【Top Story】Innovent Biologics (01801): Obesity Drug Meets Primary Endpoint in Phase 3 Trial, Plans to Submit MASHITIDE 9mg for Approval Innovent Biologics announced that its global first-in-class GCG/GLP-1 dual agonist, MASHITIDE, achieved the primary endpoint and all key secondary endpoints in the Phase 3 GLORY-2 trial for Chinese patients with BMI ≥30 (moderate-to-severe obesity). Data showed that MASHITIDE 9mg treatment resulted in significant weight loss compared to placebo, with an average reduction of 20.08% in subjects with simple obesity. Currently approved doses are 2mg, 4mg, and 6mg for patients with BMI ≥28 or 24≤BMI<28 with obesity-related complications. Innovent plans to submit an application to China's NMPA for MASHITIDE 9mg for adult weight control. The 9mg dose targets Chinese patients with BMI >30, particularly those above 32.5, who previously relied on bariatric surgery for effective weight management.
【Market Outlook】US Stocks Close Lower After Volatility, Third Rate Cut This Year Unlikely Overnight, the Dow Jones Industrial Average fell 386.51 points (-0.84%) to 45,752.26, the S&P 500 dropped 103.4 points (-1.56%) to 6,538.76, and the Nasdaq Composite declined 486.18 points (-2.15%) to 22,078.05. US September nonfarm payrolls rose by 119,000, surpassing expectations of 50,000. Despite the end of economic data disruptions, the Fed's stance has shifted, making a third rate cut this year unlikely. Tech stocks slumped, with Nvidia’s strong earnings boost fading (down 3% after a 5% intraday gain). AMD fell nearly 8%, Oracle dropped over 6%, and Micron tumbled 11%. The Nasdaq Golden Dragon China Index fell 3.26%, with XPeng down over 5%.
【Hot Topics】 - ByteDance’s valuation surged to $480 billion in a recent equity auction, with Sequoia Capital China securing shares at a near-$500 billion valuation. - China’s September smartphone shipments rose 10.1% YoY to 27.93 million units, with 5G phones accounting for 86.3%. - Vanke’s interim shareholders’ meeting approved a framework agreement for shareholder loans from Shenzhen Metro. - RoboSense (02498) secured a three-year exclusive deal with FAW Toyota for a new EV model. - Xinyi Energy (03868) agreed to sell a 51% stake in Xinyi Glass (Tianjin) for RMB 514.6 million. - DDR5 memory prices surged 307% since September, with module costs expected to rise sharply. - Kidsland International (02122) partnered with Jazwares to launch HELLO KITTY AND FRIENDS toys in China. - Henlius (02696)’s PD-1 drug Hansizhuang® was included in China’s breakthrough therapy program for gastric cancer. - WeRide (00880) obtained Switzerland’s first fully driverless Robotaxi license. - Luk Fook (00590) expects interim profit to rise 40%-50% on gold price gains and jewelry sales growth. - NetEase (09999) Q3 net profit grew 31.77% YoY to RMB 8.616 billion, declaring a $0.114/share dividend. - SJM Holdings (00880) subsidiary agreed to acquire a Macau hotel property for HKD 1.75 billion. - PEGBIO (02565)’s diabetes drug Vipenatide was approved by China’s NMPA.
【Stock Spotlight】Henlius (02696): Hansizhuang® (serplulimab) for gastric cancer was included in China’s breakthrough therapy program, potentially accelerating approval. The drug has no global competitors in this indication, with PD-1 drugs generating $45.7 billion in 2024 sales.
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