Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant surge on January 7, with multiple stocks showing substantial gains, driven by positive clinical data from Arrowhead's small RNA drug [1][2]. Group 1: Market Performance - On January 7, stocks such as Rongchang Biopharmaceutical, China Antibody, and Chuangsheng Group saw increases of 12.93%, 11.97%, and 11.57% respectively, with nearly 40 stocks rising over 5% [1]. - Over the first four trading days of the year, the Hong Kong innovative drug sector has shown a notable rally, with Zhongsheng Beikong Biotech and Zhongzhi Pharmaceutical achieving cumulative increases of 49.12% and 42.85% respectively [1]. - Other companies like Jiasheng Health, Rongchang Biopharmaceutical, and Saintno Pharmaceutical also reported cumulative gains exceeding 20%, while over 40 stocks, including Tigermed and China Antibody, saw increases of over 10% [1]. Group 2: Catalyst for Growth - A broker analyst indicated that the surge on January 7 was primarily stimulated by Arrowhead's favorable clinical data for its small RNA drug, which positively influenced the sentiment in the innovative drug sector [1]. - The small RNA drug sector is viewed as transitioning from concept validation to a phase of industrial emergence, with expectations for new molecules to enter clinical trials in China by 2026-2027 [2]. Group 3: Upcoming Events - The upcoming J.P. Morgan Annual Healthcare Conference, scheduled for January 12-15 in San Francisco, is anticipated to serve as a catalyst for the innovative drug market, with several Hong Kong companies confirming participation [3].

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index declining approximately 0.2% on Wednesday [1] Company Highlights - Monte Rosa Therapeutics Inc (NASDAQ:GLUE) experienced a significant increase in share price, rising 45.2% to $23.25 after announcing interim data from a Phase 1 clinical study for MRT-8102 [1] - Ventyx Biosciences Inc (NASDAQ:VTYX) shares surged 37.5% to $13.82 following reports of advanced acquisition talks with Eli Lilly & Co. (NYSE:LLY) for over $1 billion [2] - Neumora Therapeutics Inc (NASDAQ:NMRA) saw a rise of 24.7% to $2.27 [2] - Regencell Bioscience Holdings Ltd (NASDAQ:RGC) increased by 21.1% to $40.00 [2] - Erasca Inc (NASDAQ:ERAS) rose 17.1% to $4.25, with Piper Sandler initiating coverage with an Overweight rating and a price target of $5 [2] - Anywhere Real Estate Inc (NYSE:HOUS) gained 15.6% to $16.71 [2] - AXT Inc (NASDAQ:AXTI) increased by 13.8% to $22.96 [2] - Immuneering Corp (NASDAQ:IMRX) rose 13.1% to $7.60 [2] - Compass Therapeutics Inc. (NASDAQ:CMPX) gained 13.1% to $5.56 [2] - MBX Biosciences Inc (NASDAQ:MBX) rose 11.2% to $31.90 [2] - Rezolve AI PLC (NASDAQ:RZLV) increased by 10.8% to $3.36 [2] - United Microelectronics Corp (NYSE:UMC) gained 10.4% to $8.96 after reporting sales growth for December and the full year [2] - PBF Energy Inc (NYSE:PBF) rose 9.2% to $29.73 [2] - Navan Inc (NASDAQ:NAVN) increased by 8.3% to $18.42 [2] - Ascentage Pharma Group International (NASDAQ:AAPG) gained 8.3% to $28.17 after announcing IND clearance for BTK Degrader APG-3288 by the U.S. FDA [2] - Intel Corp (NASDAQ:INTC) rose 6.4% to $42.60 as the company is enhancing its gaming strategy by developing a new chip for handheld gaming devices [2]

第 1 頁 共 10 頁 v 1.1.1 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12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: 亞盛醫藥集團 呈交日期: 2026年1月7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) | 06855 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊 ...

