Group 1 - HuLuWa's chairman Liu Jingping is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - The company assures that all production and operational activities are proceeding normally and will cooperate with the CSRC during the investigation [1] Group 2 - HengRui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project, with an initial payment of 30 million RMB [2] - SHR6508 is a new calcium-sensing receptor modulator intended for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis, currently in phase III clinical trials [2] - HengRui is eligible for milestone payments up to 190 million RMB and a sales commission of up to 9% based on quarterly net sales [2] Group 3 - YueKang Pharmaceutical has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [3] - The application materials are subject to updates and revisions as per regulatory requirements [3] Group 4 - Novo Nordisk announced a favorable ruling from the Supreme People's Court of China regarding the patent for semaglutide, a key component in its obesity and diabetes medications [4] - The company anticipates a low single-digit negative impact on global sales growth in 2026 due to the expiration of the patent in some markets [4] Group 5 - Sinovac Biotech has secured an exclusive contract to supply over 8 million doses of flu vaccine to the Chilean government for the 2026 flu season [5][6] - The first batch of vaccines is expected to arrive in Chile by the end of January 2026, continuing Sinovac's role as the sole supplier for the second consecutive year [6] Group 6 - Carestream Health has completed a strategic restructuring, splitting into two independent companies, with its international business unit acquired by Midea Group [7] - The specific transaction amount for the asset sale has not been disclosed [7] Group 7 - Haiwang Bio plans to sell its pharmaceutical distribution subsidiary for 248.08 million RMB to focus on high-margin sectors like medical devices [8] - The divestment aims to optimize the company's asset and business structure, reduce operational costs, and enhance long-term strategic focus [8]

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

Core Viewpoint - Recently, Heng Rui Medicine (600276) signed an exclusive licensing agreement with Hansoh Pharmaceutical Group Co., Ltd. to license its SHR6508 project, which is currently in Phase III clinical trials for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis [1] Group 1: Licensing Agreement - The licensing agreement involves a payment of RMB 30 million as an upfront fee from Hansoh Pharmaceutical to Heng Rui Medicine [1] - Heng Rui Medicine is eligible to receive regulatory milestone payments and commercial milestone payments related to the inclusion of the licensed product in the national medical insurance directory, which can total up to RMB 190 million [1] - The company is entitled to a tiered sales commission based on quarterly net sales, with a maximum rate of 9% [1] Group 2: Product Details - SHR6508 is a novel calcium-sensing receptor allosteric modulator intended for the treatment of secondary hyperparathyroidism in adult patients with chronic kidney disease requiring dialysis [1] - The mechanism of SHR6508 involves enhancing sensitivity to calcium ions, which reduces the secretion of parathyroid hormone (PTH) in patients with secondary hyperparathyroidism [1] Group 3: Related Parties - Hansoh Pharmaceutical and its subsidiary, Jiangsu Hengrui Pharmaceutical Group Co., Ltd., are considered related parties due to the control of the company's actual controller and chairman, Sun Piaoyang, by his spouse [1] - This transaction constitutes a related party transaction as per the listing rules [1]

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent 0.25% rate cut, which brings the federal funds rate to a range of 3.5% to 3.75% [1][4] - The market anticipates a dovish monetary policy stance post-2026 leadership change, but further observation of economic data is necessary [1] - The Chinese economy is facing a supply-demand imbalance, with a focus on stabilizing investment and the real estate market, while the US-China tariff war has paused, limiting the incentive for aggressive policy adjustments in the short term [1] Company News - Xiaomi's co-founder Lin Bin plans to sell up to $2 billion worth of shares, with proceeds intended for establishing an investment fund [10] - Leapmotor has received a premium subscription from FAW for nearly 75 million shares, amounting to over 4.1 billion RMB [10] - ByteDance is expected to purchase Huawei's Ascend chips next year, with total orders potentially exceeding 40 billion RMB, marking a significant increase from nearly zero in 2025 [10] - UBTECH Robotics has acquired a 43% stake in Fenglong for approximately 1.665 billion RMB, focusing on garden machinery and automotive components [10] - Vanke's domestic bond extension proposal was not approved, but a grace period extension was passed, allowing for a 30-day extension [10] Industry Insights - The National Development and Reform Commission (NDRC) is addressing "involution" competition in new energy vehicles and related industries, emphasizing price monitoring and quality checks to prevent disorderly competition [9] - The Chinese government is set to implement a more proactive fiscal policy in 2026, focusing on boosting consumption and effective investment in key areas [9] - The industrial profits in China fell by 13.1% year-on-year in November, indicating challenges in the industrial sector [9] - The Ministry of Industry and Information Technology forecasts a 5.9% growth in industrial value added for the year, with significant growth in high-tech manufacturing [9]

