HK Stock Market Move | Pharmaceutical stocks are generally under pressure. REMEGEN (09995) fell more than 11% and ALPHAMAB-B (09966) fell more than 8%.

Pharmaceutical stocks are generally under pressure, as of the press time, REMEGEN (09995) fell by 11.2% to 81.65 Hong Kong dollars; ALPHAMAB-B (09966) fell by 8.2% to 11.98 Hong Kong dollars; JUNSHI BIO (01877) fell by 5.16% to 25 Hong Kong dollars; CARSGEN-B (02171) fell by 4.63% to 16.07 Hong Kong dollars. HAITONG INT'L recently pointed out in a research report that after the National Day Golden Week in October, the pharmaceutical index lagged behind the broader market. The bank believes that the main reasons are that the pharmaceutical sector is affected by tariff fluctuations on the one hand, and on the other hand, although the fundamentals of leading pharmaceutical companies listed in Hong Kong have not changed, some external authorizations have not met expectations, and fund rotation has had an impact. Guosen believes that China's innovative drug industry has shown long-term positive development trends and explosive growth in BD transactions in recent years. It is worth noting that for most domestic innovative drugs, external authorizations are typically just the starting point for global development. The progress of development by partners overseas and the subsequent release of global clinical data can further strengthen the commercialization certainty of products in the global market. Of note, the European Society for Medical Oncology Annual Conference 2025 (ESMO 2025) recently took place in Berlin, Germany, with a total of 112 achievements selected for Late-Breaking Abstracts, including 21 studies related to domestic new drugs. In addition, INNOVENT BIO recently announced a global strategic partnership with Takeda Pharmaceutical to jointly promote the development of next-generation immuno-oncology (IO) and antibody-drug conjugates (ADC) therapies. The company will receive an upfront payment of 1.2 billion US dollars, and also has the right to receive a total potential milestone payment of up to 10.2 billion US dollars. The total amount of this cooperation transaction can reach up to 11.4 billion US dollars.