Core Viewpoint - Chuangsheng Group-B (06628) has seen a significant stock price increase following the announcement of a share placement to fund clinical development and operational expenses [1] Group 1: Financial Actions - Chuangsheng Group plans to place 14.4 million shares at a price of HKD 4.33 per share, raising approximately HKD 59.34 million [1] - The allocation of the net proceeds includes 40% for clinical development of pipeline assets TST001 and TST002, 30% for advancing promising preclinical pipeline assets such as TST801, TST013, and TST786, and 30% for working capital and general purposes [1] Group 2: Clinical Developments - Recent breakthroughs in research and clinical trials have been reported, particularly for TST001, which has shown a median overall survival (mOS) of 20.4 months in a study involving 82 patients with gastric cancer [1] - TST001 is set to initiate a global Phase III clinical trial for gastric and gastroesophageal cancer upon receiving regulatory approval [1] - The osteoporosis drug Blosozumab (TST002) has entered Phase II clinical trials in China with positive early results [1]

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, following previous attempts in 2021 and 2023, indicating ongoing challenges in achieving a successful public listing [1][2]. Group 1: Company Overview - Aikebaifa, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with a pipeline of six candidate drugs [2]. - The company has developed key products targeting respiratory syncytial virus (RSV) and other related diseases, with several candidates licensed from other firms [2][3]. Group 2: Financial Performance - The company reported net losses of RMB 270 million, RMB 197 million, and RMB 104 million for the years 2023, 2024, and the first half of 2025, respectively, accumulating losses exceeding RMB 1 billion since its inception [4][5]. - Revenue for 2023 was RMB 6.7 million, with no revenue expected for 2024 and the first half of 2025, highlighting the lack of commercialized products [4][5]. Group 3: Research and Development - Aikebaifa's R&D expenses for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively, with core products accounting for a significant portion of these costs [3][5]. - The company plans to use funds raised from the IPO primarily for the development of core products and other candidate drugs, as well as for operational expenses [3][8]. Group 4: Future Outlook - The company anticipates significant increases in expenditures due to ongoing clinical development activities and may require additional funding through various means to sustain operations [8].

Group 1 - The core viewpoint of the news is that Zhejiang Haizheng Biological Materials Co., Ltd. has experienced a significant decline in stock price, with a drop of 5.07% on September 19, bringing the total market value to 2.923 billion yuan and a cumulative decline of 7.72% over three consecutive days [1] - The company specializes in the research, production, and sales of polylactic acid, with its main business revenue composition being 78.55% from pure polylactic acid, 20.50% from modified polylactic acid, and 0.96% from other sources [1] - The stock's trading volume on the reporting day was 56.7391 million yuan, with a turnover rate of 3.08% [1] Group 2 - According to data from the top ten circulating shareholders, GF Fund's Guangfa Technology Innovation Mixed A Fund has entered the top ten shareholders, holding 7.0478 million shares, which accounts for 5.99% of the circulating shares [2] - The fund has incurred a floating loss of approximately 5.4268 million yuan today and a total floating loss of 8.9507 million yuan during the three-day decline [2] - Guangfa Technology Innovation Mixed A Fund has achieved a year-to-date return of 56.06% and a one-year return of 108.31%, ranking 687 out of 8172 and 428 out of 7980 in its category, respectively [2]

Group 1 - The article discusses the dramatic fluctuations in the stock price of Yaojie Ankang, a biotech company that went public less than three months ago, highlighting a peak market capitalization of nearly 270 billion HKD followed by a significant drop [1][2] - Yaojie Ankang's core product, Tinengotinib, is a multi-target kinase inhibitor aimed at treating various resistant and recurrent tumors, but the company has no revenue and high R&D costs typical of clinical-stage biotech firms [4][5] - The stock's volatility was exacerbated by its small float and the lack of short-selling options in the Hong Kong market, leading to extreme price movements driven by speculative trading [5][16] Group 2 - The turning point for Yaojie Ankang occurred on August 25 when it was announced that the company would be included in the Hang Seng Index series, which created a surge in demand from index-tracking funds [7][9] - Following its inclusion in the index, Yaojie Ankang's stock price skyrocketed, with daily increases of 77.09% and 115.58% on September 12 and 15, respectively [7][10] - The sudden demand for the stock, which previously had low trading volumes, led to a supply-demand imbalance, causing extreme price volatility [14] Group 3 - After the initial surge, the stock price plummeted as investors realized the stock was overvalued, leading to panic selling among retail investors who had bought in at high prices [15] - The incident highlights flaws in the index inclusion mechanism, where the focus on innovative drug labels may overlook liquidity and market stability, contributing to the stock's volatility [17][21] - The lack of timely information disclosure regarding the index changes further complicated the situation, making it difficult for ordinary investors to react appropriately [22][23]

