According to the announcement, on 27 October 2026 the trustee purchased an aggregate of 370,000 H shares in the market in accordance with the terms and conditions of the H-share share award scheme. The shares represent approximately 0.09% of the total number of issued shares of the Company (excluding treasury shares, if any), at an average consideration of approximately HK$37.491 per H share and a total consideration of approximately HK$13,871,494. Immediately after the purchase, the number of H shares held by the trustee under the scheme was 493,000.

The Board said it will review from time to time and determine at its absolute discretion the number of H shares it considers appropriate to grant to selected participants under the scheme and the number of H shares to be further purchased from the market. A summary of the principal terms of the scheme is set out in the Company's circular dated 28 August 2026 relating to its extraordinary general meeting and its announcement dated 26 October 2026.

According to the announcement, the Group's core product OT-401 (generic name: fluocinolone acetonide intravitreal implant; brand name "Youshiying") has been commercialised in China and has been included in the National Reimbursement Drug List for its approved indication of treating chronic non-infectious uveitis affecting the posterior segment of the eye, and has met the clinical medication needs of numerous patients since launch. To date, all Youshiying supplied in the China market has been manufactured at the overseas manufacturing site specified in its imported drug registration certificate and imported into China.

The approval achieves localisation of the product, enabling the Group to provide a supplementary source of supply for the China market in addition to its existing overseas manufacturing and imports. The Board believes the arrangement will deliver three benefits: first, enhanced supply resilience, by adding a domestic supply source and reducing reliance on a single manufacturing site and cross-border logistics to safeguard stable long-term supply for patients; second, improved accessibility, by shortening the supply chain and delivery cycle and, together with the Group's nationwide commercialisation network, benefiting patients in more regions; and third, enhanced industrialisation capability, as the Group has mastered the manufacturing process and quality control capabilities for intraocular implants, with potential to replicate them in other ocular implant and sustained-release dosage forms while optimising the product's cost structure.

According to the announcement, the Company placed 100,252,800 new shares at HK$0.72 per share in May 2025 and 187,856,000 new shares at HK$0.31 per share in October 2026. Under Condition 6(C)(6) of the terms and conditions of the bonds (Conversion — issue at below the prevailing market price), if and when the Company issues any shares at a price per share lower than 95% of the prevailing market price on the date the terms of the relevant issue are first announced, the conversion price shall be adjusted by multiplying the conversion price in effect immediately before the issue by the fraction (A+B)/C, where A is the total number of issued shares immediately before the issue of such additional shares, B is the number of shares which could be purchased at the prevailing market price per share with the aggregate consideration receivable for the maximum number of shares to be issued, and C is the total number of issued shares immediately after the issue of such additional shares. Under Condition 6(E)(i) (minor adjustments), no adjustment was made after the 2025 placing because the adjustment was less than 1% of the conversion price then in effect, and such adjustment has been carried forward and taken into account in any subsequent adjustment.

As at the date of the announcement, following the Company's redemption on 24 October 2026 of bonds with a principal amount of HK$23.5 million, the aggregate outstanding principal amount of the existing convertible bonds is HK$362.5 million. Based on the adjusted conversion price, the maximum number of shares to be issued upon full conversion of the outstanding existing convertible bonds will increase from 101,256,983 to 103,276,353, an increase of 2,019,370 shares, which will be allotted and issued under the general mandate granted to the Directors by shareholders on 30 June 2023 for the allotment and issue of up to 282,079,669 shares, the limit of which is sufficient to cover the additional shares. Save for the conversion price adjustment, the terms and conditions of the bonds remain unchanged.

According to the announcement, there are three amendments. First, the vendor and the guarantor will repay the outstanding debt of Zhong Ji No.1, calculated by reference to the percentage of the sale shares, to the target company only within nine months after completion, replacing the original arrangement of "on or before 30 June 2026 or within six months after completion, whichever is later". Second, the guarantor's option to settle such debt by transferring the consideration target intellectual property (free from encumbrances) to the target company has been cancelled. Third, if the timing of any repayment of the outstanding debt of Zhong Ji No.1 is inconsistent with any undertaking given by the guarantor before signing the deed of undertaking, the repayment timing stipulated in the amended deed of undertaking shall prevail for the repayment of that debt.

The Company had previously published four announcements in respect of the transaction on 1 December 2025, 2 April 2026, 21 August 2026 and 14 September 2026. This announcement does not set out core terms such as the consideration, the principal amount of the convertible notes or the initial conversion price, which are governed by the earlier announcements.

According to the announcement, the gross proceeds from the placing were approximately HK$58.24 million and the estimated net proceeds, after deducting commissions and other estimated expenses payable, were approximately HK$56.63 million. The Company intends to apply the net proceeds in full to research and development of AI agent-related technologies, operation and promotion of game products, and game development. R&D of AI agent-related technologies accounts for 50% (about HK$28.31 million), comprising 15% for the Camena content productivity agent platform, 15% for the Super Player AI companion desktop product and 20% for character agents; operation and promotion of game products accounts for 40% (about HK$22.66 million), split evenly between the Gardenscapes mini-game and Noisy Castle at 20% each; and game development accounts for 10% (about HK$5.66 million) for the "search, fight, extract" gameplay module of Calabiyau, all expected to be fully utilised by 31 December 2026.

The placing shares represent approximately 9.20% of the Company's existing issued share capital (excluding treasury shares) immediately before completion of the placing and approximately 8.43% of the issued share capital (excluding treasury shares) as enlarged by the placing. Immediately after completion, the aggregate shareholding of non-public shareholders was diluted from 551,837,534 shares (27.04%) to 24.76%, while the aggregate shareholding of public shareholders rose from 72.96% to 75.24%, of which the placees hold 187,856,000 shares (8.43%) and other public shareholders hold 66.81%. As at the date of the announcement, the total number of issued shares of the Company was 2,252,261,665, including 23,390,000 treasury shares.

According to the announcement, the shares purchased represent approximately 0.044% of the total number of issued shares of the Company as at the date of the announcement, the average purchase price was approximately HK$0.71 per share and the total consideration (excluding transaction costs) was approximately HK$211,000. Immediately after the share purchase, the balance of shares held by the trustee was 53,440,000 shares, representing approximately 7.93% of the total number of issued shares of the Company.

The Board believes that the Company's current share price significantly undervalues the underlying value of the Company and provides a good opportunity to purchase shares for future grant under the scheme, and the Company is full of confidence in the prospects and outlook of its business. The Company will continue to closely monitor market conditions and the trading price of its shares, and will instruct the trustee to make share purchases under the scheme at an appropriate time; the Board will keep reviewing and will determine at its absolute discretion the number of award shares to be granted to selected participants under the scheme.

According to the announcement, with effect from the closing date, the merged CICC (the surviving company) has succeeded to and taken over all assets, liabilities, businesses, personnel, contracts, qualifications and all other rights and obligations of Dongxing Securities and Cinda Securities. With effect from the closing date, the corporate bonds issued by Dongxing Securities and Cinda Securities as issuers that remain outstanding are assumed by the surviving company, and the obligor of such bonds has changed from Dongxing Securities and Cinda Securities to the surviving company.

The announcement stated that during the outstanding period of the bonds, the surviving company will, in accordance with the original terms and conditions, diligently perform its obligations as issuer, including information disclosure, repayment of principal and payment of interest. The bond succession is a normal arrangement in connection with the merger and will not have a material adverse effect on the Company's production and operations, financial position or debt servicing capability.

According to the announcement, the loans bear a fixed interest rate of 3.2% per annum, determined by reference to the one-year Loan Prime Rate (LPR) plus 20 basis points, with interest accrued from the date each loan is actually received by the borrower and not deductible from the principal in advance; unless prepaid, all outstanding principal and accrued interest shall be repaid to the Company in one lump sum at the expiry of the availability period. The two loans are independent of and not conditional upon each other. The loan agreements also impose share transfer restrictions: throughout the term, without the Company's prior written consent, the borrowers may not reduce, transfer or gift their directly or indirectly held shares in any form, nor create any encumbrance over such shares; if the Company considers that a borrower's financial position has materially deteriorated or any default has occurred, it may demand immediate prepayment and immediately cancel all undrawn facilities, with default interest calculated at four times the one-year LPR.

The Company said that providing short-term financing to key members of management to meet their personal financial arrangements is important to maintaining management stability and supporting the Group's long-term development; the loans will be funded from the Group's internal resources, and the Group has sufficient available cash and liquid resources to provide loans of up to RMB50 million in aggregate without affecting its daily operations and business development, with interest income expected. As at the date of the announcement, Mr. Yang is a substantial shareholder, executive Director and chairman of the Board, holding 206,057,019 shares, representing 29.81% of the total issued share capital, while Mr. Huang is an executive Director and chief executive officer, holding 62,322,773 shares, representing 9.01%; both are connected persons and the loans constitute connected transactions which, as the highest applicable percentage ratio exceeds 0.1% but is less than 5%, are subject to the reporting and announcement requirements but exempt from the circular (including independent financial advice) and independent shareholders' approval requirements, with both Directors having abstained from voting on the relevant Board resolutions.

