**Key Headline: National Healthcare Security Administration Unveils 2026 Drug Catalog Adjustment Work Plan** The National Healthcare Security Administration (NHSA) has released a series of documents, including the "2026 National Basic Medical Insurance, Maternity Insurance, and Work-Related Injury Insurance Drug Catalog and Commercial Health Insurance Innovative Drug Catalog Adjustment Work Plan," the corresponding application guidelines, renewal rules for negotiated drugs, and bidding rules for non-exclusive drugs. To aid public understanding, a "Frequently Asked Questions (2026 Edition)" document was also published. A notable new feature is the introduction of "pre-application": to shorten the market access timeline for innovative drugs, products that have completed technical review but not yet received final approval by June 10th are allowed to pre-apply. Companies must supplement with the formal drug registration certificate and instructions by July 3rd; eligible applications will be included in the annual adjustment. Starting in 2027, the deadline will be fixed to the plan's release date. This year, three new application conditions for drugs outside the catalog have been added, broadening the scope and enhancing integration with the commercial insurance catalog. This development is generally favorable for the innovative drug sector.
**Market Outlook: WTI Crude Closes at $87.76 per Barrel, Down 1.28%** Overnight, U.S. stocks closed mixed. The Dow Jones Industrial Average rose 363.49 points, or 0.72%, to close at 51,032.46, marking its first close above 51,000 points and a monthly gain of 2.78%. The S&P 500 added 16.43 points, or 0.22%, to finish at 7,580.06, climbing 5.15% for the month. The Nasdaq Composite gained 55.15 points, or 0.2%, to end at 26,972.62, surging 8.36% in May. AI server makers led gains, with Dell soaring over 32% for its largest single-day gain ever. Super Micro Computer rose over 11%, and Hewlett Packard Enterprise gained nearly 13%. The SaaS sector remained strong: ServiceNow surged over 14%, Salesforce climbed over 8%, Adobe advanced over 7%, and Microsoft increased over 5%. The Nasdaq Golden Dragon China Index was nearly flat, closing at 6,586.58 points, down nearly 5% for the month. CHAGEE Tea jumped over 25%. Hang Seng Index ADRs rose, implying a Hong Kong open of 25,349.20, up 166.81 points or 0.66%. On the commodities front, the front-month WTI crude oil contract on NYMEX fell $1.14, or 1.28%, to settle at $87.76 per barrel. COMEX gold futures for the front month rose $37.50, or 0.83%, to $4,569.9 per ounce.
**Key Developments:** * **Fed's Bowman:** Federal Reserve Vice Chair for Supervision Michelle Bowman stated it is too early to judge the impact of Middle East conflicts on U.S. inflation, emphasizing that policymakers should look through temporary price shocks. In prepared remarks, she supported last month's decision to retain language in the post-meeting statement indicating that "further rate cuts remain possible." * **SOE Reform Plan:** It has been confirmed from multiple sources that the "Plan on Further Deepening the Reform of State-Owned Enterprises (2026-2029)" has been issued. Public information shows that since May, provinces including Shandong, Henan, and Hubei have held meetings to study the implementation of the plan. * **HKEX Tech 100 Index Rebalance:** Hong Kong Exchanges and Clearing announced the semi-annual review results for the HKEX Tech 100 Index. Seven stocks, including Deep Tech (01384), will be added, while seven current constituents will be removed. The changes will take effect after market close on June 12, 2026, and be reflected from June 15, 2026. * **MiniMax Group Inc.:** The company announced its board has resolved to explore a preliminary proposal for a potential issuance of Renminbi-denominated shares, which may involve listing on the Shanghai Stock Exchange's STAR Market. The move is subject to market conditions and regulatory approvals. * **CSPC PHARMA (01093) Drug Shows Promise:** Data presented at the American Society of Clinical Oncology annual meeting showed that lung cancer patients treated with CSPC PHARMA's drug ivonescimab survived approximately four months longer than those on standard therapy in a late-stage trial. * **CSPC PHARMA (01093) Receives Payment:** The board announced that the group has received the upfront payment of $1.2 billion from AstraZeneca as per their strategic collaboration and licensing agreement for an innovative long-acting peptide drug. * **COSCO SHIP PORT (01199):** The company announced that its investment vehicle, along with a partner, has received formal notification that the port authority's board has approved granting a concession for a multi-purpose terminal at the Port of Tarragona. The formal grant is subject to conditions including establishing a project company and signing the concession agreement. * **ALPHAMAB-B (09966) Drug Approved:** The company announced that Ennituo® (anitumab injection), a HER2 bispecific antibody developed in collaboration with a subsidiary of CSPC PHARMA, has received marketing approval from China's NMPA for use in combination with chemotherapy to treat HER2-positive gastric cancer. * **Lvke Technology International (00195):** The company received notice that the offeror, Gaoneng Environment (Hong Kong) Investment Co., Ltd., intends to make a partial offer to acquire up to 220 million shares at HK$0.25 per share, a discount of approximately 10.71% to the last trading day's closing price. * **SHOUGANG LANZA (02553) IPO:** The CCUS industry leader concluded its IPO subscription period on May 29. Market sentiment was exceptionally strong, with margin financing for the public offering reaching HK$77.592 billion, representing an oversubscription of approximately 1,133 times based on the public offering size.
**Stock in Focus: MOBVISTA (01860): Q1 Revenue Hits $581 Million, Up 32.2% Year-on-Year** MOBVISTA released its Q1 2026 results on May 31. Total revenue for the quarter reached $581 million, a year-on-year increase of 32.2% and a sequential rise of 0.7%. Net revenue was $151 million, up 25.0% year-on-year and 3.0% quarter-on-quarter. Gross profit stood at $122 million, increasing 26.9% year-on-year but dipping 0.1% sequentially. Period profit surged 72.1% year-on-year to $34.23 million, though it declined 59.2% from the previous quarter. In terms of revenue breakdown, income from the programmatic advertising platform Mintegral amounted to $560 million, accounting for 96.3% of total revenue and growing 33.1% year-on-year. Revenue from the gaming category soared 40.8%, while non-gaming category revenue increased 12.4%. The company's cost of sales rose 33.7% to $459 million, primarily driven by higher traffic acquisition and server costs. Adjusted net profit for the period was $24.21 million, up 10.6% year-on-year. Separately, MOBVISTA announced that Singapore-based global investment company Temasek has completed a strategic equity placement in the company worth $150 million. Following the transaction, Temasek will become a strategic shareholder, supporting MOBVISTA's long-term global expansion.
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