Jinwu Financial News | The Hang Seng Index closed at 16,720 on Friday (15th), down 240 points or 1.42%. The market traded 139.086 billion yuan throughout the day. The China Index fell 86 points, or 1.46%, to 5820; the Science Index closed down 53 points, or 1.5%, to 3,549. Tencent (00700) fell 1.9% to 283.8 yuan, with the highest transaction reaching 8.266 billion yuan. Yao Ming Biotech (02269) dropped another 10.2%, making it the worst performing blue chip. Today, only 11 blue chips recorded an increase, with Zijin Mining (02899) rising 2.6% as the best performer.
The Dow closed at 38,714 points on Friday (15th), down 190 points, or 0.49%. The index fell 0.65% to 5,117 points; the NASDAQ, which mainly focuses on technology stocks, fell 0.96% to 15,973 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, returned 0.41%. Software company Adobe's revenue forecast for this quarter fell short of expectations, causing demand doubts and dragging down the stock price by 13.8%; Citi raised the target price of Micron Technology (Micron) from 95 US dollars to 150 US dollars, making it the best on Wall Street, stimulating Micron's stock price to increase 2.1%. Among major technology stocks, Nvidia (Nvidia) rose 1.8% and fell 0.1% repeatedly; Apple fell 1.6% and closed down to 0.2%; Microsoft and Amazon fell 2.1% and 2.4%, respectively. The Asia-Pacific stock market moved individually this morning (18th). The Nikkei 225 Index now reports 39,443 points, up 736 points, or 1.9%. The South Korea Composite Index is currently at 2,675 points, down 43 points, or 1.6%. Investors are waiting for the results of the Savings Bureau's interest rate discussions, and they are still cautious about entering the market.
Market Focus: Hanson Pharmaceuticals (03692)
Hanson Pharmaceuticals is one of China's leading pharmaceutical companies driven by R&D and innovation. It has established a leading position in some of the largest, fastest-growing treatment fields in China that have not met significant clinical needs, including anti-tumor, anti-infective, central nervous system diseases, and metabolic diseases. The Group entered into a licensing agreement with Promise Biotechnology (Zhuhai) involving potential payments of no more than RMB 5 billion. The Group has obtained an exclusive license from Pumis to develop, produce and commercialize HS-20117 (the introduction project name is PM1080) for the development, production and commercialization of bispecific antibody conjugate products (ADC products) worldwide, and has the right to further sub-license. The Group will make down payments and potential payments for ADC-based product development, registration and commercialization milestones based on sales totaling no more than RMB 5 billion, as well as tiered royalties based on global net sales. The National Health Insurance Administration has always paid attention to the balance between controlling health insurance costs and encouraging the development of the biomedical industry to comprehensively benefit the biotechnology sector, which is worth paying attention to. Target price is $17.4, stop loss price is $14.
(The author is a licensed person of the Securities Regulatory Commission and the author does not hold the above shares)
Author: Dr. Deng Shengxing, Managing Partner, Yibo Capital Asia Limited