According to the announcement, Subject Equity A represents 19.4574% of the equity of the target company, and the consideration was determined by reference to 19.4574% of the market value of the target company as at the valuation reference date of RMB1,017.95 million, as assessed by an independent valuer using the market approach, and will be funded by the Company's own funds. The Company has paid a transaction deposit of RMB63.18 million to the Shanghai United Assets and Equity Exchange, which will be applied directly as part of the consideration upon the contract taking effect, and shall pay the remaining consideration of RMB147.42 million in one lump sum to the designated bank account within five business days from the effective date of the contract. Both parties shall cooperate to complete the handover of rights within 30 business days after the contract takes effect and to complete the registration of the change of title within 60 business days after obtaining the equity transaction certificate.

The target company was incorporated in the PRC on 19 July 2022 and is principally engaged in the manufacture and sale of industrial automatic control system devices, intelligent control system integration, and the manufacture and sale of intelligent basic manufacturing equipment. As at the date of the announcement, the Company holds 50.1506% of its equity, while Seller C, Seller A, Seller B, Nanjing Intelligent Synergy Enterprise Management Partnership (Limited Partnership) and Mr. Dong Chunyu hold 21.6193%, 19.4574%, 3.7834%, 3.5841% and 1.4052% respectively. Its revenue for the years ended 31 December 2024 and 2025 was approximately RMB372 million and RMB566 million respectively, with net loss after tax of approximately RMB109 million and RMB5.12 million respectively, and its unaudited total assets and net assets as at 30 June 2026 were approximately RMB1,042 million and RMB574 million respectively.

Seller A is the National Manufacturing Fund, which holds approximately 19.4574% of the target company and is its substantial shareholder and therefore a connected person of the Company at the subsidiary level. The acquisition constitutes a connected transaction under Chapter 14A of the Listing Rules and, as one or more applicable percentage ratios exceed 1% but are all less than 5%, is subject to the reporting and announcement requirements but exempt from the independent shareholders' approval requirement. The Company said no definitive agreement has yet been entered into in respect of the possible acquisitions of Subject Equity B and Subject Equity C from Seller B and Seller C respectively, and further announcements will be made in due course in accordance with the Listing Rules.

According to the announcement, the presentation focused on the breast cancer cohort. As at the data cut-off date of 15 June 2026, a total of 139 patients with advanced breast cancer were enrolled, comprising 84 patients with hormone receptor-positive/human epidermal growth factor receptor 2-negative (HR+/HER2-) breast cancer, 32 with triple-negative breast cancer (TNBC) and 23 with HER2-positive breast cancer; the median age was 54 and most patients had received multiple prior lines of therapy. In terms of efficacy, among patients with HR+/HER2- breast cancer (n=82), after a median follow-up of 5.1 months, the confirmed ORR was 53.7% and the disease control rate (DCR) was 92.7%, with both median duration of response (DoR) and median progression-free survival (PFS) not reached; in TNBC (n=32), after a median follow-up of 6.5 months, the ORR was 75.0% and the DCR was 93.8%, with a median PFS of 7.2 months and a median DoR of 5.5 months; in HER2-positive breast cancer (n=23), after a median follow-up of 6.4 months, the ORR was 69.6% and the DCR was 95.7%, with median PFS not reached and a median DoR of 7.0 months.

In terms of safety, among 139 patients who received at least one dose, the incidence of TRAEs was 99.3%, grade ≥3 TRAEs 28.8% and serious TRAEs 5.8%; the most common TRAEs included nausea (61.2%), leukopenia (60.4%), neutropenia (55.4%), anaemia (51.1%) and asthenia (51.1%); dose interruption and dose reduction due to TRAEs occurred in 24.5% and 6.5% of patients respectively, only one patient (0.7%) discontinued treatment and no treatment-related deaths occurred, while the incidence of interstitial lung disease (ILD) was 1.4%. The study concluded that SYS6043 demonstrated manageable safety and durable antitumour activity in previously treated patients with advanced breast cancer, supporting further study at a dose of 6 mg/kg once every three weeks (Q3W); the product carries a topoisomerase I inhibitor payload with a drug-to-antibody ratio (DAR) of approximately 6, adopts an Fc gamma receptor effector-silencing design and a cleavable linker, and has a bystander antitumour effect.

According to the announcement, the open-label, multicentre Phase I/II study had a data cut-off date of 13 April 2026. In terms of efficacy, 13 patients were enrolled in the HCC cohort, of whom 76.9% (10/13) had received at least second-line prior therapy, 92.3% (12/13) had received prior immunotherapy and 92.3% were at Barcelona Clinic Liver Cancer (BCLC) stage C; 10 patients were included in the efficacy analysis set, with an objective response rate (ORR) of 40.0% (4/10; 95% confidence interval: 12.2–73.8), while patients with prior immunotherapy (n=9) had an ORR of 33.3%. The CRC cohort enrolled 38 patients, of whom 89.5% (34/38) had received at least second-line prior therapy and 73.7% (28/38) had liver metastases; 19 patients were evaluable, with an ORR of 21.1% (4/19), and patients with liver metastases (n=17) had an ORR of 23.5%. The NSCLC cohort enrolled 13 patients, with four achieving partial response and an ORR of over 30.0%; partial responses were also observed in small cell lung cancer, melanoma, renal cell carcinoma, breast cancer and gynaecological tumours.

Safety data were based on 51 patients in the HCC and CRC cohorts. The incidence of any-grade treatment-emergent adverse events (TEAEs) was 86.3% (44/51), grade ≥3 treatment-related adverse events (TRAEs) 17.6% (9/51), serious TRAEs 9.8% (5/51), permanent discontinuation due to TRAEs 2.0% (1/51) and immune-related adverse events 33.3% (17/51); common TEAEs included hypoalbuminaemia, anaemia and elevated liver enzymes, with one TEAE leading to death which was assessed as not treatment-related and no unexpected safety signals observed. The product is a recombinant fully human anti-PD-1 asymmetric bispecific Fc fusion protein incorporating IL-15, with a mutated IgG1 subtype to attenuate Fc-mediated immune functions. The study concluded that the ORR of 40.0% and 21.1% in evaluable HCC and CRC patients supports further evaluation of the product in CRC, HCC and other tumour types, and patient enrolment in the Phase II expansion cohorts is progressing well.

The Board considers that the tender project is a key matter relating to the construction and procurement of the BEST device, and that the Group's successful bid means it will directly serve this major national project, while also marking the Group's formal transition of its powder metallurgy high-boron steel from the material research and development stage to the stage of supplying components for nuclear fusion devices, representing the fusion industry's best recognition of the Group's powder metallurgy high-boron steel products. For the Group, the project is not merely an order but a key platform for completing component-level verification of its powder metallurgy high-boron steel materials on an actual fusion device.

The Board considers that the terms of the project are fair and reasonable and in the interests of the Company and its shareholders as a whole; based on all reasonable enquiries, the customer and its ultimate beneficial owners are third parties independent of the Company and its connected persons. The Company said the announcement is made voluntarily to inform shareholders and potential investors of the Group's latest business developments, and advised investors to exercise caution when dealing in the Company's securities.

According to the announcement, the Bank published the announcement on the redemption and delisting of the preference shares on 20 October 2026. On 26 October 2026, the Bank paid in full the nominal value of the preference shares and the dividends for the holding period from 26 October 2025 to 25 October 2026, in an aggregate amount of RMB36.428 billion, to the holders whose names appeared on the register maintained by the Shanghai Branch of China Securities Depository and Clearing Corporation Limited as at 23 October 2026, and redeemed all of the outstanding preference shares issued by the Bank.

According to the data provided by the CSDC Shanghai Branch, the preference shares were cancelled on 26 October 2026. The redemption and delisting of the preference shares of the Bank have been completed.

In terms of profitability, SHANDONG MOLONG Gross Profit changed from CNY 123.36 million in the same period last year to CNY 153.26 million in the current period, increased by CNY 29.9 million; gross profit margin changed from 10.33% in the same period last year to 8.66% in the current period, decreased by 1.66 percentage points; net profit changed from CNY 5.21 million in the same period last year to loss of CNY 95.13 million in the current period, decreased by CNY 100.34 million; net profit margin changed from 0.44% in the same period last year to -5.38% in the current period, decreased by 5.82 percentage points. 

