二、关于股本情况，请说明(1)QimingVIll、QimingVILL-HC上层投资人中是否存在法律法规规定禁止持 股的主体;(2)特殊股东权利中的否决权、董事任命权的具体安排及其对控制权认定的影响。 1月9日，中国证监会发布《境外发行上市备案补充材料要求(2026年1月5日—2026年1月9日)》。中国证 监会国际司共对10家企业出具补充材料要求，其中，要求明宇制药补充说明股权架构搭建及返程并购的 合规性等事项。据港交所2025年11月24日披露，明宇制药有限公司递表港交所主板，Morgan Stanley、 BofA Securities、CITIC Securities为其联席保荐人。 证监会请明宇制药补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于股权架构搭建及返程并购的合规性，请说明(1)持股5%以上的股东是否履行《关于境内居民通 过特目的公司境外投融资及返程投资外汇管理有关问题的通知》(37号文)的外汇登记，以及境内机构股 东是否履行对外投资等境内监管程序;(2)设立境内运营实体明慧杭州、明慧上海是否履行外商投资信息 报告义务，是否办理外汇登记手续;(3)股权架构搭建及返程并购过程是 ...

三、关于最近一年新增股东，请说明(1)Radiance、PK、Chin的基本情况，股权代持形成的原因及合法 合规性，代持还原相关交易安排的合理性;(2)Huaanhuiquan、Huaanmurong、Huaanshenge外翻至境外前 的持股情况，本次外翻至境外的入股价格是否公允;(3)2025年3月发行人Pre-C轮融资估值调整触发股东 协议相关条款，请说明相关条款具体内容，以及向BERWICK、深圳信熹、上海信熹、DOMKING、 BERWICK发行Pre-C系列优先股存在价格差异的合理性;(4)最近12个月内新增股东入股价格是否公允合 理、是否存在利益输送的结论性意见。 四、关于境内运营实体，请说明(1)按照《监管指第2号》说明重大诉讼、仲裁情况;(2)就境内运营实体 立及历次股权变动是否合法合规出具结论性意见。 招股书显示，明宇制药于2018年成立，是一家生物技术创新企业。公司具有双重增长引擎：基于专有抗 体偶联药物(ADC)平台及一款新型PD-1/VEGF双特异性抗体(bsAb)搭建的稳健的临床阶段肿瘤产品组 合，以及向商业化推进的已处于临床后期的自身的免疫资产。 一、关于股权架构搭建及返程并购的 ...

据介绍，和铂医药始终专注于肿瘤及免疫性疾病领域创新抗体疗法的研发。公司以全人源转基因小鼠平 台Harbour Mice为技术基石，构建了涵盖双抗、多抗、抗体偶联药物(ADC)等在内的20余条产品管线， 并与阿斯利康、辉瑞、百时美施贵宝、大塚制药、艾伯维、Moderna等多家全球知名药企建立了深度合 作，技术实力获得合作伙伴的广泛认可。 此外，公司针对CLDN18.2、LIFR等靶点的创新疗法也已进入临床或申报阶段，为胰腺癌治疗矩阵注入 多元化动能。 和铂医药-B(02142)涨超3%，截至发稿，涨3.34%，报12.67港元，成交额3048.05万港元。 消息面上，1月7日，据和铂医药官微消息，近日，国家科技创新2030"癌症、心脑血管、呼吸和代谢性 疾病防治研究"重大专项2025年度立项结果正式公布。由上海长海医院牵头，和铂医药参与联合申报 的"胰腺癌发病机制和临床精准诊治新范式研究"项目成功获批立项。 ...

资料显示，百奥赛图便专注于创新药临床前开发的关键环节。经过十余年的积淀，百奥赛图逐步发展为 以基因编辑模式动物制备、创新模式动物繁殖与供应、临床前药理药效评价以及抗体药物发现四个技术 平台为一体的生物技术企业，旨在加快新药研发领域进程。 业绩方面，2022年、2023年及2024年，恒瑞医药营收分别为212.75亿元、228.20亿元、279.85亿元，归 母净利润分别为39.06亿元、43.02亿元、63.37亿元，毛利率分别为83.6%、84.6%、86.2%。2025年前三 季度，公司实现营业收入231.88亿元，同比增长14.85%；归属于上市公司股东的净利润57.51亿元，同 比增长24.50%。营收和净利润均保持双位数增长态势，业绩表现符合市场预期。 而映恩生物上市首日涨超110%。资料显示，映恩生物致力研发癌症和自身免疫疾病创新药物，成功进 入全球抗体偶联药物(ADC)产业链，目前公司两款核心产品已成为6种靶向癌症的候选药物，另有5款临 床阶段药物跻身全球临床较先地位。公司表示，未来会发挥香港国际金融中心优势，与更多跨国药企合 作，继续推动临床阶段资产开发。 此外， 2025年有3家公司在科创板 ...

