Core Viewpoint - TheraVectys SA, a French biotech company, is considering an IPO in Hong Kong, potentially raising several hundred million dollars, with plans to proceed as early as this year [1] Company Overview - TheraVectys is an immunotherapy company primarily operating in France and the United States, focusing on the development of lentiviral vectors for the prevention and treatment of cancer and other diseases [1] - The company was spun off from the Pasteur Institute and has backing from Tethys Invest SAS [1] Industry Context - Foreign biotech companies typically opt for listings in Europe or the United States, making a Hong Kong IPO a rare move for non-Chinese biotech firms [1] - China is challenging Western dominance in medical innovation, reshaping the biotech industry landscape [1] - In the previous year, healthcare companies raised approximately $13 billion in the Hong Kong stock market [1]

Core Viewpoint - The launch of the "Lion Rock Chip," the world's first data center management chip based on RISC-V architecture, marks a significant breakthrough in Hong Kong's chip self-research and development, attracting attention from various industry players [1]. Group 1: Company Development - The CEO of Sifang Technology, Xu Tao, reported that nearly all OEMs, ODMs, and cloud service providers have established close ties with the company, indicating a positive market response [1]. - Sifang Technology has grown into a leading enterprise in the RISC-V architecture field, supported by its founding investor, Fusheng Capital, which recognized the potential of the chip industry seven years ago [2]. - The successful trial production of the chip was attributed to the team's deep understanding of technology, close collaboration, and rigorous quality control [3]. Group 2: Innovation and Ecosystem - Hong Kong's advantages as an international knowledge hub and financial center align well with the knowledge-intensive nature of chip design, providing a stable environment for innovation [3]. - The establishment of an innovation center by Sifang Technology aims to leverage Hong Kong's strengths in research policies, talent, and internationalization to accelerate technological innovation and commercial application [4]. - The Hong Kong government has actively invested in innovation and technology, with local R&D funding projected to increase by 8.4% to HKD 35.772 billion in 2024, reflecting a growing commitment to the sector [5]. Group 3: Market Trends and Government Support - The number of startups in Hong Kong has surged from about 1,000 a decade ago to nearly 4,700 in 2024, driven by over 40 government funding programs supporting various aspects of business development [6]. - Companies like Kexingda Biotechnology are leveraging Hong Kong's research resources and international platforms to expand into global markets, with plans to conduct clinical trials in the Greater Bay Area [7]. - The Hong Kong government is prioritizing the construction of an international innovation and technology center as part of the national development strategy, with significant initiatives planned for 2026 [8].

Group 1 - The core viewpoint of the articles indicates that the Hong Kong technology sector is experiencing a rebound after a period of adjustment, with significant inflows of capital and a favorable valuation environment [1][2] - The A-share technology index has led the rebound since November 2025, driven by demand for computing hardware, while the Hong Kong technology sector has lagged due to liquidity issues and a focus on software applications [1] - Recent data shows that on January 5, net inflows from southbound capital exceeded 18.2 billion yuan, indicating renewed interest in Hong Kong technology stocks as the market enters a new assessment cycle [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark index covering internet, hard technology, and new energy vehicle sectors [2] - The enhanced version of the Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual components to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses more on software applications and internet media, with major stocks like Alibaba, Tencent, and Meituan accounting for nearly 40% of its weight [2]

Group 1 - The A-share market showed mixed performance in the morning session, with the Shanghai Composite Index rising by 1.14%, reaching a new 10-year high, while the Shenzhen Component Index increased by 0.81%, and the ChiNext Index fell by 0.04% [1] - The total trading volume in the three major markets (Shanghai, Shenzhen, and Beijing) reached 1.7961 trillion yuan, an increase of 147.2 billion yuan compared to the previous day, with over 3,600 stocks rising across the market [1] - Sectors that performed well included brain-computer interfaces, chemical engineering, non-ferrous metals, insurance, securities, semiconductors, and photovoltaic equipment, while AI hardware stocks like CPO and copper cable high-speed connections lagged behind [1] Group 2 - The banking sector experienced a decline, with the Bank AH Preferred ETF dropping by 2.22% [2] - Biotechnology ETFs, including the S&P Biotechnology ETF and the NASDAQ Biotechnology ETF, fell by 2% and 1.6% respectively [2] - The CPO sector saw a pullback, with the Communication ETF and 5G ETF decreasing by 1.5% and 1.1% respectively [2]

