生物制药公司瑞博生物-B(6938.HK)明日在港挂牌上市，今日在富途的暗盘交易中一度涨近40%，报81 港元；每手200股，不计手续费，一手赚4606港元。 瑞博生物是一家从事小核酸药物研究和开发，尤其专注于siRNA疗法的生物制药公司。公司启程于2007 年，是该领域的开拓者之一。 ...

智通财经APP获悉，1月5日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月29日— 2026年1月4日)》。其中，中国证监会要求靖因药业补充说明关于搭建离岸架构及返程并购的合规性等 事项。据港交所2025年9月28日披露，靖因药业向港交所主板提交上市申请书，高盛、海通国际、 HSBC为其联席保荐人。 中国证监会请靖因药业补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性，请说明：(1)你公司搭建离岸架构和返程投资涉及的外汇 管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效监管规定的 结论性意见;(2)境内运营实体靖因上海设立及历次股权变动是否合法合规的结论性意见。 二、请说明你公司境内运营实体所占你公司财务报表相关数据的具体比例，注册资本未缴足是否会对正 常业务开展及债务偿付能力产生不利影响，并就其经营范围及实际业务是否涉及限制或禁止外商投资领 域出具明确结论性意见。 三、请对照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求，完善说 明发行上市方案。 招股书显示，靖因药业是一家全球临床阶段生物技 ...

1月5日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月29日—2026年1月4日)》。其 中，中国证监会要求靖因药业补充说明关于搭建离岸架构及返程并购的合规性等事项。据港交所2025年 9月28日披露，靖因药业向港交所主板提交上市申请书，高盛、海通国际、HSBC为其联席保荐人。 中国证监会请靖因药业补充说明以下事项，请律师核查并出具明确的法律意见： 招股书显示，靖因药业是一家全球临床阶段生物技术公司，致力于充分发挥siRNA疗法的临床及商业价 值。公司以三大潜在重磅产品管线组合、专有siRNA技术平台及全球合作网络为战略基石，旨在通过开 发针对全球巨大未满足医疗需求的同类首创与同类最优siRNA疗法，革新慢性疾病的现行治疗标准。 一、关于搭建离岸架构及返程并购的合规性，请说明：(1)你公司搭建离岸架构和返程投资涉及的外汇 管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效监管规定的 结论性意见;(2)境内运营实体靖因上海设立及历次股权变动是否合法合规的结论性意见。 二、请说明你公司境内运营实体所占你公司财务报表相关数据的具体比例，注册资本未缴足是否会对正 常业务 ...

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a prolonged downturn from 2021 to 2024, followed by a substantial recovery in 2025. The Hang Seng Medical Index has doubled from its lowest point but still has room to grow compared to previous highs, while the A-share medical index remains significantly below its historical peak [1][2]. Group 1: Investment Opportunities in the Pharmaceutical Sector - The current market sentiment towards the pharmaceutical sector is cautious, with a need to reassess the understanding of the industry and future prospects [2]. - Four major investment opportunities in the pharmaceutical sector over the next three years have been identified, which may influence future fund allocation strategies [2]. Group 2: Domestic High-Value Consumables - Domestic high-value consumables, particularly in the context of "innovation + going global," show strong growth potential, although market consensus is still lacking [3][9]. - The market capitalization of domestic high-value consumables companies is significantly lower than their international counterparts, indicating substantial growth potential [5][9]. - The characteristics of high-value consumables align well with China's manufacturing strengths, suggesting that the emergence of world-class companies in this sector is likely [9][10]. Group 3: U.S. Biotech Sector - The U.S. biotech sector is experiencing a second upward cycle driven by various intracellular biological technologies achieving clinical validation [14]. - The rise of domestic innovative drugs has created competitive pressure on U.S. biotech firms, but it also opens opportunities for collaboration and integration [14][15]. - The market for intracellular technologies is expected to grow, with significant investment opportunities in U.S. biotech companies [16][19]. Group 4: Domestic Innovative Drugs - The domestic innovative drug sector is entering a golden window of opportunity following deep medical reforms, with strong growth potential anticipated in the coming years [23][24]. - The growth trajectory of domestic innovative drugs mirrors that of the U.S. market in the 1980s, suggesting a potential for a prolonged high-growth cycle [25][27]. - The competitive landscape for domestic innovative drugs is evolving, with a focus on maintaining product quality and performance to succeed in a mature global market [27][29]. Group 5: Overall Pharmaceutical Industry Trends - The overall growth rate of the pharmaceutical industry is expected to accelerate marginally over the next three years, improving the industry’s overall outlook [29][30]. - The anticipated recovery in industry revenue and profit margins is driven by the maturation of previously loss-making innovative drug companies and a reduction in competitive pressures [30][35]. - Despite the positive outlook, the market has yet to fully recognize the potential for recovery, as evidenced by low valuation levels compared to historical averages [33].