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company based in Yantai, Shandong, China, established on July 4, 2008, and listed on March 31, 2022. The company focuses on antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals to address significant unmet clinical needs in autoimmune diseases, oncology, and ophthalmology [1] - The main revenue sources for the company are product sales (99.46%), material sales (0.38%), and leasing services (0.16%) [1] Market Performance - On September 19, Rongchang Biopharmaceuticals' stock fell by 5.02%, trading at 99.35 CNY per share, with a total transaction volume of 659 million CNY and a turnover rate of 3.98%. The company's total market capitalization is approximately 55.994 billion CNY [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Rongchang Biopharmaceuticals. Jiashi Xinhe One-Year Holding Period Mixed A (008664) held 14,900 shares in the second quarter, accounting for 0.38% of the fund's net value, ranking as the eighth-largest holding [2] - The fund has experienced a floating loss of approximately 78,200 CNY today [2] Fund Manager Profile - The fund manager of Jiashi Xinhe One-Year Holding Period Mixed A is Yang Yechao, who has been in the position for 9 years and 300 days. The total asset size of the fund is 1.878 billion CNY, with the best fund return during his tenure being 40.38% and the worst being -4.07% [3]

Group 1 - The Hong Kong innovative drug sector experienced a decline in the afternoon session on September 13, with notable drops in stock prices [1] - Innovent Biologics saw a decrease of over 7%, while Rongchang Biopharmaceutical and Green Leaf Pharmaceutical fell by more than 4% [1] - Other companies such as WuXi Biologics, Junshi Biosciences, and Kelun Pharmaceutical also experienced declines [1]

（来源：BBW咏竹坊） 生物制药公司劲方医药科技（上海）股份有限公司（2595.HK）周五首日在香港挂牌，开市即升116%报 44港元，之后股价在此上落，中午收报44.06港元。 来源：市场资讯 公司发售8,924万股，每股售价20.39港元，公开发售录得超额认购近2,662倍，国际配售超额38倍，集资 净额16.7亿港元。 由于在研发活动上作出大量投资，加上股份权益赎回负债公允价值变动，劲方医药去年及今年分别录得 亏损5.1亿人民币及6.78亿元，今年首四个月仍亏损6,660万元。 ...

以下文章来源于赛业生物订阅号 ，作者小赛 赛业生物订阅号 . 分享生命科学领域的前沿资讯、解读行业动态、讲解实用的学科知识、实验方法和技巧。 关于神经机制研究的冷知识讨论时间 ➢我们以为的：大脑像个中央集权的王国，一切由前额叶皮层来发号施令； ➢实际上的：大脑决策是一场激烈的"全民公投"。 本月初，斯坦福大学的研究团队在 Nature 发表了一项重磅研究，他们 绘制了 小鼠复杂行为过程中的全脑神经活动图谱 ，发现大脑的思考与决策并非仅由皮层主 导，而是分布于整个大脑，包括脑干、小脑在内的皮层下区域甚至可以表现出早于皮层的选择信号 [1] 。该研究正在重新定义我们对于大脑功能环路的理解，也为 探究相关神经疾病治疗靶点提供了新思路。 值此 世界阿尔茨海默病日 （9月21日） 即将来临之际，我们不免会产生更多联想： ➢诸如阿尔茨海默病这类神经退行性疾病的复杂机制是否远超出我们以往的认知？ ➢如何更好地利用小鼠模型和细胞模型在神经研究中相互验证？ ➢在神经药物研发中，又该怎样借助这些新发现推动治疗策略的创新？ 为此，我们发起了 1 分钟调研 活动，扫码勾选你更关注的研究痛点与行业洞察，即可免费下载赛业生物「 神经系统 ...

Core Viewpoint - Yuan Dong Bio's stock price increased by 5% to 62.15 CNY per share, with a total market capitalization of 10.971 billion CNY as of the report date [1] Company Overview - Chengdu Yuan Dong Bio-Pharmaceutical Co., Ltd. was established on June 1, 2009, and went public on September 2, 2020. The company specializes in the research, development, production, and sales of chemical raw materials and chemical drug formulations [1] - The revenue composition of the company includes: 78.75% from formulation sales, 9.22% from raw material sales, 6.79% from technical services and transfers, 4.01% from CMO/CDMO, and 1.22% from other sources [1] Fund Holdings - The Guotou Ruijin Fund has a significant holding in Yuan Dong Bio, with the Guotou Ruijin Healthcare Mixed A Fund (000523) holding 98,300 shares, accounting for 2.96% of the fund's net value, making it the seventh-largest holding [2] - The fund has achieved a year-to-date return of 41.79%, ranking 1532 out of 8172 in its category, and a one-year return of 58.96%, ranking 2416 out of 7980 [2] Fund Manager Information - The fund manager of Guotou Ruijin Healthcare Mixed A Fund is Liu Zexu, who has been in the position for 2 years and 9 days. The total asset size of the fund is 198 million CNY, with the best return during his tenure being 39.66% and the worst being 24.38% [3]

Company Overview - Junshi Biosciences is located in Shanghai and specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with main business revenue comprising 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services and others [2] Financial Performance - For the first half of 2025, Junshi Biosciences achieved a revenue of 1.168 billion yuan, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders was -413 million yuan, showing a year-on-year increase of 36.01% [2] Shareholder Structure - As of June 30, 2025, the number of shareholders of Junshi Biosciences increased by 5.88% to 31,200, with an average of 24,543 circulating shares per person, a decrease of 5.56% from the previous period [2] Market Activity - On September 18, Junshi Biosciences saw a trading volume of 909 million yuan, with a net financing purchase of 19.83 million yuan, indicating strong market interest [1] - The financing balance reached 1.422 billion yuan, accounting for 4.06% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with changes in their holdings reflecting varying levels of institutional interest [3]