Group 1 - The core focus of the article is the vibrant growth of Hong Kong's innovation and technology ecosystem, highlighted by the successful launch of the "Lion Rock Chip," a data center management chip based on RISC-V architecture, marking a significant breakthrough in local chip development [1][2] - The "Lion Rock Chip" has garnered positive market responses, with nearly all OEMs, ODMs, and cloud service providers establishing close ties with the company, indicating strong industry interest and potential for collaboration [1] - The Hong Kong government has actively invested in innovation and technology, leading to a steady increase in local R&D spending, projected to rise by 8.4% to HKD 35.772 billion in 2024, with the ratio to GDP increasing from 1.11% in 2023 to 1.13% in 2024 [5][6] Group 2 - The establishment of the "Lion Rock Chip" is attributed to the early investment by Ascend Capital, which recognized the potential of the RISC-V architecture seven years ago, allowing the company to grow into a leading player in the soft and hardware ecosystem [2] - The complexity of chip design and production is emphasized, with the successful trial production of the chip attributed to the team's deep technical understanding and rigorous quality control [3] - The Hong Kong ecosystem is characterized by a strong legal framework, intellectual property protection, and a low tax regime, creating a stable environment for innovation to thrive [3][4] Group 3 - The article highlights the increasing number of startups in Hong Kong, which has surged from approximately 1,000 a decade ago to nearly 4,700 in 2024, driven by government support and favorable policies [6] - Companies like Kedianda Biotechnology are leveraging Hong Kong's research resources and international platforms to expand their products globally, while also targeting the Greater Bay Area for market entry [7] - The Hong Kong government is committed to accelerating the development of the innovation and technology sector, with plans to establish new research platforms and funds to support industry growth [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On January 5, 2026, all four major stock index futures contracts for the current month rose, with IF up 2.07%, IH up 2.42%, IC up 2.81%, and IM up 2.37% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The total trading volume of IF, IH, IC, and IM increased by 20,649 lots, 6,347 lots, 29,217 lots, and 24,485 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 8,201 lots, 3,543 lots, 22,660 lots, and 13,346 lots respectively [2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had a good start in 2026, with the Shanghai Composite Index rising by more than 1% and returning to 4,000 points, and the ChiNext Index surging nearly 3%. The Hong Kong stock market fluctuated slightly up, with the biotechnology and semiconductor industries strengthening [6][7]. 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The CSI 300 closed at 4,717.8, up 1.90%. Among its futures, IF2601 closed at 4,714, up 2.07%, with a basis of - 3.75; IF2602 closed at 4,702.6, up 2.14%, with a basis of - 15.15; IF2603 closed at 4,697, up 2.26%, with a basis of - 20.75; IF2606 closed at 4,649.8, up 2.23%, with a basis of - 67.95 [1]. - **SSE 50 and Related Futures**: The SSE 50 closed at 3,099.8, up 2.26%. Among its futures, IH2601 closed at 3,097.4, up 2.42%, with a basis of - 2.35; IH2602 closed at 3,099.6, up 2.59%, with a basis of - 0.15; IH2603 closed at 3,098.8, up 2.55%, with a basis of - 0.95; IH2606 closed at 3,088.8, up 2.56%, with a basis of - 10.95 [1]. - **CSI 500 and Related Futures**: The CSI 500 closed at 7,651.2, up 2.49%. Among its futures, IC2601 closed at 7,664.8, up 2.81%, with a basis of 13.6; IC2602 closed at 7,624.8, up 2.95%, with a basis of - 26.4; IC2603 closed at 7,596, up 3.11%, with a basis of - 55.2; IC2606 closed at 7,417, up 3.27%, with a basis of - 234.2 [1]. - **CSI 1000 and Related Futures**: The CSI 1000 closed at 7,753.9, up 2.09%. Among its futures, IM2601 closed at 7,759.2, up 2.37%, with a basis of 5.32; IM2602 closed at 7,697.8, up 2.56%, with a basis of - 56.08; IM2603 closed at 7,639, up 2.69%, with a basis of - 114.9; IM2606 closed at 7,403.4, up 2.76%, with a basis of - 350.5 [1]. 3.2. Position Changes of the Top 20 Futures Members - For IF contracts, in IF2601, long positions decreased by 607 and short positions increased by 347; in IF2603, long positions increased by 5,858 and short positions increased by 5,971; in IF2606, long positions increased by 1,027 and short positions increased by 490 [5]. - For IH contracts, in IH2601, long positions decreased by 62 and short positions increased by 168; in IH2603, long positions increased by 2,259 and short positions increased by 2,443; in IH2606, long positions increased by 206 and short positions increased by 91 [5]. - For IC contracts, in IC2601, long positions increased by 598 and short positions increased by 1,459; in IC2603, long positions increased by 11,123 and short positions increased by 12,210; in IC2606, long positions increased by 2,786 and short positions increased by 2,146 [5]. - For IM contracts, in IM2601, long positions decreased by 1,660 and short positions decreased by 909; in IM2602, long positions increased by 2,233 and short positions increased by 2,659; in IM2603, long positions increased by 4,700 and short positions increased by 8,413 [5]. 3.3. Market Trends and Drivers - **A - share Market**: The A - share market had a good start in 2026. The Shanghai Composite Index rose 1.38% to 4,023.42 points, the Shenzhen Component Index rose 2.24%, the ChiNext Index rose 2.85%, the Beixin 50 rose 1.8%, the Kechuang 50 rose 4.41%, and the Wind All - A Index rose 1.99%. The total trading volume was 2.57 trillion yuan, compared with 2.07 trillion yuan the previous day [6]. - **Hong Kong Stock Market**: The Hong Kong stock market fluctuated slightly up. The Hang Seng Index rose 0.03% to 26,347.24 points, the Hang Seng Tech Index rose 0.09% to 5,741.63 points, and the Hang Seng China Enterprises Index fell 0.22% to 9,148.47 points. The market trading volume was HK$283.462 billion, significantly higher than the previous trading day's HK$140.864 billion [7]. - **US Stock Market**: The three major US stock indexes all closed up. The Dow Jones Industrial Average rose 1.23% to 48,977.18 points, reaching a new record high; the S&P 500 Index rose 0.64% to 6,902.05 points; the Nasdaq Composite Index rose 0.69% to 23,395.82 points [8].