Core Insights - Novartis has made significant moves in the siRNA therapy space, with a $200 million upfront payment and potential milestone payments of up to $2 billion for the ARO-SNCA deal with Arrowhead, followed by a deal exceeding $5.2 billion for four siRNA drugs with another company, signaling strong market interest in the small nucleic acid field [1] - The global siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [3] - Jiangyin Pharmaceutical has submitted its IPO application in Hong Kong, attracting attention due to its recent significant financing rounds and partnerships in the siRNA sector [2][4] Company Developments - Jiangyin Pharmaceutical has established a diverse product pipeline, including its core product FXI siRNA (SRSD107) for treating coagulation disorders, and two other significant candidates for heart metabolic diseases and obesity [7][9] - The company has successfully raised funds through multiple financing rounds, with a post-money valuation reaching approximately $253 million after its B2 round [4][6] - Jiangyin's collaboration with CRISPR Therapeutics involves a 50:50 co-development model for FXI siRNA, which includes $25 million in cash and $70 million in equity, along with $800 million in milestone payments [6] Market Trends - The siRNA therapy sector has gained traction among investors, with notable stock price increases for small nucleic acid companies in the U.S. market, such as Alnylam, which saw a peak stock price increase of 105.78% this year [3] - Domestic small nucleic acid drug development is rapidly expanding, with over 300 candidates in the pipeline, second only to the U.S. [4] - The standard treatment for anticoagulation has been traditional "NOAC" drugs, but the potential of siRNA therapies like SRSD107 to reduce bleeding risks presents a significant market opportunity [10] Financial Performance - Jiangyin Pharmaceutical reported a net profit of approximately $3.446 million in the first half of the year, supported by cash flow from business development transactions, despite projected net losses of $30.9 million and $34.2 million for 2023 and 2024, respectively [11] - The company has increased its cash and cash equivalents to $618 million, sufficient to support its R&D investments for the next three years [11]

Core Insights - Novartis has made significant investments in the siRNA field, including a $200 million upfront payment and potential milestone payments of up to $2 billion for the ARO-SNCA therapy, and a subsequent deal with Sihuan Pharmaceutical worth over $5.2 billion, signaling strong market interest in small nucleic acid therapies [1][2] - The global siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [2] - Domestic companies in China are rapidly expanding their siRNA drug pipelines, with over 300 new drugs in development, second only to the U.S. [3] Company Developments - Jiangyin Pharmaceutical has submitted its IPO application to the Hong Kong Stock Exchange, with a post-investment valuation of $253 million following multiple funding rounds [3][5] - The company has established a diverse product pipeline, including its core product FXI siRNA (SRSD107), which targets coagulation factor XI and shows promise in reducing thrombotic events while minimizing bleeding risks [6][8] - Jiangyin's collaboration with CRISPR Therapeutics involves a 50:50 co-development model for FXI siRNA, which includes $25 million in cash and $70 million in equity, along with $800 million in milestone payments [5][6] Financial Performance - Despite projected net losses of approximately $309 million and $342 million for 2023 and 2024, respectively, Jiangyin achieved a net profit of $34.46 million in the first half of the year, supported by cash flow from business development transactions [10] - The company has increased its cash and cash equivalents to $618 million, sufficient to cover nearly three years of R&D investments, and is expected to receive $800 million in milestone payments from CRISPR Therapeutics, enhancing its financial stability [10]