In terms of earnings quality, SHANDONG MOLONG Operating Profit changed from loss of CNY 2.04 million in the same period last year to loss of CNY 95.52 million in the current period, decreased by CNY 93.49 million; Operating Profit Margin changed from -0.17% in the same period last year to -5.4% in the current period, decreased by 5.23 percentage points; Net Cash Flow from Operating Activities changed from cash inflow of CNY 223.95 million in the same period last year to cash outflow of CNY 132.68 million in the current period, decreased by CNY 356.62 million; Ratio of Net Cash Flow from Operating Activities to Total Operating Revenue changed from 18.74% in the same period last year to -7.5% in the current period, decreased by 26.24 percentage points. 

In terms of financial soundness, SHANDONG MOLONG Debt-to-Asset Ratio changed from 80.3% in the same period last year to 78.83% in the current period, decreased by 1.47 percentage points; Total Equity changed from CNY 497.532 million in the same period last year to CNY 603.024 million in the current period, increased by CNY 105.49 million; Cash and Cash Equivalents changed from CNY 155.825 million in the same period last year to CNY 187.885 million in the current period, increased by CNY 32.06 million; Current Liabilities changed from CNY 1.98 billion in the same period last year to CNY 2.18 billion in the current period, increased by CNY 199.32 million; Quick Ratio changed from 0.68 in the same period last year to 0.53 in the current period, decreased by 0.15 percentage points. 

In terms of R&D investment focus, SHANDONG MOLONG R&D Expenses changed from CNY 26.41 million in the same period last year to CNY 32.79 million in the current period, increased by CNY 6.38 million; R&D to Total Revenue Ratio changed from 2.21% in the same period last year to 1.85% in the current period, decreased by 0.36 percentage points. 

By the close of trading on October 27, 2026, SHANDONG MOLONG(00568) saw a gain of 0.26% in its share price, closing at HKD 3.925. The full-day turnover stood at HKD 156.77 million, with the latest market capitalization at HKD 1.24 billion.

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According to the announcement, the placing shares represent approximately 19.99% of the existing issued share capital of the Company immediately before completion and approximately 16.67% of the issued share capital as enlarged by the allotment and issue of the placing shares immediately upon completion. Net proceeds from the placing, after deduction of commission and other expenses, amounted to approximately HK$8.9 million, of which approximately 25.3% (about HK$2.25 million) will be allocated to staff remuneration, approximately 33.7% (about HK$3 million) to settle the fees payable to the depository on the termination of the Company's American Depository Shares programme, approximately 33.7% (about HK$3 million) to legal and other professional expenses, and the remaining approximately 7.3% (about HK$0.65 million) to other miscellaneous administrative and operating expenses. The Company expects to fully utilise the net proceeds in accordance with the above allocation within six months from the date of completion.

In addition, as at the date of the announcement, the Company has 157,507,352 warrants outstanding with an aggregate principal value of US$3,455,000, equivalent to approximately HK$26,776,250 at the fixed exchange rate of HK$7.75 to US$1, each entitling the registered holder to subscribe for one share at the exercise price of HK$0.17 per share. Immediately upon completion, the adjusted exercise price of the outstanding warrants was reduced to HK$0.05 per share and the adjusted number of warrant shares became 535,525,000; save for such adjustments, all other terms and conditions of the outstanding warrants remained unchanged.

According to the announcement, as a result of the conversion, 3,450,150,000 shares were held by the SHKP Group (representing approximately 84.4736% of the total issued shares), 17,273,658 shares were held by other core connected persons of the Company (approximately 0.4229%) and 616,868,675 shares were held by the public (approximately 15.1034%) as at the date of this announcement. Based on the volume weighted average price of the shares over the 125 trading days immediately prior to the date of this announcement (at HK$5.4021 per share), the market value of the shares held by the public amounted to approximately HK$3,332,386,269, while the market value of 10% of the total issued shares amounted to approximately HK$2,206,375,561.

Accordingly, the Company is able to satisfy the alternative threshold under Rule 13.32B of the Listing Rules as of the conversion date. With effect from the date of this announcement, the Company will rely on the alternative threshold of 10% instead of the initial prescribed threshold of 25% for the purpose of compliance with the minimum public float requirement under Rule 13.32B. The Company said it will make the necessary disclosure regarding its public float in monthly returns and annual reports going forward in accordance with the Listing Rules.

According to the announcement, Mr. Ip, aged 47, currently serves as the chief operating officer of the Company. He previously was a partner at one of the Big Four accounting firms for over 10 years, holds a Master of Laws degree in Corporate and Financial Law from The University of Hong Kong and is a member of the Hong Kong Institute of Certified Public Accountants, with over 25 years of experience in auditing, accounting, corporate finance and business management. The Board expressed its warmest welcome to Mr. Ip for joining the Company.

According to the announcement, the application is based on positive results from the Phase 3 registrational OptiTROP-Lung06 study, which evaluated sac-TMT in combination with pembrolizumab against pembrolizumab plus chemotherapy as first-line treatment for patients with PD-L1-negative locally advanced or metastatic non-squamous NSCLC, directly comparing two treatment strategies - "ADC plus immunotherapy" versus "immunotherapy plus chemotherapy". At a prespecified interim analysis, sac-TMT plus pembrolizumab demonstrated a statistically significant and clinically meaningful improvement in the primary endpoint of progression-free survival (PFS) as assessed by blinded independent central review (BICR) compared with pembrolizumab plus pemetrexed and platinum-based chemotherapy, and a positive trend was also observed in the secondary endpoint of overall survival (OS); the safety profile of the combination was consistent with previous studies, with no new safety signals observed. The study has been selected as a late-breaking abstract (LBA) at the 2026 European Society for Medical Oncology (ESMO) Congress, with detailed results presented as an oral report.

Sac-TMT is a novel TROP2 ADC in which the Company holds proprietary intellectual property rights, developed with a unique bifunctional linker and a drug-to-antibody ratio (DAR) of 7.4 that also enables a bystander effect. In May 2022, the Company granted MSD the exclusive rights to develop, use, manufacture and commercialise sac-TMT in all territories outside Greater China. To date, four indications of sac-TMT have been approved for marketing in China, the first two of which have been included in the national medical insurance scheme, and the drug has received six breakthrough therapy designations from the NMPA, making it the world's first TROP2 ADC approved for a lung cancer indication.

Including the current application, three new indication applications for sac-TMT have been accepted by the NMPA, with the first two included in the priority review process. The Company is currently conducting nine registrational clinical studies in China, while MSD has initiated 18 ongoing global Phase 3 clinical studies. The Company cautioned that sac-TMT, which has not yet been approved for other indications, may not ultimately be successfully developed and commercialised, and shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

According to the announcement, the drug has previously been approved in China for multiple indications, namely sedation and anaesthesia for non-intubated surgeries/procedures, and induction and maintenance of general anaesthesia. The Company said that sedation management in critically ill patients receiving mechanical ventilation is a key component of ICU care, and that standardised sedation can alleviate stress responses, improve patient-ventilator synchrony, preserve organ reserve, shorten the duration of mechanical ventilation and ICU stay and reduce the risk of delirium; traditional sedatives, however, carry risks of circulatory and respiratory depression, long-term infusion may lead to drug accumulation and delayed awakening, and elderly patients and those with hepatic or renal insufficiency have poor tolerability, leaving significant unmet clinical needs in current ICU sedation therapy.

Remimazolam tosilate is a benzodiazepine and a short-acting GABAa receptor agonist, with advantages including rapid onset of action, short recovery time and minimal effects on the respiratory and cardiovascular systems. Remimazolam besylate, developed by PAION AG in Germany, was approved for marketing in Japan in January 2020, in the United States in October 2020 and in China in July 2020, and its global sales were approximately USD59.22 million in 2024. As at the date of the announcement, cumulative R&D investment in projects related to remimazolam tosilate for injection amounted to approximately RMB222.5 million (unaudited). The Company cautioned that production and sales of the drug may be susceptible to various uncertainties after approval, and investors are advised to be prudent in investment decisions.

On October 27, 2026, the three major Hong Kong indices opened higher, gave back the advance and turned lower across the board during the session, extending losses in the afternoon. The Hang Seng Index closed at 23,041.32, down 0.73%; the Hang Seng TECH Index closed at 3,800.43, down 1.48%; and the Hang Seng China Enterprises Index closed at 7,766.91, down 0.45%. Full-day turnover on the Hang Seng Index reached HKD 178.3 billion, slightly above HKD 175.8 billion a day earlier.

