HK Stock Connect Insight | HBM HOLDINGS-B (02142.HK): Batoclimab approved in China; southbound stake rises to 13.24% since Stock Connect entry on Sept 7

NewTimeSpace News:HBM Holdings Limited (HKEX stock code: 02142) published an inside information announcement on Oct 23 stating that the National Medical Products Administration of China has approved batoclimab injection (subcutaneous injection, 170 mg per mL, marketed as Enlida) for the treatment of adult patients with anti-acetylcholine receptor antibody positive generalized myasthenia gravis. The announcement described the product as the first FcRn-targeted therapy to complete its full clinical development for the disease in China, and as the company's first approved product.

Under the licence agreement entered into between the Group and NBP Pharma, a subsidiary of CSPC Pharmaceutical Group, in October 2022, commercialisation of the product in Greater China will be conducted by the CSPC subsidiary, and the Group is entitled to tiered royalties based on annual net sales of the product. The announcement also cautioned that, under Rule 18A.05 of the Listing Rules, there can be no assurance that batoclimab will ultimately be successfully commercialised.

On the Hong Kong market, the shares of HBM Holdings-B have retreated notably over the past period. The stock closed at HK$10.170 on 22 October, down 5.04%, on 15.79 million shares and HK$162 million worth, and at HK$10.240 on 23 October, up 0.69%, on 11.11 million shares and HK$113 million worth. As of 15:10 on 26 October, the shares traded at HK$10.210, down 0.29%, on 4.88 million shares and HK$49.14 million worth, with a total market capitalisation of about HK$8.88 billion.

On southbound holdings, the company was added to the Stock Connect list effective 7 September 2026, with the Shanghai Stock Exchange publishing its Stock Connect adjustment notice on 4 September (Zhong Tou Xin [2026] No. 50) and the Shenzhen Stock Exchange announcing the change on 7 September. According to Choice data, southbound holdings stood at 19.01 million shares on 7 September, equal to 2.10% of issued shares, with the largest single-day increase since inclusion, 25.51 million shares, recorded on 9 September. Holdings have continued to build up since then, reaching 119.81 million shares and 13.24% on 23 October, the highest level since inclusion, with a net addition of 1.504 million shares on the day.

On fundamentals, the most recent results cover the six months ended 30 June 2026, reported in renminbi. Total revenue was about RMB834 million, up 20.9% year on year, with net profit of about RMB442 million and adjusted net profit of about RMB488 million, marking the seventh consecutive half-year of profitability and, in the company's view, its entry into a stage of normalised profitability. Revenue growth was driven mainly by continued strategic collaborations with global multinational pharmaceutical companies, new product out-licensing agreements, and business growth at wholly owned subsidiary Nona. As at 30 June, the Group held cash and cash equivalents of about RMB2.45 billion.