Core Viewpoint - Ascentage Pharma-B (06855) has received FDA approval for its new drug application (IND) for APG-3288, a next-generation BTK-targeted protein degrader, marking a significant advancement in the company's clinical research for treating relapsed/refractory B-cell malignancies [1][3]. Group 1: Clinical Research and Drug Development - The clinical study for APG-3288 is a global, multicenter, open-label Phase I trial aimed at evaluating the safety, tolerability, pharmacokinetics (PK), and preliminary efficacy in patients with relapsed/refractory hematologic malignancies [3]. - BTK plays a crucial role in the activation, proliferation, and survival of B-cells, with abnormal activation linked to various B-cell malignancies, including multiple types of lymphomas and chronic lymphocytic leukemia (CLL) [3][4]. - The global BTK market has grown into a nearly $30 billion space, reflecting the increasing demand for effective treatments [3]. Group 2: Mechanism and Advantages of APG-3288 - APG-3288 is a novel, highly selective BTK degrader developed using the PROTAC technology platform, which promotes the degradation of BTK through the formation of a ternary complex with Cereblon E3 ligase [5][6]. - Unlike traditional BTK inhibitors that merely inhibit activity, APG-3288 aims to degrade the BTK protein, potentially overcoming resistance issues associated with existing BTK inhibitors [6][7]. Group 3: Combination Therapy Potential - APG-3288 has significant potential for combination therapy with Ascentage Pharma's approved BCL-2 inhibitor, Lisocabtagene Maraleucel, which could lead to new treatment pathways for CLL [8][9]. - The combination of BTK inhibitors and BCL-2 inhibitors is expected to provide a complementary mechanism of action, enhancing therapeutic efficacy and addressing the challenges of treatment resistance [8][9]. Group 4: Strategic Importance and Future Directions - The approval of APG-3288's IND is a critical milestone for Ascentage Pharma, reflecting its commitment to advancing treatment options in hematologic malignancies [10]. - The company plans to expedite the global clinical development of APG-3288, exploring its potential in blood cancers and other BTK-related diseases, thereby aiming to benefit a larger patient population [10].

Core Viewpoint - Ascentage Pharma-B (06855) has received FDA approval for its new drug application (IND) for APG-3288, a next-generation BTK-targeted protein degrader, marking a significant advancement in the company's clinical research for treating relapsed/refractory B-cell malignancies [1][3]. Group 1: Clinical Research and Drug Development - The clinical study for APG-3288 is a global, multi-center, open-label Phase I trial aimed at evaluating the safety, tolerability, pharmacokinetics (PK), and preliminary efficacy in patients with relapsed/refractory hematologic malignancies [3]. - BTK is a key kinase in the B-cell receptor (BCR) signaling pathway, and its abnormal activation is closely associated with various B-cell malignancies, including multiple types of lymphomas and chronic lymphocytic leukemia (CLL) [3][4]. - The global BTK market has grown into a nearly $30 billion space, reflecting the increasing demand for effective treatments in this area [4]. Group 2: Mechanism and Advantages of APG-3288 - APG-3288 is designed to degrade rather than inhibit BTK, providing a novel solution to overcome resistance issues associated with traditional BTK inhibitors [5][6]. - Preclinical studies indicate that APG-3288 demonstrates superior BTK degradation capability, higher selectivity, and better pharmacokinetic characteristics compared to other investigational BTK degraders [6]. Group 3: Combination Therapy Potential - APG-3288 has significant potential for combination therapy with Ascentage Pharma's approved BCL-2 inhibitor, which could lead to new treatment pathways for CLL [6][7]. - The combination of BTK inhibitors and BCL-2 inhibitors is expected to create a synergistic effect, enhancing treatment efficacy by targeting different mechanisms involved in tumor cell survival [7][8]. - Ascentage Pharma's BCL-2 inhibitor has shown promising clinical data, supporting its potential for use in combination therapies, particularly in patients with limited treatment options [7][8]. Group 4: Strategic Importance and Future Directions - The approval of APG-3288's IND is a major milestone for Ascentage Pharma, reflecting its commitment to advancing treatment options in hematologic malignancies [8]. - The company plans to accelerate the global clinical development of APG-3288 and explore its therapeutic potential in other BTK-related diseases, aiming to benefit a larger patient population [8].

