Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with major indices showing declines, while the Hang Seng Innovation Drug ETF has seen significant inflows, indicating investor interest in innovative drug companies. Group 1: Market Performance - As of the midday close, the CSI 300 Pharmaceutical and Health Index fell by 1.0% [1] - The CSI Innovation Drug Industry Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index both decreased by 0.7% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index dropped by 0.5% [1] - The CSI Biotechnology Theme Index declined by 0.4% [1] Group 2: ETF Inflows - The Hang Seng Innovation Drug ETF (159316) recorded a net subscription of 25 million units in the first half of the day [1] - According to Wind data, the Hang Seng Innovation Drug ETF has attracted nearly 1.2 billion yuan in inflows this month, ranking first among Hong Kong stock innovation drug-related products [1] Group 3: Index Composition - The CSI Innovation Drug Industry Index focuses on leading innovative drug companies in A-shares, consisting of no more than 50 stocks primarily involved in innovative drug research and development [6] - The CSI Biotechnology Theme Index targets leading biotechnology companies in A-shares, including those involved in gene diagnostics, biopharmaceuticals, and blood products [8] - The CSI 300 Pharmaceutical and Health Index encompasses leading companies in the pharmaceutical and health industry, covering segments such as chemical pharmaceuticals, medical services, and medical devices [9]

Core Points - Hong Kong Stock Exchange has officially canceled the listing status of four companies, including Nohow Health, marking a significant event in the biotech sector since Nohow Health was the first biotech firm to be forcibly delisted since the introduction of the 18A biotech board in 2018 [1] - Nohow Health failed to meet the resumption guidelines by September 27, 2025, leading to its delisting on October 27, 2025, with shares no longer available for public trading [1] - The company has appointed three joint provisional liquidators to manage its assets and affairs, and a court hearing for a winding-up order is scheduled for November 14, 2025 [1] Company Overview - Nohow Health, established in 2015, focused on early screening for high-incidence cancers, with core business areas including the development and commercialization of screening products for colorectal, gastric, and cervical cancers [2] - The company launched three core products, with Changweiqing being the only colorectal cancer screening product approved by the National Medical Products Administration in China, highlighting its industry rarity [2] - Nohow Health went public on the Hong Kong Stock Exchange in February 2021, achieving an oversubscription of approximately 4,133 times and raising over 850 billion HKD, setting a record for the second-largest oversubscription in Hong Kong history [2] Recent Developments - In August 2023, Nohow Health faced allegations of financial fraud, leading to a temporary suspension of trading in March 2024 and a delay in the publication of its 2023 annual report [2] - The company has not disclosed its financial performance for 2023 and 2024, and during the suspension period, there were changes in the management team, including the resignation of co-founder Zhu Yeqing as chairman and CEO due to health reasons [2] - The other three companies delisted alongside Nohow Health—Pujiang International, Jianzhong Construction, and Shangkun Real Estate—had also been suspended for extended periods and failed to meet the resumption guidelines set by the Hong Kong Stock Exchange [3]

Core Viewpoint - The article discusses the development of ProteanFect®, a novel protein condensate gene delivery platform that enables efficient and low-toxicity gene delivery in primary immune cells, significantly advancing functional immune research and key signaling pathway analysis [2][3]. Group 1: ProteanFect® Overview - ProteanFect® is based on engineered mammalian proteins that mimic the natural formation mechanisms of cellular condensates, creating stable "nucleic acid-protein" complexes under mild conditions without the need for viruses, electroporation, or liposomes [3]. - The platform demonstrates excellent biocompatibility and broad cell adaptability, representing a new direction in gene delivery technology [3]. Group 2: Case Studies - **Case Study 1**: Research from Harbin Medical University published in *Nature Cell Biology* reveals the role of CD160⁺ CD8⁺ T cells in maintaining anti-exhaustion characteristics and reversing colorectal cancer anti-PD-1 resistance [5][10]. - **Case Study 2**: A study from Tongji University in *Nature Microbiology* uncovers how Mycobacterium tuberculosis manipulates Treg cell function through the metabolite linoleic acid, revealing a molecular mechanism for immune evasion [12][15]. - **Case Study 3**: Research from Sichuan University in *Signal Transduction and Targeted Therapy* shows that high fructose intake regulates T cell metabolism, promoting Th1 and Th17 cell differentiation, thereby exacerbating inflammatory bowel disease (IBD) [16][20]. - **Case Study 4**: A study from the Chinese Academy of Sciences published in *Nature Communications* reveals how histone variant H2A.Z regulates memory CD8⁺ T cell responses through epigenetic modulation [22][26]. Group 3: Key Findings and Challenges - The key findings from the studies highlight the effectiveness of ProteanFect® in achieving significant gene knockdown and elucidating complex immune mechanisms, such as the interaction between CD160 and PI3K signaling pathways [10][20][26]. - The core challenges addressed include precise gene expression regulation in primary immune cells to understand underlying mechanisms of immune responses and disease resistance [8][19][24]. Group 4: Advantages of ProteanFect® - ProteanFect® offers three core advantages: 1. High adaptability for various carriers including siRNA, mRNA, and CRISPR/Cas9 mRNA, suitable for multiple primary immune cell types [30]. 2. Low cytotoxicity, maintaining over 85% cell viability post-transfection, ensuring core functions of T cells are unaffected [30]. 3. High transfection efficiency, achieving over 70% in primary T cells, meeting the needs for precise gene regulation [30].

