HK Stock Connect Insight | ASCLETIS-B (01672.HK) First-Half R&D Costs Up 132.7% YoY, Down About 43% Since Stock Connect Inclusion

NewTimeSpace News: On October 16, 2026, ASCLETIS-B closed at HKD 5.850, up 1.12% for the day, with turnover of HKD 20.5443 million.

According to publicly available information, Ascletis Pharma listed on the Main Board of HKEX on August 1, 2018 at an offer price of HKD 14.00, with a global offering of approximately 224 million shares and net proceeds of approximately HKD 2.976 billion. The Hong Kong public offering was oversubscribed approximately 9.13 times.

The share price has ranged from a high of HKD 19.86 to a low of HKD 5.40 over the past year. As of October 16, 2026, the stock closed at HKD 5.850, about 58.2% below the offer price of HKD 14.00. Since its inclusion in Stock Connect, the share price has fallen from HKD 10.29 at the close on September 7, 2026 to HKD 5.850, a cumulative decline of about 43.15%.

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

Founded in 2013, Ascletis Pharma became the first pre-revenue biotech company to list in Hong Kong after the implementation of the city's new listing regime in August 2018, and now strategically focuses on metabolic diseases. Its pipeline covers four target classes, namely GLP-1R, GIPR, GCGR and the amylin receptor, spanning oral small molecules, oral peptides and long-acting injectable peptides. The marketing application for Denifanstat (ASC40) for the treatment of acne has been accepted by the National Medical Products Administration.

On the financial front, the company's total revenue for the first half of 2026 was RMB 52.98 million, down 48.9% year on year, while R&D costs were RMB 342 million, up 132.7% year on year. As of June 30, 2026, the Group's cash and cash equivalents, time deposits, negotiable certificates of deposit, structured deposits and wealth management products amounted to approximately RMB 2.3054 billion, sufficient to support operations until 2029.

A research report by EB SECURITIES noted that ASC30, a core pipeline asset of Ascletis Pharma, has entered global Phase III trials and is expected to become the second oral small-molecule GLP-1, with the pipeline matrix advancing in depth and a tiered portfolio of multi-target combination therapies gradually taking shape.