HK Stock Market Move | SCIENTECH (02291) dropped nearly 15% in early trading, with net profit for the first half of the year declining by nearly 20% year-on-year, and it may be removed from the Hong Kong Stock Connect in the future.

SCIENTECH (02291) fell nearly 15% in the early trading session. As of the time of writing, it was down 13.9%, trading at HKD 12.64, with a turnover of HKD 25.0501 million. In terms of news, SCIENTECH released its interim results, reporting revenue of RMB 310 million for the first half of the year, a decline of 5.94% year-on-year; net profit attributable to shareholders was RMB 147 million, a decrease of 19.49% year-on-year. Additionally, SCIENTECH announced an acquisition of 54.2384% of Minwei Biology from its controlling shareholder LEPU BIO, at a cash consideration of RMB 1.088 billion, as it enters the high-growth metabolic and cardiovascular sector to enhance its overall disease treatment strategic layout. It is worth noting that the Hang Seng Index Company announced the results of its quarterly review, with changes to the Hang Seng Composite Index to be implemented after market close on September 4 (Friday) and to take effect on September 7 (Monday). Among them, SCIENTECH will be removed from the Hang Seng Composite Index, and may subsequently be removed from the Hong Kong Stock Connect due to not meeting the index's criteria.