Core Insights - The company has made significant progress in index inclusion, corporate governance, and core product development, attracting market attention regarding its Hong Kong Stock Connect eligibility Group 1: Stock Performance - On February 11, 2026, MSCI announced that the company was included in its global small-cap index, effective March 2026, marking it as the only biotech company selected, highlighting its international recognition [2] Group 2: Corporate Structure and Governance - On February 9, 2026, a special shareholder meeting approved the resolution to abolish the supervisory board and amend the articles of association, effective immediately, aimed at optimizing decision-making efficiency [3] Group 3: Product Development Progress - The company is advancing the Phase III clinical study of GFH375 (an oral KRAS G12D inhibitor), which began in November 2025, targeting pancreatic cancer patients, and is the first oral KRAS G12D inhibitor to enter Phase III globally, with a recent investigator meeting held [4] Group 4: Recent Events of Interest - The next review period for the Hong Kong Stock Connect is from January 1 to December 31, 2025, with results expected to be announced on February 25, 2026. As of December 2025, the company's average daily market capitalization meets the inclusion threshold, leading to market speculation about its final inclusion status [5]

Group 1 - The core focus of the recent news is on the strategic cooperation and governance changes of China National Pharmaceutical Group (08247.HK) [1] - On February 11, 2026, the company signed a strategic cooperation agreement with Guangdong Xiaoshou Medical Technology Co., Ltd., aiming to enhance collaboration in grassroots medical services [1] - The company completed a board restructuring on February 9, 2026, with Chen Peng appointed as the new chairman, while Chen Zhengyong remains an executive director [1] Group 2 - Following these events, the company's stock price exhibited a volatile upward trend, opening at HKD 4.85 on February 9 and reaching a peak of HKD 5.16 on February 11, marking a maximum increase of 6.46% [2] - As of February 13, 2026, the stock price was reported at HKD 4.92, reflecting a daily decline of 0.61%, but a cumulative increase of 2.50% over the past five days and a year-to-date increase of 117.70% [2] - Trading volume peaked at 108,000 shares on the day of the cooperation announcement, indicating high market interest, but subsequently decreased to 14,000 shares by February 13, suggesting a consolidation phase [2]

Core Insights - The article highlights the significant role of the Zhenjiang National University Science and Technology Park in fostering innovation and collaboration between universities and local industries, emphasizing the transformation from academic research to practical applications [1][2][3]. Group 1: Company Development - The company, Zhiyuan (Zhenjiang) Biotechnology Co., Ltd., leverages university research to provide efficient detection solutions for public and food safety, recently developing a rapid drug testing pen that can screen 12 common drugs within 10 minutes, significantly reducing initial screening time from days to minutes [1]. - The park supports startups by providing comprehensive assistance, including policy guidance, funding, and client connections, enabling teams to transition from inexperienced newcomers to established entities [1]. Group 2: Collaborative Model - The Zhenjiang National University Science and Technology Park integrates the innovative capabilities of universities with the organizational strength of local governments, creating a synergistic effect that enhances innovation [2]. - The park has established a "1+3+N" incubation operation system, which connects universities, financial institutions, and service intermediaries, acting as a "broker" for technological achievements and a consultant for industrial upgrades [2]. Group 3: Focused Industry Development - The park emphasizes precision and specialization in developing new productive forces, focusing on key sectors such as life sciences and regenerative medicine, which has led to the establishment of a stem cell preparation and storage center [4]. - The park's long-term commitment to industry development has been recognized, with its regenerative medicine incubator being awarded as a benchmark incubator in Jiangsu Province for 2025 [4]. Group 4: Technology Advancement - The park facilitates partnerships between leading companies and academic institutions to tackle critical technological challenges, exemplified by a collaboration between Jinhai Chuang and Nanjing University of Technology to enhance laser control technology [5]. - This collaboration aims to upgrade the core competitiveness of traditional industries by applying cutting-edge research outcomes to practical applications [5]. Group 5: Ecosystem Development - The park is dedicated to creating a vibrant innovation ecosystem, referred to as a "tropical rainforest," which includes comprehensive support for startups, such as financial resources and professional services [6]. - Initiatives like the "Dream Angel Investor Center" aim to address early-stage financing challenges for tech companies, facilitating efficient connections between capital and projects [6]. - The park's management emphasizes the importance of aligning institutional advantages, platform effectiveness, and market vitality to continuously foster new productive forces for regional high-quality development [6].

每经AI快讯，2月13日，港交所文件显示，深圳易慕峰生物科技股份有限公司向港交所提交上市申请， 独家保荐人华泰国际。 ...

