HK Stock Market Move | China Biotech (01177) rose by over 6% again. Zelboraf nabbed CDE's breakthrough treatment qualification. First-half performance exceeded market expectations.

SINO BIOPHARM (01177) surged more than 6% again, rising 5.44% to HKD 8.14 as of press time, with a trading volume of HKD 1.077 billion. On the news front, SINO BIOPHARM believes that the selective HER2 tyrosine kinase inhibitor Zuritinib has once again received breakthrough therapy designation from China's National Medical Products Administration Drug Evaluation Center (CDE), for the first-line treatment of unresectable or metastatic non-small cell lung cancer (NSCLC) in adult patients with HER2 tyrosine kinase domain (TKD) activating mutations. This breakthrough therapy designation is based on data from their BeamionLUNG-1 clinical trial. Citi released a research report stating that SINO BIOPHARM's net profit in the first half of the year was RMB 3.4 billion, a 140% year-on-year increase; revenue was RMB 17.6 billion, a 10.2% year-on-year increase, both exceeding market consensus and Citi's expectations. Management at SINO BIOPHARM is confident in the potential for licensing innovative candidate drugs, including TQC3721 (PDE3/4). CICC predicts that the approval progress for the company's innovative products in the next three years is expected to accelerate, driving more revenue for the company.