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: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 歌禮製藥有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | 額外信息 | 第 2 頁 共 10 頁 v 1.2.0 FF301 | 1. 股份分類 | 普 ...

Group 1 - The pharmaceutical stocks have shown a general upward trend, with notable increases in companies such as Genscript Biotech (up 6.33%), Kintor Pharmaceutical (up 5.23%), and Junshi Biosciences (up 4.39%) [1] - The Chinese innovative drug licensing market has continued its strong growth into 2026, with total transaction amounts exceeding $33.28 billion in the first quarter, surpassing the highest quarterly upfront payment levels of 2025 [1] - According to Open Source Securities, the innovative drug sector has experienced a correction over the past two quarters, but long-term prospects for quality stocks are favorable, suggesting an increase in sector allocation focusing on companies with established overseas opportunities and high clinical data performance [1] Group 2 - Donghai Securities previously indicated that the innovative drug sector is entering a phase of accelerated profit realization by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceutical achieving profitability, while others like 3SBio and Shanghai Yizhong are expected to see significant performance increases [2] - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth, while external collaborations such as BD are crucial for enhancing earnings [2]

Core Viewpoint - The announcement of the clinical development of ASC36, a novel oral glucagon-like peptide-1 (GLP-1) receptor agonist, marks a significant advancement for the company in the metabolic disease sector, showcasing its proprietary oral peptide delivery enhancement technology [1] Company Summary - The company's stock, Gilead Sciences-B (01672), saw an increase of nearly 8%, with a current price of HKD 17.72 and a trading volume of HKD 36.79 million [1] - The board of directors has selected ASC36 for clinical development, with plans to submit an Investigational New Drug (IND) application to the FDA in the second quarter of 2026 for obesity treatment [1] - ASC36 is developed using the company's AI-assisted drug discovery technology (AISBDD), representing a key transition from platform capability to candidate drug [1]

Group 1 - The core viewpoint of the news highlights the significant surge in Chinese AI model stocks, particularly with companies like Zhiyu and MiniMax experiencing substantial price increases, with Zhiyu rising over 130% in five trading days and MiniMax increasing over 40% in the same period [1] - The launch of new AI models such as GLM-5 by Zhiyu and Minimax 2.5 by MiniMax is expected to drive further interest and investment in the sector, with additional models from Alibaba and ByteDance anticipated to be released around the Chinese New Year [1] - Korean retail investors are actively purchasing Chinese AI model stocks, indicating a shift in investment preferences towards emerging technology companies, as evidenced by their buying patterns in the Hong Kong stock market [2][4] Group 2 - Data from the Korea Securities Depository shows that Korean investors have favored stocks like MiniMax and various ETFs related to Chinese technology and semiconductors, reflecting a strong interest in these sectors [2][3] - The Korean stock market has seen a remarkable increase, with the composite index rising by 130% since 2025, largely driven by a few major stocks like Samsung Electronics and SK Hynix, which have contributed significantly to the overall market performance [6][7] - The trend of Korean retail investors converting their currency to invest in foreign markets, including the Chinese stock market, has raised concerns about the depreciation of the Korean won, as highlighted by the Bank of Korea [10][11]

Core Viewpoint - The Hong Kong stock market is experiencing two distinct but resonant waves of incremental capital from mainland China and South Korean retail investors, leading to a diversification of funding sources and a layered pricing logic in the market [1][14]. Group 1: Scale and Structure - Southbound funds have established themselves as the core incremental source and revaluation force in the Hong Kong stock market, with a cumulative net inflow of 5.11 trillion HKD by the end of 2025, and a record annual net purchase of 1.41 trillion HKD in 2025 [2]. - The market capitalization of southbound funds has surpassed 6.3 trillion HKD, accounting for 12.7% of the total market capitalization of Hong Kong stocks, indicating their evolution into an "endogenous pricing variable" [2]. Group 2: Trading Behavior of South Korean Retail Investors - South Korean retail investors, while having a relatively limited capital size, exhibit highly concentrated and leveraged trading behaviors, particularly impacting specific sectors such as new economy IPOs and the semiconductor industry [5]. - In early 2026, South Korean retail investors made a net purchase of over 2 million USD in MiniMax-WP, contributing significantly to its IPO, which saw an oversubscription of 1837 times [5]. Group 3: Industry Preferences - Southbound funds focus on financials and high-dividend utilities, with significant investments in companies like China Construction Bank and China Mobile, driven by high dividend yields and low valuation levels [6]. - South Korean investors, on the other hand, show a preference for high-growth sectors, with notable investments in Xiaomi and MiniMax-WP, reflecting a narrative-driven trading strategy [8]. Group 4: Investment Strategies - Southbound funds demonstrate a long-term investment strategy characterized by stable holdings and systematic increases in positions, as seen with China Construction Bank, which saw a net purchase of 7.39 billion shares in 2025 [12]. - South Korean retail investors engage in high-frequency trading with a focus on social media trends and community consensus, leading to a rapid turnover of holdings, with an average holding period of less than three months [13]. Group 5: Market Dynamics - The influx of South Korean retail investors into the Hong Kong market represents a diversification of the investor base, contributing to liquidity while also potentially increasing volatility during certain periods [14]. - The interaction between the long-term positioning of southbound funds and the short-term trading strategies of South Korean investors creates a new normal in the Hong Kong stock market characterized by layered pricing and concurrent narratives [14].