Core Viewpoint - Hansoh Pharmaceutical has entered into a licensing agreement with Jiangsu Hengrui Medicine Co., Ltd. to develop, produce, and commercialize SHR6508 in mainland China, excluding Hong Kong, Macau, and Taiwan [1] Group 1: Licensing Agreement Details - The agreement grants Hansoh Pharmaceutical exclusive rights to SHR6508, which is currently in Phase III clinical trials for treating secondary hyperparathyroidism in adult patients undergoing hemodialysis due to chronic kidney disease [1] - Hansoh Pharmaceutical will pay an upfront fee of 30 million RMB, with potential milestone payments of up to 190 million RMB based on regulatory and commercial achievements [1] - The company will also pay tiered royalties based on future net sales of the product [1]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has approved two significant related-party transactions involving the signing of an exclusive licensing agreement and a commercialization service framework agreement with Hansoh Pharmaceutical Group Co., Ltd. [1][2][7] Group 1: Transaction Overview - The company has signed an exclusive licensing agreement to grant Hansoh Pharmaceutical the rights to develop, produce, and commercialize the SHR6508 project in mainland China [8][10] - The SHR6508 project is a novel calcium-sensing receptor modulator intended for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis, currently in Phase III clinical trials [9][31] - The company’s subsidiary, Chengdu Shengdi Pharmaceutical Co., Ltd., has entered into a commercialization service framework agreement with Hansoh's subsidiary, Jiangsu Hansoh Pharmaceutical Group Co., Ltd., to provide non-exclusive commercialization services for the product Paricalcitol soft capsules [11][12] Group 2: Financial Terms - Under the exclusive licensing agreement, Hansoh Pharmaceutical will pay an upfront fee of RMB 30 million, with potential milestone payments up to RMB 190 million based on regulatory and commercialization achievements, and a sales commission of up to 9% based on quarterly net sales [13][29] - The commercialization service framework agreement will involve service fees based on the actual net sales of the product, with specific rates to be determined in future agreements [26][28] Group 3: Strategic Rationale - The licensing agreement allows the company to focus resources on priority therapeutic areas while leveraging Hansoh Pharmaceutical's expertise and established network in the relevant treatment fields [31][32] - The commercialization service agreement is expected to expedite market entry and reduce costs associated with building an internal sales team, thus optimizing capital allocation [33]

Core Viewpoint - Hansoh Pharmaceutical (3692.HK) has entered into a licensing agreement to obtain exclusive rights for the development, production, and commercialization of the innovative drug SHR6508 in China (excluding Hong Kong, Macau, and Taiwan) [1] Group 1: Product Development - SHR6508 is a calcium-sensing receptor (CaSR) allosteric modulator currently in Phase III clinical trials, intended for the treatment of secondary hyperparathyroidism in adult patients with chronic kidney disease (CKD) requiring dialysis [1] - This collaboration signifies Hansoh Pharmaceutical's further deepening of its product portfolio in the nephrology sector, enhancing its core competitiveness [1] Group 2: Market Position - Hansoh Pharmaceutical has already launched an innovative nephrology drug, Shengluo Lai® (Pemosaject), in 2023, which is used for treating renal anemia [1] - The company possesses a mature commercialization system and market access capabilities in the fields of nephrology and dialysis [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 自願公告 與恒瑞醫藥訂立許可協議 翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈，於二零二五年十二月二十六日，本公司與江蘇恒瑞 醫藥股份有限公司（「許可人」）訂立許可協議（「許可協議」）。 根據許可協議，本公司獲得許可人的獨家許可，以於中國（不含香港、澳門及台 灣）開發、生產和商業化SHR6508（「該產品」），並有權根據許可協議條款進一步 分許可。本公司將向許可人支付三千萬元人民幣首付款，最高一點九億元人民幣 的潛在監管及商業里程碑付款，以及未來潛在產品淨銷售額的單位數百分比分級 特許權使用費。 該產品是一種鈣敏感受體(CaSR)變構調節劑，可提高受體對細胞外鈣的敏感性， 從而減少甲狀旁腺激素(PTH)的分泌。該產品目前處於III期臨床試驗階段，擬用 於治療需接受 ...

Group 1 - The company Heng Rui Medicine (600276.SH) has signed an exclusive licensing agreement with Hansoh Pharmaceutical Group Co., Ltd. to license its SHR6508 project [1] - SHR6508 is a novel calcium-sensing receptor allosteric modulator intended for the treatment of secondary hyperparathyroidism in adult patients undergoing hemodialysis, currently in Phase III clinical trials [1] - The company’s paricalcitol soft capsule product is expected to be approved for market launch by the National Medical Products Administration in November 2025 [1] Group 2 - Hansoh Pharmaceutical and its subsidiary, Jiangsu Hengrui Pharmaceutical Group Co., Ltd., are controlled by the spouse of the company's actual controller and chairman, Sun Piaoyang, making them related parties under listing rules [2] - Hansoh Pharmaceutical is a leading innovation-driven pharmaceutical company in China, focusing on major disease treatment areas such as oncology, anti-infection, central nervous system, metabolism, and autoimmune diseases [2]

Core Viewpoint - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical Group to license its SHR6508 project, which is currently in Phase III clinical trials for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis [1][2]. Group 1: Licensing Agreement - The company has entered into an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project [1]. - A commercialization service framework agreement has been signed between Chengdu Shengdi Pharmaceutical and Jiangsu Hengrui Pharmaceutical Group, allowing the latter to provide non-exclusive commercialization services for the company's paricalcitol soft capsule product [1]. Group 2: Product Details - SHR6508 is a novel calcium-sensing receptor allosteric modulator aimed at treating secondary hyperparathyroidism in adult patients with chronic kidney disease on dialysis, currently undergoing Phase III clinical trials [1]. - Paricalcitol is a synthetic vitamin D analog that suppresses parathyroid hormone (PTH) secretion by binding to the vitamin D receptor, thereby lowering serum PTH levels [1]. - The paricalcitol soft capsule is expected to receive approval from the National Medical Products Administration for market launch in November 2025 [1]. Group 3: Company Background - Hansoh Pharmaceutical is a leading innovation-driven pharmaceutical company in China, focusing on major disease treatment areas such as oncology, anti-infection, central nervous system, metabolism, and autoimmune diseases [2].