HK Stock Market Move | SIHUAN PHARM (00460) rises more than 3% as Huisheng Biotech's Daxa Glitter Tablets receive approval from the National Medical Products Administration for listing.

SIHUAN PHARM (00460) rose over 3%, closing at a 3.08% increase, to HK$0.67, with a turnover of HK$19.5128 million. On the news front, SIHUAN PHARM announced that its non-wholly-owned subsidiary, Huisheng Biopharmaceutical Co., Ltd., has received a drug registration certificate from the National Medical Products Administration for the development of dapagliflozin tablets for adult patients with type 2 diabetes, which is considered to have passed the generic drug quality and efficacy consistency evaluation. Dapagliflozin tablets are the third SGLT-2 inhibitor drug to be approved for marketing after Huisheng Biopharmaceutical's Empagliflozin and Furozine tablets (Class 1 innovative drug). According to the research report by Huachuang Medicine, sales of SGLT-2 inhibitors in mainland China reached nearly RMB 8 billion in the first three quarters of 2024. In 2024, sales of dapagliflozin are expected to reach approximately RMB 7 billion, with industry experts also stating that dapagliflozin is currently maintaining an annual growth rate of 20%-30%.