Group 1 - The core point of the article is that Shenghe Biotech-B (02898.HK) announced the resignation of its auditor, Deloitte Touche Tohmatsu [1] Group 2 - The resignation of the auditor may impact the company's financial reporting and investor confidence [1] - The announcement was made on September 16, indicating a recent development in the company's governance [1]

Core Viewpoint - The stock price of the newly listed company, Yaojie Ankang-B (2617.HK), experienced extreme volatility, soaring by 63% to 679.5 HKD per share before plummeting by 53.73% by the end of the trading day, highlighting potential manipulation in the market [1][2]. Summary by Sections Stock Performance - Yaojie Ankang's stock price surged by 863% over five days, reaching a market capitalization close to 270 billion HKD [1]. - Since its IPO on June 23, the stock price has increased over 50 times from the initial offering price of 13.15 HKD [1]. - The stock's dramatic rise and fall within a single trading day resulted in potential losses of up to 70% for investors who bought at the peak [1]. Company Announcement - On September 16, Yaojie Ankang announced that it was unaware of any reasons for the unusual trading price and volume fluctuations, confirming that its business operations and financial status remained stable [2]. IPO Details - The IPO raised 201 million HKD with an issuance ratio of 3.9%, and the total market value at the issuance was 5.219 billion HKD [6]. - The public offering was oversubscribed by 3,419 times, while the international placement was only 0.97 times subscribed, leading to a reallocation of shares [6][7]. - The final allocation resulted in 20% of shares being available for public trading, with cornerstone investors holding 63.96% of the total issuance [8]. Trading Dynamics - As of September 16, Yaojie Ankang's market capitalization was approximately 72.6 billion HKD, indicating that the stock may still be overvalued [11]. - The stock was included in the Hong Kong Stock Connect on September 8, which contributed to its price surge, with Northbound trading accumulating over half of the available shares in just four trading days [9][10]. - The limited float of shares, with only about 550,000 shares available for trading, makes the stock susceptible to price manipulation by major investors [8][13]. Market Manipulation Concerns - The trading activity suggests that major players may be using the stock to manipulate prices, with previous instances of similar behavior noted in other companies [12][14]. - The influx of Northbound capital could be a strategy for major investors to offload shares without facing immediate selling pressure due to the upcoming lock-up period for cornerstone investors [15].

9月16日，益方生物收跌2.56%，收盘价为35.45元，发生3笔大宗交易，合计成交量57万股，成交金额 1691万元。 第1笔成交价格为30.00元，成交10.00万股，成交金额300.00万元，溢价率为-15.37%，买方营业部为国 海证券股份有限公司机构席位，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 第2笔成交价格为30.00元，成交9.00万股，成交金额270.00万元，溢价率为-15.37%，买方营业部为国泰 海通证券股份有限公司总部，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 第3笔成交价格为29.50元，成交38.00万股，成交金额1,121.00万元，溢价率为-16.78%，买方营业部为机 构专用，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 进一步统计，近3个月内该股累计发生49笔大宗交易，合计成交金额为3.27亿元。该股近5个交易日累计 上涨4.60%，主力资金合计净流出5606.94万元。 责任编辑：小浪快报 ...

上市不到3个月飙升50倍的次新生物制药股药捷安康-B(2617.HK)在今日创出新高后跳水大跌，目前跌幅已扩大至超50%，成交超37亿港元。该股上午盘中 一度涨超63%；最近5个交易日一度累涨863%。该股6月23日在港挂牌上市，当时IPO价格为13.15港元。 ...

9月16日，君实生物大宗交易成交100万股，成交额4649万元，占当日总成交额的6.79%，成交价46.49 元，较市场收盘价46.82元折价0.7%。 | 025-09-16 | 君实生制 | 081889 | 46.49 100 | 4649 | 方正证券股份有限 | 中信证券股份有限 | 증 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 蓬秀代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 公司总部 | 美出营业部 公司上海浦东新区 | 是否为专场 | ...

Core Viewpoint - The stock price of药捷安康-B (02617.HK) experienced extreme volatility today, with an initial surge of over 60% followed by a sharp decline, highlighting the unpredictable nature of the market and investor sentiment [1][2][4]. Group 1: Stock Price Movement - In the morning, the stock price peaked at 679.5 HKD per share, bringing the market capitalization close to 270 billion HKD [1][2]. - After an announcement regarding unusual trading activity, the stock price plummeted to a low of 165 HKD per share, resulting in a decline of over 60% [2][4]. - By the end of the trading day, the stock closed at 192 HKD per share, reflecting a decrease of 53.73% and a market capitalization of 76.2 billion HKD [2]. Group 2: Company Announcements - The company issued a statement confirming that it was unaware of the reasons behind the stock price and trading volume fluctuations, asserting that its business operations and financial status remained stable [4]. - The board of directors indicated that there were no significant changes in the company's operations or financial conditions that warranted disclosure [4]. Group 3: Recent Performance and Developments -药捷安康's stock has seen a dramatic increase since its listing on June 23, with a rise of over 500% from September 10 to September 15 [6]. - The company’s core product, Tinengotinib, received clinical trial approval for treating specific types of breast cancer, contributing to the stock's previous surge [5][6]. - Despite the stock's volatility, the company remains in a loss-making position, with a reported pre-tax loss of 123 million HKD for the first half of the year, an improvement from the previous year's loss of 160 million HKD [7].

