记者丨 张伟泽 | HKEX HKD 16:08:12 | | | | | | | | 通 / 口 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 委比 | 90.91% 委差 | | 1.00万 | 交生 | | 0.00% 120日 | | 0.00% | | 卖工 | 144.500 | | - ) | 5日 | | -4.47% 250日 | | 0.00% | | 卖四 | 144.400 | - | - ) | 20日 | | 164.45% 52周高 | | 679.50 | | 英三 | 144.300 | - | - ) | 60日 | | 321.80% 52周低 | | 20.20 | | 卖二 | 144.200 | - | - ) | | | 2023 | 2024 | 2025H1 | | 享一 | 144.100 | 500 | 1) | EbS | | -0.90 | -0.72 | -0.32 | | 蓝一 | 143.100 | 1000 | 2) | BPS | | | | 1.47 | | 买二 | ...

新华社长沙9月26日电 题：产业规模近万亿元 中国生物制造如何竞逐"新蓝海"？ 新华社记者唐诗凝 大豆经生物酶转化，成为保健品市场的新宠；玉米变身燃料乙醇，助力减少航空业碳排放；利用基 因工程菌株生产的胰岛素，成为治疗糖尿病的有效手段……在我国，生物制造正成为产业创新发展 的"新赛道"。 "中国的生物制造产业总规模已接近1万亿元。"工业和信息化部消费品工业司司长何亚琼在2025中 国生物制造科技创新论坛上说，科技创新和产业创新融合发展，正带动一批有竞争力的生物制造产业集 聚区逐步成长壮大。 9月25日至26日，2025中国生物制造科技创新论坛在湖南常德举行。来自全国的知名专家、创新企 业家和投融资机构代表等齐聚一堂，共话生物制造领域新技术、新机遇。 生物制造是一种新兴的生产技术，通过生物过程来合成或加工产品，与传统的化学或物理制造方法 相比，具有绿色、高效、可再生等特点。 "生物制造是科技创新和产业创新融合发展的重要领域""生物制造具有引领'第四次工业革命'的潜 力"……论坛上，与会嘉宾们纷纷表示，伴随生物制造快速发展，不断迭代的技术创新对新产业、新模 式、新动能的催生带动作用显著增强。 慕恩广州（生物）科技 ...

Core Viewpoint - The announcement details a transaction involving the sale of 100% equity in Pharmagesic (Holdings) Inc to Dogwood Therapeutics, Inc, which includes the issuance of common and preferred shares as part of the payment structure [1][2]. Group 1: Transaction Details - The transaction involves the issuance of buyer's common stock and preferred stock as payment for the sale of Pharmagesic (Holdings) Inc [1]. - A waiver agreement was established on September 26, 2025, allowing the buyer to forgo cash settlement and repurchase rights for certain preferred shares [1]. - The total number of waived shares is capped at 300 shares, with a valuation based on a sincere estimate of the difference between $2.5 million and the equity on the balance sheet at the end of the relevant quarter [1]. Group 2: Business Implications - The merger with WEX allows access to the buyer's extensive experience in biotech fundraising, R&D, and commercialization, particularly in pain relief medications [2]. - The flagship product Halneuron is expected to advance its clinical trial data release and market entry due to the buyer's resources and expertise [2]. - The buyer's NASDAQ listing will facilitate access to the U.S. capital markets, enabling accelerated funding for Halneuron's development [2]. Group 3: Rights and Repurchase - The preferred shares come with a repurchase right that allows the seller to buy back all Halneuron assets in exchange for cash settlement amounts [3]. - Partial waivers of cash settlement and repurchase rights will not affect the seller's right to repurchase all Halneuron assets in relevant events [3].

Core Insights - The global venture capital landscape is undergoing a transformation due to high interest rates and geopolitical tensions, with a significant shift towards "hard technology" investments in China [1][3][10] Investment Trends - According to the white paper, global venture capital investment is expected to approach $440 billion in 2025, marking a 53% increase from 2024, with generative AI (AIGC) being the most attractive investment area, capturing 31% of global venture capital in Q2 2025 [3][4] - The average deal size has reached a historical high of $3.5 million, indicating a shift towards a "less but better" investment strategy [3][4] Regional Dynamics - The U.S. dominates global AI investment with a 70% share, while China has seen 161 financing events in the AIGC sector in 2024, totaling approximately 65.3 billion RMB [4] - In the first half of 2025, China's venture capital market stabilized with new fund sizes reaching 1.07 trillion RMB, a 20% increase from the previous period [4] Policy Support - The government is establishing a comprehensive policy support system for the venture capital industry, focusing on building a "patient capital" framework and enhancing exit channels for investments [6][5] Sector Focus - Investment is heavily concentrated in "hard technology" sectors, with the electronic information industry leading with 1,569 investments totaling 144.4 billion RMB, followed by advanced manufacturing and healthcare [8][9] Key Areas of Growth - The white paper highlights three major areas of focus: 1. Intelligent and high-end manufacturing, with domestic industrial robot market share surpassing 52% [9] 2. Artificial intelligence and big data, with AIGC applications reaching over 100 million monthly active users [9] 3. Biotechnology, with significant growth in gene therapy and cell therapy, and a total of $30-41.5 billion in licensing deals with foreign pharmaceutical companies in 2024 [9] Opportunities and Challenges - The Chinese venture capital industry faces unprecedented dual opportunities from domestic substitution and self-innovation, as well as globalization and restructuring of supply chains [10] - The industry is expected to evolve along three main lines: deep verticalization, international restructuring, and ecosystem integration [12]