Macro News - The Chinese Ministry of Foreign Affairs confirmed that during a recent call between the leaders of China and the U.S., President Trump expressed his desire to visit China in April, while President Xi reiterated the invitation [1][4]. - The U.S. Treasury Secretary mentioned that his team met with Chinese officials in Beijing last week to prepare for upcoming high-level talks, indicating ongoing communication between the economic teams of both countries [4]. - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 6 months starting from February 13, 2026 [2][4]. - The Chinese Ministry of Commerce announced that starting February 13, 2026, anti-subsidy duties will be imposed on certain dairy products imported from the EU [4]. Industry News - The National Development and Reform Commission, along with other regulatory bodies, released implementation opinions aimed at promoting high-quality development of low-altitude insurance, with a mandatory insurance system for unmanned aerial vehicles expected to be established by 2027 [8]. - The Shanghai Stock Exchange announced a list of initiatives for 2026, including a series of fee reduction measures, which are expected to benefit the market by approximately 1.113 billion yuan [7]. Company News - Xianglu Tungsten Industry warned that significant economic fluctuations in the countries of its major clients could impact market demand for tungsten products and the recovery of accounts receivable [11]. - Jia Mei Packaging announced that its capital operation plan will be completely independent of the listed company, and it may apply for a trading suspension if stock prices rise abnormally [11]. - Tai Ling Microelectronics reported that its third-largest shareholder, the National Big Fund, reduced its holdings by 4.6513 million shares, bringing its stake below 5% [11]. - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robotic products [12].

Group 1 - Korean investors have shown increasing enthusiasm for Chinese assets, with a total investment exceeding $88 million in the top ten stocks as of February 10, 2026 [3] - The top ten stocks purchased by Korean investors include MINIMAX-WP, Huaxia CSI 300 ETF, and Lanke Technology, with respective investments of $20.67 million, $19.18 million, and $18.64 million [1][2] - There is a noticeable shift in Korean investment focus towards emerging technology companies in China, compared to 2025, where the top investments were in companies like Xiaomi and Alibaba [4] Group 2 - The investment amounts for the top ten stocks in 2026 are as follows: MINIMAX-WP ($20.67 million), Huaxia CSI 300 ETF ($19.18 million), Lanke Technology ($18.64 million), and others, indicating a diverse interest in various sectors [2][4] - In 2025, the top investments were led by Xiaomi Group ($87.75 million) and Global X China Semiconductor ETF ($7.40 million), highlighting a different investment landscape compared to 2026 [5]

Core Insights - Korean investors have shown significant interest in various stocks and ETFs in the Hong Kong Stock Exchange, with the top ten purchases reflecting a diverse investment strategy [1][3] Investment Highlights - The top purchase by Korean investors is MiniMax-WP, with an investment amount of 20.67 million USD [1][3] - The second highest is the 华夏沪深300ETF, attracting 19.18 million USD [1][3] - 澜起科技 follows closely with an investment of 18.65 million USD [1][3] - 安硕恒生科技ETF received 7.36 million USD from Korean investors [1][3] - 南方东英每日杠杆三星电子 saw an investment of 7.33 million USD [1][3] - 英诺赛科 attracted 4.17 million USD in purchases [1][3] - Premia中国科创50ETF received 3.38 million USD [1][3] - 药明合联 was purchased for 3.13 million USD [1][3] - 歌礼制药 saw investments totaling 2.45 million USD [1][3] - Global X中国半导体ETF attracted 2.07 million USD [1][3]

2026年开年以来，韩国投资者再度加码布局中国港股资产，人工智能大模型龙头MiniMax-WP成为其年 内买入金额最高的港股标的。 韩国散户对海外股票的投资热度持续攀升。2025年12月韩国金融监督服务局公布的中期调查结果显示， 2025年1月至11月，韩国12家头部证券公司海外股票交易佣金达1.95万亿韩元，较上一年同期增长两倍 多，创历史新高；散户海外投资相关外汇手续费收入同步增长超两倍。 花旗银行在最新策略报告中表示，在亚股中看好中国市场，认为中国企业每股盈利预测修订趋势较佳、 估值合理，且将在人工智能等结构性主题中受益。高盛维持对中国股票的"高配"评级，预测未来10年AI 普及将推动中国整体盈利每年提升2.5%，同时预计未来一年可能有超过2000亿美元的资金流入中国股 市。 公开信息显示，MiniMax-WP于2026年1月9日登陆香港联交所主板，上市阶段便获得市场高度关注。其 公开发售部分获得1837倍超额认购，国际发售部分获37倍认购，吸引机构与散户投资者共同参与。 对比2025年投资偏好，韩国股民今年的布局方向出现明显调整。2025年韩国股民买入金额最高的港股为 小米集团，年内买入金额达8775 ...

Group 1 - Korean investors are increasingly enthusiastic about allocating assets in China, with over $8.8 million invested in the Hong Kong Stock Exchange as of February 10 [1] - The top ten stocks purchased by Korean investors include MINIMAX-WP, 华夏沪深300ETF, and 澜起科技, among others, indicating a shift towards emerging technology companies [1][2] - The total investment amounts for the top ten stocks are as follows: MINIMAX-WP at $20.67 million, 华夏沪深300ETF at $19.18 million, and 澜起科技 at $18.64 million [2][3] Group 2 - Compared to 2025, Korean investors are now focusing on new emerging industries and technology companies, as evidenced by the change in their top ten investments [3] - In 2025, the top ten net purchases by Korean investors included Xiaomi Group and Global X China Semiconductor ETF, highlighting a different investment focus compared to 2026 [4][5] - The total investment amounts for the top ten stocks in 2025 were significantly higher, with Xiaomi Group at $87.75 million and Global X China Semiconductor ETF at $74.03 million [5]