Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium-sized enterprises continue to seek global financing opportunities, particularly through listings in the U.S. and Hong Kong [3][4]. Group 1: Privatization and Delisting - Geely Automobile completed the privatization of Zeekr, which became a wholly-owned subsidiary and delisted from the NYSE. The privatization was marked by a rapid process, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [6]. - Dada Group, part of the JD ecosystem, was privatized by JD Group at a valuation of $520 million, allowing for more strategic flexibility and deeper collaboration with JD in the instant retail market [7]. - Financial One Account pioneered dual delisting by completing its exit from both the NYSE and Hong Kong Stock Exchange, with a privatization deal valued at approximately HKD 1.69 billion, driven by long-term low stock prices and liquidity issues [7]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, indicating a trend of increasing numbers but decreasing fundraising amounts, with an average fundraising of less than $20 million [9]. - The largest IPOs included Bawang Tea and Ascentage Pharma, raising $411 million and $126 million respectively, highlighting a shift towards smaller enterprises in the U.S. market [9][10]. - The outlook for 2026 is cautious, as new listing requirements from Nasdaq may lead to a decline in the number of Chinese companies able to meet these standards [10]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is gaining momentum, with companies like Pony.ai and Hesai achieving dual primary listings, which is becoming the mainstream return model [12]. - Hesai's IPO in Hong Kong was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [12]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [12]. Group 4: Strategic Implications - Some analysts suggest that privatization followed by IPOs in Hong Kong or A-shares may allow companies to escape U.S. regulatory pressures and achieve better valuations in local markets [13].

Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium enterprises continue to seek global financing opportunities, reflecting a complex interplay of withdrawal and entry in the global capital market landscape [1]. Group 1: Privatization and Delisting - Geely Automobile has completed the privatization of Zeekr, which is now a wholly-owned subsidiary, and has delisted from the NYSE, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [2]. - Dada Group, part of the JD ecosystem, was privatized at a valuation of $520 million, with the acquisition price set at $2.0 per ADS, allowing for strategic adjustments and deeper collaboration with JD in the instant retail market [3]. - Fintech company OneConnect has pioneered dual delisting, having been listed on both the NYSE and HKEX, and has now completed its delisting from both exchanges, privatized for approximately HKD 1.69 billion due to long-term low stock prices and liquidity issues [3]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, marking a 41% decrease in total financing compared to 2024, despite a 7% increase in the number of new listings [4]. - The largest IPOs this year were from consumer company Bawang Chaji, raising $411 million, and pharmaceutical company Ascentage Pharma, raising $126 million, indicating a shift towards smaller enterprises in the U.S. market [4][5]. - Ascentage Pharma, which focuses on developing new small molecule drugs, became the first Chinese biotech company to list in 2025, with its stock price rising by 61.62% post-IPO [5]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is evident, with companies like Pony.ai and Hesai achieving dual primary listings, reflecting a shift towards this model as a means to better integrate into the Hong Kong market [6]. - Hesai's IPO in September 2025 was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [6]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [6]. Group 4: Future Outlook - Some analysts suggest that certain Chinese companies may pursue privatization and then re-list in Hong Kong or A-shares to escape U.S. regulatory pressures, potentially leading to better valuations and diversified financing channels [7].