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total turnover of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the fundamentals of the Hong Kong market remain weak, with a decline in the funding environment, while Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, with a total transaction value exceeding USD 130 billion [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - Paper stocks saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable market environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coal futures, and analysts expect improvements in supply-demand dynamics for the coal industry [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre (06869) rising 6.75% [6] - The sector was buoyed by strong performances in the U.S. market, particularly from Lumentum and Coherent [7] Notable Stocks - Yadea Group (01585) announced a profit increase, leading to a 4.63% rise in its stock price [8] - Jinli Permanent Magnet (300748) was active, rising 3.65% amid news of potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, dropping 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

Market Overview - The Hong Kong stock market indices showed weakness, with the Hang Seng Index down 0.94% to 26,458.95, the Hang Seng Tech Index down 1.49% to 5,738.52, and the Hang Seng China Enterprises Index down 1.14% to 9,138.75 [1][2] Sector Performance - Major technology stocks collectively declined, with Alibaba down over 3%, and Netease and Kuaishou down over 2% [4][5] - The automotive sector faced significant losses, with BYD, NIO, and Xpeng all dropping over 3% [7] - Oil stocks also fell, with Kunlun Energy and China National Offshore Oil Corporation down over 3% [8][9] - Real estate stocks performed poorly, with Sunac China down 8.27% and several other major developers declining [10] - Chinese brokerage stocks were under pressure, with GF Securities down over 4% [11] Notable Gainers - The paper industry saw gains, with Nine Dragons Paper up 8.97% and Lee & Man Paper up 6.92% [14] - The innovative drug sector was active, with Ascentage Pharma-B and Tonghua Dongbao Pharmaceutical-B both rising over 8% [16] - Aluminum stocks rose, with Nanshan Aluminum International up over 10% [18] - Coal stocks strengthened, with Feishang Non-Ferrous Coal up over 34% [19] - The restaurant sector saw increases, with Ronghui Holdings up over 13% [21] - Solar energy stocks had some upward movement, with GCL-Poly Energy up over 24% [22] Investment Outlook - According to Galaxy Securities, the Hong Kong stock market is expected to see increased trading activity and a potential upward trend, with a focus on technology and consumer sectors due to supportive policies and low valuations [24]

Group 1 - The core viewpoint of the article highlights the active trend of Chinese companies listing in the US, characterized by steady growth in numbers, diverse structures, and significant regional concentration [1] Group 2 - In terms of listing paths and methods, traditional IPOs dominate, with 90.3% of the 93 companies listed through this method, while only 8.6% used De-SPAC [2] - The choice of exchange shows that Nasdaq remains the preferred platform for Chinese companies, with 95.7% of listings occurring there [4] Group 3 - The financing scale structure indicates a concentration at the top, with 84 IPO companies raising a total of $2.822 billion, where the top three companies accounted for 33.9% of the total [5] Group 4 - The industry distribution reveals that technology and service sectors are key drivers for Chinese companies listing in the US, with application software companies leading the way [7] Group 5 - The geographic origin of the companies shows a significant concentration in coastal and developed regions, with Hong Kong leading, followed by Zhejiang and Taiwan [8] Group 6 - The listing cycle varies significantly among companies, with the fastest completing the process in 115 days, while the slowest took over 1,400 days, highlighting differences in preparation and compliance capabilities [9]

Core Viewpoint - Ascentage Pharma-B (06855) shares rose nearly 4%, currently up 3.69% at HKD 53.4, with a trading volume of HKD 61.64 million [1] Group 1: Company Developments - On January 7, Ascentage Pharma announced via its official WeChat account that its novel BTK-targeted protein degrader APG-3288 has received IND approval from the US FDA, allowing the company to initiate clinical research for treating relapsed/refractory B-cell malignancies [1] - This marks a significant advancement in the company's research and development efforts in the field of targeted protein degradation, officially entering the clinical stage [1] - The study will be a global, multicenter, open-label Phase I clinical trial aimed at evaluating the safety, tolerability, pharmacokinetics, and preliminary efficacy of APG-3288 in patients with relapsed/refractory hematologic malignancies [1]

Core Viewpoint - The company, Ascentage Pharma-B (06855), has seen a nearly 4% increase in stock price following the announcement of FDA approval for its new drug application for APG-3288, a next-generation BTK-targeted protein degrader aimed at treating relapsed/refractory B-cell malignancies [1] Group 1: Company Developments - Ascentage Pharma announced that its innovative drug APG-3288 has received IND approval from the FDA, allowing it to proceed with clinical research [1] - The clinical study will be a global, multi-center, open-label Phase I trial focused on evaluating the safety, tolerability, pharmacokinetics, and preliminary efficacy of APG-3288 in patients with relapsed/refractory hematologic malignancies [1] Group 2: Market Reaction - Following the announcement, Ascentage Pharma's stock price rose by 3.69%, reaching HKD 53.4, with a trading volume of HKD 61.64 million [1]