same period in the past five years [2] - The recent acceleration in the approval of innovative drugs in China reflects a shift from "follow-up innovation" to "global leadership" in the pharmaceutical sector [2] - The innovative drug sector is expected to experience a valuation reshaping, with significant catalysts such as overseas business development and the ASCO conference driving interest in the sector [2]

Group 1 - The Chinese innovative pharmaceutical industry is experiencing an unprecedented revaluation, with the innovative drug index rising over 20% and the Hong Kong innovative drug index increasing by more than 45% this year [1][2] - Institutions have shown heightened interest in the innovative drug sector, with numerous companies such as BeiGene and I-Mab being heavily researched by various institutions [1][3] - The focus of institutional research has shifted from generic drugs and raw materials to cutting-edge areas like ADCs, bispecific antibodies, and cell therapies, indicating a growing interest in clinical data and international progress [4][5] Group 2 - The recent surge in the innovative drug sector is attributed to the culmination of years of investment and development, with many projects now reaching commercialization [5][6] - The improvement in liquidity and the influx of foreign capital have significantly boosted the performance of Hong Kong innovative drug stocks, with net purchases exceeding 600 billion yuan this year [6][7] - The next three years are expected to be critical for the Chinese innovative drug industry, with 2025 marking a pivotal year for revenue growth, profitability, and valuation increases [8][9] Group 3 - The innovative drug sector is anticipated to remain a key focus within the pharmaceutical industry, with particular attention on companies that are successfully entering overseas markets and those that are experiencing significant domestic sales growth [9]

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform" [1] Core Insights - The domestic innovative drug sector is entering a harvest phase with multiple new drug approvals, enhancing the focus on innovative drugs. As of the end of May 2025, a total of 53 new drugs were approved in China, including 30 domestic and 23 imported drugs, covering various treatment areas such as oncology and rare diseases. The upcoming national medical insurance negotiations are expected to accelerate the market entry of successfully approved innovative drugs [4][12][20]. Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 7699.75, with a weekly high of 8490.25 and a low of 6070.89 [1]. Recent Performance - The pharmaceutical and biotechnology sector increased by 2.21% this week, outperforming the CSI 300 index by 3.3 percentage points. Since May 2025, the sector has risen by 7.25%, again surpassing the CSI 300 index by 5.53 percentage points [16][19]. Subsector Performance - The biopharmaceutical sector saw the highest increase of 4.65%, followed by chemical preparations at 4.27%, and medical research outsourcing at 4%. The offline pharmacy sector experienced the largest decline at 2.69% [5][18]. Recommended and Benefiting Stocks - Recommended stocks include: Yingke Medical, Maipu Medical, Yihe Jiaye, Weidian Biology, Gongdong Medical, and others. Benefiting stocks include: Shanhaishan, Yirui Technology, and others [6][25][36]. Key Events and Trends - The approval of innovative drugs is expected to reshape valuations in the domestic innovative drug sector, which is anticipated to be a key investment theme throughout the year. The upcoming national medical insurance negotiations are crucial for the successful market entry of newly approved drugs [4][12][20]. Market Dynamics - The medical device sector is projected to benefit from policies promoting equipment upgrades, with a significant increase in procurement expected in the second quarter of 2025. The sector's current price-to-earnings ratio indicates potential for valuation growth [21][27]. Future Outlook - The report emphasizes the importance of monitoring procurement progress and the potential for a recovery in the medical device sector's performance in the coming quarters [21][23]. Conclusion - The pharmaceutical and biotechnology industry is positioned for growth, driven by innovative drug approvals and supportive policy changes, making it an attractive investment opportunity [4][12][20].