Core Viewpoint - The China-South Korea Business Forum highlighted the significant potential for collaboration between the two countries in emerging fields such as artificial intelligence, semiconductor displays, new energy vehicles, and biotechnology [1] Group 1: Event Overview - The China-South Korea Business Forum was held in Beijing on January 5, co-hosted by the China Council for the Promotion of International Trade and the Korea Chamber of Commerce and Industry [1] - Over 200 business leaders from South Korea, including prominent figures such as Samsung Electronics Chairman Lee Jae-Yong and SK Group Chairman Chey Tae-Won, attended the event [1] Group 2: Key Statements - TCL's founder and chairman, Li Dongsheng, emphasized the importance of strengthening technological research and development cooperation and building an innovative ecosystem to accelerate the transformation of technological achievements [1] - Li Dongsheng noted that such collaboration could help both countries explore new global market opportunities [1]

Group 1 - Aktis Oncology Inc. plans to conduct an initial public offering (IPO) in the U.S. to raise up to $212 million [1] - The company intends to issue 11.8 million shares at a price range of $16-18 per share, leading to an estimated valuation of approximately $840 million [2] - Aktis specializes in developing α-particle radiotherapy for solid tumors and has raised about $346 million from top life sciences investors [2] Group 2 - As of September 30, the company reported revenue of $4.6 million and a net loss of $48.6 million for the nine months, compared to revenue of $554,000 and a net loss of $31.9 million in the same period the previous year [2] - Major shareholders before the IPO include MPM (26%), Vida Ventures (14%), EcoR1 (11%), and Blue Owl (7%) [3] - The IPO will be led by JPMorgan, Bank of America, Leerink Partners, and TD Securities, with plans to list on the NASDAQ under the ticker symbol AKTS [3]

Group 1: Fundraising Overview - The company raised a total of RMB 4,581,500,000 through its initial public offering, with a net amount of RMB 4,341,379,433.74 after deducting issuance costs [2] - The funds were deposited into a special account for management and were subject to a tripartite supervision agreement with the sponsor and the bank [2][3] Group 2: Fund Allocation and Project Adjustments - The company decided to terminate five research sub-projects and reallocate the unused funds to other ongoing and new sub-projects, including an investment of RMB 10 million to its wholly-owned subsidiary for a new flu vaccine project [3] - A special account was established for the "high-dose flu virus split vaccine" project, adhering to the principle of "special account storage and special fund usage" [4] Group 3: Tripartite Supervision Agreement - The tripartite agreement involves the company, its subsidiary, and the bank, ensuring that the funds are used exclusively for the designated project [5] - The agreement stipulates that any withdrawal exceeding 20% of the net fundraising amount must be reported to the sponsor within five working days [7] Group 4: Share Buyback Progress - The company plans to repurchase shares using between RMB 10 million and RMB 20 million of surplus funds, with a maximum price of RMB 38.00 per share [11] - As of December 31, 2025, the company had repurchased 384,899 shares, accounting for approximately 0.092% of the total share capital, with a total expenditure of RMB 10,789,216.56 [13]

Group 1 - The stock price of Shuoshi Biotechnology (688399) closed at 68.88 yuan on January 5, 2026, with an increase of 0.55% and a turnover rate of 1.68% [1] - On January 5, 2026, the net outflow of main funds was 12.89 million yuan, while retail investors saw a net inflow of 8.82 million yuan [3] - Shuoshi Biotechnology received a government subsidy of 1.63 million yuan, which is expected to impact the company's profit and loss for the year 2025 [1][3] Group 2 - The first extraordinary general meeting of shareholders for Shuoshi Biotechnology in 2026 was held on January 5, 2026, with 76 shareholders present, representing 35,074,902 voting shares, accounting for 41.82% of the total voting rights [2] - The meeting approved a special resolution to expand the company's business scope and amend the Articles of Association, with 99.93% of the votes in favor [2] - Shanghai Tongli Law Firm confirmed the legality and validity of the meeting's procedures and voting results [2]