HK Stock Market Move | XTALPI(02228) opened 15% higher and signed a pipeline cooperation agreement with DoveTree. The total order volume is approximately HK$4.7 billion.

XTALPI (02228) opened high by 15%, as of the time of writing, it has risen by 15% to 7.59 Hong Kong dollars, with a transaction amount of 166 million Hong Kong dollars. On the news front, on August 5th, Smart TransTech announced a pipeline cooperation agreement with DoveTree with a total order size of approximately 47 billion Hong Kong dollars (5.99 billion US dollars), becoming one of the largest BD transactions in the field of AI pharmaceuticals in China by 2025. DoveTree has obtained global exclusive rights to develop and commercialize the cooperative products, while Smart TransTech is responsible for using its "AI+Siasun Robot & Automation" end-to-end platform to develop small molecule and antibody drugs targeting tumors, autoimmune diseases, neurological disorders, and metabolic disorders. Currently, Smart TransTech has received an initial payment of 51 million US dollars as stipulated in the final agreement. Under the terms of the final agreement, Smart TransTech is entitled to receive a further payment of 49 million US dollars (payable within 180 days), and is eligible to receive potential regulatory and commercial milestone payments totaling 5.89 billion US dollars, as well as potential single-digit percentage point royalties based on annual net sales of the products.