Core Viewpoint - The major industry ETFs in the US stock market showed mixed performance, with regional bank ETFs declining over 1.5% and gold ETFs experiencing notable losses [1]. Group 1: ETF Performance - Regional bank ETF (KRE) fell to 61.23, down by 0.95 (-1.53%) with a trading volume of 2.3471 million shares [2]. - Gold ETF (GLD) decreased to 307.68, down by 2.59 (-0.83%) with a trading volume of 836,900 shares [2]. - Semiconductor ETF (SMH) dropped to 285.45, down by 2.35 (-0.82%) with a trading volume of 372,600 shares [2]. - Biotechnology ETF (IBB) declined to 134.84, down by 0.59 (-0.44%) with a trading volume of 57,163 shares [2]. - Energy ETF (XLE) decreased to 87.21, down by 0.22 (-0.25%) with a trading volume of 759,800 shares [2]. - Global technology ETF (IXN) fell to 95.21, down by 0.14 (-0.15%) with a trading volume of 1,600 shares [2]. - Technology sector ETF (XLK) decreased to 261.13, down by 0.26 (-0.10%) with a trading volume of 297,000 shares [2]. - Global airline ETF (JETS) fell to 24.41, down by 0.01 (-0.04%) with a trading volume of 84,256 shares [2]. - Consumer staples ETF (XLP) increased slightly to 81.41, up by 0.05 (+0.06%) with a trading volume of 893,600 shares [2]. - Utility ETF (XLU) rose to 84.41, up by 0.10 (+0.12%) with a trading volume of 1.1378 million shares [2].

Core Viewpoint - Nanjing Valiant Biotech Co., Ltd. (referred to as "Valiant Biotech") has successfully listed on the Hong Kong Stock Exchange under the stock code 9887, raising a total of HKD 1.29 billion through the issuance of 36.8625 million shares at HKD 35 per share [1][3]. Company Overview - Valiant Biotech was established in 2012 and began operations in May 2014, with its registered location in Nanjing Jiangbei New District. The company focuses on the discovery, development, and commercialization of innovative therapies, particularly targeting diseases that existing PD-1/PD-L1 antibody therapies cannot treat, addressing unmet medical needs in oncology, autoimmune diseases, and other significant illnesses globally [4]. - The company currently has 14 innovative drugs in development, with 6 in clinical stages. Its core product, LBL-024, is set to enter a single-arm registration clinical trial in China for the treatment of advanced pulmonary neuroendocrine carcinoma in July 2024, potentially becoming the first approved drug specifically for this indication [5]. Founders and Management - The company was co-founded by Kang Xiaoqiang and Lai Shoupeng. Kang, aged 64, has extensive experience in the pharmaceutical industry, previously serving as Chief Immunology Scientist at Eli Lilly after ImClone Systems was acquired. He currently serves as the Executive Director, CEO, and General Manager of Valiant Biotech [6]. - Lai, aged 80, has nearly 30 years of experience in the biopharmaceutical industry and currently holds the position of Executive Director, Chief Strategy Officer, and Executive Vice President, overseeing strategic planning and overall operations [8]. Financial Performance - Valiant Biotech has not yet achieved profitability, reporting no revenue for the previous year and the first three quarters of this year. The company incurred a pre-tax loss of RMB 362.249 million for the last year, with significant research and development expenses amounting to RMB 230.858 million [9][10]. - Despite the lack of revenue, the company experienced high market interest, with a subscription rate of 3029 times and a total subscription amount nearing HKD 340 billion during its IPO [10]. Market Context - The successful listing of Valiant Biotech adds to the growing number of pharmaceutical companies from Nanjing on the Hong Kong Stock Exchange, following the recent IPO of another local company, Jiangsu Hengrui Medicine, among others [12].

Core Viewpoint - The successful IPO of Nanjing Weilizhibo Biotech Co., Ltd. has injected confidence into the biotech sector for future listings in Hong Kong, showcasing strong market performance and investor interest [2][4]. Company Overview - Weilizhibo, established in 2012, focuses on discovering, developing, and commercializing new therapies for cancer and autoimmune diseases, with a strategic emphasis on tumor immunology, T-cell engagers, and antibody-drug conjugates [5]. - The company has a diverse product portfolio with 14 innovative candidates, including 4 core products that are leading in global clinical progress [5]. IPO Details - Weilizhibo's IPO on July 25, 2025, involved the issuance of 36,862,500 H-shares at an offering price of HKD 35.00 per share, raising a total of HKD 1.29 billion [2]. - The company attracted 9 cornerstone investors, collectively subscribing USD 69 million (approximately HKD 541.6 million) [2]. Market Performance - As of 9:50 AM on the listing day, Weilizhibo's share price reached HKD 77.65, reflecting a 121.86% increase from the offering price, with a market capitalization of HKD 14.986 billion [3]. Product Pipeline - The core product LBL-024 is a pioneering dual-specific antibody targeting PD-L1/4-1BB, which has entered the registration clinical stage and is recognized as a breakthrough therapy for neuroendocrine carcinoma by NMPA and granted orphan drug status by the FDA [6]. - LBL-024 is being studied for various cancers, including small cell lung cancer and ovarian cancer, showing promising initial efficacy signals [7]. T-cell Engager Products - Weilizhibo has developed a matrix of 6 differentiated T-cell engager products targeting hematological malignancies, solid tumors, and autoimmune diseases, with several candidates already in clinical research [8]. Use of IPO Proceeds - Approximately 65% of the net proceeds from the IPO will be allocated to clinical development and regulatory affairs for ongoing and planned candidates, while 15% will enhance preclinical assets and expand existing pipelines [9].