On the board, among Stock Connect constituent stocks, BRAINAURORA-B rose 27.13%, STAR SHINE HLDG rose 11.44%, NEW VISION CO rose 10.75%, UISEE TECH rose 9.70% and LYGEND RESOURCE rose 9.21%; on the downside, DUALITYBIO-B fell 27.93%, REALORD TECH fell 20.71%, KEYMED BIO-B fell 14.38%, QUANTGROUP fell 11.28% and ZHAOWEI fell 10.71%. Biotechnology names fell broadly, while brain-computer interface and autonomous driving names advanced against the trend. Across the Stock Connect universe, 203 stocks rose and 439 fell.

Southbound capital recorded net selling of HK$1.238 billion on the day, comprising net selling of HK$900 million via Stock Connect (Shanghai) and net selling of HK$338 million via Stock Connect (Shenzhen), with both channels selling.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. DUALITYBIO-B Plunges 27.93% as Overall Survival Data From Its Phase III Study Remain Immature

On the evening of October 26, DUALITYBIO-B (09606.HK) and BioNTech released topline results from the global Phase III DYNASTY-Breast02 study: the lead candidate pacmilimab deruxtecan met the primary endpoint of progression-free survival, but overall survival data remain immature, and the trial observed a higher incidence of interstitial lung disease than in prior studies. The company also noted in its announcement that, given the current treatment landscape for HR-positive, HER2-low metastatic breast cancer, the potential clinical benefit of this regimen in that specific patient population may be relatively limited. The stock opened 14.98% lower on October 27, touched an all-time low of HKD 100.20 intraday and closed at HKD 106.30, down 27.93%, with turnover of HK$798 million and a turnover rate of 8.13%.

2. BRAINAURORA-B Jumps 27.13% to Lead Gainers on International Standards and Digital Therapy Evidence

On October 27, BRAINAURORA-B (06681.HK) rose 27.13% to close at HKD 1.195 with turnover of HK$471 million and a turnover rate of 31.27%, the largest gain among Stock Connect stocks on the day. At the industry level, the International Organization for Standardization earlier published the international standard on a brain-computer interface reference architecture, which was led by China and provides a unified framework for scaling the segment. At the company level, a dose study on paediatric cognitive digital therapy jointly conducted by a team at Beijing Children's Hospital affiliated with Capital Medical University and the company's research team was published in BMC Medicine, covering 38,526 children and adolescents aged 3 to 18 with impaired cognitive function who trained on the company's system between 2021 and 2025. In the first half of 2026, the company recorded revenue of RMB 120 million, up 19.8% year on year.

3. Southbound Net Selling Reaches HK$1.238 Billion as XIAOMI-W Attracts HK$546 Million of Net Buying

On October 27, southbound capital recorded net selling of HK$1.238 billion, comprising net selling of HK$900 million via Stock Connect (Shanghai) and net selling of HK$338 million via Stock Connect (Shenzhen), with both channels selling. At the stock level, Z.AI (02513.HK) topped southbound turnover at HK$4.090 billion and drew HK$426 million of net buying; XIAOMI-W (01810.HK) recorded turnover of HK$1.725 billion and led net buying at HK$546 million; CHINA MOBILE (00941.HK) drew HK$415 million of net buying, MINIMAX-W (00100.HK) HK$176 million and CHINA SHENHUA (01088.HK) HK$143 million. On the sell side, YOFC (06869.HK) led with net selling of HK$519 million, followed by KB LAMINATES (01888.HK) at HK$305 million and SMIC (00981.HK) at HK$193 million.

4. Brazil ETFs Fall by the Daily Limit for a Second Day as Saudi and Oil-related QDII Funds Lead

On October 27, the two Brazil ETFs fell by the daily limit for a second consecutive session, with E Fund Itaú Unibanco IBOVESPA ETF(QDII) (520870) down 10.02% on a 103.69% turnover rate and ChinaAMC Bradesco Brazil Ibovespa ETF(QDII) (159100) down 10.01% on a 77.65% turnover rate. The previous session saw Brazil's presidential election result, with Lula winning and investors concerned that his policy stance would reverse trades built around the right-wing candidate. At the other end, Saudi and oil-related QDII funds led, with China Southern Csop Saudi Arabia ETF(QDII) (159329) up 4.34%, Fullgoal S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (513350) up 3.58%, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (159518) up 2.83% and Huatai-PB CSOP Saudi Arabia ETF(QDII) (520830) up 2.81%. On crude, Brent touched a near six-month high before closing down 0.78% at USD 115.81 a barrel on October 26, while NYMEX light crude fell 1.46% to USD 101.76, after Yemen's Houthi group said it had attacked pump stations on Saudi Arabia's east-west pipeline and Riyadh airport, leaving the supply risk premium intact.

5. Innovative Drug Theme ETFs Fall on Heavy Volume as the Hang Seng Innovative Drugs ETF Drops 5.14%

On October 27, innovative drug theme ETFs declined across the board. Huatai-PB Hang Seng Innovative Drugs ETF(QDII) (520500) fell 5.14% on RMB 1.178 billion of turnover and a 53.25% turnover rate; GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) fell 3.43% on RMB 6.710 billion, the second-highest turnover of the day; China Universal CNI HK Equities Innovative Drugs ETF (159570) fell 4.24% on RMB 1.779 billion; Bosera Hang Seng HK Innovative Drugs Selected ETF (520690) fell 4.51% and China Southern CNI HK Equities Innovative Drugs ETF (159297) fell 4.49%. By turnover, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) led with RMB 7.959 billion, down 0.63% on an 82.58% turnover rate.

According to the announcement, the Claimants sought an exit price of RMB2,180,735,560.50 on the basis that they had validly exercised the put option, with the values adopted derived by reference to certain information in respect of the Group and Minsheng Vocational in 2020 and/or 2021 and the Company's market capitalisation. Minsheng Vocational's position is that the purported exercise was ineffective because, among other things, no option had been granted as required under the SPA, the exercise occurred outside the put option period prescribed, and the Claimants' calculation was based on an erroneous interpretation of the term "post-tax net profit excluding non-recurring gains and losses" in the exit price formula; on its own calculation, the exit price should be RMB981,500,000. Pursuant to the Final Award, the Arbitral Tribunal adopted an interpretation substantially aligned with the Claimants' position, found that they had validly exercised the put option by serving a written notice on 15 October 2021, and upheld the exit price of RMB2,180,735,560.50 as specified and calculated by the Claimants.

The announcement states that the Group has extended loans in an aggregate principal amount of RMB400 million to a designated company of the Claimants, secured by share charges on the Option Shares, which remain outstanding and registered as at the date of the announcement. Completion of the specific performance under the Final Award remains subject to the resolution of the Encumbrance Issue. Minsheng Vocational is seeking legal advice on the Final Award, and the Company commenced proceedings in the Court of First Instance in July 2026 seeking to set aside the Partial Award, which remain ongoing. The Board is of the view that the Final Award has not had any impact on the business operations and financial position of the Group, but the Company is not in a position to ascertain the ultimate outcome of the Dispute and the relevant proceedings nor their future impact.

According to the announcement, Mr. Yeap, aged 54, has approximately 30 years of diverse experience in finance, treasury, strategy financial planning, business partnering and finance transformation, across the medical and healthcare, consumer FMCG and consumer product manufacturing sectors, with regional exposure across Asia Pacific. Between 2005 and 2025, he held various finance positions with the Malaysia and Singapore subsidiaries of Johnson & Johnson, including Finance Director in Malaysia; prior to that he was financial planning and analysis manager at Kraft Foods (Malaysia) Sdn Bhd and an accountant at B. Braun Medical Industries Sdn Bhd. He holds a Master of Finance from RMIT University, Australia, and a Bachelor of Commerce (Accounting) from La Trobe University, Australia, and is a member of CPA Australia and the Malaysian Institute of Accountants.

Pursuant to the letter of appointment dated 27 October 2026, Mr. Yeap is appointed for a term of one year and is subject to retirement by rotation and re-election at annual general meetings in accordance with the Articles of Association. He is entitled to an aggregate annual fee of US$73,000, comprising a base director's fee and supplementary committee fees, payable on a pro-rata basis for his service in 2026. He has confirmed his independence as regards to each of the factors referred to in Rules 3.13(1) to (8) of the Listing Rules, has no relationship with any other directors, senior management or substantial or controlling shareholders, and holds no interests in the shares of the Company.

The Company now holds 62.0611% of Yongqiang, corresponding to subscribed capital of RMB 8,667,191.56. Yongqiang has registered capital of RMB 13,965,590, was incorporated on 18 December 2019 and has QIANG YUAN as legal representative. Its board has been re-elected with five directors for a three-year term, three of them nominated by the Company, giving the Company a majority. Yongqiang became a subsidiary and has been consolidated from the date of the registration change. 

