HK Stock Market Move | HUTCHMED (00013) rose more than 6% in early trading. Fruquintinib has been approved to enter the Japanese market. Citigroup recommends paying attention to its overseas sales trends.

HUTCHMED (00013) rose more than 6% in the morning session, up 5.82% as of the end of the trading session, to HK$28.2, with a turnover of HK$82.4096 million. On the news front, HUTCHMED announced that its partner Takeda has received approval from the Japanese Ministry of Health, Labour and Welfare to manufacture and sell FRUZAQLA (fruquintinib) for the treatment of refractory metastatic colorectal cancer patients. This means fruquintinib has become the first Chinese original new drug to be approved in the three major global markets of Europe, America, and Japan. It is worth noting that HUTCHMED announced at the end of last month that it has voluntarily withdrawn the application for a new indication for the use of fruquintinib in combination with paclitaxel for the second-line treatment of advanced gastric cancer and gastroesophageal junction adenocarcinoma in China. Citigroup stated that the impact of the above events on HUTCHMED is mild, and that the market's pessimistic sentiment may already be reflected in its weak stock performance. The bank believes that investors should pay attention to factors such as the continued overseas sales trends of fruquintinib, the submission of savoritinib to the U.S. Food and Drug Administration this year, and the approval of sulfatinib.