Core Viewpoint - Weizheng Biotechnology Co., Ltd. is progressing with its public offering of shares and listing on the Beijing Stock Exchange, despite a decline in revenue and a net loss for 2024 [1] Financial Performance - The operating revenue for 2024 was 51.20 million, a year-on-year decrease of 18.98% [1][2] - The net loss attributable to shareholders was 32.40 million, with a year-on-year reduction in losses of 32.11% [1][2] - The gross profit margin improved to 35.48%, compared to 27.44% in the previous year [1][2] Shareholding Structure - As of the end of 2024, major shareholders include Wang Xiaozhen (22.28%), Wang Dezeng (13.5%), Xu Jindui (7.3%), and Liang Jianzhong (6.47%) [3] - The actual controller of the company is Lin Zhikang, who is also the general partner of Xiamen Youwei Kang Investment Partnership [2][3] Management Team - Lin Zhikang serves as the chairman, Wang Xiaozhen as the general manager, and Wang Dezeng as a board member [6][7][8][9] - The management team has a diverse background in biotechnology and management roles within the industry [7][8][9]

Group 1 - The Hong Kong stock market has shown strong performance, with the Hang Seng Index achieving a five-day consecutive rise and stabilizing above 25,000 points, driven by significant gains in technology stocks [1] - The attractiveness of Chinese assets is increasing, with digital technology, advanced manufacturing, and biotechnology becoming core areas for foreign capital allocation [1] - The current rally in the Hong Kong technology sector is a result of multiple factors, including policy support, technological iteration, institutional optimization, and capital resonance, serving as an important window for observing the revaluation of Chinese assets [1] Group 2 - The technology industry is transitioning from "traffic expansion" to "value creation," with significant improvements in profitability stability due to systematic policy support and technological breakthroughs [2] - The regulatory framework for the technology sector is continuously improving, leading to optimized corporate governance structures and a noticeable trend of "anti-involution," which is expected to enhance overall profitability and optimize the competitive landscape [2] - The establishment of the "Science and Technology Enterprise Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange aims to facilitate the listing of specialized technology and biotechnology companies, broadening financing channels for these firms [2] Group 3 - Market confidence in technology stocks has significantly increased, with a clearer valuation logic emerging, as capital consensus accelerates towards technological innovation [3] - Breakthroughs in fields such as artificial intelligence, humanoid robots, quantum communication, and semiconductors have led to a new leap in corporate competitiveness, shifting the valuation logic from short-term profit indicators to technology value [3] - The ongoing revaluation of Chinese assets, catalyzed by companies like DeepSeek, has led to a certain degree of valuation recovery for Hong Kong technology assets, which still offer high cost-effectiveness compared to global counterparts [3] - The transformation of global capital flows reflects the elevation of China's industrial value chain from a "world factory" to an "innovation source," redefining the value and position of Chinese assets in the global market [3]

Group 1 - The core index, the CESHKB, increased by 3.44% to 9134.3 points with a trading volume of 16.624 billion [1] - The CESHKB has seen significant growth, rising 21.08% in the past month, 48.89% in the last three months, and 97.07% year-to-date [1] - The index is compiled by China Securities Index Co., Ltd. under the commission of China Securities Trading Service Co., Ltd., reflecting the overall performance of biotechnology companies listed in Hong Kong [1] Group 2 - The top ten weighted stocks in the CESHKB include: Kangfang Biotech (13.95%), Innovent Biologics (9.39%), WuXi Biologics (9.1%), 3SBio (8.92%), BeiGene (8.74%), WuXi AppTec (5.72%), Zai Lab (5.05%), Kelun-Biotech (4.83%), Genscript Biotech (4.28%), and Nuo Cheng Jian Hua-B (4.11%) [1] - The CESHKB is exclusively composed of stocks from the Hong Kong Stock Exchange, with 100% representation [2] - The index's holdings are entirely within the healthcare sector, specifically focusing on pharmaceuticals and biotechnology [2]