Core Viewpoint - The article discusses the internationalization of hard technology investments, highlighting the rebranding of Zijin Port Capital to Haiyuan Capital, which signifies a strategic shift towards a global perspective in innovation and investment [3][4]. Group 1: Internationalization of Hard Technology - By 2025, the focus of China's hard technology sector will shift from "internal competition" to "going global," with over 60 local R&D assets expected to be successfully authorized for international markets in 2024 [7]. - Deloitte's report indicates that 37% of large Chinese enterprises will have over 20% of their revenue from overseas by 2024, marking a transition from product export to brand and technology export [7]. - The internationalization of hard technology represents a fundamental shift in China's globalization model, moving from being a passive recipient of rules to an active shaper of global industry standards [7]. Group 2: Competitive Advantages in Hard Technology - China has made significant advancements in hard technology, particularly in sectors like renewable energy and artificial intelligence, establishing a robust supply chain and achieving world-leading technological capabilities [8]. - The comprehensive control over the entire supply chain in the renewable energy sector provides Chinese companies with unmatched cost advantages and scalability, essential for competing in the global market [8]. Group 3: Haiyuan Capital's Role - Haiyuan Capital's portfolio includes leading companies in the internationalization of hard technology, such as Jieput, which has subsidiaries in Japan, the US, and Singapore, and Daxiang Shengkai, which utilizes deep learning for real-time voice extraction [10][11]. - The investment strategies of Haiyuan Capital include leveraging the Hong Kong Stock Exchange for global capital access, establishing direct sales channels, and forming partnerships with strategic investors to enhance international presence [14][15][16]. - Haiyuan Capital has built a unique global innovation ecosystem through collaborations with top universities and institutions worldwide, facilitating the incubation of high-quality projects [19][20][21]. Group 4: Future Outlook - Haiyuan Capital aims to integrate resources from the Hangzhou Bay and Guangdong-Hong Kong-Macao Greater Bay Area to connect Chinese innovation with global markets, positioning itself as a bridge for hard technology [22].

Core Insights - The report by Hang Seng Index Company highlights the growth potential in China's healthcare spending and the expanding market for oncology drugs driven by increasing cancer cases [1] - The emphasis on innovative drugs over generic drugs by the government is identified as a key driver for the growth of the biotechnology sector [1] Industry Overview - China's healthcare spending is expected to increase, indicating room for growth in the sector [1] - The oncology drug market is projected to grow at a compound annual growth rate (CAGR) of 12.4% from 2023 to 2030, compared to a CAGR of 7.5% from 2018 to 2023 [1] Market Trends - The forecasted CAGR for China's generic drug market from 2023 to 2028 is 3.8%, while the innovative drug market is expected to grow at a CAGR of 7.9% during the same period [1] - The Hang Seng Biotechnology Index, launched in 2019, tracks the performance of the largest 30 biotechnology companies listed in Hong Kong and remains active amid the current wave of innovative drugs [1] Investment Opportunities - The Hang Seng Medical ETF (159892), which tracks the biotechnology index, has a scale exceeding 60 billion, demonstrating good liquidity and ranking first among its peers [1]

Core Points - The event aims to strengthen economic and trade cooperation between Shenyang and South Korea, facilitating the construction of Shenyang as a Northeast Asia international center city [1][3] - The event serves as a platform for local enterprises to understand South Korea's industrial advantages and for South Korean companies to recognize Shenyang's development potential [3] Group 1 - The ninth China-South Korea (Shenyang) startup enterprise exchange meeting was successfully held, focusing on practical cooperation between the two regions [1][5] - Shenyang has established trade relations with 221 countries and regions, becoming a hotspot for investment in China, with over 100 Fortune 500 companies operating in the city [3] - The event featured presentations from six South Korean biotech and medical device companies, as well as four food companies, leading to initial cooperation and procurement intentions with over 70 local enterprises [9] Group 2 - A memorandum of understanding was signed between Shenyang's trade promotion association and a South Korean partner company, laying a solid foundation for long-term cooperation [12] - The Shenyang trade promotion association will continue to provide high-quality services to South Korean enterprises and promote the implementation of cooperation intentions [12]

Core Viewpoint - The establishment of a joint venture in Hong Kong focused on anti-aging products and solutions, with a registered capital of HKD 50 million, is a strategic move for the company and its partners [1][2]. Group 1: Joint Venture Details - The joint venture agreement was signed on October 27, 2025, among the company and its partners, with ownership stakes of 75%, 20%, and 5% respectively [1]. - The joint venture aims to invest in and operate research and sales of anti-aging products and solutions in Hong Kong and selected Asia-Pacific countries [1]. Group 2: Partner Profiles - Partner I, NAGAWA Pharmaceutical Co., Ltd., is a Japanese pharmaceutical company focused on the development, manufacturing, and commercialization of high-quality drugs, particularly in anti-aging technologies [1]. - Partner II, Mirxes Pte Ltd., is a Singapore-based biotech company specializing in molecular diagnostics, particularly in oncology, and has extensive collaborations with academic institutions for large-scale research [2]. - Mirxes operates two research laboratories, one clinical diagnostic laboratory, one testing laboratory, and two production facilities [2].

