Going Global Weekly: Mainland Companies Flock to Hong Kong Listings, Pharma Globalisation Shifts to Data and Capability Export-20260918

Overseas M&A

1. TIME INTERCON (01729.HK): Announced on September 15 that the acquisition of 51% of the entire issued share capital of Time Interconnect Singapore Pte. Ltd. has been completed, and the completion net asset value of the target group as at the completion date (July 31, 2026) was approximately US$68.4 million (approximately HK$532.2 million). The completion net asset value exceeded the initial net asset value of approximately US$24.9 million by approximately US$43.5 million; based on 51% of the excess, the upward adjustment was approximately US$22.2 million, and the final consideration was adjusted from the initial US$12.7 million to US$34.9 million, not exceeding the maximum consideration of US$40,000,000. The upward adjustment amount will be paid in cash on or before September 29 and funded from the net proceeds of the placing.

Overseas Cooperation

1. GENSCRIPT BIO (01548.HK): Issued an announcement on September 17 that it has entered into a cooperation with Lilly TuneLab, an AI-driven drug discovery collaboration platform founded by Eli Lilly (a company listed on the New York Stock Exchange), under which the company will provide wet laboratory services to TuneLab participating enterprises at preferential rates, generating experimental data and converting AI predictions into biological evidence data.

Overseas Projects and Operations

1. GENFLEET-B (02595.HK): Disclosed on September 15 that Phase II data of GFH375 for the treatment of previously treated NSCLC was presented at WCLC 2026, with a confirmed response rate of 52.1%.

2. LEADS BIOLABS-B (09887.HK): Disclosed on September 14 that updated Phase II data of Weilixin(R) combined with chemotherapy as first-line treatment for NSCLC were released in an oral presentation at WCLC 2026.

3. CSPC PHARMA (01093.HK): Disclosed on September 14 that Phase I/II data of SYS6010 combined with enlonstobart for the treatment of driver-gene-negative advanced NSCLC were released in an oral presentation at WCLC 2026.

Regulation and Compliance

1. IMPACT THERAP-B (07630.HK): Disclosed on September 18 that senaparib received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency, with the potential to be used as first-line maintenance therapy for ovarian cancer.

Overseas Financing

1. TRANSSION (688036.SH): Announced on September 18 that the Listing Committee of the Hong Kong Stock Exchange held a listing hearing on September 17 to review the company's application for issuing H shares and listing on the Main Board, and the sponsor received the letter from the Exchange on September 18; the issuance and listing remain subject to final approval from the SFC, the Stock Exchange and other regulatory authorities, and uncertainty remains.

2. FORMS SYNTRON (06700.HK): Announced on September 18 that, in view of current market conditions, it has decided to delay the global offering and listing of its H shares. The global offering comprised 58.9611 million H shares at a maximum offer price of HK$16.00 per share, implying a gross fundraising of approximately HK$943 million and net proceeds of approximately HK$869 million, and the company was originally scheduled to list on September 22; application monies will be refunded in full without interest, and the company, together with the joint overall coordinators, is assessing an updated timetable.

3. RED AVENUE NEW MATERIALS (603650.SH): On September 17 it was reported that the company has passed the Hong Kong Stock Exchange listing hearing, with Haitong International acting as the sole sponsor.

4. ROBOTECHNIK: On September 14 it was reported that the company has passed the Hong Kong Stock Exchange listing hearing; it mainly supplies photovoltaic and silicon photonics manufacturing equipment and systems.

5. Junxin Environmental Protection: On September 14 it was reported that the company has passed the Hong Kong Stock Exchange listing hearing; it is mainly engaged in integrated waste treatment and resource utilisation businesses such as waste-to-energy incineration power generation.

6. CCTECH (300604.SZ): Announced on September 15 that the board of directors has approved resolutions relating to the issuance of H shares and listing on the Main Board of the Hong Kong Stock Exchange.

7. SKYCHEM TECHNOLOGY (688603.SH): On September 15 it was reported that the company is planning to issue H shares and list on the Hong Kong Stock Exchange.

8. Nazhen Technology (09856.HK): On September 14 it was reported that the company launched its global offering at an offer price of HK$32.96 per share, with listing scheduled for September 22.

NewTimeSpace Going Global Observation

The main lines of going global this week are, first, the intensive push by mainland enterprises towards Hong Kong listings: TRANSSION, RED AVENUE NEW MATERIALS, ROBOTECHNIK and Junxin Environmental Protection successively passed or entered the Hong Kong Stock Exchange hearing process, CCTECH and SKYCHEM TECHNOLOGY launched H-share issuance plans, and Nazhen Technology completed the pricing of its global offering; however, FORMS SYNTRON announced a delay in listing after the close of its offer with a full refund of application monies, indicating rising sensitivity of the issuance rhythm to market conditions. Second, pharma globalisation has shifted from licensing deals to the export of data and capabilities: GENFLEET-B, LEADS BIOLABS-B and CSPC PHARMA released clinical data at WCLC, IMPACT THERAP-B received a positive opinion from the EMA's CHMP, and GENSCRIPT BIO entered Eli Lilly's AI drug discovery ecosystem with wet laboratory services. Third, cross-border M&A by manufacturers continued to land, with TIME INTERCON completing the acquisition and delivery of a 51% equity interest in a Singapore target.

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