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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 內幕消息 二零二六年度醫療健康大會簡報 本公告由WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 本公司將於二零二六年一月十四日（美國太平洋時間）出席第44屆年度摩根大 通醫療健康大會（「年度醫療健康大會」），會上將進行包含本公司業務營運的 若干資訊的簡報（「簡報」）。為確保本公司所有股東及潛在投資者能夠公平及 時地取得該等信息，本公司於本公告納入簡報全文。本公司股東及潛在投資者 務請注意，簡報可能包含前瞻性陳述，該等陳述就其性質而言存在風險及不確 定性，簡報中陳述的任何估計及未來建議均基於若干假設及估計以及管理層 僅根據當前可得資料作出的判斷。 – 1 – 誠如簡報中所披露，本集團業務及財務表現依 ...

Core Viewpoint - The company has announced an increase in trading volume of its H-shares on January 9, 2026, and confirmed no knowledge of any reasons for this change, aside from disclosed information regarding the issuance of exchangeable preferred shares by its controlling shareholder, Luye Pharma Group [1][2] Group 1: Share Issuance and Trading - Luye Pharma Group's wholly-owned subsidiary, Luye Geneora Holding Limited, issued exchangeable preferred shares on December 12, 2025, which can be exchanged for 100.5 million H-shares held by Luye Pharma Group [1][2] - To comply with the agreement related to the exchangeable preferred shares, Luye Pharma Group arranged for its subsidiary, Shandong Luye Pharmaceutical Co., Ltd., to transfer 50 million H-shares to the issuer on the market [1] Group 2: Product Development and Approval - The company announced that its self-developed drug, BA6101 (60mg), has been approved for marketing by Bolivia's National Medicines and Health Technologies Authority (AGEMED) [2] - BA6101 is a biosimilar to the reference drug Prolia, widely used for the treatment of osteoporosis, and shares the same indications as the reference drug [2][3] - The development of BA6101 adhered to international guidelines, confirming its overall similarity to the reference drug in terms of quality, safety, and efficacy [3] Group 3: Commercialization Strategy - The company plans to commercialize BA6101 in Bolivia and has established strategic partnerships for its commercialization in other Latin American markets, the United States, Southeast Asia, Hong Kong, and Macau [3] - The company aims to accelerate its international strategy by providing high-quality domestic biopharmaceuticals, including BA6101, to meet global patient treatment needs [3]

Core Viewpoint - The company, Luye Pharma Group, has announced an increase in trading volume of its H-shares and confirmed that it is unaware of any reasons for this change, aside from disclosed information regarding the issuance of exchangeable preferred shares [1][2]. Group 1: Share Issuance and Trading - Luye Pharma Group's wholly-owned subsidiary, Luye Geneora Holding Limited, issued exchangeable preferred shares on December 12, 2025, which allow holders to exchange these shares for existing H-shares held by Luye Pharma Group [1][2]. - Following the issuance of the exchangeable preferred shares, an agreement was made to transfer 100.5 million H-shares to a designated custody account to fulfill the exchange rights associated with these shares [2]. - On January 9, 2026, Luye Pharma Group arranged for its subsidiary, Shandong Luye Pharmaceutical Co., Ltd., to transfer 50 million H-shares to the issuer in the market [2]. Group 2: Product Development and Approval - The company's self-developed drug, BA6101 (60mg), has been approved for market launch by Bolivia's National Medicines and Health Technologies Authority (AGEMED) [2][3]. - BA6101 is a biosimilar to the reference drug Prolia®, widely used for the treatment of osteoporosis, and has the same indications as the reference drug [3]. - The development of BA6101 adheres to international guidelines and has demonstrated high similarity in quality, safety, and efficacy compared to the reference drug, with no clinically significant differences [3]. Group 3: Commercialization Strategy - The company plans to commercialize BA6101 in Bolivia and enhance the accessibility of the drug for patients, providing more treatment options [4]. - Strategic partnerships have been established for the commercialization of BA6101 in other Latin American markets, the United States, Southeast Asia, Hong Kong, and Macau [4]. - The company aims to accelerate its international strategy by offering high-quality domestic biopharmaceuticals, including BA6101, to meet global patient treatment needs [4].

