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.

The Phase IIb study of LBL-024 monotherapy in third-line or later extrapulmonary neuroendocrine carcinoma (EP-NEC) was presented as a late-breaking abstract oral presentation. As of the August 16, 2026 data cut-off, 96 previously treated patients were enrolled. With a median follow-up of 16.3 months, median duration of response was 9.8 months and 13 patients (13.5%) remained on treatment for more than 12 months. Median overall survival was 8.7 months against a historical median of 3 to 4 months, with a 12-month OS rate of 39.4%; grade 3 or above treatment-related adverse events occurred in 28.1% of patients.

The Phase Ib/II study of LBL-024 plus chemotherapy in first-line EP-NEC was presented as a proffered paper, with 69 patients, a median follow-up of 21.2 months, median PFS of 5.7 months and an 18-month OS rate of 55.7%, while median OS had not been reached. In the Phase II study in first-line biliary tract cancer (BTC), presented as a poster, 20 patients achieved an ORR of 70.0% and a DCR of 95.0%, with median PFS of 8.0 months.

The KN026-003/Healer study enrolled 885 patients with HER2+ advanced breast cancer and compared the combination with the THP Regimen in the first-line setting. Median PFS assessed by BIRC was not reached versus 14.3 months, reducing the risk of disease progression or death by 54% (HR: 0.46; P<0.0001), with 24-month PFS rates of 58.5% and 34.4%. The results were published simultaneously in the New England Journal of Medicine, and the NDA has been accepted by the NMPA with priority review.

The updated interim OS analysis of the KC-WISE study covered 246 patients with HER2+ gastric cancer or gastroesophageal junction adenocarcinoma who had failed trastuzumab-based treatment. Median OS was 19.6 months versus 9.6 months (HR: 0.39) and median PFS was 7.1 months versus 2.7 months (HR: 0.35). The regimen was approved in China in May 2026 through the priority review pathway.

1. HANSOH PHARMA (03692.HK): Announced on October 19 that on October 17 the company entered into a strategic cooperation and licence agreement with Roche (F. Hoffmann-La Roche Ltd) covering a portfolio of antibody-drug conjugate (ADC) programmes, including two preclinical ADC programmes and multiple programmes against targets proposed by Roche and developed on Hansoh's proprietary ADC technology platform; Hansoh will lead early development through completion of global Phase Ia clinical trials, and will receive an upfront payment of USD 400 million and a one-year anniversary payment of USD 110 million, and is eligible to receive potential milestone payments exceeding USD 15 billion and tiered royalties.

2. METIS TECHBIO-P (07666.HK): In a voluntary announcement on October 19, announced a strategic collaboration with Eli Lilly focused on the research and discovery of novel lipid nanoparticle (LNP) delivery solutions to achieve tissue-specific delivery of therapeutic modalities; the company will receive an upfront payment of more than USD 10 million and is eligible to receive development, regulatory and commercial milestone payments of up to approximately USD 1.1 billion in aggregate, as well as single-digit percentage tiered royalties; the collaboration is based on the company's AI-driven ionisable lipid discovery and optimisation platform, AiLNP.

3. HUTCHMED (00013.HK): Announced on October 21 that the exclusive development and licence agreement between its subsidiary Hutchison MediPharma (Shanghai) and an affiliate of GSK plc has completed, under which the latter has acquired the rights to develop and commercialise HMPL-A830 worldwide outside Mainland China, Hong Kong, Macao and Taiwan; HUTCHMED expects to receive an upfront payment of USD 110 million in the near term and is eligible to receive up to a further USD 1.185 billion in potential milestone payments and tiered royalties; HMPL-A830 is a first-in-class antibody-targeted conjugate drug (ATTC), and Phase Ia clinical trials in China and the United States were initiated in September.

4. INSILICO (03696.HK): Announced on October 20 that its multi-year AI-driven drug discovery collaboration with Servier has achieved an early drug discovery milestone, with the first R&D programme triggering a milestone payment of an undisclosed amount from Servier; the collaboration, announced in early 2026, has a total value of up to USD 888 million, including USD 32 million in upfront payments, and both of the two independent oncology R&D programmes launched by the parties have completed target nomination.

5. CUTIA-B (02487.HK): Announced on October 21 that it has entered into a supplemental agreement with Hangzhou Guansu to expand the collaboration territory for CU-20401 (recombinant mutant collagenase) from Asia to territories outside Asia, under which both parties have the right to seek third-party partners outside the territory for out-licensing and sub-licensing cooperation, and to strengthen cooperation terms on clinical, regulatory and R&D sharing.

Overseas M&A

1. ORBUSNEICH (06929.HK): Announced on October 20 that on October 15 it completed the acquisition of 100% of the equity interest in Italian distributor MC Health S.r.l., which has become a wholly-owned subsidiary of the group; Italy records about 157,000 PCI procedures each year, and following the acquisition the group will convert its local business to a direct sales model, immediately covering cardiac catheterisation laboratories nationwide and extending its direct sales business to 16 markets worldwide; the seller is an independent third party and all applicable percentage ratios are below 5%.

2. RIBOLIFE (06938.HK): Announced on October 19 that on October 16 it entered into a share exchange agreement with minority shareholders to acquire the remaining 49.71% equity interest in Sweden's Ribocure Pharmaceuticals AB by issuing 14,087,085 consideration shares, achieving full ownership; the appraised value of 100% of the target's equity is SEK 1.997 billion (approximately HKD 1.610 billion), the consideration shares are priced at HKD 56.83 each, a discount of approximately 10.96% to the closing price; the target is the company's international R&D centre, focusing on siRNA drugs in cardiovascular, metabolic and liver-related fields, with five drug discovery and preclinical stage programmes; the transaction constitutes a discloseable transaction and a connected transaction, and the circular is expected to be published on or before December 4.

3. LOPAL TECH (02465.HK): Published an overseas regulatory announcement on October 23 that its second-tier subsidiary LBM (AP) on October 22 entered into a share purchase agreement and a shareholders' agreement with KINETIQ CAPITAL (SG) PTE. LTD. to sell a 76% equity interest in Indonesia's PT LBM ENERGI BARU for USD 31.92 million, which will cease to be consolidated into the group's financial statements after the transaction; the underlying asset is a 90,000-tonne-per-year lithium iron phosphate (LFP) cathode materials plant under construction in Indonesia, and the transaction will enable PT LBM to be recognised as a non-prohibited foreign entity under the rules of the One Big Beautiful Bill Act.

Overseas Orders and Bid Wins

1. SFQ GLOBAL (01953.HK): In a voluntary announcement on October 21, its subsidiary entered into an engineering, procurement and construction contract for a solar photovoltaic and energy storage system project in the Democratic Republic of the Congo with a total amount of approximately USD 41.4 million, comprising approximately USD 22.3 million for phase one and approximately USD 19.1 million for phase two, with scope covering design, procurement, construction, installation, commissioning, grid connection and maintenance services; the company said it will expand its business regions from Malaysia to other Southeast Asian countries and Africa.

Overseas Projects and Operations

1. ABBISKO-B (02256.HK): Announced on October 21 that lavengratinib (ABSK061), an oral selective small-molecule FGFR2/3 inhibitor, has been granted orphan drug designation by the European Medicines Agency (EMA) for the treatment of achondroplasia; the indication had previously received orphan drug designation and rare paediatric disease designation from the U.S. FDA, and its IND application has been approved by the FDA; the company is advancing a Phase II multicentre dose-escalation study in children with ACH aged 3 to 12, with preliminary data showing positive growth-promoting signals.

2. ASCLETIS-B (01672.HK): Announced on October 23 that strategic partner Sagimet Biosciences has completed dosing of the first patient in AURORA, the pivotal U.S. Phase III clinical trial of denifanstat (ASC40); the trial is being conducted in adults and adolescents aged 12 and above with moderate-to-severe acne, plans to enrol approximately 800 patients in the United States, and is intended to support a potential U.S. new drug application submission; Ascletis holds the rights to develop, manufacture and commercialise the product in Greater China.

3. MABWELL-B (02493.HK): Disclosed on October 19 that Phase II data for 9MW2821, a novel Nectin-4-targeting ADC, in locally advanced or metastatic triple-negative breast cancer previously treated with topoisomerase I inhibitor payload ADCs will be presented as an oral presentation at the 2026 ESMO Congress to be held in Madrid, Spain from October 23 to 27; as of April 10, 2026, among 60 evaluable patients the objective response rate was 30.0%, the disease control rate was 80.0%, and median progression-free survival was 3.7 months.

4. LEADS BIOLABS-B (09887.HK): Disclosed on October 19 that six study abstracts on LBL-024 (Opamtistomig, a PD-L1/4-1BB bispecific antibody) and LBL-034 (a GPRC5D/CD3 bispecific T-cell engager) have been accepted for the 2026 ESMO Annual Meeting, of which three were selected for preferred oral presentations and one as a late-breaking abstract (LBA).

Overseas Financing

1. DSBJ (02384.HK): Published its prospectus on October 20 for a global offering of 113,783,200 H shares, comprising 11,378,400 H shares under the Hong Kong public offering and 102,404,800 H shares under the international offering, at a maximum offer price of HKD 93.80 per share, with a board lot of 100 shares; the Hong Kong public offering runs from 9:00 a.m. on October 20 to noon on October 23, and the H shares are expected to be listed on the Main Board of the Stock Exchange on October 28, with an offer size adjustment option and an over-allotment option of up to 17,067,400 shares each.

2. MICRO-INTELLIGENCE (03275.HK): Published its prospectus on October 20 for a global offering of 37,275,800 H shares at a maximum offer price of HKD 21.46 per share and an expected price of not less than HKD 16.63, with a board lot of 100 shares; the H shares are expected to be listed on October 28, and the international underwriters have been granted an over-allotment option of up to 5,591,300 shares.