Core Insights - The Chinese concept stock market is undergoing significant changes in 2025, with notable events such as the privatization of Zeekr and Dada, as well as the dual delisting of Financial One Account, indicating a rapid withdrawal of Chinese companies from the US market while over 60 small enterprises seek global financing opportunities [1][2][3]. Group 1: Privatization and Delisting - Geely Automobile has completed the privatization of Zeekr, which is now a wholly-owned subsidiary, and has delisted from the NYSE, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [2]. - Dada Group's privatization by JD Group at a valuation of $520 million allows for strategic adjustments and deeper collaboration with JD in the instant retail market [3]. - Financial One Account has pioneered dual delisting, completing its exit from both the NYSE and HKEX, with a privatization deal valued at approximately HK$1.69 billion, driven by long-term stock price decline and liquidity issues [3]. Group 2: Trends in US Listings - In 2025, 63 Chinese companies went public in the US, raising approximately $1.12 billion, marking a 41% decrease in fundraising compared to 2024, with an average fundraising amount of less than $20 million [4]. - The largest fundraising events were from Bawang Tea and Ascentage Pharma, raising $411 million and $126 million respectively, highlighting a shift towards smaller enterprises in the US market [4][5]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is evident, with companies like Pony.ai and Hesai achieving dual primary listings, indicating a preference for this model to better integrate into the Hong Kong market [6]. - Hesai's IPO raised over HK$4.16 billion (approximately $533 million), marking it as the largest IPO in the global lidar industry to date [6]. - Other companies, such as Tianjing Bio, are also planning to return to Hong Kong for dual listings, reflecting a broader trend of Chinese firms seeking to escape US regulatory pressures [6]. Group 4: Future Outlook - Analysts suggest that some Chinese concept stocks may pursue privatization and then re-list in Hong Kong or A-shares, allowing them to escape US regulatory pressures and achieve more favorable valuations in Chinese markets [7].

据交易所数据显示，12月16日，亚盛医药(AAPG)开盘上涨5.43%，截至22:34，报29.1美元/股，成交 1.79万美元，总市值27.16亿美元。 财务数据显示，截至2025年06月30日，亚盛医药收入总额2.34亿人民币，同比减少71.63%；归母净利 润-5.91亿人民币，同比减少462.43%。 资料显示，亚盛医药集团是一家立足中国、面向全球的生物医药企业,致力于在肿瘤、乙肝及与衰老相 关的疾病等治疗领域开发创新药物。2019年10月28日,亚盛医药在香港联交所主板挂牌上市,股票代 码:6855.HK。亚盛医药拥有自主构建的蛋白-蛋白相互作用靶向药物设计平台,处于细胞凋亡通路新药研 发的全球前沿。公司已建立拥有9个已进入临床开发阶段的1类小分子新药产品管线,包括抑制Bcl-2、 IAP或MDM2-p53等细胞凋亡通路关键蛋白的抑制剂;新一代针对癌症治疗中出现的激酶突变体的抑制剂 等,为全球唯一在细胞凋亡通路关键蛋白领域均有临床开发品种的创新公司。目前公司正在中国、美 国、澳大利亚及欧洲开展40多项临床试验。用于治疗慢性髓细胞白血病的核心品种奥雷巴替尼(商品名: 耐立克)曾获中国国家药品监督管理局 ...

