Core Viewpoint - The sixth Multinational Corporation Leaders Qingdao Summit highlighted the "Investment in China" investment exchange cooperation meeting, showcasing typical cases of multinational companies aiding Shandong's green, low-carbon, and high-quality development [1][4]. Group 1: Investment Projects - The investment exchange meeting presented 10 typical cases selected from 52 submissions across 16 cities in Shandong, demonstrating the collaborative efforts between multinational companies and Shandong in pursuing green development [4]. - SKF Group, the world's largest bearing manufacturer, invested 500 million yuan in Jinan to expand its factory and establish a global commercial vehicle R&D center [4]. - AstraZeneca, a Fortune 500 company, invested 750 million USD in Qingdao to build a zero-carbon inhalation aerosol production base and regional headquarters [4]. - Hexagon, the largest manufacturer of coordinate measuring instruments globally, invested 2.1 billion yuan in Qingdao to create a technology R&D center and Greater China headquarters [4]. Group 2: Strategic Partnerships - Kuwait Petroleum Company acquired a 25% stake in Wanhua Chemical through capital increase and merger, with foreign investment amounting to approximately 638 million USD [5]. - OSI Group, an American company, established its tenth factory in China in Weihai, with a total foreign investment exceeding 140 million USD over two years [6]. - Henkel, a Fortune 500 company, invested 120 million euros in Yantai to create its largest single investment project globally [7]. - Komatsu, another Fortune 500 company, invested 10.6 billion yuan to build a global smart manufacturing industrial base in Jining [8]. - Eagle Group from Singapore invested approximately 11 billion yuan in a 600,000-ton lyocell fiber project in Jining, while Asia Pacific Forestry's projects in Rizhao accumulated nearly 30 billion yuan in investment [8]. - ZF Friedrichshafen, a German Fortune 500 company, made three consecutive capital increases totaling 140 million euros to establish a safety airbag integrated project globally for the first time in Rizhao [8]. - Cigna Group, a Fortune 500 company, has cumulatively invested 580 million USD in a biotechnology project in Liaocheng, with 10 expansions since 2004 [9].

Core Points - The Hong Kong Biotechnology Index (CESHKB) experienced a decline of 3.05%, closing at 7087.18 points with a trading volume of 11.816 billion [1] - Over the past month, the index has increased by 26.57%, by 25.92% over the last three months, and has risen 63.14% year-to-date [1] - The index is compiled by China Securities Index Co., Ltd. under the commission of China Securities Trading Service Co., Ltd. and aims to reflect the overall performance of biotechnology companies listed in Hong Kong [1] Index Composition - The top ten weighted stocks in the index include: - CanSino Biologics (10.86%) - Innovent Biologics (10.22%) - WuXi Biologics (9.54%) - BeiGene (9.36%) - 3SBio (7.95%) - Zai Lab (6.01%) - WuXi AppTec (5.63%) - Kelun-Biotech (5.20%) - Genscript Biotech (4.44%) - Ascentage Pharma-B (3.91%) [1] Market and Industry Overview - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation in the pharmaceutical and healthcare sector [2]

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to address the long-standing issue of unprofitable technology companies being forced to list abroad, potentially allowing A-shares to cultivate their own high-tech "unicorns" [1][2]. Summary by Sections Policy Introduction - The CSRC has formulated the "Opinions on Setting Up a Science and Technology Innovation Growth Tier," which opens the door for unprofitable hard technology companies to go public [2]. - The key aspect of the policy is the establishment of a growth tier that permits companies with technological breakthroughs and high R&D investments, but without profits, to list [2]. Market Dynamics - The policy addresses the dilemma faced by A-shares, where high-potential tech companies often choose to list in Hong Kong or the U.S. due to the lack of suitable pathways in the domestic market [2]. - The introduction of the growth tier is seen as a solution to the challenge of allowing innovative companies to access capital while managing the inherent risks associated with technology investments [2]. Investment Opportunities - Companies in the growth tier will initially carry a "U" designation, indicating they are unprofitable, but can still raise funds through public offerings [3]. - Investors who buy shares in these "U" companies may see substantial returns if the companies achieve profitability and graduate from the growth tier [4]. Implementation Timeline - The consultation period for the "Science and Technology Innovation Board Opinions" is set for just seven days, from June 18 to June 25, 2025, with plans for implementation by early July [4]. Historical Context - The article references previous discussions and analyses regarding the development of the Science and Technology Innovation Board since its inception in June 2019, highlighting its role in promoting technological innovation and capital market inclusivity [5].