Group 1 - The event "Innovation Dialogue for Returning Talent in Chengdu" gathered nearly 30 returning tech talents to discuss development opportunities in Chengdu [3][4] - Academics and experts emphasized the importance of Chengdu as a hub for innovation, with a focus on integrating technology and industry [4][5] - Yang Jun, an academician, highlighted the rapid establishment of an intelligent manufacturing facility in Chengdu, showcasing the city's potential for industrial innovation [3][4] Group 2 - The discussion included the need for Chengdu to attract talent from leading economic regions like the Greater Bay Area and Yangtze River Delta [4] - Key future industries identified for Chengdu include AI, brain-computer interfaces, computing power, and nuclear fusion technology [4][5] - Startups like Xunji Jiasu Biotech and Xingdong Jiyuan Technology are planning to establish their operations in Chengdu, citing the city's conducive environment for innovation and talent retention [5][6] Group 3 - The focus on embodied intelligence as a significant industry for Chengdu was emphasized, with plans to create a complete industrial ecosystem [5][6] - Collaboration with local research institutions and universities is planned to enhance the development of the embodied intelligence sector [6] - The establishment of a "data training ground" for embodied intelligence robots is part of the strategy to promote innovation and competition in this field [6]

Core Insights - The 2025 China Unicorn Rankings report highlights a slowdown in primary financing, a surge in secondary listings in Hong Kong, and explosive growth in three key sectors: AI, new energy, and robotics [3][5]. Financing and Market Trends - As of May 2025, the total scale of Chinese unicorns reached 8.46 trillion yuan, a slight increase of 0.23% from 2024 [3]. - The number of new unicorns is insufficient to fully replace those that have gone public, with notable companies like Mixue Ice Cream and Horizon Robotics achieving pre-IPO valuations exceeding 60 billion yuan [3]. - The trend of unicorns choosing to list in Hong Kong is significant, with 60% of unicorns opting for this route between April 2024 and April 2025, and 67% of these companies seeing an increase in market value post-IPO [4][33]. Sectoral Growth - The unicorn landscape is dominated by three core areas: AI applications, emerging technologies (commercial aerospace, biotechnology, AI+AR), and cultural exports through social media and gaming [5][14]. - In the AI sector, there are 39 unicorns, with a total valuation of 262.2 billion yuan, making it the leading area of growth [6][8]. - The intelligent driving sector is also thriving, with companies like Yihang Intelligent achieving valuations in the hundreds of billions [11]. Regional Insights - Hangzhou and Shenzhen are emerging as strongholds for new unicorns, while Beijing and Shanghai remain foundational for innovation [4][20]. - Beijing leads with 65 unicorns valued over 3 trillion yuan, accounting for 35.6% of the national total [23]. - Shenzhen has 30 unicorns with a total valuation of 926.9 billion yuan, showing a 13% increase from 2024 [29]. IPO Trends - The number of unicorns going public has decreased, with 40 companies listing between April 2024 and April 2025, totaling a market value of 104.2 billion USD, down from 54 companies and 168.2 billion USD in 2024 [33][34]. - The average market value of listed unicorns has also declined, with Hong Kong becoming the preferred market for smaller unicorns [36][38]. Cultural and Gaming Exports - The cultural export sector is gaining traction, with companies like ByteDance and Xiaohongshu leading the way in global user engagement and revenue growth [17][18]. - The gaming industry is also a significant contributor to cultural exports, with titles like "Black Myth: Wukong" achieving nearly 1 billion USD in revenue [18][19].

本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。閱覽本 文件，即表示 閣下知悉、接納並向深圳易慕峰生物科技股份有限公司（「本公 司」）、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問及包銷團成員表 示同意： 1 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投 資者不應根據本文件所載資料作出投資決定； (b) 在聯交所網站登載本文件或任何補充、修訂或更換附頁，並不會引致本公 司、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 須於香港或任何其他司法管轄區進行發售的任何責任。概不保證本公司將進 行發售； (c) 本文件或任何補充、修訂或更換附頁的內容未必會全部或部分轉載於最終正 式上市文件； (d) 本申請版本並非最終上市文件，本公司或會不時根據香港聯合交易所有限公 司證券上市規則作出更新或修訂； (e) 本文件並不構成向任何司法管轄區的公眾人士提呈出售任何證券的招股章 程、發售通函、通知、通函、小冊子或廣告，亦不構成邀請公眾人士提出認 購或購買任何證券的要約，且不旨在邀請公眾人士提出認購或購買任何證券 的要約； (f) 本文件不應被視為誘使認購或購買 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會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。 NANJING NOVLEAD BIOTECHNOLOGY CO., LTD. 南京諾令生物科技股份有限公司 （「本公司」） 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。 本公告並不構成在任何司法權區向公眾人士要約出售任何證券的招股章程、發售通函、通告、 通函、小冊子或廣告，亦不構成出售要約或邀請公眾人士以誘導或招攬收購、購買或認購證券 的要約，且不得作為邀請公眾人士提出認購或購買任何證券的要約。本公告不得被視為對認購 或購買任何證券的誘因，亦無意作出此類誘因。本公告僅為提供有關南京諾令生物科技股份有 限公司（「本公司」）資料而刊發，除此之外並無任何其他用途。任何投資決定一概不應根據本公 告所載資料而作出。概不保證發售將會進行；任何證券發售均需要 ...

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]