3. XINDE SEMICONDUCTOR: Disclosed on October 21 that it has passed the listing hearing for the Main Board of the Stock Exchange, with Huatai Financial Holdings (Hong Kong) Limited acting as sole sponsor; the company is a semiconductor packaging and testing service provider, with revenue rising from RMB 509 million in 2023 to RMB 1.012 billion in 2025, ranking seventh among China's general OSAT companies by 2025 revenue from advanced semiconductor packaging and testing, with a market share of 0.6%.

Overseas Operating Data

1. SF HOLDING (06936.HK): Announced on October 19 its September operating brief, with revenue from the supply chain and international business of RMB 7.884 billion, up 28.13% year on year, saying that it will firmly advance its strategy of being the only Asian integrated logistics player with global coverage and capture the strategic opportunities arising from Chinese companies going global; revenue from the express logistics business in the same period was RMB 20.835 billion, down 0.09%.

NewTimeSpace Going Global Observation

This week's overseas expansion story ran along three main threads. First, out-licensing by innovative pharmaceutical companies and milestone achievements came in quick succession: HANSOH PHARMA and METIS TECHBIO-P each entered into strategic collaborations with multinational pharmaceutical companies, HUTCHMED completed the closing of its licence agreement with GSK, and INSILICO triggered an early milestone payment from Servier. Second, the pipeline of A-share companies listing in Hong Kong continued to expand: DSBJ and MICRO-INTELLIGENCE launched their offerings in the same week and are expected to list on the same day next week. Third, cross-border capital operations shifted from one-way acquisitions to dynamic adjustments based on compliance and efficiency: ORBUSNEICH converted its European business to direct sales by acquiring a local distributor, RIBOLIFE moved to full ownership of its Swedish international R&D centre through a share exchange, and LOPAL TECH sold a controlling stake in its Indonesian subsidiary to meet the entity recognition requirements under a U.S. statute.

This article is for information purposes only and does not constitute any investment advice.

Kinetiq will hold 76%, LBM (AP) 23.99% and LBM (Singapore) 0.01%; PT LBM will no longer be consolidated. The deal aims to make PT LBM a non-prohibited foreign entity under the One Big Beautiful Bill Act for its Indonesian plant, designed for 90,000 tonnes of lithium iron phosphate cathode material a year. 

The announcement disclosed that the scope of work for the Project covers design, procurement of equipment and materials, multimodal transportation to the project site, construction, installation, commissioning, grid connection, performance testing and related maintenance services. The Company said it has been actively exploring new opportunities for business expansion and strategic upgrading, and believes that continuing to leverage its strengths in industrial and infrastructure construction projects and breaking away from a single-market footprint in Malaysia are sources of impetus for its further development.

The Company stated that, following strategic planning, it considers that the following two directions can further broaden its revenue sources and give it access to high-growth industries and regions: first, on top of continuing to focus on and develop its current industrial and infrastructure construction business, further focusing on the construction contracting of new energy power stations to capture the rapid growth opportunities in the engineering, procurement and construction (EPC) market for new energy power stations; and second, leveraging the regional advantages of the Company and its controlling shareholder in Southeast Asia and Africa to further expand its business regions from Malaysia to other Southeast Asian countries and Africa, thereby diversifying single-market operational risks and opening up broader market space. The newly signed EPC Contract is one of the results of the Company implementing its new strategic plan; as entering into the EPC Contract is conducted in the ordinary and usual course of the Company's business and is revenue-generating in nature, it does not constitute a discloseable transaction under Chapter 14 of the Listing Rules. To the best of the directors' knowledge, information and belief after making all reasonable enquiries, all counterparties to the EPC Contract are third parties independent of the Company and its connected persons, and accordingly the EPC Contract and the transactions contemplated thereunder do not constitute a connected transaction under Chapter 14A of the Listing Rules.

ACH is a rare, potentially life-threatening and debilitating growth disorder with limited treatment options currently available worldwide. Lavengratinib for ACH previously received Orphan Drug Designation (ODD) and Rare Pediatric Disease Designation (RPDD) from the US FDA, and its IND application has been cleared by the FDA. It is the first FGFR2/3 selective inhibitor in the world to enter clinical trials.

ACH is an autosomal dominant disorder primarily caused by mutations in the FGFR3 gene. Using Abbisko Therapeutics' oral mini-tablet technology, each tablet is less than 3 mm in diameter and can be conveniently taken with food or drink. The company is advancing a Phase II, multicentre, open-label, dose-escalation study (ABSK061-202) in children aged 3 to 12 with ACH; recent preliminary data showed positive growth-promotion signals with favourable overall safety and tolerability.

Under the agreement, both parties may seek third-party partners in the extended territories for out-licensing or sub-licensing and will strengthen shared clinical, registration and R&D terms to speed development, registration and commercialisation there. Hangzhou Guansu had exclusively assigned to the Company all CU-20401 intellectual property and development results for Asia under the original agreement of 28 August 2020. CU-20401 targets obesity, overweight and local fat accumulation, and completed a Phase II trial in China for submental fat in December 2024.

1. ALCO HOLDINGS (00328.HK): Announced on October 13 that the company has entered into long-term cooperation agreements with distributors located in Brazil and Chile respectively, covering the distribution and sale of the group's laptops and tablets in the relevant markets and the promotion of the company's own brands in South America. The board believes the agreements will help open up the South American market and further diversify its geographical market coverage, while the actual contribution will depend on market demand, distributor performance and the execution of the distribution arrangements.

Overseas Orders and Bid Wins

1. TIANGONG INT'L (00826.HK): In a voluntary announcement on October 15, its indirectly wholly-owned subsidiary Five Star Special Steel Europe S.R.L. entered into a procurement agreement with an existing European end customer to supply mould steel products of various specifications, with a supply schedule of 5,000 tonnes by May 2027, worth approximately RMB 80 million. The company said the agreement will help provide a stable export revenue stream for its mould steel segment, and that the customer and its ultimate beneficial owners are independent of the company and its connected persons.

2. WASION HOLDINGS (03393.HK): Announced on October 12 that the group recently secured several orders for smart grid-related products and solutions in emerging markets in the Middle East, with a total contract value of approximately RMB 1.25 billion (approximately HKD 1.47 billion), mainly covering metering products such as smart meters and services, expected to be delivered and recognized as revenue in phases within three years, with the customers being local power utilities of scale and good credit standing.

Overseas Projects and Operations

1. CHINA MER PORT (00144.HK): Announced on October 15 that FCGL, Access Engineering, SLPA and SACL entered into a settlement agreement to terminate the shareholders' agreement, the BOT agreement and the site lease agreement early and in an orderly manner with effect from the date of the agreement, so as to resolve all matters relating to the South Asia Commercial and Logistics Hub (SACLH) project. The shareholders of SACL had previously injected a total of USD 37.14 million in equity into the project, of which FCGL contributed USD 26 million; SLPA will pay SACL a one-off sum of USD 21.905 million within 30 days, which, together with approximately USD 7.85 million of distributable cash available at SACL, will be distributed to the three shareholders in the proportions of 70%, 15% and 15%, with FCGL receiving approximately USD 20.83 million in total.

Overseas Operating Data

1. GENSCRIPT BIO (01548.HK): Announced on October 13 that its associate Legend Biotech has filed a Form 6-K with the U.S. Securities and Exchange Commission, disclosing that CARVYKTI(R) generated net trade sales of approximately USD 710 million for the quarter ended September 30, 2026. The announcement noted that the figure is based on information provided by Janssen to Legend Biotech, and that neither Legend Biotech nor the company has independently verified its accuracy.

Regulatory and Compliance

1. LEADS BIOLABS-B (09887.HK): Announced on October 12 that its core product LBL-024 (Opamtistomig, a PD-L1/4-1BB bispecific antibody) has been granted Fast Track Designation by the U.S. FDA for the first-line treatment of advanced biliary tract cancer (BTC), taking only nine days from submission to approval. This is the second Fast Track Designation for LBL-024, following extrapulmonary neuroendocrine carcinoma, and the FDA also recommended that the company communicate as soon as possible on the registration plan for LBL-024 in combination with chemotherapy in BTC.

2. HANSOH PHARMA (03692.HK): Announced on October 11 that the company resubmitted the EU Marketing Authorisation Application for its innovative drug aumolertinib (overseas brand name Aumseqa(R)) to the European Medicines Agency on September 29, and the EMA confirmed acceptance on October 7 and initiated the centralized approval procedure. The indications in this application include first-line treatment of advanced non-small cell lung cancer with EGFR exon 19 deletion or exon 21 (L858R) substitution mutations, as well as treatment of EGFR T790M mutation-positive advanced NSCLC.

3. WASION HOLDINGS (03393.HK): Announced on October 12 that the AMI meter products of its wholly-owned subsidiary Wasion Americas Inc. have formally passed certification by the American National Standards Institute (ANSI). The ANSI C12 series standards are the access specifications used by U.S. power utilities for revenue-settlement meters, and the company said the certification helps lay a qualification foundation for the group to expand into the North American power market.

4. STD DEV GROUP (01867.HK): In a voluntary announcement on October 13, its subsidiary Standard Development (Shandong) passed an independent audit under the ISCC framework by certification body RINA Services S.p.A. and was awarded ISCC EU and ISCC PLUS certifications, confirming its compliance with the sustainability requirements and greenhouse gas emission reduction standards defined by the European Renewable Energy Directive, covering the technical compliance pathway for converting carbon-based waste such as waste tyres into low-carbon marine fuel oil, low-carbon diesel and sustainable aviation fuel.

Overseas Financing

1. TENCENT (00700.HK): Announced on October 13 (New York time) the pricing of U.S. dollar notes with an aggregate principal amount of USD 1.8 billion and RMB notes with an aggregate principal amount of RMB 26 billion under its Global Medium Term Note Programme, with estimated net proceeds, after deducting underwriting fees, discounts and commissions, of approximately USD 1.79 billion and RMB 25.89 billion respectively, intended for general corporate purposes; the notes are expected to be issued on October 21 and intended to be listed on the Stock Exchange. Among them, the October 2036 U.S. dollar notes total USD 1.30 billion with a coupon rate of 6.10%, and the October 2046 U.S. dollar notes total USD 500 million with a coupon rate of 6.75%.