A dividend remittance from China would trigger 10% PRC withholding tax of about HKD 2.0 million, plus foreign exchange costs of 0.5% to 1% and compliance costs, bringing total direct costs to about HKD 2.1 million to HKD 2.2 million, or 10.5% to 11% of the sum. Subscription professional fees and expenses are expected below HKD 121,000, or about 0.6% of gross proceeds. The net proceeds of about HKD 20.0 million will fund general working capital, with 53% used within 12 months and 47% in months 12 to 24.

The formula contains Gastrodia elata and Pueraria lobata and is intended to dispel wind, resolve phlegm and relieve vertigo. It is China's first Class 1.1 traditional Chinese medicine to enter registered clinical trials targeting vestibular migraine. The product was developed with Dongfang Hospital of Beijing University of Chinese Medicine, with the Company holding all global rights; cumulative direct R&D spending reached about RMB 7.3358 million. Trials and regulatory approval are still required before launch. 

Lau has extensive experience in public administration and community service, serving on the 14th National Committee of the Chinese People's Political Consultative Conference, the Executive Council of the Hong Kong Special Administrative Region and as chairman of the Heung Yee Kuk. He has a letter of appointment but no service contract, for three years from 27 October 2026, subject to retirement by rotation and re-election, with an annual director's fee of HKD 150,000. He confirmed his independence under Rule 3.13(1) to (8) and holds no shares in the Company. 

The issue must be implemented strictly in accordance with the filing documents submitted to the CSRC, and the Company must report any material event to the CSRC before the issue closes. The Board will handle the issue within the validity period under the approval, relevant laws and the authorisation of the shareholders' meeting, and will disclose information in a timely manner. The Company issued announcements on 6 and 24 September 2026 and a circular on 9 September 2026 on the issue of Domestic Shares. The announcement was made under Rule 13.09 of the Listing Rules and the inside information provisions of Part XIVA of the SFO. 

On the market, from an industry perspective. Themes such as coal, industrial trade & commerce, conglomerates, and telecommunications services led the gains. Themes such as pharmaceuticals & biologics, defense, and electrical equipment led the declines.

Of the Hang Seng Index constituents, 33 rose and 61 fell. On the downside, LONGFOR GROUP fell 7.06%, HSBC HOLDINGS dropped 5.56%, and XIAOMI-W fell 4.61%. On the upside, LI NING rose 5.92%, LENOVO GROUP rose 2.94%, and CHINA SHENHUA rose 2.36%.

Among the Hang Seng TECH Index constituents, 4 rose and 26 fell. On the downside, HORIZONROBOT-W fell 5.87%, LEAPMOTOR fell 4.84%, and SENSETIME-W fell 3.49%. On the upside, Z.AI rose 8.90%, SUNNY OPTICAL edged up 0.64%; HUA HONG GRACE edged up 0.47%.

Among Hong Kong Stock Connect constituents, on the upside, BRAINAURORA-B soared 27.13%, STAR SHINE HLDG rose 11.44%, and NEW VISION CO rose 10.75%. On the downside, DUALITYBIO-B plunged 27.93%, REALORD TECH plunged 20.71%, and KEYMED BIO-B fell 14.38%.

Guoyuan International Holdings Limited said that global markets are still disturbed by AI investment returns, high interest rates and Middle East energy risks. The Fed is expected to pause rate hikes in October, but high oil prices and inflation pressure mean that the tightening cycle has not yet ended, and the high interest rate environment will still constrain the valuation of growth assets.

Guoyuan International Holdings Limited believes that last week's correction in Hong Kong stocks has spread from a retracement in some high-elasticity sectors to a broader contraction in risk appetite, with the decline in global risk appetite, cooling domestic policy expectations and marginally weakening southbound funds jointly constituting the pressure. In the short term, it takes "indexes fluctuating weak, with continued internal differentiation" as the base case. In the technology direction, it continues to focus on whether AI capital expenditure can truly translate into revenue, profit and free cash flow, giving priority to enterprises that are already profitable, with low leverage and strong self-financing capability; at the same time, defensive directions with relatively stable cash flow such as staple consumption, utilities and financials can be allocated. (Source: "Hong Kong Market Weekly Report: Risk Appetite Contracts, Hong Kong Stocks Continue Their Correction" by Guoyuan International Holdings Limited, 20261026)

The formula comes from Fu Qingzhu Nü Ke by Fu Shan of the Qing dynasty and is on the National Administration of Traditional Chinese Medicine's first list of ancient classic formulas. It is indicated to invigorate the spleen, soothe the liver, resolve dampness and stop leukorrhea. The product is the first of its kind approved in China and the Company's second Class 3.1 new drug. Cumulative R&D spending was RMB 4.4746 million, and the Company expects no material impact on near-term results.

According to publicly available information, Micot Pharma listed on the Main Board of HKEX on June 24, 2026 at an offer price of HKD 18.20, with a global offering of approximately 58.0544 million H shares and net proceeds of approximately HKD 989 million. The Hong Kong public offering was oversubscribed 1,181.46 times, and the international offering was oversubscribed 2.52 times.

Since its listing on June 24, 2026, the share price has ranged from a high of HKD 45.04 to a low of HKD 13.13. As of October 26, 2026, the stock closed at HKD 14.14, about 22.3% below the offer price of HKD 18.20. Since its inclusion in Stock Connect, the share price has fallen from HKD 26.32 at the close on September 7, 2026 to HKD 14.14, a cumulative decline of about 46.3%.

Hang Seng Indexes Company announced on August 21, 2026 the results of its quarterly review of the Hang Seng Index series for the period ended June 30, 2026, under which MICOT PHARMA-B was included in the Hang Seng Composite Index, with the constituent change effective on September 7, 2026. The Shanghai and Shenzhen stock exchanges subsequently adjusted their respective lists of eligible securities under Stock Connect, and the company's shares were included in the list of eligible securities for Stock Connect with effect from September 7, 2026.

Founded in 2007 and headquartered in Xi'an, Shaanxi, Micot Pharma is a biotech company focused on bispecific and multi-specific peptide innovative drugs. It listed in June 2026 under Chapter 18A of the Listing Rules, becoming the first peptide innovative drug company listed in Hong Kong and the first Chapter 18A listed company in Northwest China.

On the financial front, for the first half of 2026, the company recorded a loss for the period of RMB 232 million, widened by 364.3% year on year, mainly because R&D expenses increased to RMB 128 million, up 215.9% year on year. Thanks to the RMB 200 million upfront payment from Everest Medicines and the receipt of offering proceeds, the company recorded net cash generated from operating activities of RMB 109 million. As of June 30, 2026, the Group's cash and financial assets totalled RMB 1.227 billion.

A research report by Everbright Securities International noted that the China market for secondary hyperparathyroidism drugs is expected to reach RMB 5 billion by 2030 and RMB 13.1 billion by 2035, and that existing treatments mainly rely on single-target drugs with limitations in efficacy and safety. Its core product MT1013 rapidly lowers iPTH (intact parathyroid hormone) with sustained effect, and has demonstrated good efficacy in a head-to-head clinical trial against etelcalcetide.

In the Hong Kong market, the share price of Jinhai Medical Technology has retreated recently on thin turnover. As of the close on 27 October, the shares were pulled up in the closing session to close at HK$3.755, up 0.13%.

On southbound holdings, the company was added to the Stock Connect list effective 7 September 2026. According to Choice data, southbound holdings stood at 10.3 million shares on 9 September, equal to 0.18% of the total share capital, and have continued to increase since then; the largest single-day net addition was 7.73 million shares on 11 September, up to 26 October since inclusion. By 26 October, southbound holdings further rose to 48.23 million shares, or 0.90% of the total, the highest level since inclusion, with a net addition of 515,000 shares on the day.

According to the data, HAICHANG HLDG's share price rebounded rapidly from a low over the past week (October 20 to October 27). It touched an intraday low of HKD 0.139 on October 9, a 52-week low, and then rose continuously, touching an intraday high of HKD 0.295 on October 26, more than doubling from the low.

On September 7, the adjustment of the Hang Seng Composite Index took effect, and HAICHANG HLDG (02255.HK) was removed from the index, and was accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors can only sell, and cannot newly open buy positions.

Public information shows that Haichang Ocean Park Holdings Ltd. listed on the Main Board of HKEX on March 13, 2014, becoming the first listed theme park operator on the Stock Exchange, at an offer price of HKD 2.450, with a board lot of 1,000 shares. The company is mainly engaged in the development, construction and operation of theme parks, and also involves property development, investment and hotel operations; as at June 30, 2026, the group owned seven theme parks, with businesses divided into park operation (tickets, in-park spending, rental and hotel) and tourism and leisure services and solutions. On September 8, 2014, the company was included in the Hang Seng Composite Index and other indexes under the Hang Seng Family of Indexes, and was subsequently added to Stock Connect. As at October 27, 2026, the company had about 13.214 billion issued shares.