Summary of the Conference Call for Ascentage Pharma Company Overview - **Company**: Ascentage Pharma - **Focus**: Development of innovative therapies for hematological malignancies and solid tumors Key Points from the Conference Call Clinical Data and Drug Development - **Lisatoclax**: - Achieved a 63% overall response rate (ORR) in patients with relapsed/refractory Chronic Lymphocytic Leukemia (CLL) [2][5] - Notable safety profile with low incidence of severe adverse events [5] - Approved in July 2025, demonstrating rapid development within 11 years [3] - **Orebacitinib (耐立克)**: - In first-line treatment for Ph+ Acute Lymphoblastic Leukemia (ALL), achieved a 64% MRD-negative complete response rate (CRR) at 3 months, outperforming the Falcon Trial [2][9] - In second-line treatment, both Major Molecular Response (MMR) and CRR rates improved over time, especially in patients previously treated with dasatinib or nilotinib [10] - **FGFR Rearrangement in Hematological Malignancies**: - Research led by Professor Chen Shulin showed significant responses in patients with rare FGFR rearrangements, with 5 achieving complete molecular remission [12] - **EED Inhibitors**: - Showed potential in models of anemia and multiple myeloma, with effects comparable or superior to Forcan's drugs [2][14] - Ongoing Phase I clinical trials for multiple indications [2] Regulatory and Market Position - **Global Clinical Trials**: - Significant progress in global registration trials, with multiple studies receiving FDA and EMA approvals [8] - Focus on addressing unmet clinical needs in MDS, with potential to be the first approved BCL-2 selective inhibitor for MDS [8] - **Competitive Landscape**: - Ascentage Pharma has established a strong position in the BCL-2 inhibitor market, with ongoing trials in AML and MDS [21][22] - Plans to consolidate market position through monotherapy and combination therapies [22] Future Directions - **ALL Treatment Plans**: - Advancing the combination of Orebacitinib and 2,575 for ALL, exploring chemotherapy-free options [20] - **MDS and MM Developments**: - Continued focus on MDS with plans for registration studies and addressing challenges in treatment [17][23] - BCL-2 inhibitors remain a key strategy for high-risk MDS treatment [18] - **EED Inhibitor Development**: - Despite challenges, Ascentage Pharma is leading in EED inhibitor research, with promising early results in anemia treatment [24][26] Additional Insights - **Safety and Efficacy**: - Lisatoclax demonstrated a low incidence of tumor lysis syndrome (TIS), attributed to its short half-life and effective preventive measures [16] - **Market Potential**: - The anemia market is considered larger than the lymphoma market, with ongoing research into various anemia types [26] - **Collaboration and Innovation**: - Emphasis on innovative clinical trials and collaborations to meet the needs of hematological cancer patients globally [28] This summary encapsulates the critical insights and developments discussed during the conference call, highlighting Ascentage Pharma's advancements in drug development, regulatory achievements, and strategic positioning in the market.

Core Viewpoint - Ascentage Pharma-B (06855) saw a stock increase of over 6%, currently trading at 64.2 HKD with a transaction volume of 19.93 million HKD, following the announcement of the global registration Phase III clinical trial POLARIS-1 for its novel drug Olverembatin (brand name: Nairik) in treating newly diagnosed Philadelphia chromosome-positive (Ph+) acute lymphoblastic leukemia (ALL) patients, which received approval from both the FDA and EMA [1][2]. Group 1 - The POLARIS-1 study is the second global registration Phase III trial for Nairik approved by regulatory agencies in Europe and the US, which will expedite its market entry, particularly in Europe and the US [1]. - The POLARIS-1 study's latest progress will be presented at the upcoming 2025 American Society of Hematology (ASH) annual meeting, marking the first public disclosure of the study data [2]. - Preliminary data from the study indicates that the molecular MRD (minimal residual disease) negative rate and molecular MRD negative complete response (CR) rate for patients treated with Nairik combined with low-intensity chemotherapy reached approximately 65%, significantly outperforming similar products under comparable conditions [2]. Group 2 - The treatment regimen demonstrated excellent safety profiles, with a low and manageable incidence of side effects, even for high-risk subtypes such as those carrying the IKZF1plus gene mutation [2].

Core Viewpoint - Ascentage Pharma-B (06855) has seen a stock price increase of over 6%, currently trading at 64.2 HKD, following the announcement of the global Phase III clinical trial POLARIS-1 for its novel drug Olverembatinib (brand name: Nilotinib) in treating newly diagnosed Ph+ acute lymphoblastic leukemia (ALL) patients, which has received approval from both the FDA and EMA [1][2] Group 1 - The POLARIS-1 study is the second global Phase III trial for Nilotinib approved by major regulatory agencies in Europe and the U.S., which will expedite its market entry, particularly in Europe and the U.S. [1] - The study will present its latest findings at the upcoming 2025 American Society of Hematology (ASH) annual meeting, marking the first public disclosure of the data [2] - Preliminary data indicates that the molecular MRD (minimal residual disease) negative rate and molecular MRD negative complete response rate for patients treated with Nilotinib combined with low-intensity chemotherapy are around 65%, significantly outperforming similar products under comparable conditions [2] Group 2 - The treatment has shown promising efficacy even in high-risk subtypes, such as those with IKZF1plus gene mutations, demonstrating good therapeutic outcomes [2] - The safety profile of the combination therapy is favorable, with a low and manageable incidence of adverse effects [2]