2. TRANSSION (02636.HK): Its H shares were listed on the Main Board of the Hong Kong Stock Exchange at 9:00 a.m. on October 15 at a final offer price of HKD 35.30 per share; the global offering comprised 86,648,300 H shares, of which 8,664,900 H shares were offered in the Hong Kong public offering and 77,983,400 H shares in the international offering.

3. SWL TOUR (06157.HK): Published its prospectus on October 14 for a global offering of 44,760,000 H shares, of which 4,476,000 H shares (10%) were offered in the Hong Kong public offering and 40,284,000 H shares (90%) in the international offering, at an offer price of no more than HKD 5.07 per share and expected to be no less than HKD 3.92 per share, with listing expected on October 23.

NewTimeSpace Going Global Observation

This week's overseas expansion theme was built on two threads. First, overseas compliance qualifications and orders landed densely: LEADS BIOLABS-B's core product received FDA Fast Track Designation and HANSOH PHARMA's resubmitted EU Marketing Authorisation Application for aumolertinib was accepted by the EMA, while WASION HOLDINGS' AMI meters passed U.S. ANSI certification and STD DEV GROUP obtained ISCC EU and ISCC PLUS certifications issued by RINA; running in parallel were the signing of overseas orders, with WASION HOLDINGS securing smart grid orders in the Middle East and TIANGONG INT'L entering into a mould steel supply agreement with a European end customer. Second, offshore financing channels opened up in tandem: TRANSSION listed its H shares and SWL TOUR launched its global offering, while offshore bonds and overseas note financing also advanced, with TENCENT completing the pricing of U.S. dollar and RMB notes. Unlike the earlier phase, when overseas expansion was mainly conducted through equity acquisitions, this week's transactions were more concentrated on execution links such as qualification access, order acquisition and funding-side arrangements, with the overseas expansion path shifting from asset acquisitions to market access and financing advancing in parallel.

This article is for information purposes only and does not constitute any investment advice.

The report is IDC's first global vendor assessment built around agentic marketing. Unlike AI products that mainly focus on model parameters, content generation or single-point efficiency gains, IDC places its assessment on whether agents can enter a company's real business processes, across four specific dimensions: whether they support multi-step and multi-agent workflows, whether they can connect enterprise data and marketing systems, whether they have been deployed in production environments, and whether they provide governance, audit and human supervision mechanisms. The change in criteria reflects a shift in where competition in enterprise AI is centred, from whether content can be generated to whether AI can keep taking part in operating decisions; for large enterprises, a marketing agent must not only understand customers and channels but also complete a continuous sequence of actions from insight and segmentation to outreach, delivery and review under constraints of data, systems, processes and compliance, and be accountable for business results. Generating a piece of copy requires only model capability, while working continuously inside a real operating system tests something entirely different.

In this first assessment, IDC defines DEEPZERO as an enterprise decision AI company that applies agentic AI to marketing and sales, and gives particular attention to its Deep Agent system. Deep Agent was launched in February 2025 and is built on data and decision-making capability that DEEPZERO has accumulated over 17 years, covering six decision domains - product innovation, market entry, social marketing, advertising, sales and customer service, and CRM - with more than 30 specialised agents. The system uses a dual-layer architecture combining large language models with proprietary domain machine learning technology: the former provides general reasoning capability and the latter distils industry-specific prediction and decision models, and together they enable different agents to carry out analysis, prediction and decision tasks based on industry data and business objectives.

In terms of product form, DEEPZERO does not provide a single chat-style assistant but an agent collaboration system covering the marketing and sales decision chain. Its more than 30 specialised agents include AI VOC, AI Consumer, AI Survey, AI Ad Campaign Manager, AI Persona and AI Sales Assistant: AI VOC, AI Consumer and AI Survey can be used for consumer feedback analysis, user and market insight and research; AI Ad Campaign Manager addresses advertising delivery; AI Persona supports user profiling; and AI Sales Assistant provides support for the sales process. Case data provides a more direct footnote: according to the IDC report, in the case of an automobile brand, the store visit rate of high-propensity users rose to about 2.7 times with the involvement of AI products.

Huang Xiaonan, founder, chairman and CEO of DEEPZERO, said that the value of AI lies not in simple cost reduction but in genuinely entering enterprise business processes and translating into measurable growth results for clients, and that the company will continue to advance its Agentic Software plus Agentic Marketing Service dual-engine strategy, rebuilding enterprise workflows with agent products and helping clients achieve business results through service capability. IDC also noted that agentic marketing is still at an early stage of development and that enterprise clients remain cautious about accuracy, compliance, brand safety and running at scale; for a company based in China and developing for the global market, how to keep proving product ROI, expand international market coverage and build an auditable agent governance system are still questions to be answered in the next stage. Being named a Leader in the IDC MarketScape means the evaluation DEEPZERO faces is no longer limited to single-point tool capability but covers the complete capability set of data foundation, agent collaboration, system connectivity, business implementation and continuous operation; as enterprise AI competition moves from model capability to application results, whether agents can genuinely be embedded in the operating system is becoming a new measure of the value of enterprise AI. 

IDC's first global assessment of agentic marketing uses very different selection criteria from previous evaluations: the report does not take model parameters, content generation capability or single-point efficiency gains as its main measures, but focuses on four questions, namely whether agents support multi-step and multi-agent workflows, whether they can connect enterprise data and marketing systems, whether they have been deployed in production environments, and whether they provide governance, audit and human supervision mechanisms. Behind these criteria is a shift in the logic of competition in enterprise AI: as the ability to generate content becomes infrastructure, the real dividing line moves to whether AI can keep taking part in operating decisions, and marketing agents must complete a continuous sequence of actions from insight and segmentation to outreach, delivery and review under constraints of data, systems, processes and compliance, and be accountable for business results. In other words, the market's expectation of marketing AI is shifting from a tool to an employee.

Under the new criteria, IDC defines DEEPZERO as an enterprise decision AI company that applies agentic AI to marketing and sales, and focuses on its Deep Agent system. The system was launched in February 2025 and covers six decision domains - product innovation, market entry, social marketing, advertising, sales and customer service, and CRM - and is made up of more than 30 specialised agents. It is supported by data and decision-making capability that DEEPZERO has accumulated over 17 years: Deep Agent uses a dual-layer architecture that combines large language models with proprietary domain machine learning technology, with large language models handling general reasoning and proprietary domain models handling industry-specific prediction and decision-making, enabling the agents to perform analysis, prediction and decision tasks based on industry data and business objectives.

In form, this is not a chat entry point but an agent collaboration system covering the marketing and sales decision chain: AI VOC, AI Consumer and AI Survey correspond respectively to consumer feedback analysis, user and market insight and research scenarios; AI Ad Campaign Manager handles advertising delivery; AI Persona supports user profiling; and AI Sales Assistant supports the sales process. According to the IDC report, in the case of an automobile brand, the store visit rate of high-propensity users rose to about 2.7 times with the involvement of AI products.

Asked how AI creates value, Huang Xiaonan, founder, chairman and CEO of DEEPZERO, answered that the value of AI lies not in simple cost reduction but in genuinely entering enterprise business processes and translating into measurable growth results for clients; under this approach the company will continue to advance its Agentic Software plus Agentic Marketing Service dual-engine strategy, rebuilding enterprise workflows with agent products while helping clients achieve business results through service capability. Being named a Leader in the IDC MarketScape means the evaluation DEEPZERO faces is no longer limited to single-point tool capability but covers the complete capability set of data foundation, agent collaboration, system connectivity, business implementation and continuous operation. IDC also noted in the report that agentic marketing is still at an early stage of development and that enterprise clients remain cautious about accuracy, compliance, brand safety and running at scale; for a company based in China and developing for the global market, how to keep proving product ROI, expand international market coverage and build an auditable agent governance system are questions that must be answered in the next stage. That is precisely what defines the direction of the next phase of competition: as enterprise AI competition moves from model capability to application results, whether agents can genuinely be embedded in the operating system is becoming a new measure of the value of enterprise AI; for DEEPZERO, which has just entered IDC's global Leaders category, this ticket is both a milestone and a new test.View announcement.

The subject of the IDC assessment is not all marketing software that uses large models, but platforms able to create, deploy and manage marketing agents and let them execute tasks autonomously or semi-autonomously in real business environments. A product in scope must connect enterprise data, marketing channels and business systems, support multi-step, multi-agent workflows, and provide production deployment, governance, audit, human-machine collaboration and human override mechanisms; Copilots that only generate content, deliver data insights or complete a single task do not fall within IDC's definition of an agentic marketing platform. This change in criteria marks the central dividing line in the commercialisation of enterprise AI. If AI only produces a piece of copy, it solves a content production problem; if it can identify audiences from customer data, judge the right moment to reach them, design marketing paths, call channel systems to complete delivery and then adjust the next step of strategy based on conversion results, it is taking part in enterprise decision-making. The former lifts the efficiency of one link, while the latter changes an entire business chain. Companies therefore no longer ask only how smart a model is, but further ask whether it can run reliably, whether problems can be traced, and whether the results it brings can be measured.

What sets DEEPZERO apart is that it did not begin looking for AI application scenarios only after the large-model boom. The company was founded in 2009 and its long-term accumulation centres on complex decisions in marketing, sales and customer operations; over the past decade and more it built a full data and algorithm foundation around customer data, marketing automation, advertising delivery and performance optimisation, and the emergence of Deep Agent reorganised those existing capabilities into an agent system for enterprise decision-making. The IDC report states that Deep Agent was launched in February 2025, covering six decision domains (product innovation, market entry, social marketing, advertising, sales and customer service, and CRM), with more than 30 specialised agents, using a dual-layer architecture that combines large language models with proprietary domain machine learning technology. AI VOC, AI Consumer, AI Survey, AI Persona, AI Ad Campaign Manager and AI Sales Assistant correspond respectively to consumer feedback analysis, user insight, market research, user profiling, advertising delivery and sales support, connected behind the scenes to enterprise data, business rules, industry knowledge and executable processes. In the case of an automobile brand, the store visit rate of high-propensity users rose to about 2.7 times, which shows that the value of an agent system lies not only in producing analysis reports but in linking user identification, delivery actions and business results.