As for the basis for removal, this adjustment was based on the review data as at June 30, 2026, when the stock closed at HKD 0.330 and its total market capitalisation stood at about HKD 4.361 billion based on issued shares, above the HKD 4 billion market capitalisation threshold for small-cap Stock Connect eligible securities; as at October 27, the stock was quoted at HKD 0.265, with its total market capitalisation falling to about HKD 3.502 billion, below that threshold. Hang Seng Indexes Company did not specify a reason for the removal.

After the removal, HAICHANG HLDG's share price has risen 16.2% cumulatively from its September 7 close of HKD 0.228 to date; it is down 65.1% from its 52-week high of HKD 0.760 and up 90.6% from its 52-week low of HKD 0.139, and down 89.2% cumulatively from its 2014 offer price of HKD 2.450.

The announcement disclosed that on July 30, 2026, the company's controlling shareholder Sunriver Starrysea Tourism (Cayman) Co., Ltd. and substantial shareholder Qu Cheng entered into share sale agreements with HH SeaPark Holding Limited respectively, to dispose of an aggregate of about 2.875 billion shares, representing about 21.75% of the issued share capital, for total consideration of about HKD 1.114 billion. Upon completion, Sunriver Starrysea's shareholding will fall from 38.60% to 25.92% and it will cease to be the controlling shareholder; Qu Cheng's shareholding through a trust will fall from 28.21% to 19.13%; the ultimate beneficial owner of the transferee HH SeaPark Holding Limited is Ming Z. Mei, who will hold 21.75%. The announcement stated that the transactions remain subject to completion. Previously, in June 2025, the company allotted 5.1 billion new shares to Sunriver Starrysea at HKD 0.45 per share, raising about HKD 2.295 billion, with the subscription completed on October 17, 2025, upon which Sunriver Starrysea became the controlling shareholder.

According to a check of the HKEx disclosure of interests platform, the company's shareholding structure involves offshore trusts. Qu Cheng holds the company's shares through a trust: the trustee Cantrust (Far East) Limited declared holdings of 3,703,509,048 shares, representing 28.02% of the issued voting shares, on July 30, 2026, with the holding chain running from the trust to Zeqiao International (BVI) Limited, then to Zeqiao Holdings Limited (formerly known as Haichang Group Limited), and then to the company's shares; Qu Cheng himself declared holdings of 3,727,841,640 shares, or 28.21%, on the same day. The name, establishment date, protector and scope of beneficiaries of the trust have not been disclosed.

On the operating side, the company's revenue in the first half of 2026 was RMB 535.9 million, down 21.9% year on year; gross profit was RMB 26.9 million, with a gross margin of 5.0%, against 10.4% a year earlier; the loss for the period was RMB 335 million, against a loss of RMB 296 million a year earlier; the loss attributable to owners of the company was RMB 332 million; basic loss per share was RMB 0.0252. By business, park operation revenue was RMB 510.2 million, down 21.0%, of which ticket revenue was RMB 264.6 million, in-park spending RMB 163.6 million, hotel revenue RMB 66.14 million and rental income RMB 15.98 million; tourism and leisure services and solutions revenue was RMB 25.68 million, down 36.0%, mainly due to a reduction in the scale of small oceanariums. On costs, cost of sales was RMB 509 million, down 17.2%; selling and marketing expenses were RMB 75.4 million, up 47.0%, mainly due to a higher marketing budget; administrative expenses were RMB 154 million, down 10.8%. As at June 30, the company's gearing ratio was 75.25% and its total number of employees was 2,702.

In terms of products and business developments, the company disclosed in its interim report that some suppliers had made claims in respect of overdue unpaid amounts, and that as at June 30, 2026, funds of RMB 24.127 million in some of the group's bank accounts had been frozen, with the directors having made full provision for the relevant payments. The company said it will continue to advance its asset-light transformation and IP operation in the second half of the year, and improve park operating efficiency and the visitor experience.

On the news front, the company has no recent news of its own; within the sector, on 27 October 2026 an official of South Korea's monetary authority said that driven by high-bandwidth memory production, chip output is expected to rise next year and prices to keep climbing, though at a slower pace; Samsung Electronics and SK Hynix have scheduled mass production and shipments of 8-layer HBM4 for NVIDIA in the second quarter of next year.

In addition, on 26 October 2026 NEXCHIP (688249.SH) reported third-quarter results, with revenue of RMB 3.252 billion, up 19.57% year on year, a gross margin of 25.46%, up 3.18 percentage points quarter on quarter, and net profit of RMB 220 million, up 34.49%. As a mature-node foundry peer of SMIC, its quarterly figures offer a reference for mature-node utilisation and pricing.

KAIYUAN SECURITIES believes that continued AI infrastructure build-out, together with tight memory supply and rising prices, will extend the upcycle across the semiconductor supply chain, with capital spending in wafer manufacturing and advanced packaging rising in tandem.

SMIC (00981.HK) Provides IC wafer foundry and related technical services. It is the largest pure-play wafer foundry in China by capacity and offers the broadest coverage of process nodes. Its mature and select advanced process lines address applications including smart terminals, IoT, and computing chips. Based on its periodic disclosures, wafer shipments, capacity utilization, and revenue are at historically high levels.

On the news front, the company has no recent news of its own; within the sector, on 26 October 2026 CASBOT announced the completion of a several-hundred-million-yuan Series A++ round, with proceeds to accelerate humanoid robot volume production and embodied brain R&D. The company was incubated by a research institute and has built a full-stack in-house system spanning the body, embodied brain and dexterous hands, with orders for embodied shoemaking robots exceeding RMB 400 million in 2026 and a production schedule of several thousand units.

In addition, on 26 October 2026 industry data showed that Agibot's cumulative output had reached 15,000 units as of 28 June 2026, with the 15,000th unit delivered to a customer factory for smart manufacturing; Unitree's humanoid robot shipments in 2025, excluding wheeled dual-arm robots, exceeded 5,500 units.

GUOLIAN MINSHENG SECURITIES noted that competition in the humanoid robot industry is shifting from prototype demonstrations to production readiness, developer ecosystems and replicable scenario validation, and that robot makers with real orders and replicable industrial scenarios, component suppliers entering volume production chains, and platform companies with closed model-and-data loops warrant continued tracking.

UBTECH ROBOTICS (09880.HK) Focuses on humanoid robot complete machine R&D, full-stack motion control algorithms, and commercial deployment across industrial and logistics scenarios. Its core product, the Walker S series humanoid robot, has deeply integrated into the final assembly lines of multiple leading NEV manufacturers, executing on-site operations such as the flexible handling of automotive components, precision assembly, and intelligent quality inspection. The company pioneers the leap from laboratory prototypes to real-world industrial automation and mass production applications, holding immense technological scarcity and a definitive premium as a pure-play robotics asset.

In terms of profitability, WUXI APPTEC Gross Profit changed from CNY 15.12 billion in the same period last year to CNY 24.38 billion in the current period, increased by CNY 9.26 billion; gross profit margin changed from 46.01% in the same period last year to 53.54% in the current period, increased by 7.52 percentage points; net profit changed from CNY 11.93 billion in the same period last year to CNY 19.27 billion in the current period, increased by CNY 7.34 billion; net profit margin changed from 36.31% in the same period last year to 42.31% in the current period, increased by 6 percentage points. 

In terms of earnings quality, WUXI APPTEC Operating Profit changed from CNY 14.58 billion in the same period last year to CNY 23.77 billion in the current period, increased by CNY 9.2 billion; Operating Profit Margin changed from 44.37% in the same period last year to 52.21% in the current period, increased by 7.84 percentage points; Net Cash Flow from Operating Activities changed from cash inflow of CNY 10.87 billion in the same period last year to cash inflow of CNY 16.61 billion in the current period, increased by CNY 5.74 billion; Ratio of Net Cash Flow from Operating Activities to Total Operating Revenue changed from 33.09% in the same period last year to 36.47% in the current period, increased by 3.38 percentage points. 

In terms of financial soundness, WUXI APPTEC Debt-to-Asset Ratio changed from 24.45% in the same period last year to 22.13% in the current period, decreased by 2.32 percentage points; Total Equity changed from CNY 71.472 billion in the same period last year to CNY 97.454 billion in the current period, increased by CNY 25.98 billion; Cash and Cash Equivalents changed from CNY 25.476 billion in the same period last year to CNY 29.526 billion in the current period, increased by CNY 4.05 billion; Current Liabilities changed from CNY 19.44 billion in the same period last year to CNY 23.85 billion in the current period, increased by CNY 4.41 billion; Quick Ratio changed from 2.46 in the same period last year to 3.01 in the current period, increased by 0.55 percentage points.

