HK Stock Connect Daily Report: DUALITYBIO-B Plunges 27.93% as Overall Survival Data From Its Pivotal Phase III Trial Remain Immature - 20261027

I. Market Overview

On October 27, 2026, the three major Hong Kong indices opened higher, gave back the advance and turned lower across the board during the session, extending losses in the afternoon. The Hang Seng Index closed at 23,041.32, down 0.73%; the Hang Seng TECH Index closed at 3,800.43, down 1.48%; and the Hang Seng China Enterprises Index closed at 7,766.91, down 0.45%. Full-day turnover on the Hang Seng Index reached HKD 178.3 billion, slightly above HKD 175.8 billion a day earlier.

On the board, among Stock Connect constituent stocks, BRAINAURORA-B rose 27.13%, STAR SHINE HLDG rose 11.44%, NEW VISION CO rose 10.75%, UISEE TECH rose 9.70% and LYGEND RESOURCE rose 9.21%; on the downside, DUALITYBIO-B fell 27.93%, REALORD TECH fell 20.71%, KEYMED BIO-B fell 14.38%, QUANTGROUP fell 11.28% and ZHAOWEI fell 10.71%. Biotechnology names fell broadly, while brain-computer interface and autonomous driving names advanced against the trend. Across the Stock Connect universe, 203 stocks rose and 439 fell.

Southbound capital recorded net selling of HK$1.238 billion on the day, comprising net selling of HK$900 million via Stock Connect (Shanghai) and net selling of HK$338 million via Stock Connect (Shenzhen), with both channels selling.

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. DUALITYBIO-B Plunges 27.93% as Overall Survival Data From Its Phase III Study Remain Immature

On the evening of October 26, DUALITYBIO-B (09606.HK) and BioNTech released topline results from the global Phase III DYNASTY-Breast02 study: the lead candidate pacmilimab deruxtecan met the primary endpoint of progression-free survival, but overall survival data remain immature, and the trial observed a higher incidence of interstitial lung disease than in prior studies. The company also noted in its announcement that, given the current treatment landscape for HR-positive, HER2-low metastatic breast cancer, the potential clinical benefit of this regimen in that specific patient population may be relatively limited. The stock opened 14.98% lower on October 27, touched an all-time low of HKD 100.20 intraday and closed at HKD 106.30, down 27.93%, with turnover of HK$798 million and a turnover rate of 8.13%.

2. BRAINAURORA-B Jumps 27.13% to Lead Gainers on International Standards and Digital Therapy Evidence

On October 27, BRAINAURORA-B (06681.HK) rose 27.13% to close at HKD 1.195 with turnover of HK$471 million and a turnover rate of 31.27%, the largest gain among Stock Connect stocks on the day. At the industry level, the International Organization for Standardization earlier published the international standard on a brain-computer interface reference architecture, which was led by China and provides a unified framework for scaling the segment. At the company level, a dose study on paediatric cognitive digital therapy jointly conducted by a team at Beijing Children's Hospital affiliated with Capital Medical University and the company's research team was published in BMC Medicine, covering 38,526 children and adolescents aged 3 to 18 with impaired cognitive function who trained on the company's system between 2021 and 2025. In the first half of 2026, the company recorded revenue of RMB 120 million, up 19.8% year on year.

3. Southbound Net Selling Reaches HK$1.238 Billion as XIAOMI-W Attracts HK$546 Million of Net Buying

On October 27, southbound capital recorded net selling of HK$1.238 billion, comprising net selling of HK$900 million via Stock Connect (Shanghai) and net selling of HK$338 million via Stock Connect (Shenzhen), with both channels selling. At the stock level, Z.AI (02513.HK) topped southbound turnover at HK$4.090 billion and drew HK$426 million of net buying; XIAOMI-W (01810.HK) recorded turnover of HK$1.725 billion and led net buying at HK$546 million; CHINA MOBILE (00941.HK) drew HK$415 million of net buying, MINIMAX-W (00100.HK) HK$176 million and CHINA SHENHUA (01088.HK) HK$143 million. On the sell side, YOFC (06869.HK) led with net selling of HK$519 million, followed by KB LAMINATES (01888.HK) at HK$305 million and SMIC (00981.HK) at HK$193 million.

4. Brazil ETFs Fall by the Daily Limit for a Second Day as Saudi and Oil-related QDII Funds Lead

On October 27, the two Brazil ETFs fell by the daily limit for a second consecutive session, with E Fund Itaú Unibanco IBOVESPA ETF(QDII) (520870) down 10.02% on a 103.69% turnover rate and ChinaAMC Bradesco Brazil Ibovespa ETF(QDII) (159100) down 10.01% on a 77.65% turnover rate. The previous session saw Brazil's presidential election result, with Lula winning and investors concerned that his policy stance would reverse trades built around the right-wing candidate. At the other end, Saudi and oil-related QDII funds led, with China Southern Csop Saudi Arabia ETF(QDII) (159329) up 4.34%, Fullgoal S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (513350) up 3.58%, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (159518) up 2.83% and Huatai-PB CSOP Saudi Arabia ETF(QDII) (520830) up 2.81%. On crude, Brent touched a near six-month high before closing down 0.78% at USD 115.81 a barrel on October 26, while NYMEX light crude fell 1.46% to USD 101.76, after Yemen's Houthi group said it had attacked pump stations on Saudi Arabia's east-west pipeline and Riyadh airport, leaving the supply risk premium intact.

5. Innovative Drug Theme ETFs Fall on Heavy Volume as the Hang Seng Innovative Drugs ETF Drops 5.14%

On October 27, innovative drug theme ETFs declined across the board. Huatai-PB Hang Seng Innovative Drugs ETF(QDII) (520500) fell 5.14% on RMB 1.178 billion of turnover and a 53.25% turnover rate; GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) fell 3.43% on RMB 6.710 billion, the second-highest turnover of the day; China Universal CNI HK Equities Innovative Drugs ETF (159570) fell 4.24% on RMB 1.779 billion; Bosera Hang Seng HK Innovative Drugs Selected ETF (520690) fell 4.51% and China Southern CNI HK Equities Innovative Drugs ETF (159297) fell 4.49%. By turnover, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) led with RMB 7.959 billion, down 0.63% on an 82.58% turnover rate.