Huang Xiaonan said in an interview that what companies really need to solve is an operating question such as which products should be pushed to which of one million members and at what time, and she compared large models to a newly graduated PhD: broad in knowledge, but not necessarily understanding a particular company's customers, processes and historical data. This explains why DEEPZERO insists on combining large models with domain models, with large models providing general understanding, reasoning and interaction while domain models take on prediction, identification and optimisation. In marketing decisions, repurchase probability, conversion probability, churn risk and budget performance cannot be achieved by general language capability alone; they also require industry data, enterprise data and business feedback accumulated over a long period.

The value DEEPZERO has accumulated over the past 17 years is not only the volume of data but the decision experience built around it: how to define a customer, how to identify effective signals, how to break business goals into model goals, how to turn model results into channel actions, and how to keep correcting the system with operating feedback. Its business structure has formed a two-way loop: one end is agent products for internal enterprise processes that help clients build their own AI decision-making capability, and the other is agent-centred marketing services that directly take part in client operations and deliver business results; problems arising in service scenarios in turn drive platform and model iteration, while improvements in platform capability provide the basis for scaling the services. In IDC's global assessment, DEEPZERO appeared in the same market research alongside international vendors including Adobe, Salesforce, Microsoft, Oracle and SAP. For a company from China with the application layer at its core, entering the same list means its products are beginning to be compared against global enterprise software standards: whether they can connect complex systems, handle real data, establish governance mechanisms, keep running inside a client organisation, and ultimately prove that investment can be converted into operating results. IDC also pointed out, however, that agentic marketing is still at an early stage and that enterprise buyers are still working out its budget ownership, ROI measurement and organisational impact. For a company based in China and developing for the global market, how to expand global market coverage, keep proving commercial returns and build long-term trust in accuracy, compliance and brand safety remain questions for the next stage. 

The Group has been expanding in Asia-Pacific, including in Malaysia and Indonesia. The board believes the agreements may provide an opportunity to expand sales in South America and diversify its geographic coverage, though actual contribution will depend on market demand and execution. On funding, the Company raised net proceeds of about HKD 121.8 million from a rights issue completed in July 2026 for repaying borrowings, settling supplier payables, developing its Asia-Pacific market and product design capabilities, and general working capital. 

This is the second FDA Fast Track designation for vilasumu, following extrapulmonary neuroendocrine carcinoma (EP-NEC). Based on data from the first-line BTC clinical study, the designation took only nine days from submission to grant. The FDA also advised the Company to expedite communication on the registration plan for vilasumu in combination with chemotherapy for BTC. The designation is expected to accelerate the development, registration and commercialisation of vilasumu for BTC in the United States.

The Company said vilasumu conditionally activates 4-1BB to expand T cells, with the differentiated potential to overcome the limited benefit of immunotherapy in "cold" tumours and deliver long-tail survival benefits. The first-line BTC clinical study is progressing, with the Phase II study for first-line advanced BTC advanced to the expansion stage in April 2026 based on a favourable safety profile and efficacy data, with all patients enrolled.

The EMA confirmed acceptance of the new MAA on 7 October 2026 and formally started the centralised review procedure. The application covers two indications: first-line treatment of adult patients with advanced non-small cell lung cancer (NSCLC) harbouring EGFR exon 19 deletion or exon 21 (L858R) substitution mutations, and treatment of adult patients with advanced NSCLC positive for the EGFR T790M mutation.

The Company had published an announcement on 27 September 2026 regarding the update on the EU marketing authorisation status of almonertinib.

According to the announcement, RBD3133 Injection is designed to selectively silence INHBE, a gene encoding the protein activin E. Human genetic studies have demonstrated that individuals carrying naturally occurring loss-of-function variants in INHBE exhibit healthier fat distribution, improved metabolic characteristics and lower estimated risk of coronary heart disease and type 2 diabetes, supporting INHBE as a promising therapeutic target for obesity and related metabolic diseases.

According to the announcement, the Phase I study is a randomised, placebo-controlled trial designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of subcutaneously administered RBD3133 in participants with overweight or obesity, and will provide the first assessment of RBD3133 in humans. The Company stated that RBD3133 is a key milestone in its siRNA product development portfolio in the cardiovascular and metabolic disease area and is expected to become a cornerstone therapy for weight-loss-related cardiovascular and metabolic diseases, being its first drug candidate in the obesity therapeutic field.

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According to the announcement, on 2 October 2026, Deep Source (PN) Sdn. Bhd. (DSPN), an indirect wholly-owned subsidiary of the Company, entered into a master data centre colocation services agreement with a customer, under which DSPN will provide access to and use of designated data centre facilities in Malaysia together with related colocation, infrastructure and supporting services; the facilities are scheduled for phased delivery in 2027. The Services Agreement has an initial term of 10 years commencing on the Service Commencement Date, with the Customer required to pay the full monthly recurring service charges based on the contracted capacity irrespective of actual utilisation, while electricity charges are settled based on actual consumption.

According to the announcement, on 7 October 2026, DSPN entered into a letter of intent with Longmotive DC Solutions Pte. Ltd., an independent third party, for the proposed appointment of Longmotive as general contractor for the main building and mechanical and electrical works of the Project, setting out a lump sum price of US$221.1 million for the specified 67MW scope (inclusive of applicable taxes but excluding sales and service tax on long lead equipment); an advance payment equal to 5% of the contract sum, being US$11.055 million, is payable upon execution of the LOI and submission of the stipulated corporate guarantee. The 26MW portion is to be completed by 31 March 2027 and the remaining 41MW portion by 30 June 2027.

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The board announced that the rutile project commenced production on 1 October 2026: the first production line of phase 1 has completed construction and commissioning, and the second and third lines are expected to complete construction in mid-October and early November 2026 respectively. The project is located in Rotifunk, Moyamba District, Sierra Leone; Minenet's mining licence covers approximately 117 square kilometres with reserves of approximately 4.532 million tonnes, and the Group holds exclusive exploration, mining, processing and sales rights over the designated 50 square kilometres; the heavy mineral sands contain 30%-45% rutile (with titanium dioxide content of 95%).

Under the production plan, the three phase-1 lines will process approximately 6 million tonnes of ore annually with capacity of approximately 220,000 tonnes of heavy mineral sands, with 2026 output projected at approximately 26,000 tonnes; subject to stable operation of phase 1 and sufficient confirmed resources, phase 2 will add two production lines within 12 months, bringing total processing capacity to approximately 11 million tonnes and output to approximately 330,000-360,000 tonnes per year. All mineral products will be split 80% (Metal Mining) and 20% (Minenet), with each party responsible for its own sales; sales channels to the China market have been established and pricing follows a market-based, grade-linked mechanism.

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At the heart of Accrua is Deep Longevity's proprietary, AI-generated BloodAge report, which uses a routine blood test to indicate whether a consumer is a "faster ager". Following a clinician consultation, Accrua offers doctor-guided access to treatment categories including medications for weight loss (such as GLP-1 therapies), peptides, women's health (such as hormone replacement therapy) and men's health (such as testosterone therapies); the initial treatment plan and subsequent adjustments are personalised by a licensed clinician and anchored to the user's BloodAge report, which is re-measured quarterly.

The announcement stated that the BloodAge model was the subject of a peer-reviewed study by Goshen et al. (Aging and Disease, 2026), which followed approximately 2,600 adults over an average of 9.2 years and found that each additional year of gap between biological and chronological age was independently associated with a 15% increase in mortality risk and a 6% increase in hospitalisation risk, after adjusting for age, sex, body mass index, smoking and hypertension. The technology was named Runner-Up in the Nestlé VITAL Smart Aging Global Challenge, which drew entries from 150 companies worldwide.

Clinical delivery will be provided through established US telehealth infrastructure partners covering all 50 US states, which allows Deep Longevity to scale nationally without owning clinical infrastructure or carrying drug inventory directly, and revenues are expected to be largely subscription-based. The Company stated that Accrua is a newly launched business and the revenues to be generated from it are uncertain, and the development is not expected to have any material impact on the Group's financial position or operating results for the financial year ending 31 December 2026.

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The Decision was made after the EC initiated revocation proceedings, apparently following and without awaiting the outcome of the annulment proceedings brought by AstraZeneca against the EC before the General Court of the EU in respect of the Marketing Authorization (T-289/26). The marketing application submitted in 2022 contains the company's complete, independently generated Phase 3 clinical data and European pharmacokinetic bridging data. However, the Decision primarily found that certain TAGRISSO® clinical results contextually referenced by the company in the Data Package were at the time still within the data protection period (which expired in 2024), constituting a procedural issue in the regulatory assessment process. Accordingly, the Decision relates solely to a procedural issue under the EU regulatory framework and is not related to the quality, safety, efficacy or clinical value of the product.

The group has reserved all rights to challenge the Decision, including through EU court proceedings if necessary, and intends to resubmit the marketing application to the EMA based on the original Data Package as soon as possible. The board is cautiously optimistic that a new authorisation can be obtained within a reasonably short timeframe. As at the date of the announcement, the group has not generated any sales revenue from the product outside of China, and the Decision is not expected to have any impact on sales of the product in China, nor any material adverse impact on the group's current financial position or business operations.

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The announcement referred to the company's announcement dated 24 March 2025 in relation to the Exclusive License Agreement with Novo Nordisk A/S for UBT251, a triple agonist of the receptors of GLP-1 (glucagon-like peptide-1), GIP (glucose-dependent insulinotropic polypeptide) and glucagon in clinical study for the treatment of obesity, type 2 diabetes and other diseases.

Under the Exclusive License Agreement and subject to its terms and conditions, United Biotechnology is eligible to receive potential milestone payments of up to US$1.8 billion subject to the achievement of certain development and sales milestones, plus tiered royalties based on annual net sales in the Territory.