Core Viewpoint - Cloudbreak Pharma Inc. (referred to as "Cloudbreak") has submitted a prospectus to the Hong Kong Stock Exchange for a proposed listing on the main board, marking its third attempt after previous applications lapsed [2]. Company Overview - Established in 2015, Cloudbreak is an innovative clinical-stage ophthalmic biotechnology company focused on developing novel and differentiated therapies. The company has built a pipeline of eight candidate drugs targeting major diseases of the anterior and posterior segments of the eye, with four in clinical stages and four in preclinical stages [3][4]. Product Pipeline - Clinical-stage candidates include: - CBT-001 and CBT-004, potentially the world's first treatments for pterygium and vascularized eyelid lesions, respectively. - CBT-006, aimed at treating meibomian gland dysfunction-related dry eye, is a potential first-in-class drug. - CBT-009, a potential best-in-class treatment for juvenile myopia. - Preclinical candidates include: - CBT-007, which aims to improve the success rate of glaucoma filtration surgery. - CBT-145 and CBT-199, new chemical entities for treating presbyopia. - CBT-011, an antibody-drug conjugate for diabetic macular edema [4]. Shareholder Structure - Prior to the IPO, the shareholder structure includes: - Dr. Ni Jinsong and Ms. Bing Leng holding approximately 20.86% and 1.32%, respectively, totaling 22.18%. - Other significant shareholders include Van Son Dinh (7.39%), Yang Rong (1.76%), and various investment firms and trusts [6][7]. Management Team - The board of directors consists of nine members, including: - Executive directors: Dr. Ni Jinsong (Chairman and CEO), Van Son Dinh (COO), and Dr. Yang Rong (CSO). - Non-executive and independent directors contribute to governance and oversight [9][11]. Financial Performance - Cloudbreak has reported no revenue in the past years, with R&D expenses increasing from $8.46 million in 2021 to $27.49 million in 2023. The net losses for the same periods were $35.40 million, $66.84 million, and $129.42 million, respectively [10][12]. IPO Advisory Team - The IPO advisory team includes UBS, CCB International, and Huatai International as joint sponsors, with PwC as the auditor. Legal counsel is provided by various firms for different jurisdictions [10].

Group 1 - The China Securities Regulatory Commission (CSRC) will officially implement a third set of standards for the ChiNext board to support high-quality, unprofitable innovative companies to go public [1] - The third set of standards, released in February 2023, raises the expected market value requirement to 5 billion yuan and adds a revenue requirement of 300 million yuan, without specifying requirements for "enterprise R&D achievements" [1] - The activation of the third listing standard is seen as a long-awaited institutional breakthrough that enhances the capital market's role as a hub for technology innovation [1] Group 2 - The recent policies from the CSRC and the State Council are expected to create a synergistic effect, particularly benefiting companies in the fields of artificial intelligence, low-altitude economy, smart driving, and robotics [2] - Potential companies that can achieve dual listings in Hong Kong and the mainland include those in the smart driving and biotechnology sectors, such as Ubiquitous Robotics and Youjia Innovation [2] - The new policies are anticipated to broaden financing channels for eligible companies, providing substantial funding support for business expansion and long-term development [2]

从市场驱动逻辑来看，A股市场当前的调整更多受到内部技术面与地缘政治风险的拖累，而 港股市场则在一定程度上受到全球市场流动性和投资者情绪的影响。 A股中，银行、电子、家用电器等蓝筹或周期性较强的板块表现相对抗跌，跌幅集中在0.23%至0.56%之 间，显示出市场在结构性调整中，对基本面稳健、估值合理的行业仍有一定支撑。与此同时，部分科技 成长板块逆势表现活跃，如受第五届中国国际固态电池科技大会即将举行等消息催化，固态电池相关领 域呈现强势；受益于AI需求拉动的PCB概念，以及因国际人形机器人专业展即将举办而走强的机器人板 块均有良好表现。相反，国防军工、美容护理、有色金属等板块跌幅较大，尤其是国防军工板块，跌幅 达2.58%；可控核聚变、减肥药等题材则调整明显，表明这些受政策预期和外部环境影响较大的行业在 当前阶段面临一定压力。 港股方面，日常消费品经销与零售、生物科技等板块跌幅较大，其中日常消费品经销与零售板块跌 3.67%，生物科技板块跌3.96%，显示出在当前市场环境下，投资者对高估值的成长型行业信心有所减 弱。医疗保健业、原材料业、工业等指数跌幅亦较为显著；而金融服务和房地产相关板块也出现了不同 程度的 ...

