Core Viewpoint - Xiansheng Pharmaceutical (02096) has seen a stock price increase of over 4%, currently trading at HKD 13.42 with a transaction volume of HKD 89.99 million, following the announcement of a clinical trial for its innovative anti-tumor drug SIM0505 [1] Group 1: Clinical Trial Announcement - Xiansheng Pharmaceutical's subsidiary, Xiansheng Zaiming, has completed the first dosing of SIM0505 in a Phase I clinical trial for advanced solid tumor patients in the U.S. [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetics, and efficacy of SIM0505 [1] Group 2: Drug Details - SIM0505 is a novel ADC targeting CDH6 (calcium adhesion protein-6 or K-cadherin), with a higher affinity for tumor antigens compared to similar candidates [1] - The drug utilizes Xiansheng Zaiming's proprietary TOPO I inhibitor as an effective payload, providing strong anti-tumor activity and a high systemic clearance rate, thus expanding the therapeutic window [1] Group 3: Global Expansion - The Phase I dose-escalation study initiated in China has been expanded to the U.S. by NextCure, which has begun enrolling U.S. patients in the mid-dose group [1] - NextCure has obtained exclusive global licensing rights for SIM0505 outside of Greater China [1]

Core Viewpoint - The stock of Sihuan Pharmaceutical (02096) has seen an increase of over 4%, currently trading at 13.42 HKD with a transaction volume of 89.99 million HKD, following the announcement of a significant milestone in its clinical trial for the innovative anti-tumor drug SIM0505 [1] Group 1: Company Developments - Sihuan Pharmaceutical's subsidiary, Sihuan Zaiming, has completed the first dosing of the SIM0505 drug in a Phase I clinical trial for advanced solid tumor patients in the U.S. [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetics, and efficacy of SIM0505 [1] - SIM0505 is a novel ADC targeting CDH6, demonstrating higher affinity for tumor antigens compared to similar candidates [1] Group 2: Drug Characteristics - The drug utilizes Sihuan Zaiming's proprietary TOPO inhibitor as an effective payload, which not only exhibits strong anti-tumor activity but also has a high systemic clearance rate, thereby expanding the therapeutic window [1] - The Phase I dose-escalation study initiated in China has been expanded to include U.S. patients, with the mid-dose group now enrolling participants [1] - NextCure, Inc. has obtained exclusive global rights for SIM0505 outside of Greater China [1]

Group 1 - The core point of the article highlights the significant stock price increase of Basestone Pharmaceuticals (02616), which rose over 9% in early trading and is currently at 7.29 HKD with a trading volume of 12.048 million HKD [1] - GIC has increased its stake in Basestone Pharmaceuticals to 6% as of October 13, marking its second substantial purchase in less than two months, having previously acquired 80.4 million shares for over 630 million HKD on August 18 [1] - The European Medicines Agency (EMA) has issued a positive opinion recommending the approval of Sugli monoclonal antibody for the treatment of adult patients with unresectable stage III non-small cell lung cancer (NSCLC) who have not progressed after platinum-based chemoradiotherapy [1]

Core Viewpoint - Junshi Biosciences (01877) has received FDA approval for its clinical trial application for JS207, a dual-specific antibody targeting PD-1 and VEGF, aimed at treating non-small cell lung cancer patients [1][2]. Group 1 - Junshi Biosciences' stock opened nearly 5% higher and is currently trading at 28.04 HKD with a transaction volume of 6.41 million HKD [1]. - The clinical trial for JS207 is a Phase II/III study comparing it to Nivolumab in patients with resectable, AGA-negative non-small cell lung cancer [1]. - JS207 is a recombinant humanized dual-specific antibody that binds with high affinity to both PD-1 and VEGFA, effectively blocking their interactions and exhibiting properties of both immunotherapy and anti-angiogenic drugs [1]. Group 2 - As of the announcement date, JS207 has been approved to enter Phase II/III clinical research, with additional Phase II studies ongoing in various cancers including non-small cell lung cancer, colorectal cancer, triple-negative breast cancer, and liver cancer [2]. - The ongoing studies are exploring combinations of JS207 with chemotherapy, monoclonal antibodies, and antibody-drug conjugates (ADCs) [2].