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The Target owns and operates the "mycar Tyre & Auto" network, one of Australia's largest tire, automotive service and repair chains, providing comprehensive one-stop automotive services through 279 stores nationwide. The Acquisition is based on the agreed enterprise value of the Target Group of A$403 million (equivalent to approximately HK$2.25 billion), which, after adjusting for the Target Group's net debt and working capital amounts, results in a Completion Payment currently estimated at approximately A$278.33 million (equivalent to approximately HK$1.55 billion), payable in cash at Completion and subject to a post-Completion adjustment.

On valuation, Avista Valuation Advisory Limited, the Independent Valuer engaged by the Company, applied the market approach and concluded that the fair value of 100% of the equity interests in the Target as at 30 June 2026 amounted to A$290,646,000, based on an average EV/EBITDA multiple of 9.8x. The Acquisition constitutes a discloseable transaction under Chapter 14 of the Listing Rules, subject to the notification and announcement requirements but not the circular and Shareholders' approval requirements. It is expected to be funded by a combination of internal cash resources of the Group and acquisition debt financing, with the Company having obtained credit approval from its lending banks for acquisition financing of not more than RMB1 billion. Completion is conditional upon the satisfaction of pre-conditions including approvals from the Australian Competition and Consumer Commission and the Federal Treasurer and may or may not proceed.

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The project is located within the Tanjung Langsat Industrial Complex in Pasir Gudang, Johor, Malaysia, with a total gross floor area of approximately 20,000 square metres, covering civil, fitting-out and installation works for the administrative building, production workshop, warehouse, tank farm and external works, and assisting with applications, approvals, inspections, certification, handover and obtaining the CCC (Certificate of Completion and Compliance). The project excludes process engineering, equipment installation, gas engineering, high-voltage power supply works, sewage treatment works and fire protection works. To the best of the Directors' knowledge, information and belief after making all reasonable enquiries, the contractor and its ultimate beneficial owner are independent third parties. 

In terms of consideration, the provisional contract sum is RM74,000,000 (approximately RMB121,670,503), being the winning bid price, and the maximum contract sum is RM85,000,000 (approximately RMB139,756,659, inclusive of applicable sales and service tax and other taxes payable by the employer), being the aggregate consideration payable or to be borne capped at the maximum contract sum. The above RMB equivalents are calculated at an exchange rate of approximately RM1 to RMB1.6442 as at the date of this announcement. The maximum contract sum exceeds the provisional contract sum by approximately RM11,000,000 (about 14.9%), intended to provide a contingency for re-measurement of actual quantities, design changes, employer's requirements, suspensions and other approved variations or claims under the construction contract. The tender adopted an invited-tender approach; of six invited bidders, three passed the preliminary review, with valid bid prices ranging from RM72,760,055.78 to RM76,316,233.96, and the contractor, having submitted a bid of RM74,000,000, ranked first in the overall evaluation and was selected as the winning bidder. The Directors consider that the provisional and maximum contract sums were determined on normal commercial terms, are fair and reasonable and in the interests of the Company and its shareholders. 

As one or more applicable percentage ratios under Rule 14.07 of the Listing Rules exceed 5% but are less than 25%, the construction contract constitutes a discloseable transaction of the Company and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules, but does not require shareholders' approval.

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The announcement disclosed that RealRelay.ai is an integrated AI agent platform that enables users to create, govern and deploy AI agents without coding, integrating over 300 mainstream third-party AI models through a single interface with intelligent routing to select the appropriate model for each task. The platform supports cloud, on-premise and air-gapped deployment configurations, allowing customers to retain their own keys and connect their local models. A distinctive feature embeds security into the architecture: a built-in security agent performs five-stage assessments across more than 20 vulnerability categories, including controlled attack testing, remediation guidance and automatic re-testing upon any agent change.

The platform will be operated in Singapore, which will serve as the Group's base for promoting the platform across ASEAN, complementing its Hong Kong headquarters. The parties will initially focus on the Singapore market and plan to expand to other ASEAN markets. The board believes the collaboration allows the Group to bring native AI products to market in a timely manner at lower development cost, and to build subscription- and usage-based revenue on its existing client relationships and vertical-specific IP to supplement current distribution and service income. The Group held the APEX Bootcamp: RealRelay Edition in Singapore on 12–13 September 2026, which was oversubscribed, and all participating teams delivered a working minimum viable product AI agent on the platform before the event concluded.

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The announcement stated that in the initial and lowest dose cohort (0.064mg/kg once daily), children with ACH aged six years and above showed a mean increase in annualized height velocity (AHV) of +2.4 cm/year from baseline after 27 weeks of lavengratinib treatment, with a response rate of 100%. Lavengratinib was generally well tolerated, with no adverse events associated with FGFR1 or FGFR2 observed. ABSK061-202 is a Phase II, multicentre, open-label dose-escalation study designed to evaluate the safety and efficacy of lavengratinib (once daily, oral) in children with ACH aged 3 to 12, with all participants planned to receive 78 weeks of treatment.

To date, seven participants aged 6 to 12 in the initial and lowest dose cohort have completed six months of treatment, with no serious adverse events or discontinuations due to adverse events reported, and no specific safety risks associated with FGFR pathway inhibition observed. The study has completed preliminary safety assessment of the first three dose cohorts, with six-month efficacy and safety results expected by the end of 2026. The announcement noted that lavengratinib has been granted Rare Pediatric Disease Designation and Orphan Drug Designation by the US FDA for the treatment of achondroplasia.

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The announcement stated that finasteride, as a specific competitive inhibitor of type II 5-alpha-reductase, inhibits the conversion of testosterone to dihydrotestosterone in the scalp and can treat androgenetic alopecia. Unlike oral finasteride, the topical formulation of CU-40102 allows patients to apply the drug directly and precisely to the scalp surface, reducing systemic exposure compared with the oral drug. The Company believes that CU-40102 as a topical drug will be more readily accepted by patients and provides an alternative solution.

This approval follows CU-40102's earlier marketing approvals from the National Medical Products Administration of China and the Department of Health of the Hong Kong Special Administrative Region Government. The announcement noted that CU-40102 is undergoing extensive commercialisation in China, and the approval will further deepen its international layout and broaden its market space.

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1. FOUNTAIN SET (00420.HK): Announced on September 9 that an indirect wholly-owned subsidiary will acquire an 81% equity interest in a textile company in Tay Ninh Province, Vietnam, for a cash consideration of US$27.945 million (approximately HK$219.089 million); the appraised value of the entire equity interest held by the target company's 100% shareholder is approximately RMB240.65 million, and the consideration is payable in three instalments. The acquisition constitutes a major transaction and remains subject to approval by an extraordinary general meeting of shareholders, with the circular expected to be despatched on or before October 31, 2026.

2. FOSUN PHARMA (02196.HK): Announced on September 6 that its controlling subsidiary Fosun Pharma Singapore sold a total of 9.897 million shares (representing 6.00% of the total number of its shares) of India's Gland Pharma on September 4 through block trades and centralised bidding, for a total consideration of INR27.996 billion (approximately US$294 million), at an average price of INR2,828.78 per share, a discount of approximately 2.72% to the closing price of the preceding trading day. Following completion of the transaction, the group's shareholding will decrease from 51.76% to approximately 45.76%, and it will remain the controlling shareholder and continue to consolidate the accounts.

Overseas Cooperation

1. LEE'S PHARM (00950.HK): Announced on September 9 that its wholly-owned subsidiary Lee's Hong Kong entered into an exclusive licence agreement with the United States' 1cBio, acquiring the rights to develop, manufacture and commercialise OC-3, a preclinical next-generation selective PARP1 inhibitor, in Mainland China, Hong Kong, Macao and Taiwan and Southeast Asia, and will be responsible for GLP safety studies and manufacturing activities.

2. ANJOY FOOD (02648.HK): Announced on September 9 that its wholly-owned Hong Kong subsidiary Hong Kong Anjoy Foods plans to jointly establish a holding company in Hong Kong with Mutual Strategy Limited at shareholding ratios of 50.5% and 49.5% respectively, and through it invest in and establish a production and trading subsidiary in Indonesia; the parties have committed to cash contributions totalling not less than US$74.25 million, of which Hong Kong Anjoy will contribute US$37.49625 million from its own funds, and the holding company will hold 99% equity in each of the two Indonesian subsidiaries.

3. ANTON OILFIELD (03337.HK): Announced on September 6 that it obtained approval from the Iraqi Ministry of Oil and signed a long-term cooperation agreement with Iraq's State Oil Marketing Organization (SOMO), securing crude oil sales qualification and the right to lift crude oil from Iraqi National Oil Company's own-operated oilfields, becoming Iraq's designated partner for crude oil export sales.

4. BOC AVIATION (02588.HK): Announced on September 10 that on September 9 it entered into an agreement with Airbus to purchase 12 Airbus A320NEO aircraft and entered into a long-term lease with Colombian airline Avianca for such aircraft, with all aircraft scheduled for delivery in 2029. The transaction constitutes a discloseable transaction under Chapter 14 of the Listing Rules and is exempt from the announcement, circular and shareholders' approval requirements as it is a qualified aircraft leasing activity.

Overseas Projects and Operations

1. ASCLETIS-B (01672.HK): Announced on September 8 that, after obtaining FDA IND approval, it has initiated a Phase I study in the United States of ASC36 oral tablets (an oral amylin receptor agonist peptide) for the treatment of obesity, its fourth peptide Phase I study this year; in non-human primate studies, the oral tablet administered once daily for 7 days achieved an average body weight reduction of 13.2%.

2. CLOVER BIO-B (02197.HK): Announced on September 7 that its respiratory combination vaccines SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) achieved positive data in a Phase II trial in the elderly population in Australia.

Regulation and Compliance

1. STAR SPORTS MED (01609.HK): Announced on September 10 that the company's product portfolio covering 15 product lines obtained EU CE MDR certification, making it China's first sports medicine manufacturer to obtain full-portfolio certification; it also obtained product registration certificates in the United Kingdom, Australia, Brazil, Singapore, Malaysia and Thailand.

