HK Stock Market Move | EVEREST MED (01952) rose more than 8% in the afternoon. Nafucong's expansion production has been approved by the National Medical Products Administration. The company recently strategically increased its stake in I-Mab.

Everest Med (01952) rose more than 8% in the afternoon, and as of press time, it rose 8.05% to 67.1 Hong Kong dollars with a turnover of 4.08 billion Hong Kong dollars. In terms of news, according to reports, recently, some patients posted on social media that there was a shortage of the budesonide enteric-coated capsules (brand name: Nai Fukan) they were using. In response to the shortage, Everest Med stated that the company had submitted a supplementary application to expand production capacity to the National Medical Products Administration in February this year. On August 4, Everest Med announced that the supplementary application for the expansion of production of Nai Fukan, the first and only fully approved therapy drug for IgA nephropathy in China, had been officially approved by the National Medical Products Administration. In addition, Everest Med announced on August 1 that it had strategically increased its stake in I-Mab by investing 30.9 million US dollars, equivalent to about 242.6 million Hong Kong dollars. After this transaction, Everest Med will hold approximately 16.1% of I-Mab's shares, becoming the largest shareholder of the company. CEO of Everest Med, Luo Yongqing, stated that this strategic investment in I-Mab further promotes the company's global expansion in the new generation of cancer immunotherapy pipeline.