In terms of R&D investment focus, WUXI APPTEC R&D Expenses changed from CNY 825.65 million in the same period last year to CNY 923.4 million in the current period, increased by CNY 97.75 million; R&D to Total Revenue Ratio changed from 2.51% in the same period last year to 2.03% in the current period, decreased by 0.48 percentage points. 

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Australia is a full member of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), and its GMP inspection outcomes are highly mutually recognised among PIC/S member authorities; the TGA certification marks further international regulatory recognition of the production and quality management systems at the Company's facility.

As several products continue to advance overseas registration and commercialisation, a production and quality management system that meets international regulatory requirements will support those products' entry into more overseas markets and the Company's global strategy, the announcement said. It also carries the warning statement under Rule 18A.05 of the Listing Rules that the Company cannot guarantee it will ultimately succeed in developing or commercialising the relevant products.

As at the data cut-off of 14 August 2026, the Phase I study (NCT06566079) had enrolled 36 subjects across 15 to 130 mg, with a median of two prior lines of therapy (range 1 to 12), and is in the dose-escalation phase. Among evaluable mesothelioma subjects, the 130 mg once-daily cohort achieved an objective response rate (ORR) of 40%; across 30 to 130 mg, the disease control rate (DCR) at the first tumour assessment was 68.2%, and the ORR in mesothelioma was 18.2% (four of 22), with responses observed in the 30 mg, 50 mg and 130 mg cohorts.

Three of the four responders achieved a response at the first assessment at week 8; as at the cut-off, three partial responses were ongoing, one of which had lasted nearly a year. Beyond mesothelioma, preliminary antitumour signals included target lesion shrinkage in heavily pretreated non-small cell lung cancer (seven prior lines) and head and neck squamous cell carcinoma (eight prior lines), and disease stabilisation lasting more than four months in epithelioid haemangioendothelioma and colorectal cancer.

No dose-limiting toxicities were reported across 15 to 130 mg and no treatment-related adverse events led to permanent discontinuation. Most adverse events were grade 1 or 2, with grade 3 events in only 8.3% of subjects, including asymptomatic amylase and lipase elevations, fatigue and drug dermatitis; treatment-related proteinuria occurred in 11.1% and was grade 1 or 2 and reversible. Circulating CCN2 levels were consistently downregulated, and a terminal half-life of about 18 to 32 hours supports once-daily dosing. ISM6331 received FDA orphan drug designation in 2024 and fast track designation in July 2026.

According to the announcement, the SFC recently conducted an inquiry into the Company's shareholding distribution, which showed that as at 13 October 2026, 22 shareholders and their related persons held a total of 400,219,592 shares, representing 41.69% of the issued shares. Together with the 467,470,122 shares (48.69%) held by Mr Miao Xuezhong, the chairman and chief executive officer, these holdings represented 90.38% of the issued shares; only 92,310,286 shares (9.62%) were held by other shareholders. Total issued shares are 960,000,000.

Citing the SFC announcement, the Company noted that its share price rose 878.6% from HK$1.40 on 30 April 2026 to HK$13.70 on 13 October 2026, and closed at HK$14.00 on 23 October 2026, 900% above the 30 April closing price.

The Company said the information is extracted from the SFC announcement and, apart from the number of shares held by Mr Miao through Snowy.M Holdings Limited (based on the latest disclosure of interests under Part XV of the Securities and Futures Ordinance) and the share price data, it has not independently verified the information. It will conduct further investigation into the shareholding matters and announce updates as soon as practicable after completing the investigation.

The Company confirmed that, as at 13 October 2026 and the date of the announcement, at least 25% of its issued shares were held by the public, in compliance with the public float requirement. It cautioned that, given the high concentration of shareholding, the share price may fluctuate significantly even on small trading volumes and its securities may not have a genuine market.

Professor Wu Yilong (吴一龙), principal investigator of the SANOVO study, will be the keynote speaker, sharing insights on the latest clinical data and treatment strategies for MET-driven NSCLC. Dr Su Weiguo, the Company's Chief Executive Officer and Chief Scientific Officer, will join a panel discussion to review the SANOVO China and SAFFRON global data and discuss savolitinib's development progress and global regulatory outlook. The session will be moderated by Mr Peng Yingqi, Citi's Asia healthcare research analyst. The briefing will be conducted in Mandarin with English simultaneous interpretation, and registration details are available on the Company's website.

Savolitinib is an oral MET tyrosine kinase inhibitor approved in China as Orpathys® for NSCLC with MET exon 14 skipping alterations and conditionally approved for MET-amplified gastric/gastroesophageal junction adenocarcinoma. Based on the SACHI study, savolitinib plus Tagrisso® is approved in China for EGFR TKI-treated advanced nonsquamous NSCLC with MET amplification. The SANOVO study enrolled 326 treatment-naïve patients with EGFR mutations and MET overexpression, with investigator-assessed progression-free survival as the primary endpoint.

TQ-A3334 is an oral highly selective TLR7 agonist that activates innate and adaptive immune pathways, induces interferon and cytokine responses and remodels the body's anti-HBV immune response, complementing the direct antiviral action of nucleos(t)ide analogues (NAs). The designation was based mainly on Phase II data showing potential for substantive improvement in key efficacy endpoints; the results were selected as a late-breaking abstract at the 2026 AASLD meeting and will be presented orally.

TQA3605 is an oral core protein allosteric modulator that inhibits replication of multiple HBV genotypes without cross-resistance to NAs. Its Phase II study showed that 24 weeks of combination treatment with NAs significantly increased the proportion of subjects with HBV DNA below 20 IU/mL, with response rates approaching 90% in all treatment arms versus the NA monotherapy control (p<0.0001). TQA3605 has entered Phase III, while TQ-A3334 will soon enter Phase III.

The announcement cited about 290 million chronic HBV infections globally, including about 75 million in China; without timely standard treatment, chronic hepatitis B can progress to cirrhosis, liver failure and hepatocellular carcinoma.

The filed valuation report, with a valuation date of 31 December 2025, values the target's total equity at RMB7,345.41 million under the income approach, about 0.0542% above the previous estimate of RMB7,341.43 million. Accordingly, the consideration for the 65% held by Jiangsu Communications, the 22.82% held by Wuxi Communications and the 12.18% held by Changzhou Communications has been fixed at RMB4,774.5165 million, RMB1,676.1350 million and RMB894.7585 million respectively, totalling RMB7,345.41 million.

Jiangsu Communications' consideration will be paid in two instalments: 50% (RMB2,387.25825 million) within five business days after completion of the 65% transfer and satisfaction of the payment conditions, and the remaining 50% by 29 September 2027 with interest at the one-year loan prime rate. The consideration for Wuxi Communications and Changzhou Communications will be paid in a lump sum within five business days after their respective transfers and conditions are satisfied. The cumulative committed net profit for 2026 to 2028 is not less than RMB592.571 million, below the earlier estimate of RMB611.0783 million.

The Company said the adjustments do not constitute a material change to the transaction, with the purpose, target, payment principles and profit commitment principles unchanged, and will not adversely affect its financial position or operating results.

Pricing will be determined through a bookbuilding process conducted by the joint bookrunners; as at the date of the announcement, the aggregate principal amount, terms and conditions of the notes had not been determined. The notes, once issued, are repayable at maturity unless redeemed or repurchased earlier under their terms. Upon finalisation of the terms, the initial purchasers and the Company are expected to enter into a purchase agreement, and a further announcement will be made if a binding agreement is signed.

The notes have not been registered under the US Securities Act or any other securities laws and may only be offered and sold to professional investors that are qualified institutional buyers under Rule 144A and/or to non-US persons outside the United States under Regulation S. They will not be offered or sold to the public in Hong Kong and will not be placed with any connected persons of the Company.

If issued, the Company intends to use the net proceeds, together with cash on hand, to redeem in full the outstanding principal of, and accrued interest on, its US$700 million 2.300% senior notes due 8 March 2027, to repay the outstanding balance under the 2024 SCL revolving facility, and for general corporate purposes including capital expenditure. That facility is the HK$19,500,000,000 unsecured revolving credit facility entered into in October 2024 (about US$2.49 billion at the 30 June 2026 exchange rate). The Company intends to seek a listing of the notes on the Stock Exchange and has received an eligibility letter; as no binding agreement has been entered into, the offering may not proceed.

On 22 May 2026, a localised slope failure occurred at the CSH mine, causing no injuries or equipment damage. To ensure safety, open-pit mining was suspended while the processing plant continued operating using existing low-grade stockpiled ore. The Company subsequently engaged external geotechnical experts and specialist institutions to carry out geotechnical assessments and design remediation plans.

