HK Stock Connect Daily Report: HANSOH PHARMA Rises 8.32% on a Roche ADC Licensing Deal Worth More Than USD 15 Billion - 20261020

I. Market Overview

On October 20, 2026, the three major Hong Kong indices opened and traded lower throughout the session. The Hang Seng TECH Index fell 1.52%, having dropped nearly 2% intraday to a fresh recent low; the Hang Seng Index fell 1.32%, losing the 24,000 mark; and the Hang Seng China Enterprises Index fell 1.21%. Full-day turnover on the Hang Seng Index reached HKD 190.5 billion, up from HKD 178.2 billion on the previous trading day of October 16; Hong Kong markets were closed on October 19 for the Chung Yeung Festival holiday.

On the board, among Stock Connect constituent stocks, 51WORLD rose 22.25%, FAMEGLOW rose 20.54%, DEEPZERO rose 14.73%, FIBOCOM rose 14.01% and BUTONG GROUP rose 10.73%; on the downside, MICOT PHARMA-B fell 26.92%, YUNJI fell 25.48%, MANYCORE TECH fell 25.37%, GPIXEL fell 15.49% and KINWONG fell 11.27%. Pharmaceutical and biotech names bucked the trend, while recently listed stocks facing lock-up expiries and semiconductor names came under pressure.

Southbound capital recorded net selling of HK$1.723 billion on the day, comprising net selling of HK$849 million via Stock Connect (Shanghai) and net selling of HK$874 million via Stock Connect (Shenzhen), with both channels selling on a net basis.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

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

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

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

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

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

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

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

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

IV. Industry and Corporate Updates

1. HANSOH PHARMA Rises 8.32% on an ADC Licensing Deal with Roche Worth More Than USD 15 Billion

On October 20, HANSOH PHARMA (03692.HK) closed up 8.32% at HKD 34.380, with turnover of HK$1.208 billion. The company announced on the evening of October 19 that its wholly owned subsidiary and Hansoh Bio had entered into a strategic cooperation and licence agreement with Roche covering a portfolio of antibody-drug conjugate programmes, including two Hansoh preclinical ADC programmes and multiple programmes against targets proposed by Roche and developed on Hansoh's proprietary ADC technology platform. Hansoh will receive USD 400 million upfront and USD 110 million on the first anniversary, and is eligible for more than USD 15 billion in milestone payments tied to development, regulatory and commercial progress, plus tiered royalties, for a total potential value above USD 15.5 billion. The deal is the second ADC collaboration between the two companies.

2. Lock-up Expiry Pressure Hits Recent Listings as MANYCORE TECH Falls 25.37%

On October 20, MANYCORE TECH (00068.HK) closed down 25.37% at HKD 3.560, while YUNJI (02670.HK) fell 25.48% and GPIXEL (03277.HK) fell 15.49%. MANYCORE TECH's lock-up period expired on October 16, with 1.599 billion shares released on October 19, about 94% of its restricted share capital; expectations of selling pressure drove the shares lower for a second session.

3. HESAI-W Rises 10.68% as Its Kosmo 3D World Data Engine Gains Traction

On October 20, HESAI-W (02525.HK) closed up 10.68% at HKD 14.300, with turnover of HK$357 million. On October 14 the company launched Kosmo, a 3D world data engine, together with the 8K spatial camera Kosmo One and the Kosmo World cloud platform, extending its business from LiDAR into physical AI infrastructure. At the launch event the company signed strategic cooperation agreements with Galbot and Yuanli Lingji, and partnered with Amap, with the first batch of 3D reconstruction scenes now available in Amap's Street View function.

4. Southbound Net Selling Reaches HK$1.723 Billion as TENCENT Draws HK$1.148 Billion

On October 20, southbound capital recorded net selling of HK$1.723 billion, comprising net selling of HK$849 million via Stock Connect (Shanghai) and HK$874 million via Stock Connect (Shenzhen), with both channels selling on a net basis. At the stock level, southbound funds bought a net HK$1.148 billion of TENCENT (00700.HK), HK$275 million of CNOOC (00883.HK) and HK$181 million of MINIMAX-W (00100.HK), while selling a net HK$728 million of LENOVO GROUP (00992.HK), HK$572 million of SMIC (00981.HK), HK$338 million of ALIBABA-W (09988.HK) and HK$314 million of Z.AI (02513.HK).

5. HK Stock Connect-related A-share ETFs Diverge as Health Care Themes Rise and Brokerage and Financial Themes Slip

On October 20, HK Stock Connect-related A-share ETFs diverged. On the upside, Maxwealth CSI HK Equities Health Care Theme ETF (159366) rose 2.44%, Harvest Hang Seng Health Care ETF(QDII) (159557) rose 2.17%, GF Hang Seng Biotechnology Technology ETF (159169) rose 2.12%, E Fund CSI HK Equities Health Care Theme ETF (520850) rose 2.07% and Harvest CSI HK Equities Health Care Theme ETF (158003) rose 2.06%. On the downside, E Fund CSI Hong Kong Securities Investment Theme ETF (513090) fell 3.38%, GF CSI HK Connect Financials (ex Banks) Thematic ETF (513750) fell 2.36%, Invesco Great Wall Hang Seng Consumption ETF(QDII) (513970) fell 2.15% and Huatai-PB CSI HK Equities Finance Services ETF (513140) fell 1.90%. By turnover, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) led with RMB 10.319 billion, followed by GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) at RMB 8.843 billion.