Core Viewpoint - East China Pharmaceutical (000963.SZ) announced that its subsidiary, Zhejiang Daor Biotechnology Co., Ltd., has developed a first-in-class (FIC) long-acting tri-target agonist, DR10624, which has been included in the list of breakthrough therapies by the National Medical Products Administration (NMPA) for the treatment of severe hypertriglyceridemia (sHTG) [1] Group 1 - The long-acting tri-target agonist DR10624 targets three receptors: Fibroblast Growth Factor 21 Receptor (FGF21R), Glucagon Receptor (GCGR), and Glucagon-like Peptide-1 Receptor (GLP-1R) [1]

Core Viewpoint - East China Pharmaceutical (华东医药) announced that its subsidiary, Zhejiang Daer Biotechnology Co., Ltd., has developed a first-in-class (FIC) long-acting triple-target agonist, DR10624, targeting Fibroblast Growth Factor 21 Receptor (FGF21R), Glucagon Receptor (GCGR), and Glucagon-like Peptide-1 Receptor (GLP-1R), which has been included in the list of breakthrough therapies for the treatment of severe hypertriglyceridemia (sHTG) [1] Group 1 - The long-acting triple-target agonist DR10624 is a novel therapeutic candidate developed by the company [1] - The drug targets three specific receptors: FGF21R, GCGR, and GLP-1R, indicating a multi-faceted approach to treatment [1] - The inclusion of DR10624 in the breakthrough therapy category highlights its potential significance in addressing severe hypertriglyceridemia [1]

Core Viewpoint - The surge of IPOs in the Hong Kong stock market at the beginning of 2026, particularly in sectors like AI and biotech, reflects a strategic move by companies to secure funding amid high cash burn rates and favorable listing conditions in Hong Kong [1][3][20]. Group 1: IPO Trends and Market Dynamics - The Hong Kong IPO market has seen significant activity with companies like Wallen Technology and others in the hard tech sector listing, indicating a strong interest in capital raising [1][2]. - The return of "thousand times subscription" phenomena with companies like Zhipu and MiniMax suggests a renewed investor enthusiasm for tech IPOs [2]. - The listing environment in Hong Kong is more favorable due to lower regulatory hurdles compared to other exchanges like the STAR Market and the Beijing Stock Exchange [7][8]. Group 2: Financial Pressures and R&D Costs - Many of the listed companies are facing substantial losses, with Wallen reporting a loss of 1.6 billion and Zhipu 2.36 billion in the first half of 2025, highlighting the financial pressures driving them to seek public funding [5][6]. - The high R&D expenditure rates, such as Zhipu's monthly spending of 266 million, indicate the intense cash requirements of AI companies [5][6]. Group 3: Strategic Considerations for Listing - Companies prefer Hong Kong for its international appeal and the ability to attract foreign investment, especially from USD funds, which are more familiar with the business development model prevalent in biotech [10][13]. - The presence of VIE structures and foreign investment considerations make Hong Kong a more attractive listing venue compared to A-shares, where regulatory processes can be cumbersome [10][11]. Group 4: Macro-Economic Implications - The influx of IPOs in Hong Kong is seen as a strategic maneuver in the broader context of Sino-US financial dynamics, with Hong Kong serving as a financial buffer against US dollar dominance [20][22]. - The shift of capital from US markets to Hong Kong reflects a changing landscape where international capital is increasingly looking to invest in Chinese assets through Hong Kong [22][23]. - The diversification of industries listed on the Hong Kong exchange, moving away from traditional sectors like finance and real estate, is expected to enhance its attractiveness to global investors [23].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties on Jiangsu Shiji Tongren Law Firm and its signing lawyers, as well as on Gongzheng Tianye Accounting Firm and its signing accountants, due to their involvement in the fraudulent IPO process of Suzhou Huadao Biological Pharmaceutical Co., Ltd. [1][5][21] Group 1: Legal Services by Jiangsu Shiji Tongren - Jiangsu Shiji Tongren provided legal services for Huadao Biological's IPO, issuing legal opinions that contained false records [2][12] - The law firm earned a service fee of 754,716.96 yuan (excluding VAT) for its services [2][13] - The firm failed to exercise due diligence during the legal service process, neglecting to verify the authenticity of sales revenue despite clear signs of irregularities [3][15] Group 2: Audit Services by Gongzheng Tianye - Gongzheng Tianye provided audit services for Huadao Biological's IPO, issuing an audit report that also contained false records [5][22] - The agreed audit fee was 2 million yuan, but the firm had not received this amount by the end of the investigation [5][22] - The audit firm did not perform due diligence during the audit process, failing to obtain sufficient and appropriate audit evidence related to revenue authenticity [6][23] Group 3: Penalties Imposed - Jiangsu Shiji Tongren was ordered to rectify its actions, with a confiscation of business income and a fine of 754,716.96 yuan [4][18] - The signing lawyers, Kuan Ying and Cui Yang, received warnings and fines of 200,000 yuan each [4][18] - Gongzheng Tianye was fined 2 million yuan, while the signing accountants, Liu Yong and Yang Yue, received warnings and fines of 400,000 yuan each [6][32]