By the end of September 2026, the mine had completed the key phase of remediation works required to resume mining, including restoring the pit haul road system, clearing loose material and unstable rock, reinforcing the landslide body and installing drainage systems, with slope monitoring continuing throughout. A third-party assessment confirmed that the slope hazards affecting mining had been rectified and that the site met the safety standards for normal operations; after filing with the emergency management authorities, mining resumed in early October 2026 as planned.

During the suspension, the mine continued processing low-grade stockpiled ore, helping mitigate the impact on gold output. With open-pit mining fully restored, the mine will optimise the blending of newly mined and stockpiled ore to maintain stable ore supply and processing grades. Based on completion of the key remediation works and the resumption of mining, the Company is confident of maintaining a stable production trajectory, and 2026 production guidance is unaffected.

The subscription shares represent about 1.14% of the total issued shares as at the date of the announcement and about 1.13% of the enlarged issued shares immediately after completion; the number of issued shares will increase from 225,906,754 to 228,488,066. The subscriber is a limited partnership registered in the British Virgin Islands principally engaged in fund investment, whose general partner, Orion Crest Holdings Ltd, is wholly owned by Mr Jiang Yuze and whose entire partnership interest is held by Mr Bu Jianfeng. To the best of the directors' knowledge, the subscriber and its ultimate beneficial owners are independent third parties.

Gross proceeds are HK$30,000,008.064 and net proceeds are expected to be about HK$29.5 million after professional fees and related expenses. About 73.2% (some HK$21.6 million) will fund the AI agent all-in-one appliance business, including core hardware purchases (GPUs, high-speed storage modules, liquid-cooling systems and high-speed interconnect modules) and system integration and supply chain support, while about 26.8% (some HK$7.9 million) will fund computing power and hardware for the AI tax and finance model. The Company expects to fully utilise the proceeds by 31 December 2028.

The shares will be issued under the general mandate granted at the annual general meeting held on 26 June 2026, requiring no further shareholder approval; after completion, 42,600,038 shares will remain available under the mandate and the public float is expected to be about 47.77%. Completion is subject to fulfilment of conditions precedent and a long stop date of 31 January 2027, and may not proceed.

The partnership completed its business registration in August 2026 and, on 15 September 2026, completed registrations to increase its total investment and admit new partners, raising the fund size from RMB300 million to RMB515 million. The Company's commitment remained RMB50 million, cutting its interest to 9.71%.

The Company has been notified by the fund manager that the fund completed its private fund filing with the Asset Management Association of China on 23 October 2026 (manager: Chengdu Dingxing Quantum Investment Management; custodian: China CITIC Bank). As at the date of the announcement, the Company had paid in RMB15 million. The Company said the investment will help it draw on the manager's team and resources to capture opportunities in electronics and other sectors, is funded entirely from its own resources and will not materially affect operations or financial position. It cautioned that private funds have long investment cycles and weak liquidity, with risks that returns may fall short or principal may be impaired.

The ABN are expected to be registered with the National Association of Financial Market Institutional Investors in November 2026 or later and issued in the China interbank bond market, with an aggregate principal of about RMB2.9 billion, to invest in and securitise the underlying assets held by Jingneng Development. The senior tranche totals RMB2.83 billion (97.5%, expected AAA rating) and the subordinated tranche RMB70 million (2.5%, unrated, no fixed maturity, return of not more than 7% per annum); the notes have an 18-year tenor to 31 December 2044.

Jingneng Development, as seller, will transfer 100% equity interests in six target companies—Shengyang, Tongchuan, Kaineng, Zhuolang, Xundian and the SPV—to the ABN trust, for which China Railway Trust acts as trustee and administrator, for cash considerations of RMB627.73 million, RMB91.36 million, RMB113.15 million, RMB269.94 million, RMB171.17 million and RMB66.33 million respectively, totalling about RMB1,339.69 million. Debt transfer agreements will also transfer shareholder loans owed by the project companies to Jingneng Development.

Upon completion, the target and project companies will cease to be subsidiaries and will be deconsolidated. The Company expects to recognise unaudited gains of about RMB430.61 million, being the difference between the consideration and the unaudited carrying value of the underlying assets of about RMB909.07 million at the valuation date. Proceeds will be used 100% to repay existing debt, mainly bank borrowings maturing within 18 months (principal of about RMB3.44 billion and interest of about RMB69 million at rates of 1.98% to 2.80%). As the highest applicable percentage ratio exceeds 75%, the disposal is a very substantial disposal subject to reporting, announcement, circular and shareholder approval requirements; the circular is expected to be despatched on or before 30 November 2026 and an extraordinary general meeting will be convened.

According to the announcement, the project will be undertaken on an EPC turnkey basis with the Company as the successful bidder. The total contract price is USD833 million, equivalent to approximately RMB5.595 billion, subject to the final price stipulated in the EPC contract to be signed by the parties. The contract period is 27 months from the effective date of the contract. The scope of work covers the design, supply of materials and equipment, construction, installation, commissioning and training for the alumina refinery.

The Company said that if the contract is formally entered into and implemented smoothly, it will help expand the Company's operating scale, have a positive impact on its results for the current and future years and enhance its sustainable profitability, although the specific amount of the financial impact cannot yet be measured. It cautioned that no contract has yet been signed with the relevant parties and that the total project amount and specific implementation details are subject to the formal contract. As the project is located overseas, implementation may be subject to overseas operating risks including changes in the local political environment, adjustments to laws and regulations, foreign exchange controls, natural conditions and changes in the social and economic environment.

According to the announcement, the programme represents an innovation of the Company's existing education business by offering vocational training in AIGC film and brand advertising design for students majoring in art and design. It is expected to integrate resources from leading art institutions such as the China Academy of Art and the Guangzhou Academy of Fine Arts and to build a comprehensive ecosystem encompassing curriculum development, practical training and career placement, with the aim of meeting the evolving talent needs of the design industry amid its AI-driven transformation and cultivating high-calibre talent for film and television production companies, brand design agencies and digital cultural and creative enterprises.

The Company considers the programme a business initiative in the field of artificial intelligence talent training that aligns with the Group's long-term development objectives and business development strategies and is in the interest of the Company and its shareholders as a whole. It said it has been actively exploring new business opportunities and development feasibilities with a view to generating higher returns for shareholders, and will make further announcement(s) regarding the progress of the new company as and when appropriate under the Listing Rules, while advising shareholders and potential investors to exercise caution when dealing in its securities.

According to the announcement, the HEALER study was sponsored by the Group and led by Academician Xu Binghe across 76 centres in China. A total of 885 patients with HER2-positive advanced breast cancer who had not received prior chemotherapy or anti-HER2 targeted therapy in the advanced setting were randomised 1:1 to the experimental group or the standard THP regimen control group. The primary endpoint was PFS assessed by a Blinded Independent Review Committee (BIRC) based on RECIST 1.1. BIRC assessment showed 24-month PFS rates of 58.5% versus 34.4%, representing a 54% reduction in the risk of disease progression or death (HR=0.46, 95% CI 0.37-0.56), while the objective response rate was 87.6% against 73.4% in the control group.

On safety, grade 3 or above adverse events occurred in 45.9% of the experimental group versus 34.4% in the control group, mainly haematological toxicities such as neutropenia and leukopenia. Treatment discontinuation due to treatment-emergent adverse events was 5.2% versus 3.4%, and grade 3 or above diarrhoea accounted for only 2.3%, with no subject discontinuing treatment due to diarrhoea. The Company said the regimen significantly improved first-line PFS versus the standard THP regimen with a manageable safety profile, and is expected to become a new first-line treatment option for HER2-positive advanced breast cancer.

In the JSKN003-003 phase II study, a total of 25 patients were treated as of 9 May 2026, including 7 in Cohort A, 14 in Cohort B and 4 in Cohort C. Confirmed ORRs were 71.4%, 100% and 50.0% in Cohorts A, B and C respectively, with all 14 patients in Cohort B achieving PR. Cohort B showed a clear safety advantage, with grade 3 or above TRAEs of 28.6%, lower than 57.1% in Cohort A and 100% in Cohort C; no TRAEs led to death.

For PROC, 47 patients had received JSKN003 monotherapy as of 10 July 2026, with a median follow-up of 20.8 months. The ORR was 63.8%, confirmed ORR 55.3% and DCR 93.6%, with a median DoR of 9.2 months, median PFS of 8.3 months and median OS of 23.5 months. Grade 3 or above TRAEs occurred in 19.1% of patients, and ILD was reported in 6 patients (12.8%), all grade 1 or 2. A phase III study of JSKN003 in PROC irrespective of HER2 expression is ongoing.