Core Viewpoint - The article discusses a significant advancement in understanding early organogenesis in mouse embryos through the creation of a 3D "digital embryo" using single-cell resolution techniques, which provides insights into organ formation and potential mechanisms of congenital malformations [2][10]. Group 1: Early Organogenesis - Early organogenesis is a critical phase in embryonic development characterized by extensive cell fate determination to initiate organ formation, while also being highly susceptible to developmental defects [4]. - At approximately day 7.5 of embryonic development (E7.5), mouse embryos undergo significant morphological changes, marked by the emergence of key structures such as the heart tube and primitive gut [4]. - The complex process of organ formation relies on precise cell migration, localization, and differentiation, regulated by spatiotemporal gene expression patterns and intricate signaling pathways [4][5]. Group 2: Research Methodology - The research team combined spatial transcriptomics methods (Stereo-seq) with cell segmentation techniques to analyze 285 continuous slices from six embryos at early organogenesis stages (E7.5-E8.0), generating a spatial transcriptomic map at single-cell resolution [6]. - A visualization platform named SEU-3D was developed to reconstruct the 3D "digital embryo," accurately reflecting gene expression patterns and cell states in the native embryonic environment [7]. Group 3: Findings and Implications - The research delineated spatial cell maps of endoderm and mesoderm derivatives, revealing complex signaling networks across germ layers and cell types [8]. - A region known as the progenitor determination zone (PDZ) was identified at the anterior interface of the embryo-extrembryonic region at E7.75, indicating coordinated signaling during heart progenitor formation [8]. - The results collectively establish a comprehensive spatiotemporal embryonic atlas at single-cell resolution, accompanied by a network-based exploration tool for navigating spatial gene expression and signaling networks, paving the way for deeper studies into embryonic development and diseases [10].

6月18日上午，中国证监会主席吴清在2025陆家嘴论坛上宣布，将在科创板推出深化改革的"1+6"政策措 施，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。 风险资本在我国过去数十年的科技产业发展中起到重要的作用。但在2023~2024年期间，由于美联储提 高利率以及全球经济衰退风险加剧，流入我国的美元风险资本减少。与此同时，国内IPO节奏阶段性收 紧，一些企业赴美上市定价过低，港股市场中小股票流动性不足，在一定程度上影响了部分创投机构通 过IPO退出与资金回流，国内风险投资活动有所减少。 但是，在我国当前经济发展阶段，以人工智能、生物科技、商业航天、低空经济等为代表的前沿技术与 新兴产业蓬勃发展，技术突破正向市场应用加快转化，这对加快构建与之相适配的金融服务体系提出了 新的更高要求。因此，及时重启第五套上市标准并扩大适用范围，积极吸引包括社保基金、保险资金、 产业资本等在内的各类社会资本参与私募股权投资，才能更好促进科技创新和产业创新融合发展，实现 科技、资本、产业良性循环。 我国诸多初创企业在互联网革命期间最终成长为巨头，比如高盛最近推出的中国十大民营上市公司中有 一半是互联网公司 ...

美股三大指数小幅高开 脑再生科技跌超29% 智通财经6月18日电，美股三大指数小幅高开，纳指涨0.04%，道指涨0.01%，标普500指数涨0.08%。脑 再生科技跌超29%，此前2个交易日累涨近400%。 ...

今天上午，陆家嘴论坛2天议程里，最重要的部分结束了，各大监管机构的负责人分别进行了发言，有些人会觉得略失望，因为没有听到自己想 听到的信息——那些 巨大的数字，性感的举措，积极的展望 。 不过，理性来看，这其实也可以理解，5月7日，刚刚召开了"一揽子金融政策"发布会，大家可以回顾下《 为什么我对今天的发布会很乐观 》， 卖方洋洋洒洒整理出来的具体政策，就有接近30条，而短短40天之后，要再憋出30条新的重磅来，这既不现实，也无必要。 实际上，这次陆家嘴论坛召开的背景和主题，听下来很明确，就两个。 一是加大对外开放，这主要是说给外资们听的，背景就是在贸易摩擦加剧、美元信用走弱的宏观背景下，怎么样，把朋友搞得多多的。 二是加大对上海金融中心的支持。 所以， 我个人依然对论坛传递的信息和信号，"很乐观" ，即使没有比较浅白的，那些巨大的数字、性感的举措、积极的展望，有几个点，也值得展开简 单聊聊。 一共9条。 ...... 1、股民最关心的，当然还是科创成长层的设立。 很多人一看到这条信息，就条件反射般地开始阴阳——又要加速圈钱了。 其实，我们在《 腾讯回A股上市？ 》里，明确说过观点： 不应该把IPO当做洪水猛兽 ...