HK Stock Market Move | GIANT BIOGENE (02367) falls more than 6% as controversy surrounds the recombinant collagen protein. The company's start to the 618 promotion is off to a good start.

GIANT BIOGENE (02367) falls more than 6%, as of the time of publication, down 6.15% to 76.35 Hong Kong dollars, with a turnover of 908 million Hong Kong dollars. On the news front, recently, Bloomage Biotechnology Corporation Limited's official WeChat public account published an article titled "Concepts always replay, technology always moves forward," criticizing several securities firms for supporting collagen restructuring and promoting the "outdated theory" of hyaluronic acid sodium. Bloomage Biotechnology Corporation Limited pointed out that in order to create greater expectations than the hyaluronic acid industry, a large number of so-called "comparative studies" directly targeting China's hyaluronic acid industry appeared in a research report focusing on a certain collagen restructuring enterprise. These widely spread "research reports" can be found by everyone, showing which institution they come from, which enterprise they focus on, when they were published, and their misleading statements, "permanently recorded in the world of the internet." Public information shows that GIANT BIOGENE is a leader in the domestic collagen professional skincare products market, with R&D as the foundation and expansion of eight major consumer brands. Citibank recently pointed out that GIANT BIOGENE's "618" promotion on the Tmall platform had a good start, with a significant improvement in rankings. They raised their earnings forecasts for the years 2021 to 2027 by 5% to 18% to reflect the upward revision in revenue forecasts. The target price was raised from 78.1 Hong Kong dollars to 93.7 Hong Kong dollars, equivalent to a forecasted P/E ratio for this year of 34 times, indicating better growth prospects and consistent with the valuation multiples of mainland Chinese peers, and maintained a "buy" rating for GIANT BIOGENE.