“AI制药第一股”拿下470亿大单！晶泰控股高开15%，创新药“新势力”港股通创新药ETF（520880）续涨逾1%

Core Viewpoint - The Hong Kong stock market opened slightly lower on August 6, with innovative pharmaceuticals continuing to be active, particularly the high-profile Hong Kong Stock Connect innovative drug ETF (520880), which rose by 1.37% in early trading, aiming for a third consecutive daily gain [1]. Company Highlights - Crystal Tech Holdings (晶泰控股) announced a pipeline collaboration agreement with DoveTree, with a total order scale of approximately HKD 470 billion (USD 59.9 billion), marking one of the largest business development transactions in China's AI pharmaceutical sector by 2025 [2][3]. - Crystal Tech has received an initial payment of USD 51 million under the final agreement and is entitled to further payments of USD 49 million (to be paid within 180 days), as well as potential milestone payments of up to USD 5.89 billion based on regulatory and commercial achievements, along with royalties based on annual net sales [3]. Industry Trends - The National Medical Products Administration reported that 43 innovative drugs were approved in the first half of the year, a 59% year-on-year increase, nearing the total of 48 for the entire year of 2024 [3]. - According to China International Capital Corporation (中金公司), the long-term development trend of the innovative pharmaceutical industry is promising, supported by domestic engineering talent, abundant clinical resources, and favorable policies [3]. - The innovative drug sector is transitioning from a follower to a leader in innovation, with domestic products expected to significantly participate in the global market over the next decade [3]. Market Performance - The Hang Seng Stock Connect Innovative Drug ETF (520880) is the first ETF to passively track the Hang Seng Stock Connect Innovative Drug Select Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [5]. - As of July 31, the Hang Seng Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date, outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [6].