2. DEEP SOURCE (00990.HK): Announced on September 7 that its artificial intelligence data centre (AIDC) project obtained approval from Malaysia's Ministry of Investment, Trade and Industry (MITI), and the water and electricity ancillary conditions attached to the approval are being implemented.

NewTimeSpace Going Global Observation

The main lines of going global this week comprise the concentrated landing of licensing and overseas registrations in the pharmaceutical sector and the capacity M&A and joint-venture layout of manufacturing in Southeast Asia. The former covers exclusive licences for innovative drugs, EU CE MDR full-portfolio certification and the advancement of overseas clinical trials, with Hong Kong-listed Chapter 18A and established pharmaceutical companies as the main players; the latter is concentrated in Vietnam and Indonesia, landing through equity acquisitions of textile and frozen food capacity and joint-venture plant establishment. Unlike the earlier pace concentrated on overseas financing, this week's transactions leaned more towards the execution of existing capacity and mature markets, while asset-operation entities such as oilfield services and aircraft leasing began to obtain sales or operating qualifications in their host countries, extending the going-global path from product export to localised operations.

This article is for information purposes only and does not constitute any investment advice.

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According to the announcement, as the applicable percentage ratios exceed 5% but are all below 25%, the transactions constitute a discloseable transaction under Chapter 14 of the Listing Rules; however, as they constitute a qualified aircraft leasing activity of the company, they are exempt from announcement, circular and shareholder approval requirements under Rule 14.33C. As of 30 June 2026, the company's asset portfolio comprised a total of 811 owned, managed and ordered aircraft and engines.

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In parallel, the company's registration applications for plasma surgical devices and electrodes, all-suture anchors and suture products in the United Kingdom, Australia, Brazil, Singapore, Malaysia and Thailand have been successively approved, with local regulatory certificates obtained. The company said the certifications and registrations indicate that more of its products meet the regulatory requirements of the EU and the aforementioned countries, supporting the further expansion of its overseas business presence in the EU, Latin America and Southeast Asia.

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OC-3 is a next-generation selective PARP1 inhibitor currently in preclinical development, intended for the treatment of cancers with DNA homologous recombination repair deficiency, including prostate, ovarian, breast and pancreatic cancers with mutations in DNA repair genes such as BRCA1, BRCA2 or PALB2. Preclinical data show that OC-3 exhibits moderate PARP1 trapping activity, designed to potentially reduce hematological toxicity associated with non-selective PARP inhibitors while maintaining efficacy. Under the agreement, Lee's Pharmaceutical (Hong Kong) will be responsible for the GLP safety studies and manufacturing activities required for regulatory approvals of OC-3 in the territory, while 1cBio retains the right to access and use the data generated under the agreement for its planned Investigational New Drug application to the US FDA. 

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According to the announcement, Hong Kong Anjoy and the partner have committed to contribute in cash to the path company an aggregate amount of no less than USD 74.25 million in accordance with their respective 50.5% and 49.5% shareholdings; on the minimum contribution basis, Hong Kong Anjoy will contribute USD 37,496,250 from the company's own funds and the partner USD 36,753,750, with contributions to be made in five instalments based on project construction. After its establishment, the path company is expected to hold 99% of each of the two Indonesian subsidiaries, with the remaining 1% held directly by Hong Kong Anjoy. Leveraging the company's strengths in R&D, production technology and standardised operations in frozen food, together with the partner's market channels and localisation resources in Indonesia, the Indonesian subsidiaries will produce and sell quick-frozen surimi products, quick-frozen sausages, quick-frozen flour and rice products and room-temperature leisure products.

The announcement noted that the company's sixth board of directors approved the investment proposal at its third meeting on 9 September 2026; the investment does not constitute a connected transaction or a major asset restructuring and does not require shareholders' meeting approval. The path company's board will comprise up to three directors, with Hong Kong Anjoy entitled to appoint up to two directors and to serve as chairperson. Shares are subject to a six-year lock-up period from the signing date, after which the other shareholder enjoys pre-emptive rights on transfers to third parties. The agreement is governed by Hong Kong law, with disputes submitted to the Hong Kong International Arbitration Centre. The announcement cautioned that the investment remains subject to outbound investment filing or approval, business registration and relevant permits, the availability and timing of which are uncertain, and investors should be mindful of investment risks.

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According to the announcement, the target company is a limited liability company duly incorporated in Tay Ninh Province, Vietnam, continuously engaged in knitting, dyeing and finishing and related textile product manufacturing, holding land use rights, fabric production plants, machinery and other facilities in the locality, with a registered capital of USD 36,000,000. The consideration was determined with reference to a valuation prepared on an asset-based basis of the target's core operating assets as of 30 April 2026 (excluding the assets and liabilities to be divested), under which the market value of the target's 100% equity interest was RMB 240,653,200 (approximately HKD 281,564,000). The consideration will be paid in three instalments: a 20% down payment (USD 5,589,000), a 60% completion payment (USD 16,767,000) and a 20% retention amount (USD 5,589,000). In addition, Mr. Kao Wen Cheng, a director of the vendor and/or the legal representative of the target, has provided a personal guarantee in favour of the purchaser with a term of ten years.

The company stated that the group is a leading integrated textile enterprise globally, and the acquisition will provide immediate access to a mature fabric production plant, equipment and workforce in Vietnam, rapidly increase its knitting, dyeing and finishing capacity, recover market share lost to the industry's supply chain shift to Southeast Asia, and leverage Vietnam's free trade agreements, textile industry chain and labour advantages to enhance its regional industrial chain footprint. As the highest applicable percentage ratio exceeds 25% but is below 100%, the acquisition constitutes a major transaction under Chapter 14 of the Listing Rules, subject to reporting, announcement, circular and shareholders' approval requirements. The acquisition is conditional upon shareholders' approval at an extraordinary general meeting, with a circular expected to be despatched on or before 31 October 2026.

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According to the announcement, the Phase I study is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of single and multiple ascending oral doses of ASC36 in 86 subjects who are obese (BMI not lower than 30.0) or overweight (BMI not lower than 27.0). Preclinical data showed that in non-human primates, once-daily dosing of ASC36 oral tablets for seven days reduced mean body weight by up to 13.2% versus baseline and significantly reduced food intake; steady-state absolute oral bioavailability was 8% and 6% at doses of 10 mg and 25 mg, with elimination half-lives of 116 hours and 167 hours. In a head-to-head diet-induced obesity (DIO) rat model, subcutaneous ASC36 achieved approximately 32% and 91% greater weight reduction relative to eloralintide and petrelintide injections, respectively.

ASC36 is an amylin receptor agonist peptide independently developed using Ascletis's proprietary AI-assisted Structure-Based Drug Discovery (AISBDD) technology, and the oral tablet was developed and optimised using the company's proprietary Peptide Oral Transport ENhancement Technology (POTENT). Dr. Wu Jinzi, founder, chairman and chief executive officer of Ascletis, said that based on potentially superior oral bioavailability and efficacy, a lower dose of ASC36 oral tablets is expected, and the peptide's superior weight-loss effect per milligram may also lead to lower manufacturing costs at scale. The announcement contains the statement required under Rule 18A.05 of the Listing Rules, cautioning that there is no guarantee that ASC36 will ultimately be successfully developed, sold and/or commercialised.

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The approval carries certain water and electricity supporting conditions that the project team is actively implementing. The approval marks the AIDC project's entry into an accelerated deployment phase, with management striving for early commencement of construction and commissioning. On top of the stable development of its traditional business, the company will continue to advance its strategic transformation toward AI infrastructure and the lithium value chain, with further announcements on major project progress to be published in due course.

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Following the transaction, the group's equity interest in Gland Pharma decreases from 51.76% to approximately 45.76%, and it remains the controlling shareholder, with Gland Pharma continuing to be included in the group's consolidated reporting. Proceeds will be applied to R&D investment, share buybacks and repayment of interest-bearing debt, and will increase the group's net assets. As a partial disposal of the controlling subsidiary, the proceeds will not be recorded as investment income in the group's income statement, with the actual financial impact subject to audit.

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In addition, the company has completed multiple batches of commercial-scale 2,000 L bioreactor production of the RSV, hMPV and PIV3 PreF antigen components, and will continue to evaluate mid- to late-stage development plans and potential international partnership opportunities based on the Phase II results.

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Under the agreement, the Group obtained the right to lift crude oil from the self-operated oilfields of the Iraqi national oil company and general long-term sales cooperation qualification, which will help open up payment settlement channels from crude oil sales to oil and gas development service providers, including connecting crude oil buyers and traders and coordinating lifting arrangements; the Group will also act as a general long-term offtaker to help SOMO increase its market share. The announcement said the cooperation marked another milestone in the Group's deepening presence in the Iraqi market and opened a new channel for settling engineering services through crude lifting, while its service chain was further extended to the commercialisation of oil and gas resources through deeper participation in crude sales coordination and settlement.

The Board stated that, following the signing of the long-term crude sales agreement, the Group will become the only independent Chinese oil and gas energy company in the Iraqi market that simultaneously holds qualifications in oilfield technical services, oil and gas resource development and crude oil sales, and will further upgrade its full-chain service synergy from upstream development and oilfield efficiency enhancement to downstream monetisation to build a more complete oil and gas industry service ecosystem.

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1.MAN WAH HLDGS (01999.HK): On August 31, announced the acquisition of 7,684,126 shares of UK-based DFS, representing approximately 3.26% of DFS's issued shares, from Man Wah Wong Family Investment Limited for a consideration of GBP 12.4713 million (approximately HKD 132 million), lifting its stake to approximately 8.58% upon completion. DFS is a UK upholstered furniture retailer listed on the London Stock Exchange, which recorded revenue of GBP 1.03 billion in FY2025.