Core Insights - The "Invest Chengdu" Future Industry Investment Alliance held its first financing roadshow event, showcasing five high-quality companies from future industries with a total financing demand exceeding 700 million yuan [2][5] Group 1: Event Overview - The event took place on September 26 at the Chengdu Private Economy Development Promotion Center, focusing on future industries such as future energy, satellite communication, new displays, high-end equipment, and biotechnology [2][3] - The Chengdu government aims to strengthen the "Invest Chengdu" brand and establish a "tropical rainforest" fund ecosystem to support these industries [2] Group 2: Company Highlights - Chengdu Chenxian Optoelectronics Co., Ltd. presented its Micro-LED production line with a technology transfer yield of 99.995%, seeking 500 to 1,000 million yuan for production line construction and R&D [4] - Sichuan Rongxin New Energy Power System Co., Ltd. showcased its leading technology in high-power fuel cell hybrid systems, with applications in rail and road transportation [4] Group 3: Investment Engagement - Notable investment institutions such as Hillhouse Capital and Dongfang Fuhai participated, engaging in discussions on technology maturity, application scenarios, and market potential [5] - The event facilitated precise matching between investors and projects, with a total financing demand of over 700 million yuan reported [5] Group 4: Government Support and Future Plans - Chengdu's government has launched the "Tomorrow Star" initiative to support innovative companies with significant market potential and disruptive technologies [6] - The future industry fund aims to provide comprehensive capital services throughout the lifecycle of enterprises, focusing on seed, startup, and growth stages [10][11]

玮俊生物科技(00660)发布公告，集团预期于截至2025年6月30日止年度取得的净亏损不超过1300万港 元，亏损相比截至2024年6月30日止年度的净亏损约6570万港元大幅减少。亏损大幅减少的主要原因为 报告年度内非金融资产减值亏损减少。 ...

智通财经APP讯，玮俊生物科技(00660)发布公告，集团预期于截至2025年6月30日止年度取得的净亏损 不超过1300万港元，亏损相比截至2024年6月30日止年度的净亏损约6570万港元大幅减少。亏损大幅减 少的主要原因为报告年度内非金融资产减值亏损减少。 ...

一场史无前例的股价"蹦极"正引发港股市场广泛关注。生物科技公司药捷安康（2617.HK）自6月上市 以来，股价经历了从13.15港元飙升至679.5港元，又骤降至149.9港元的惊人走势，7个交易日内涨幅一 度超10倍，随后短短4日却暴跌78%。 这一极端行情背后，折射出指数型基金被动投资机制所蕴含的风险。多只追踪国证港股通创新药指数的 ETF因成分股调整而被迫高位买入，成为市场关注焦点。该现象不仅激起投资者对ETF运作机制的深入 讨论，也引发市场对相关指数编制合理性及透明度的质疑。 （文章来源：21世纪经济报道） ...

Group 1 - The company expects to record a net loss of no more than HKD 13 million for the fiscal year ending June 30, 2025, which represents a significant reduction compared to a net loss of approximately HKD 65.7 million for the fiscal year ending June 30, 2024 [1] - The substantial decrease in loss is primarily attributed to a reduction in impairment losses on non-financial assets during the reporting year [1]

Core Points - The core focus of the HKEX IPO process revolves around compliance, transparency, sustainability, and market acceptance [5] Financial Metrics and Profitability - HKEX has specific financial requirements for IPO applicants, including cumulative profits of at least 50 million HKD over the last three years, with at least 20 million HKD in the most recent year [3] - Different tests apply for various sectors, with a focus on the authenticity and sustainability of profits [3] Information Disclosure and Transparency - The principle of "disclosure-based" is emphasized, requiring issuers to provide full, accurate, and timely information to avoid misleading investors [2] Corporate Governance and Independence - Issuers must have a sound corporate governance structure to protect minority shareholders from potential harm by controlling shareholders or management [2] Business Model and Sustainability - The sustainability of business models, especially for new economy companies, is a key focus, including aspects like patent numbers and user engagement metrics [2] Industry Regulation and Compliance - Issuers must comply with both domestic and international regulatory requirements, particularly if their business involves specific sectors like finance or healthcare [4] Related Party Transactions and Interest Transfer - HKEX imposes strict regulations on related party transactions to prevent harm to minority shareholders [4] Use of Proceeds - Issuers are required to disclose the specific and reasonable use of raised funds [4] Shareholder Structure and Equity Arrangement - The structure of shareholders must avoid instability in control or conflicts of interest [4] Financial Statements and Auditing - Ensuring the authenticity of financial data is crucial, with a focus on the qualifications of auditing firms [4] Special Arrangements for New Economy - HKEX has introduced special rules to attract new economy companies, which also brings additional scrutiny [4] Cross-Border Regulation and Data Security - Companies with mainland operations must navigate regulatory coordination between regions [4] Responsibilities of Intermediaries - Intermediaries like sponsors, lawyers, and accountants must fulfill their due diligence responsibilities [5][6] Market Acceptance and Valuation - The market shows a preference for sectors like technology, consumption, healthcare, and renewable energy, while traditional industries may face lower valuations [6] Ongoing Obligations Post-IPO - Issuers must continue to comply with HKEX's ongoing listing obligations after the IPO [5]