HK Stock Connect Insight | TenNor Therapeutics-B (06872.HK) Falls About 54.50% Since Stock Connect Inclusion, H1 R&D Expenses Up 19.0% YoY

NewTimeSpace News: On November 9, 2026, TenNor Therapeutics-B closed at HKD 70.20, up 6.36% on the day, with turnover of HKD 3.8293 million.

According to public information, TenNor Therapeutics listed on the Main Board of the Hong Kong Stock Exchange on May 22, 2026 at an offer price of HKD 75.70 per share, with a global offering of 8.856 million H shares and net proceeds of approximately HKD 598 million. Its Hong Kong public offering was oversubscribed 9,015.11 times.

At present, since its listing on May 22, 2026, the company's share price has ranged from a high of HKD 287.00 to a low of HKD 62.25. As of November 9, 2026, the shares closed at HKD 70.20, about 7.3% below the offer price of HKD 75.70; since Stock Connect inclusion, the share price has fallen from HKD 154.30 at the close on September 7, 2026 to HKD 70.20, a cumulative decline of about 54.50%.

It is understood that 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 TenNor Therapeutics was included in the Hang Seng Composite Index, with the constituent changes effective on September 7, 2026. The Shanghai and Shenzhen stock exchanges subsequently adjusted their lists of eligible securities under Stock Connect, and the company's H shares have been included in the list of eligible securities under Stock Connect since September 7, 2026.

TenNor Therapeutics is a biopharmaceutical company approaching commercialization that focuses on the research and development of innovative drugs for bacterial infections and bacterial metabolism-related diseases. Its core product rifasutenizol (TNP-2198) is the world's first and only new molecular entity (NME) candidate drug specifically for the treatment of Helicobacter pylori infection. The company has submitted a new drug application to the National Medical Products Administration, which has entered the stage of review following a request for supplementary information.

On the financial front, the company's R&D expenses for the first half of 2026 amounted to RMB 31.321 million, up 19.0% year on year; its loss for the period was RMB 64.245 million, narrowing by 17.8% year on year; and cash and cash equivalents at the end of the period were approximately RMB 715 million.

A research report by SDIC Securities noted that the company's core product rifasutenizol (TNP-2198) is the world's first NME candidate drug targeting Helicobacter pylori infection; its Phase III clinical trial has been completed and a new drug application has been submitted, with approval expected by the end of 2026.