Outbound Partnerships

1.HUTCHMED (00013.HK): On September 3, announced that its subsidiary had entered into an exclusive development and licensing agreement with a GSK affiliate for HMPL-A830, a KRAS-EGFR antibody-targeted conjugate drug, granting rights to develop and commercialize the drug globally excluding Mainland China, Hong Kong SAR, Macao SAR and the Taiwan region, for an upfront payment of USD 110 million and development, regulatory and commercial milestone payments totalling up to USD 1.295 billion, plus royalties based on net sales; a global Phase I clinical trial is expected to commence in the second half of 2026.

2.SBP GROUP (01177.HK): On August 31, announced that its subsidiary Chia Tai Tianqing Pharmaceutical Group Co., Ltd. had entered into an exclusive licensing and supply agreement with Cipla for TQB2102, a HER2 bispecific antibody-drug conjugate, under which Cipla is licensed to develop and commercialize the drug in India, South Africa and five other emerging markets, entitling the group to up to USD 123 million in milestone payments plus double-digit royalties. This is the second regional licensing collaboration concluded for TQB2102.

3.KEYMED BIO-B (02162.HK): On September 2, signed an exclusive licensing agreement with Aeira Pte. Ltd. covering registration and commercialization of its self-developed IL-4Rαmonoclonal antibody, stapokibart injection (Kangyueda), in 18 countries and regions, including 11 Southeast Asian countries, 5 Central Asian countries and the Hong Kong and Macao SARs. The company will receive upfront payments, milestone payments and high-double-digit sales-based royalties.

4.PEGBIO CO-B (02565.HK): On September 2, entered into a material transfer agreement with South Korea's SN BioScience to apply its SNA long-acting delivery platform to three peptide drug candidates for metabolic diseases, including APGP6, for joint long-acting development studies.

Outbound Financing

1.SHEIN-W (00625.HK): On August 31, announced the results of its global offering at a final offer price of HKD 48.56 per share, with 279,992,500 Class B shares offered in total, raising approximately HKD 13.596 billion in gross proceeds and approximately HKD 13.214 billion in net proceeds; the shares commenced trading on The Stock Exchange of Hong Kong on September 1.

2.ANJI TECHNOLOGY (688019.SH): On September 3, submitted an application to HKEX for the issuance and listing of H shares.

3.AMLOGIC (688099.SH): On September 1, its H-share issuance received filing with the China Securities Regulatory Commission (CSRC), with a proposed issuance of no more than 53,815,500 H shares.

4.LONGSYS (09976.HK): On September 4, fixed the offer price for its H-share global offering at HKD 236.00 per share, offering 26,077,800 H shares, with listing expected on September 8.

Regulation and Compliance

1.SBP GROUP (01177.HK): On September 3, announced that TQB6426, a national Class 1 innovative drug and a GPC3-targeting antibody-drug conjugate independently developed by its subsidiary Chia Tai Tianqing, had received Investigational New Drug (IND) approval from the US Food and Drug Administration (FDA) for advanced malignant tumors. GPC3 is highly expressed in hepatocellular carcinoma, and no GPC3-targeting ADC has been approved for marketing worldwide.

Overseas Orders and Contract Wins

1.HONGHUA GROUP (00196.HK): On September 2, announced that its subsidiary Sichuan Honghua Petroleum Equipment Co., Ltd. had signed drilling rig sales agreements with a Middle East customer aggregating RMB 600 million, under which it will supply several large drilling rigs equipped with self-developed intelligent equipment, including automated tools and the Opera smart drilling system.

Overseas Operating Data

1.BYD COMPANY (01211.HK): On September 1, disclosed August sales of 440,300 new energy vehicles, of which 189,500 were exports.

2.GEELY AUTO (00175.HK): On September 1, disclosed total sales of 270,200 units in August, up 8% year on year, with ZEEKR-brand sales up 110% year on year and exports up 205% year on year.

NewTimeSpace Overseas Watch

This week's overseas hotspots centered on two fronts: pharmaceutical asset licensing and Hong Kong listings. Drugmakers are out-licensing self-developed pipelines through regional or even global exclusive agreements, with deals generally structured as upfront payments plus milestone payments and sales-based royalties, and licensed territories extending from emerging markets such as India and South Africa to Southeast Asia, Central Asia and global scope, while differentiated targets such as GPC3 ADCs are beginning to draw collaborations with multinational drugmakers. On the financing front, cross-border e-commerce and A-share semiconductor and memory companies are concentrating on or advancing H-share listings in Hong Kong, with both single-project fundraising scale and the density of H-share offerings rising in tandem. The observations show that pharma going global is evolving from one-off clinical approvals toward scaled global rights licensing, equipment manufacturers are locking in incremental demand in markets such as the Middle East through large orders, and automakers' exports continue to grow, as the going-global model shifts from product exports toward a balance of rights deals and capital market operations.

This article is for information organization only and does not constitute any investment advice.

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GPC3 is a glycoprotein located on the cell membrane that is barely expressed in normal adults but highly expressed in hepatocellular carcinoma (HCC), where it serves as a clinical diagnostic biomarker, and is also upregulated in lung squamous cell carcinoma and ovarian cancer. No GPC3-targeting ADC has been approved for marketing worldwide, with peer candidates generally in preclinical or early clinical exploration. Preclinical data showed that TQB6426 demonstrated solid target-binding capacity and tumor-cell-specific killing, with potent bystander killing activity and in-vivo antitumor activity in animals outperforming comparable products, indicating best-in-class (BIC) development potential. As an ADC, TQB6426 uses its GPC3-targeting antibody to deliver a cytotoxic payload precisely to tumor cells and extends killing to GPC3-negative tumor cells through a potent bystander effect, overcoming tumor heterogeneity and broadening antitumor coverage.

Liver cancer is the sixth most common cancer worldwide and the third leading cause of cancer-related death, with 870,000 new cases and 760,000 deaths globally in 2022, projected to nearly double to 1.52 million new cases and 1.37 million deaths by 2050 in the absence of effective interventions, with China accounting for approximately 42.4% of global cases. The disease is insidious in onset and progresses rapidly, with approximately 64% of patients diagnosed at intermediate or advanced stages and a 5-year recurrence rate of as high as 70% even after curative resection in early-stage patients. The group will accelerate the Phase I clinical trial of TQB6426 to assess its safety, tolerability, pharmacokinetic profile and preliminary efficacy in patients with advanced malignant tumors, with the aim of providing new treatment options for patients with hepatocellular carcinoma and other solid tumors globally.

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The product is indicated for the short-term and non-continuous chronic topical treatment of mild-to-moderate AD in immunocompetent children aged 2 years and above and adults, where other topical therapies are inadequately controlled or not recommended. In a Phase III clinical study in China, 63.0% of patients treated for 8 weeks achieved an Investigator's Global Assessment (IGA) score of 0 or 1 with an improvement of at least 2 points from baseline, versus 9.2% for placebo (P<0.001), and 78.0% achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI 75), versus 15.4% for placebo (P<0.001).

In January 2026, ruxolitinib phosphate cream received China NDA approval as the first topical JAK inhibitor approved in China for vitiligo, and the AD approval extends the product to a second indication. It is estimated that China had more than 54 million AD patients in 2024, with mild-to-moderate cases accounting for 98%, or more than 52.5 million patients. Dermavon has built a comprehensive treatment-plus-care solution for AD, spanning Bailutuo (mild-to-moderate disease), comekibart injection (MG-K10) (moderate-to-severe disease), oral small-molecule targeted drug CMS-D001 (moderate-to-severe disease) and the Heling soothing product line, which is expected to synergize with Dermavon's commercialized innovative drug ILUMETRI (tildrakizumab injection) and exclusive drug Hirudoid (mucopolysaccharide polysulfate cream) in expert networks and market resources.

On December 2, 2022, the group through Dermavon entered into a collaboration and license agreement with Incyte, obtaining exclusive rights to develop, register and commercialize ruxolitinib phosphate cream in Mainland China, Hong Kong SAR, Macao SAR, the Taiwan region and 11 Southeast Asian countries, together with non-exclusive rights to manufacture the product within the territory. Incyte retains global development and commercialization rights and markets the product as Opzelura in the United States and Europe, where it was the first topical JAK inhibitor approved by the US FDA.

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According to the announcement, the rigs will be equipped with the Company's self-developed automated tools and Opera intelligent drilling system, enhancing drilling efficiency and the automation and intelligence level of the rigs. 

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According to the announcement, the collaboration covers three drug candidates at once rather than a single product, allowing parallel validation of the technical fit between the SNA platform and the Group's next-generation peptide assets, and exploring the potential to extend duration of action, optimise dosing regimens and improve overall product profiles.

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In June 2026, the Group entered into an exclusive licence agreement with Vasque Bio, Inc. Under the agreement, the Group is entitled to receive upfront and milestone payments of up to USD 527 million in aggregate, which are non-refundable and non-creditable, as well as tiered sales royalties of single-digit to double-digit percentages of the future net sales of LAE118 in the licensed territory. The Group is also entitled, without additional consideration, to equity interests of up to high double-digit percentages of the issued ordinary shares of Vasque Bio, or cash payments in lieu of such ordinary shares. If Vasque Bio completes an eligible strategic cooperation or acquisition transaction meeting certain conditions related to the use of LAE118, the Group will be entitled to additional payments of up to 50% of the value of such strategic transaction.

Vasque Bio is a US-based clinical-stage biotechnology company focused on developing innovative therapies for serious rare diseases, supported by a consortium of leading life science investors including The Column Group (TCG) and F-Prime, while the Group focuses on developing LAE118 as an oncology therapy outside the licensed territory. The Company noted that LAE118 may ultimately not be successfully developed and commercialised.

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According to the announcement, this is the second regional licensing collaboration for TQB2102, and the two collaborations have together brought the Group approximately USD 30 million in upfront and milestone payments to date. Under the agreement, the Group will grant Cipla an exclusive license to develop and commercialize TQB2102 in India, South Africa and five other emerging markets (the licensed territories). Cipla will be responsible for local clinical development, regulatory filings and commercialization in the licensed territories, while CTTQ will continue to be responsible for the manufacture and supply of TQB2102. The Group is entitled to upfront payments and potential development, regulatory and sales milestone payments of up to USD 123 million, plus double-digit royalties based on TQB2102's annual net sales.

