Sou Hu Cai Jing·2026-03-05 02:35Group 1 - The Hong Kong stock market showed strong performance in the morning session, with innovative drug concept stocks experiencing significant gains, including MIRXES-B rising over 7%, and others like Kelun-Bio and China National Pharmaceutical Group increasing by over 6% [1] - A major announcement was made on March 4, where China National Pharmaceutical Group and Sanofi entered into an exclusive global licensing agreement for the innovative JAK/ROCK dual-target inhibitor, Rovaxitinib, marking the largest external licensing deal in the transplantation field by a Chinese pharmaceutical company [1] - Under the agreement, China National Pharmaceutical Group and its subsidiary, Chengdu Kanghong Pharmaceutical, will grant Sanofi exclusive rights for global development, production, and commercialization, receiving an upfront payment of $135 million, with potential milestone payments up to $1.395 billion, and a high double-digit sales share [1] Group 2 - The total value of China’s innovative drug license-out transactions has increased from $2.562 billion in 2017 to an estimated $140.274 billion by 2025, with 22% of this total already achieved by early 2026, indicating enhanced international competitiveness [1] - Over 70% of innovative drug companies are expected to achieve positive revenue growth by 2025, signaling a transition into a commercialization phase for the industry [1] - The current valuation of the pharmaceutical sector presents significant cost-effectiveness, with recommendations to focus on companies with clear overseas expansion opportunities and those with clinical data advantages in specific segments [1][2]