Core Viewpoint - Ascentage Pharma-B (06855) saw a rise of over 3%, currently trading at HKD 64.35 with a transaction volume of HKD 46.0484 million, following the announcement of positive clinical trial results for its novel drug Olverembatinib (brand name: Nairike) in treating gastrointestinal stromal tumors (GIST) [1] Group 1: Clinical Trial Results - On November 25, Ascentage Pharma announced that the research results of its original Class 1 new drug Olverembatinib for GIST were published in the prestigious journal Signal Transduction and Targeted Therapy, which has an impact factor of 52.7 [1] - The study demonstrated that Olverembatinib shows good efficacy and safety in SDH-deficient GIST, revealing a novel mechanism of anti-tumor action through lipid metabolism regulation [1] - The Phase I study evaluated the safety and anti-tumor activity of Olverembatinib in 66 patients with unresectable/metastatic GIST and other solid tumors, including 26 patients with SDH-deficient GIST who had failed prior treatment with tyrosine kinase inhibitors (TKIs) [1] Group 2: Significance of the Study - This is the largest prospective clinical trial conducted to date for this rare subtype of GIST [1]

Core Viewpoint - Ascentage Pharma-B (06855) saw a stock increase of over 3%, currently trading at HKD 64.35 with a transaction volume of HKD 46.048 million, following the announcement of positive clinical trial results for its novel drug Olarebactam (brand name: Nairike) in treating gastrointestinal stromal tumors (GIST) [1] Group 1: Clinical Trial Results - Ascentage Pharma announced the successful publication of research results for Olarebactam in the international journal "Signal Transduction and Targeted Therapy," which has an impact factor of 52.7 [1] - The study demonstrated that Olarebactam shows good efficacy and safety in treating SDH-deficient GIST, revealing a novel mechanism of action through lipid metabolism regulation [1] - The Phase I trial evaluated the safety and anti-tumor activity of Olarebactam in 66 patients with unresectable/metastatic GIST and other solid tumors, including 26 patients with SDH-deficient GIST who had failed prior treatment with tyrosine kinase inhibitors (TKIs) [1] - This trial is noted as the largest prospective clinical study to date targeting this rare subtype of GIST [1]

Core Viewpoint - As of August 18, 2023, AAPG's stock price increased by 5.35%, reaching $47.4 per share, with a total market capitalization of $4.406 billion. The company reported a total revenue of 981 million RMB for the year ending December 31, 2024, representing a year-on-year growth of 341.77%, while the net profit attributable to shareholders was -405 million RMB, showing a year-on-year increase of 56.2% [1]. Financial Performance - AAPG's total revenue for the fiscal year ending December 31, 2024, is projected to be 981 million RMB, reflecting a significant year-on-year growth of 341.77% [1]. - The net profit attributable to shareholders is expected to be -405 million RMB, which indicates a year-on-year increase of 56.2% [1]. Upcoming Events - AAPG is scheduled to disclose its mid-year report for the fiscal year 2025 on August 20, 2023, after the market closes (Eastern Time) [2]. Company Overview - AAPG is a biopharmaceutical company based in China, focusing on developing innovative drugs for cancer, hepatitis B, and age-related diseases. The company was listed on the Hong Kong Stock Exchange on October 28, 2019, under the stock code 6855.HK [3]. - AAPG has established a proprietary drug design platform targeting protein-protein interactions and is at the forefront of developing new drugs in the apoptosis pathway. The company has a pipeline of nine clinical-stage Class 1 small molecule drugs, including inhibitors targeting key proteins in the apoptosis pathway [3]. - The core product, Olarebatin (brand name: Nairike), has been approved in China and is included in the National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug List (2022). It has also received various designations from the FDA and the EU [3]. - AAPG has engaged in over 40 clinical trials across China, the U.S., Australia, and Europe, and has established collaborations with leading biotech and pharmaceutical companies and academic institutions globally [3].