Core Viewpoint - Junshi Biosciences (01877) experienced a nearly 5% increase in stock price following the announcement of FDA approval for its clinical trial application for JS207, a dual-specific antibody targeting PD-1 and VEGF for the treatment of non-small cell lung cancer [1][2]. Group 1: Product Development - JS207 is a recombinant humanized dual-specific antibody targeting PD-1 and VEGF, developed by the company for the treatment of advanced malignancies [1]. - The antibody effectively blocks the binding of PD-1 to PD-L1 and PD-L2, as well as the binding of VEGF to its receptors, showcasing both immunotherapy and anti-angiogenesis properties [1]. - The drug aims to improve the tumor microenvironment by inhibiting endothelial cell proliferation and increasing the infiltration of cytotoxic T lymphocytes, thereby enhancing anti-tumor activity [1]. Group 2: Clinical Research - As of the announcement date, JS207 has been approved to enter the Phase II/III clinical research stage, with multiple ongoing Phase II studies exploring its use in various cancers, including non-small cell lung cancer, colorectal cancer, triple-negative breast cancer, and liver cancer [2]. - The ongoing studies are investigating combinations of JS207 with chemotherapy, monoclonal antibodies, and antibody-drug conjugates (ADCs) [2].

Core Viewpoint - The announcement by Gakos-B (01167.HK) regarding a capital increase and equity transfer transaction highlights a strategic shift towards focusing on its core oncology business while divesting non-core assets, specifically a cardiovascular treatment project [2][3]. Group 1: Transaction Details - Gakos-B has entered into a transaction where Haisheng Capital will acquire 80% of the equity in Gakos-Rikang, a wholly-owned subsidiary of Gakos-B, for a total consideration of 200 million yuan, which will be used to support the development, production, and commercialization of its core oncology pipeline [2][4]. - The payment structure includes an initial payment of 125 million yuan and a milestone payment of 75 million yuan [2]. Group 2: Strategic Focus - Following the divestment, Gakos-B aims to concentrate its resources on the oncology sector, which is deemed more suitable for the company's current development stage [3][4]. - The company retains a 10% stake in Gakos-Rikang, allowing it to benefit from potential future gains [2]. Group 3: Investment and Development Plans - Haisheng Capital, a diversified investment firm with over 25 billion yuan under management, sees significant potential in the Chinese innovative drug sector and plans to leverage clinical advantages in China to expedite the development of the cardiovascular pipeline [4][5]. - Gakos-B's 200 million yuan from the equity transfer is expected to cover a substantial portion of its research and development expenses for the next six months, with a focus on the Pan-KRAS inhibitor and other innovative oncology projects [5][9]. Group 4: Research and Development Focus - The Pan-KRAS inhibitor is a priority for Gakos-B, which aims to develop a leading global product in this area, as KRAS mutations are linked to a significant percentage of cancer cases [6][8]. - Gakos-B is currently conducting I/IIa phase clinical trials for its Pan-KRAS inhibitor in both China and the United States, with results expected in mid-2026 [9].

Group 1 - The top three stocks with net inflows from southbound funds are Hang Seng China Enterprises (02828) with a net inflow of 1.659 billion, Yingfu Fund (02800) with 1.374 billion, and Southern Hang Seng Technology (03033) with 1.111 billion [1] - The top three stocks with net outflows are Innovent Biologics (01801) with a net outflow of -1.179 billion, SMIC (00981) with -0.978 billion, and Alibaba-W (09988) with -0.855 billion [1] - In terms of net inflow ratio, the top three are Wisdom Hong Kong 100 (02825) at 100.00%, E Fund Hang Seng ESG (03039) at 75.00%, and Xinhua Wencun (00811) at 66.47% [1] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 0.922 billion, Tencent Holdings (00700) with 0.649 billion, and China Mobile (00941) with 0.600 billion [2] - The top ten stocks by net outflow include ZTE Corporation (00763) with -0.698 billion, Jiangxi Copper (00358) with -0.442 billion, and CSPC Pharmaceutical Group (01093) with -0.361 billion [2] - The net inflow ratio for the top ten stocks shows that Wisdom Hong Kong 100 (02825) leads with 100.00%, followed by E Fund Hang Seng ESG (03039) at 75.00% and Xinhua Wencun (00811) at 66.47% [3]

