HK Stock Market Move | Innovative drug concept stocks surge across the board; US reportedly plans to ease licensing cooperation for pharmaceutical companies; innovative drug BD valuations expected to recover.

Innovative drug concept stocks surged across the board. As of press time, AKESO (09926) rose 7.85% to HK$97.6; KEYMED BIO-B (02162) rose 7.70% to HK$77.6; InnoCare Pharma (09969) rose 7.61% to HK$15.83; INNOVENT BIO (01801) rose 6.31% to HK$102.7. On the news front, according to Reuters, the US Treasury Department is drafting new rules targeting biotechnology investment in China. Unlike the broad restrictions previously advocated by some US lawmakers, the plan under discussion may focus on restricting pathogens and biotechnology that could be weaponized. This means the new rules will not impose a blanket ban on all cross-border biomedical transactions, and conventional innovative anticancer drugs such as tumor ADCs and bispecific antibodies would be allowed for overseas pharmaceutical companies to acquire pipelines and engage in licensing BD cooperation. China Securities Co.,Ltd. pointed out that at the 2026 World Conference on Lung Cancer (WCLC), Chinese innovative drugs made comprehensive advances in the lung cancer field, with multiple projects moving from early-stage exploration into Phase III clinical trials and globalization. Domestic pharmaceutical companies have formed a multi-line parallel across tracks including IO bispecific and multispecific antibodies, ADCs, and small-molecule targeted therapies, with positive Phase III endpoints emerging at multiple points and continuous output of internationally competitive clinical data. This marks that China's innovative drug R&D has officially moved from follow-on innovation toward a new stage of source innovation and global leadership, and the industry's development logic is gradually shifting from Fast Follow to Me Better & First in Class.