Company Overview - Mereo BioPharma Group plc (NASDAQ:MREO) specializes in developing treatments for oncology and rare diseases, currently trading at $0.49 with a target price of $2.14, indicating a potential growth of approximately 333.27% [1][5] - Mereo's focus on innovative therapeutics is supported by several products in various stages of clinical trials [1] Competitive Landscape - ProQR Therapeutics N.V. (PRQR), a peer of Mereo, has a target price more than 50% below its current market price, reflecting a negative growth potential of -51.43%, suggesting a less favorable investment outlook [2][5] - The biopharmaceutical industry is highly competitive, with companies racing to develop new treatments for unmet medical needs [4] Market Positioning - Mereo BioPharma's focus on oncology and rare diseases positions it in a niche market with significant demand, which could enhance its growth potential [4] - The success of Mereo's clinical trials and eventual product approvals will be key factors in realizing its growth potential [4]

Core Insights - The article discusses the upcoming 44th J.P. Morgan Global Healthcare Conference, focusing on the evolving landscape of the healthcare industry and investment opportunities within various sectors [4][28]. Group 1: Conference Overview - The conference will feature approximately 530 participating entities, categorized into six major sectors, with a focus on identifying which sectors are transitioning from theoretical discussions to practical implementations [4][6]. - The sectors include biotechnology (24.1%), biopharmaceuticals (20.0%), medical devices (7.6%), healthcare services and payments (7.6%), digital health (3.7%), and diagnostics and precision medicine (3.5%) [6]. Group 2: Sector Analysis - **Biotechnology**: Companies are shifting focus from technological breakthroughs to the validation of clinical and regulatory milestones. Notable companies include BridgeBio and Sarepta, which are advancing towards commercialization [13][15]. - **Biopharmaceuticals**: The sector is undergoing a repricing of its fundamentals, emphasizing cash flow stability and R&D efficiency. Companies like AbbVie and Merck are highlighted for their strong market positions [14][15]. - **Medical Devices**: The focus is on the ability of devices to integrate into clinical pathways and improve operational metrics. Companies like Intuitive Surgical and Dexcom are noted for their innovative approaches [17]. - **Healthcare Services and Payments**: This sector faces challenges due to policy impacts and utilization rates. The market is increasingly focused on the ability to clearly explain profit structures [18]. - **Digital Health**: Although smaller in representation, this sector is gaining attention for its role in enhancing hospital efficiency and cost management. Companies like Veeva and Teladoc are leading discussions on sustainable business models [19]. - **Diagnostics and Precision Medicine**: The focus is on the integration of diagnostic tools into clinical decision-making processes. Companies like Illumina and Guardant Health are key players in this space [20][21]. Group 3: China’s Role in Global Healthcare - Chinese companies are transitioning from demonstrating innovation to proving their irreplaceability in the global market. This shift is characterized by a dual approach of independent R&D and international collaborations [22][24]. - Companies like HengRui and BeiGene are highlighted for their efforts in advancing their clinical pipelines and establishing a global presence [26][27]. Group 4: Investment Focus - The article emphasizes that the market is increasingly focused on a few verifiable variables across all sectors, rather than broad narratives. This includes the ability to demonstrate clinical, payment, and commercialization effectiveness [28][30]. - The 2026 outlook suggests a reliance on structural choices and execution capabilities, with companies that can provide clear answers to these questions likely to achieve cross-cycle premium valuations [30].

Group 1 - The core viewpoint of the article is that Xiansheng Zaiming Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors [1] - The company, established in 2020, focuses on the research, development, and commercialization of innovative oncology drugs, having five commercialized innovative drugs and over 15 high-potential candidates in clinical and IND application preparation stages [1] - According to a report by Aoyishi Consulting, by 2025, the company is expected to complete three out-licensing transactions, ranking first in the number of oncology asset transactions and fourth in total transaction value among Chinese biopharmaceutical companies [1]