TQB2102 is a next-generation HER2 biparatopic bispecific antibody-drug conjugate developed by the Group, targeting both the ECD II and ECD IV domains of HER2. Phase Ib results presented at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting showed an overall response rate (ORR) of 53.4% (39/73) in advanced HER2-low breast cancer, with an interstitial lung disease (ILD) incidence of 0.55%. The drug has received three breakthrough therapy designations from the Center for Drug Evaluation (CDE) of China's National Medical Products Administration, and multiple Phase III studies are ongoing; the Group will present Phase III data in HER2-low breast cancer as a late-breaking abstract (LBA) at the 2026 European Society for Medical Oncology (ESMO) Annual Meeting.

Founded in 1935, Cipla is a global pharmaceutical company with 48 manufacturing sites, operating in more than 70 markets worldwide and ranking as India's third-largest pharmaceutical company. The Group stated that the collaboration leverages Cipla's local capabilities and market access advantages in the licensed territories to advance the Group's internationalization strategy, and is expected to improve the global accessibility of TQB2102.

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1. GUSHENGTANG (02273.HK): Announced on 27 August that its subsidiary Gushengtang Malaysia Sdn. Bhd. entered into sale and purchase agreements with the shareholders of three Malaysian traditional Chinese medicine (TCM) institutions to acquire 100% of YC TCM (Taman Segar) Sdn. Bhd., YC TCM Sdn. Bhd. and SWS Medical Sdn. Bhd., all of which are primarily engaged in TCM consultation and treatment services. Upon completion, the targets will be consolidated into the group's consolidated financial statements. The consideration will be funded by the net proceeds from the placement and convertible bonds and idle funds, and the transactions do not constitute connected transactions.

Outbound Cooperation

1. WAI CHUN BIOTEC (00660.HK): Announced on 26 August the signing of strategic cooperation memoranda of understanding with multiple parties for the integrated AI digital infrastructure ecosystem project at the Pahang Aerotropolis in Malaysia, with a master planned area of over 1,200 acres and an initial-phase IT load of 300 MW.

2. YANCOAL AUS (03668.HK): Announced on 24 August an increase in the annual cap under its Glencore framework coal sales agreement for the year ending 31 December 2026 from USD 350 million to USD 750 million, mainly due to expanded spot coal purchase demand amid Middle East conflicts and higher HVO spot sales; first-half transaction value totaled approximately USD 215 million.

Overseas Projects and Operations

1. CHINA BAOLI TEC (00164.HK): Announced on 26 August that its Mongolian iron ore project has entered the construction phase: the project partner has completed procurement of core equipment and shipped it to the mine site, and the company has dispatched a technical expert team to assist with installation and commissioning, with the first batch of processed iron ore concentrate expected shortly; infrastructure for its Mongolian coal mine project has been completed and recruitment has commenced.

2. JIAXIN INTL RES (03858.HK): Announced on 25 August that its subsidiary ZV, through public tender, entered into a mining construction contract with CCECC's Kazakhstan branch for the expansion of No. 1 tailings storage facility under the Bakuta tungsten mine project, with an initial contract price of approximately RMB 257 million (tax inclusive) and a cap of approximately RMB 306 million.

Overseas Orders and Contract Wins

1. MOBI DEV (00947.HK): Announced on 27 August that, during the 2026 FIFA World Cup in the US, Canada and Mexico, it will supply high-performance multi-beam antenna products for three World Cup venues in Mexico in partnership with local operators, with an estimated initial collaboration of over USD 1 million and continued signal coverage support for densely populated areas of Mexico thereafter.

2. PATEO (02889.HK): Announced on 26 August that it has entered the global supply system of a leading international automotive group for the first time, winning program awards across the customer's global models of a premium luxury brand and the export models of a mid-to-high-end brand, covering core overseas markets including Europe, the Middle East and South America, supplying high-end intelligent cockpit domain controllers built on Qualcomm's fourth-generation Snapdragon 8295 platform along with AI in-vehicle interaction systems.

Outbound Financing

1. SHEIN-W (00625.HK): Launched its global offering on 24 August, initially offering 279,992,500 Class B shares, comprising 27,999,300 shares in the Hong Kong public offering and 251,993,200 shares in the international offering, at a maximum offer price of HKD 49.50 per share, with Goldman Sachs, Morgan Stanley and JPMorgan as joint sponsors.

2. LEADERDRIVE (688017.SH): On 26 August, its board of directors approved a resolution to issue H-shares and list on the Main Board of The Stock Exchange of Hong Kong Limited, aimed at deepening its global strategic layout; the proposal remains subject to shareholder approval and filing/approval by the CSRC, the Stock Exchange and other regulators.

3. LONGSYS: Passed the HKEX listing hearing, with CITIC Securities Co., Ltd. and Citi as joint sponsors; the company was the world's second-largest independent semiconductor memory manufacturer by 2025 storage product revenue.

4. Mech-Mind Robotics (09615.HK): Launched its global offering on 24 August, initially offering 23,140,590 H-shares, comprising 1,157,040 shares in the Hong Kong public offering and 21,983,550 shares in the international offering, at a maximum offer price of HKD 101.70 per share.

5. Nazhen Technology: Received CSRC filing for overseas listing, planning to issue up to 310,855,000 overseas-listed ordinary shares on The Stock Exchange of Hong Kong Limited.

Regulatory and Compliance

1. CSPC PHARMA (01093.HK): Announced on 26 August that its PD-1/IL-15 bispecific fusion protein SYS6090 has been granted Fast Track designation by the US FDA for the treatment of MSS or pMMR metastatic colorectal cancer that has progressed after prior standard therapy.

2. CSPC PHARMA (01093.HK): Announced on 25 August that its recombinant respiratory syncytial virus (RSV) vaccine SYS6057 has been cleared by the US FDA to initiate clinical trials for the prevention of RSV-associated lower respiratory tract disease in people aged 60 and above.

3. BAO PHARMA-B (02659.HK): Announced on 24 August that KJ015, a subcutaneous formulation of a HER2-targeting bispecific antibody, has been cleared by the US FDA to initiate clinical trials.

4. ANTENGENE-B (06996.HK): Announced on 25 August that the Phase I ATTRACT study of its CD19/CD3 bispecific T-cell engager antibody ATG-201 has been approved by an Australian Human Research Ethics Committee.

NewTimeSpace Going-Global Observations

Main-line assessment: This week, two clear threads run through Chinese companies' global expansion—dense regulatory clearances for innovative drugs overseas, and a renewed heating-up of the Hong Kong listing and financing channel.

1. Pharmaceutical going-global enters a regulatory payoff period: Multiple self-developed drugs from CSPC PHARMA, BAO PHARMA and ANTENGENE have successively received clinical or qualification recognition from the US FDA and Australian regulators, with targets spanning bispecific antibodies, fusion proteins, vaccines and cell engagers; pipeline structures continue to diversify, and the going-global echelon is shifting from single-product breakthroughs to clustered pipeline advancement.

2. The structure of Hong Kong financing vehicles is broadening: SHEIN and Mech-Mind have launched global offerings, LONGSYS has passed its listing hearing, and LEADERDRIVE and Nazhen Technology are advancing H-share processes; going-global players are extending from traditional manufacturing and resources to technology and consumer platforms such as fashion e-commerce, robotics and semiconductor memory, visibly widening the industry coverage of the capital channel.

3. Resources and orders are advancing overseas in tandem: Mongolia's iron ore project has entered the construction phase and the Kazakhstan tungsten tailings facility contract has been signed, moving resource projects from exploration and planning into construction and output; the World Cup venue antenna supply in Mexico and global program awards from a leading automaker show that the overseas penetration of communications and intelligent cockpit supply chains is strengthening in tandem.

Trend wrap-up: Overall, the focus of going-global is shifting from single-product and engineering exports to multidimensional coordination of technology, capital and channels, with the industry structure showing a differentiated pattern of technology and pharmaceuticals leading while resources and manufacturing underpin.

This article is for information compilation only and does not constitute investment advice.

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According to the announcement, the property is a leasehold industrial site together with buildings erected thereon at 18 Chin Bee Drive, Singapore 619865, leased from JTC, a statutory board under the Ministry of Trade and Industry of Singapore responsible for industrial development, for a term of 20 years commencing from 26 April 2025, to be used as the Group's headquarters comprising offices, warehouse and dormitory. The redevelopment works mainly involve partial demolition of existing buildings and other structures and construction of new buildings and structures in accordance with a new aggregate plot ratio of 1.40 (calculated on a combined basis for two land lots within the property, higher than the existing aggregate plot ratio of 0.85 and 0.90 respectively), together with installation of solar panels in accordance with applicable requirements.

JTC issued the consent letter dated 17 August 2026, granting consent to the redevelopment works subject to the terms and conditions contained therein, which were required to be accepted by WGC on or before 31 August 2026. WGC submitted the letter of acceptance on 28 August 2026. Key terms include completion of the redevelopment works within two years from the date of the consent letter and compliance with the aggregate plot ratio requirement; if the actual aggregate plot ratio of the completed redevelopment falls below the existing aggregate plot ratio, the Group will be required to return the property to JTC and pay compensation calculated by reference to the replacement value of existing structures, and failure to complete the works in accordance with the consent letter will be treated as a breach of the lease, entitling JTC to exercise rights or remedies including repossession of the property.

Having considered all terms and conditions of the consent letter, the aggregate plot ratio increase upon completion and the better fit of the redevelopment versus renovation of existing buildings, the directors consider that acceptance of the consent letter is in line with the Group's plans for the property and in the interests of the Company and its shareholders as a whole. As of the date of the announcement, the Group has not entered into any construction contract or engaged any contractor, nor obtained any quotation or tender for the redevelopment works, and will commence the contractor selection process; subject to the final terms and contract sum of the construction contract, the redevelopment works may constitute a discloseable transaction under Chapter 14 of the Listing Rules, and the Company will publish further announcement(s) in due course.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.