在全球生物制药行业竞争日益激烈的大环境下，复宏汉霖始终坚守初心，凭借自身的专业优势与不懈努 力，积极推动业务发展，在行业内逐步崭露头角。 复宏汉霖自成立以来，便致力于为全球患者提供高质量、可负担的生物药。公司以创新为驱动，不断加 大在研发领域的投入，搭建起了完善的一体化生物制药平台。从生物类似药的深入钻研，到创新药的积 极探索，复宏汉霖的研发管线日益丰富。在研发过程中，公司注重与国际先进水平接轨，严格遵循相关 法规和标准，确保每一个研发项目都具备科学性与可靠性。 在产品布局方面，复宏汉霖取得了一系列重要进展。截至目前，已有多款产品在中国成功获批上市，为 国内患者带来了更多治疗选择。同时，部分产品也成功获得全球市场准入，其覆盖范围不断扩大，惠及 众多不同地区的患者群体。在拓展全球市场的进程中，复宏汉霖通过与全球合作伙伴紧密协作，充分发 挥各自优势，加速产品的上市与推广。目前，已与 20 余家全球企业建立起稳固的合作关系，依托合作 伙伴的渠道与资源，推动产品能够更快、更广泛地触达全球患者。 在创新研发层面，复宏汉霖从未停下脚步。近期，公司自主开发的帕博利珠单抗生物类似药 HLX17 取 得重大突破。2025 年 ...

Summary of Key Points Core Viewpoint - The stock of Shuotai Shen experienced a decline of 1.01% on September 16, closing at 38.14 yuan, with significant block trades occurring totaling 4.6587 million shares and a transaction value of 151 million yuan [1][2]. Trading Activity - A total of 9 block trades were recorded, all at a price of 32.42 yuan per share, with a consistent discount of 15% from the market price [1][2]. - The first four trades involved 61,000 shares, 67,000 shares, 61,000 shares, and 91,500 shares respectively, with transaction values of approximately 19.78 million yuan, 21.72 million yuan, 19.78 million yuan, and 29.66 million yuan [1]. - The subsequent trades included 15,000 shares, 9,000 shares, 6,500 shares, 123,870 shares, and 31,000 shares, with transaction values ranging from approximately 210,000 yuan to 40.16 million yuan [2]. Recent Performance - Over the past three months, Shuotai Shen has seen a total of 11 block trades with a cumulative transaction value of 155 million yuan [3]. - In the last five trading days, the stock has decreased by 0.70%, with a net outflow of 309 million yuan in principal funds [3].

Investment Rating - The report indicates a positive outlook for the atopic dermatitis (AD) market, highlighting significant unmet medical needs and potential for new therapies, particularly in small molecules and biologics [4][10][12]. Core Insights - Atopic dermatitis is a chronic, recurrent inflammatory skin disease characterized by severe itching, affecting approximately 600-700 million patients globally, with around 67 million in China, indicating a substantial unmet demand for effective treatments [1][18][20]. - Recent advancements in small molecules and biologics have marked a new phase in AD treatment, with several new products entering the market, although the number remains limited [1][10][32]. - JAK inhibitors have shown excellent efficacy but come with safety concerns, while TYK2 inhibitors are emerging as a promising new option due to their selective action and potentially better safety profile [2][11][12]. - Biologics targeting IL-4Rα and IL-13 have demonstrated significant efficacy in improving skin lesions, with IL-31 showing strong itch relief capabilities [3][12][13]. - The development of dual/multi-target antibodies is seen as a new strategy to enhance treatment efficacy by combining the advantages of different targets [4][13][21]. Summary by Sections Investment Highlights - The AD market has immense potential, with a pressing need for effective therapies [4][10]. - The patient population is large, with over 600 million affected globally, necessitating urgent treatment options [1][18]. Disease Characteristics - AD is characterized by chronic inflammation and severe itching, significantly impacting patients' daily lives [1][14]. - The disease burden is heavy, with a complex pathogenesis involving multiple factors, primarily driven by Th2-type inflammation [21][24]. Current Treatment Landscape - Traditional therapies have safety concerns, leading to a shift towards biologics and small molecules [32][35]. - JAK inhibitors are the most approved class of drugs for AD, but they carry black box warnings due to safety issues [11][12]. - Emerging therapies, particularly TYK2 inhibitors, show promise for better safety and efficacy [2][11]. Biologics and Emerging Therapies - Currently approved biologics include IL-4Rα, IL-13, TSLP, and IL-31, with ongoing research into additional targets [3][12][13]. - Dual/multi-target antibodies are being explored to improve treatment outcomes and extend dosing intervals [4][13][21]. Market Potential - The report emphasizes the significant market potential for AD treatments, with projected growth driven by increasing patient numbers and the introduction of innovative therapies [4][10][20].

Core Insights - The company, Fuhong Hanlin, is making significant strides in the competitive global biopharmaceutical industry by focusing on high-quality and affordable biological drugs for patients worldwide [1][2] - Fuhong Hanlin has developed a comprehensive integrated biopharmaceutical platform, emphasizing innovation and substantial investment in research and development [1] - The company has successfully launched multiple products in China and gained global market access, expanding its reach to various patient groups [1] Group 1: Business Development - Fuhong Hanlin has established over 20 solid partnerships with global enterprises to accelerate product launch and promotion [1] - The company is committed to aligning its research with international standards and regulations to ensure scientific reliability in its projects [1] Group 2: Innovation and R&D - The recent breakthrough of HLX17, a biosimilar of Pembrolizumab, received FDA approval for clinical trials, marking a significant step towards global market entry [2] - HLX17 has shown similarity to the original Pembrolizumab through rigorous preclinical studies, including pharmacology and immunogenicity assessments [2] Group 3: Future Outlook - Fuhong Hanlin aims to enhance its R&D capabilities and optimize its product pipeline while increasing market promotion efforts for existing products [2] - The company is focused on advancing its ongoing projects to achieve more innovative outcomes, contributing to the development of the biopharmaceutical industry [2]