Core Viewpoint - Newnovel (300765), the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Financial Performance - Newnovel's revenue has been declining, with figures dropping from 28.38 billion yuan in 2022 to 19.81 billion yuan in 2024, representing a year-on-year decline of 10.55% in 2023 and 21.98% in 2024 [3][4] - The company reported a net profit of 2.94 billion yuan in 2022, which fell to 1.26 billion yuan in 2023, and turned into a net loss of 3.04 billion yuan in 2024 [3][4] - In the first seven months of 2025, Newnovel's revenue showed a slight increase of 8.74%, but losses expanded to 2.26 billion yuan compared to the same period in 2024 [3] Traditional Business Struggles - The traditional business, which includes functional raw materials and health foods, has been the main revenue contributor, accounting for over 90% of total revenue, but has shown weak growth [4] - Revenue from functional raw materials and health foods decreased from 25.71 billion yuan in 2022 to 19.81 billion yuan in 2024, with a decline of 4.7% in 2023 and 24.9% in 2024 [4] - The gross margin for this segment also fell from 45.6% in 2023 to 39.6% in 2024, indicating increasing pressure on profitability [4] Transition to Innovative Drugs - Newnovel's transition to innovative drugs has not yet yielded significant results, despite high gross margins of over 90% for biopharmaceuticals [5][6] - The company acquired a 51% stake in Jushi Biotech for 18.71 billion yuan in 2023, aiming to enhance its innovative drug pipeline, which includes antibody drugs and mRNA vaccines [5] - However, the revenue contribution from biopharmaceuticals remains low, accounting for less than 5% in 2024 and only 9.5% in the first seven months of 2025 [5][6] R&D Investment and Future Outlook - R&D expenses surged to 8.43 billion yuan in 2024, a 25.51% increase from 2023, representing 42.5% of total revenue, which has exacerbated the company's losses [6] - The upcoming IPO aims to raise funds primarily for biopharmaceutical R&D, asset acquisitions, product commercialization, and operational capital [6] - The success of Newnovel's transformation will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [6]

Core Viewpoint - The stock of HAPO Pharmaceutical-B (02142) has seen an increase of nearly 4%, currently trading at 13.76 HKD, following the announcement of an enhanced global strategic collaboration with AstraZeneca, focusing on the development of next-generation biotherapies including antibody-drug conjugates (ADC) and T-cell engagers (TCE) [1] Group 1: Strategic Collaboration - HAPO Pharmaceutical has announced an update to its global strategic collaboration with AstraZeneca established in March 2025 [1] - The collaboration will leverage both companies' expertise to jointly discover and develop new biotherapies [1] - AstraZeneca will nominate R&D projects annually for the next four years, highlighting the deepening partnership [1] Group 2: Financial Terms - HAPO Pharmaceutical will be eligible to receive option fees, exercise fees, development and commercial milestone payments, as well as tiered royalties based on future net sales of licensed projects [1] - The economic terms are consistent with the financial framework agreed upon in March 2025 [1]

Core Viewpoint - Heptagon Pharmaceuticals (02142) has announced an update to its global strategic collaboration with AstraZeneca, focusing on the discovery and development of next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers (TCEs) [1] Group 1: Collaboration Details - The collaboration will see AstraZeneca nominate R&D projects to Heptagon Pharmaceuticals annually over the next four years, highlighting the deepening partnership [1] - Heptagon Pharmaceuticals will be eligible to receive option fees, exercise fees, development and commercial milestone payments, as well as tiered royalties based on future net sales of licensed projects [1] - The economic terms of this collaboration align with the financial framework established in March 2025 [1] Group 2: Market Reaction - Heptagon Pharmaceuticals' stock rose nearly 4% in the afternoon session, with a current increase of 3.15%, trading at HKD 13.76, and a transaction volume of HKD 33.4244 million [1]

Core Viewpoint - Heptagon Pharmaceuticals (02142) has seen a stock increase of over 4%, currently trading at 14.22 HKD, with a transaction volume of 27.84 million HKD, following the announcement of an updated global strategic collaboration with AstraZeneca established in March 2025 [1] Group 1: Collaboration Details - The collaboration aims to jointly discover and develop next-generation biotherapies, including antibody-drug conjugates (ADC) and T-cell engagers (TCE) [1] - AstraZeneca will nominate R&D projects annually for the next four years, highlighting the deepening partnership between the two companies [1] - Heptagon Pharmaceuticals is eligible to receive option fees, exercise fees, development and commercial milestone payments, as well as tiered royalties based on future net sales of the licensed projects, consistent with the financial framework established in March 2025 [1]

| [編纂]的[編纂]數目 : [編纂]股股份(視乎[編纂] | | --- | | 行使與否而定) | | : [编纂]股股份(可予重新分配) [编纂]數目 | | [編纂]數目 : [編纂]股股份(可予重新分配及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股[編纂]港元,另加1.0%經紀佣金、 | | 0.0027％證監會交易徵費、0.00565% | | 聯交所交易費及0.00015%會財局交易 | | 徵費(須於[編纂]時以港元繳足,多繳 | | 款項可予提還) | | 面值 : 每股股份0.00001美元 | | [编纂] : [编纂] | | September 1999 1999 Property Comments of the comments of and the same of the may be | 瑞财经 吴文婷11月24日，明宇制药有限公司（以下简称"明宇制药"）在港交所递交招股书，联席保荐人包括摩根士丹利、美银证券和中信证券。 明宇制药是一家于2018年成立的接近商业化的生物技术创新企业。 公司具有双重增长引擎，包括基于专有抗体偶联药物(ADC)平台及一款新 ...

Core Insights - Mingyu Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as joint sponsors [1] - The company, established in 2018, is a biotechnology innovator with a dual growth engine: a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody (bsAb) [1] - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 in clinical stages, and expects to generate revenue from its autoimmune projects soon [1] - The oncology projects focus on advancing ADC monotherapy for later-line treatment and exploring combination therapies with PD-1/VEGF bispecific antibodies to innovate first-line cancer treatment [1]