Hong Kong Stocks Midday Review: Hang Seng Index Rises 1.21% in Morning Session, Hang Seng Innovative Drug Index Surges Over 4%

Stock News10-16 12:10

Hong Kong's Hang Seng Index rose 1.21%, up 290 points to 24,353 points; the Hang Seng Tech Index gained 2.09%. Morning session turnover in Hong Kong stocks reached HK$92.8 billion.

With the ESMO conference approaching, the Hang Seng Innovative Drug Index surged 4.46%. Among constituent stocks, DualityBio-B (09606) jumped over 16%; KeyMed Bio-B (02162) rose over 8%; Everest Med (01952) climbed over 8%; and Tianchen Biotechnology-B (01779) soared over 36%.

Maike Medical-B (02335) skyrocketed over 86%, adopting an H-share incentive plan and seeking to repurchase no more than 10% of H shares. Jinfang Pharmaceutical-B (02595) rose over 3% as the company announced multiple clinical results for its KRAS G12D inhibitor.

Mainland property stocks rebounded in the morning session, with Shenzhen and Hangzhou introducing detailed rules for sales system reform, and other cities expected to accelerate their rollouts. Longfor Group (00960) gained 9%; China Vanke (02202) rose 5%.

Alibaba-W (09988) advanced 3.95% as Cook confirmed Apple Intelligence will integrate Alibaba's Qwen large model. The decline in the US dollar and US Treasury yields supported precious metals. Lingbao Gold (03330) rose over 8%, while Zhaojin Mining (01818) gained 3%.

China East Education (00667) climbed over 7% as the Ministry of Education will implement a work plan to empower the service sector through vocational education. Sasa International (00178) rose 4%, with Jefferies noting better-than-expected sales performance in the second quarter and no signs of slowing sales momentum. Kuaishou-W (01024) gained over 5% as Kling 4.0 officially launched in full, with version iterations expected to further consolidate Kling's commercialization momentum. Ganfeng Lithium (01772) fell over 4%, despite reporting a 195-fold increase in net profit for the first three quarters, with third-quarter net profit declining 68% quarter-on-quarter.

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