Core Insights - Chengdu has released a list of 100 "hardcore products" as part of its future industry fund launch and industry matchmaking event, focusing on strengthening its manufacturing strategy and promoting technological and industrial innovation [2] Group 1: Digital Intelligence - Chengdu has achieved a "double thousand breakthrough" in the artificial intelligence sector, with over 1,000 enterprises and a significant industry scale, including 5 companies in the national top 100 and 11 large models registered [3] - The city has gathered innovative companies such as Zhizhu, Yisheng Medical, and Human Robot Innovation Center, launching 47 products with a financing demand of 2.8 billion [3] Group 2: Frontier Biology - Chengdu is the first city in China to fully open cell and gene therapy pilot programs, attracting leading companies like Qitan Technology and Yongxin Medical, and releasing 15 products with a financing demand of 1.7 billion [4] Group 3: New Materials - The city has established 202 national and provincial-level innovation platforms, with leading companies like Zhonglan Chenguang and Zhongjian Material Optoelectronics, launching 11 products with a financing demand of nearly 400 million [4] Group 4: Ubiquitous Networks - Chengdu is among the first cities in China to pilot "5G + Industrial Internet" applications, with advanced companies like Blue Star Guangyu and Chuangzhi Lianheng, launching 10 products with a financing demand of 500 million [4] Group 5: Future Transportation - Chengdu has achieved full coverage of drone products from 10 kg to ton-level, leading the nation in industrial drone exports, with companies like Wofei Changkong and Lingkong Tianxing launching 10 products and a financing demand exceeding 300 million [4] Group 6: Advanced Energy - Chengdu has gathered innovative companies such as Haofengguang Energy Storage and Mingshan Green Hydrogen, launching 7 leading products in the industry with a financing demand exceeding 800 million [5] - The products are applicable in new energy storage, green hydrogen, and clean power generation [5]

Group 1 - The core viewpoint of the article highlights that the new Hong Kong stock, Valiant Biopharma-B, has seen a significant increase of over 90% in its dark market trading, reaching a price of 66.65 HKD [1] - Valiant Biopharma was established in 2012 and is a clinical-stage biotechnology company [1] - The company focuses on the discovery, development, and commercialization of new therapies for cancer, autoimmune diseases, and other major diseases [1]

Core Insights - The report highlights the rapid growth and high potential of unicorn companies in Nanjing, with 8 companies listed among China's unicorns for 2024 and 9 listed in the global ranking for 2025, placing Nanjing seventh nationally [1][2] Group 1: Unicorn Company Overview - Unicorn companies are defined as privately held startups founded within the last 10 years, valued at over $1 billion, possessing unique core technologies and competitive advantages [2] - Nanjing's 8 unicorn companies have a total valuation of $14.7 billion, with the leading companies being T3 Mobility, Zhongqi Chuangzhi, and Pengbo Biotech, among others [2][3] - The sectors represented by Nanjing's unicorns include smart mobility, intelligent networking, innovative pharmaceuticals, artificial intelligence, integrated circuits, digital entertainment, and industrial internet [2] Group 2: Industry Trends and Focus - Integrated circuits have been the leading sector for unicorn companies for four consecutive years, with new entrants like Zhanxin Semiconductor focusing on high-performance analog integrated circuits [4] - Nanjing's strategy emphasizes innovation in key sectors such as artificial intelligence, new energy vehicles, and biomedicine, aligning with the city's modernization goals [4][5] - The city has established several innovation platforms in the integrated circuit industry, enhancing its capacity for technological advancement and attracting quality enterprises [4] Group 3: Supportive Environment for Growth - Nanjing has implemented a series of policies to foster a conducive environment for unicorn companies, focusing on innovation-driven development and creating a robust ecosystem for high-growth tech firms [6] - Recent policies aim to provide targeted support in areas such as innovation incentives, financial supply, talent services, and application scenarios to accelerate the growth of unicorns and gazelle companies [6][7] - The city has seen successful listings of several unicorn companies on stock exchanges, indicating a positive growth trajectory for the sector [7]

Meeting Information - The company will hold its 2025 Third Extraordinary General Meeting of Shareholders on August 12, 2025, at 14:30 [1] - Shareholders can participate in the meeting either in person or through online voting via the Shenzhen Stock Exchange trading system [1][3] - The deadline for shareholder registration is August 4, 2025, at the close of trading [1] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system or the internet voting system [3][4] - Only one voting method can be chosen for each voting right, and duplicate votes will be counted based on the first submission [1][3] - Specific procedures for online voting are detailed in the attached documents [4] Attendance Requirements - Natural person shareholders must present valid identification and stock account cards [2] - Representatives of natural person shareholders must provide additional documentation, including a power of attorney [2] - Legal representatives of corporate shareholders must present their identification and business licenses [2] Additional Information - The meeting will take place at 99 Kaiyuan Avenue, Bengbu City, Anhui Province [4] - Contact information for inquiries includes a phone number and email address [4] - Shareholders are responsible for their own travel and accommodation expenses [4]