Hong Kong stocks opened the session with a positive tone, as the Hang Seng Index advanced 0.56%, climbing 138 points to reach 24,889 points, while the Hang Seng Tech Index eased 0.13%. Morning trading on the Hong Kong Stock Exchange witnessed a turnover of HK$108.5 billion.
The Hang Seng Biotech Index recorded a robust rally of 4.95%, while the Hang Seng Innovative Drug Index jumped sharply by 6.21%, as innovative drug concept stocks experienced a broad-based surge. According to reports, the US is considering easing restrictions on licensing and collaboration agreements for pharmaceutical companies, which could pave the way for a recovery in the valuation of innovative drug business development (BD) deals.
Among individual stocks, Akeso Inc (09926) climbed 8.67%, KeyMed Bio (02162) advanced 9%, InnoCare Pharma (09969) rose 5.8%, and Innovent Biologics (01801) gained 6%. Transcenta Holding (06628) surged over 22%, buoyed by its board chairman Qian Xueming's purchase of company shares and a rise in out-licensing revenue during the first half of the year. Impact Therapeutics (07630) saw its gains expand to over 43%, following the international milestone for its senaparib program, while its potential inclusion in the Stock Connect is expected to continually attract southbound capital. Eccogene (02617) rose more than 9% after the first patient was dosed in a Phase II clinical study of tinengotinib for mCRPC in China. Baheal Pharmaceutical (02659) added over 5% as clinical research and commercialization of its core products progress steadily.
XtalPi Holdings (02228) climbed over 6% after its board chairman announced plans to increase his stake in the company, alongside a newly established drug discovery partnership with Stanford University. Everest Medicines (06666) advanced more than 5% amid reports that PAG, Warburg Pincus, and Hony Capital are considering a renewed bid for the property management firm. Junzi Group (01300) jumped over 14%, as upstream optical preforms emerge as a core bottleneck in the industrial chain, with the Qinghai Zhongli preform project expected to resume operations swiftly.
Several PCB concept stocks moved higher, with Guanghe Technology (01989)up over 10% as PCB manufacturers begin to initiate fresh price quotations. CSSC Offshore & Marine Engineering (00317) gained more than 5%, as the upbeat tanker shipping cycle transmits to the shipbuilding supply chain, with the company's order book extending through 2030.
Gold stocks faced collective downward pressure, as rate hike expectations continue to weigh on the precious metal's trend. China Gold International (02099) declined over 7%, while Wanguo Gold Group (03939) fell more than 5%.
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