Core Viewpoint - The establishment of a joint venture in Hong Kong focused on anti-aging products and solutions, with a registered capital of HKD 50 million, is a strategic move to leverage expertise in biotechnology and pharmaceuticals for growth in the Asia-Pacific market [1][2]. Group 1: Joint Venture Details - The joint venture agreement was signed on October 27, 2025, among the company and its partners, with ownership stakes of 75%, 20%, and 5% respectively [1]. - The joint venture aims to invest in and operate research and sales of anti-aging products and solutions in Hong Kong and selected Asia-Pacific countries [1]. Group 2: Partner Profiles - Partner I, NAGAWA Pharmaceutical Co., Ltd., is a Japanese pharmaceutical company focused on the development, manufacturing, and commercialization of high-quality drugs, particularly in anti-aging technologies [1]. - Partner II, Mirxes Pte Ltd., is a Singapore-based biotechnology company specializing in molecular diagnostics, particularly in oncology, and has extensive collaborations with academic institutions for research [2]. - Mirxes operates two research laboratories, one clinical diagnostic laboratory, one testing laboratory, and two production facilities, showcasing its capacity for innovation and development in the biotechnology sector [2].

Core Viewpoint - Scientists are approaching the ability to "grow" human brains in laboratories, raising ethical debates about the welfare of these lab-grown organoids [1][2] Summary by Sections Ethical Concerns - The core of the debate revolves around "brain organoids," which are small pieces of brain tissue grown from stem cells and are too simple to function like a real human brain. The scientific community generally believes these organoids lack consciousness, leading to relatively lenient regulations on related research [1] - Christopher Wood from Zhejiang University argues that the academic stance has swung too far in fear of hype and sci-fi exaggeration, suggesting that advancements in technology may soon lead to the creation of "conscious organoids" [1][2] Definition of Consciousness - Defining consciousness is challenging, as current organoids lack the complex structures necessary for consciousness. They are grown in two-dimensional planes but can form three-dimensional structures in specific environments, resembling embryonic brain morphology [3] - Many neuroscientists believe that true brain consciousness arises from communication between different brain regions, while organoids only mimic parts of the brain. Current organoids are less than 0.16 inches (approximately 4 mm) in diameter, indicating a lack of essential structures for consciousness [3] - Andrea Lavazza, a moral philosopher, suggests that organoids may possess a basic level of consciousness, such as the ability to feel pain and pleasure [3] Measuring Consciousness - There is no objective method to measure consciousness, even in humans. The only definitive way to assess consciousness is to ask individuals about their feelings, which is complicated for those who cannot communicate [5] - Indirect signals, such as brain activity, are often used to infer consciousness in patients with severe conditions. The complexity of brain signals is considered a potential indicator of consciousness [5] Complexity and Consciousness - Skeptics argue that organoids cannot achieve consciousness due to insufficient structural complexity. However, Wood believes that advancements in technology over the next 5 to 10 years may enable the creation of more complex organoids that could potentially possess consciousness [6] - Recent studies have demonstrated methods to implant blood vessels into organoids and introduce new cell types, which could enhance their complexity [6] Regulatory Considerations - Current regulations on organoid research are relatively lenient, partly due to the International Society for Stem Cell Research (ISSCR) stating that organoids cannot perceive pain. However, experts argue that this stance should be re-evaluated in light of recent technological breakthroughs [7] - Ethical concerns arise regarding the potential for organoids to feel pain or have autonomous thoughts. If conscious organoids are created, they would require moral consideration and regulatory oversight similar to that of animal research [7][8]

Group 1 - The number of valid subscription accounts for the online issuance is 3,359,036, with a total valid subscription quantity of 39,602,538,500 shares, resulting in an initial online issuance lottery rate of 0.03613910% [1] - The initial effective subscription multiple for the online issuance was 2,767.09 times, prompting the implementation of a callback mechanism to adjust the scale between offline and online issuances [2] - After the callback mechanism was activated, the final online issuance quantity was 21,509,500 shares, accounting for 29.89% of the total issuance after deducting the final strategic placement [2] Group 2 - The total number of allocation numbers was 79,205,077, with the range of numbers from 100,000,000,000 to 100,079,205,076 [1] - The final online issuance lottery rate after the callback mechanism was 0.05431344% [2] - The offline final issuance quantity was 50,461,346 shares, representing 70.11% of the total issuance after deducting the final strategic placement [2]