Core Insights - Jingyin Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC acting as joint sponsors [1] Company Overview - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies. The company aims to develop innovative and best-in-class siRNA therapies to address significant unmet medical needs in chronic disease management [4][5] - The company is advancing three major product pipelines targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, which are based on their substantial market potential and the ability to provide transformative siRNA solutions [5] Market Potential - According to a Frost & Sullivan report, the global siRNA therapy market is projected to reach USD 2.4 billion in 2024 and grow to USD 50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [4] Product Pipeline - The core product, SRSD107, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II multi-center clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [5] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), currently in Phase IIa trials in China and the United States [5] - SRSD384 is an INHBE-targeted candidate for obesity, with promising preclinical data and active IND application progress [5] Technology Platform - The company has developed a proprietary PEPR platform that enhances the stability and target binding of siRNA, enabling more effective and durable therapies. Research is ongoing to expand the delivery range of siRNA beyond the liver to other tissues such as fat, skeletal muscle, heart, kidneys, and the central nervous system [6] Financial Performance - For the six months ending June 30, 2023, the company reported other income and revenue of approximately RMB 8.81 million, with a net loss of approximately RMB 309.41 million. The projected other income and revenue for the same period in 2024 is RMB 9.79 million, with an expected loss of RMB 341.96 million [6][7]

Core Viewpoint - Sirius Therapeutics-B has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its proprietary siRNA technology platform to address unmet medical needs in chronic diseases [1] Company Overview - Sirius Therapeutics-B is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies [1] - The company is backed by a strategic foundation that includes three potential blockbuster product pipelines, a proprietary siRNA technology platform, and a global collaboration network [1] Strategic Goals - The company aims to innovate the current treatment standards for chronic diseases by developing first-in-class and best-in-class siRNA therapies targeting significant unmet medical needs globally [1]

Policy Developments - The National Health Commission will enhance investment guarantees for childcare services, aiming for significant improvements in service quality by the end of 2027, including better management systems and increased registration rates for childcare institutions [2] Drug and Device Approvals - Bristol-Myers Squibb's Opdivo has been approved by the European Commission for use in a perioperative treatment regimen for high-risk resectable non-small cell lung cancer (NSCLC) patients, marking it as the first PD-(L)1 inhibitor approved for this indication in the EU [4] Capital Markets - Jiuzhoutong announced a participation in establishing a 25 million yuan industry fund, with a significant contribution of 22.99 million yuan, indicating a strategic move to foster innovation in pharmaceuticals and digital healthcare [5] - AbbVie has entered a collaboration with ADARx Pharmaceuticals to develop small interfering RNA (siRNA) therapies across multiple disease areas, with an upfront payment of $335 million and potential milestone payments totaling billions [6][7] Corporate Changes - Bluefan Medical announced a change in its indirect controlling shareholder, with Langhui Petrochemical acquiring a 52.0395% stake in Bluefan Investment, although the actual controller remains unchanged [8] - ST Muyu will remove risk warnings and change its name to Tianmu Pharmaceutical starting May 20, 2025, with an increase in daily price fluctuation limits from 5% to 10% [9] Industry Events - WuXi AppTec's investee company Hanbang Technology was listed on the Shanghai Stock Exchange on May 16, 2025, with WuXi holding 6.04% of the total shares post-IPO [10] Market Sentiment - Jinhe Biology's controlling shareholder plans to reduce its stake by up to 3% of the total shares, primarily to repay pledged debts [11] - ABA-Bio has completed a reduction of its stake in Yifang Bio by 9.23 million shares, representing 1.60% of the total shares [12]