证券代码：603716 证券简称：塞力医疗 公告编号：2025-090 债券代码：113601 债券简称：塞力转债 塞力斯医疗科技集团股份有限公司关于关联共同投资有关事项的监管工作函回复公告 ● 投资现金流及项目收益变现较难风险：本次投资对公司主营业务影响较小，短期内没有可能产生收 益，对公司现金流可能造成不利影响，且未来标的公司股权出售或变现亦受多种因素影响，具有重大不 确定性。 ● 款项未能如期支付及后续资金投入风险：后续履约过程中，可能存在资金调配不及时，导致未能按期 支付投资款，从而影响标的公司并表进度。创新药具有研发周期长、投入大、不确定性高的特点，后期 研发和临床试验还需要大量资金投入，可能存在后续资金投入不及时的风险。 塞力斯医疗科技集团股份有限公司（以下简称"塞力医疗"或"公司"）于2025年9月18日收到上海证券交 易所下发的《关于塞力医疗关联共同投资有关事项的监管工作函》（上证公函【2025】1359号）（以下 简称"《监管工作函》"），根据《监管工作函》的要求，公司会同全体董事、高级管理人员就《监管工 作函》关注的问题逐项予以认真核查、落实，现就有关问题具体回复如下： 一、关于标的资产研 ...

Core Viewpoint - Shanghai Zhijiang Biological Technology Co., Ltd. plans to repurchase its shares through centralized bidding, with a total amount between RMB 60 million and RMB 120 million, aimed at employee stock ownership plans or equity incentives [2][3][31] Summary by Sections Repurchase Plan Details - The repurchase amount will not be less than RMB 60 million and not exceed RMB 120 million [2][17] - The funding sources for the repurchase will be the company's own funds and special loan funds for stock repurchase, with a loan commitment letter obtained from Beijing Bank [2][19] - The repurchase price will not exceed RMB 37.99 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [3][18] - The repurchase will be conducted through centralized bidding [4][11] - The repurchase period is set for 12 months from the board's approval date [5][12] Purpose and Use of Repurchased Shares - The repurchased shares are intended for employee stock ownership plans or equity incentives, promoting a long-term incentive mechanism [9][31] - If the shares are not transferred within three years after the repurchase, the company will reduce its registered capital accordingly [23][31] Board Meeting and Approval - The board meeting to approve the repurchase plan was held on October 15, 2025, with unanimous approval from all attending directors [7][29] - The repurchase plan does not require shareholder meeting approval as per relevant regulations [8][31] Financial Impact and Structure - As of June 30, 2025, the company's total assets were approximately RMB 3.78 billion, and the net assets attributable to shareholders were about RMB 3.45 billion [20][21] - The repurchase funds will account for approximately 3.18% of total assets and 3.48% of net assets, indicating a manageable impact on the company's financials [20][21] Shareholder and Management Plans - Major shareholders and management have no plans to reduce their holdings in the next three to six months [5][22][31] - The company will comply with legal obligations for information disclosure if any changes occur in shareholding plans [22][31]

保荐人（主承销商）：国泰海通证券股份有限公司 2025年10月17日 敬请投资者重点关注本次发行流程、网上网下申购及缴款、弃购股份处理等方面，并认真阅读同日披露 于上交所网站和符合中国证监会规定条件网站上的《苏州丰倍生物科技股份有限公司首次公开发行股票 并在主板上市发行安排及初步询价公告》。 苏州丰倍生物科技股份有限公司（以下简称"丰倍生物""发行人"或"公司"）首次公开发行股票并在主板 上市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督 管理委员会（以下简称"中国证监会"）证监许可〔2025〕1958号文同意注册。《苏州丰倍生物科技股份 有限公司首次公开发行股票并在主板上市招股意向书》及附录在上海证券交易所网站 发行人：苏州丰倍生物科技股份有限公司 （www.sse.com.cn）和符合中国证监会规定条件网站（中国证券网，网址www.cnstock.com；中证网， 网址www.cs.com.cn；证券时报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网， 网址www.jjckb.cn；金融时报，网址www.financialne ...