Hong Kong Market Midday Review: Hang Seng Index Gains 1.86%, Hang Seng Innovative Medicine Index Soars

Stock News07-10 12:11

The Hang Seng Index in Hong Kong advanced by 1.86%, adding 446 points to reach 24,476. The Hang Seng Tech Index rose by 2.69%. Turnover at the midday break amounted to HK$1,884 billion. The Hang Seng Innovative Medicine Index surged 5.77%.

The release of a new edition of the National Essential Medicines List, which now includes innovative drugs within its selection and adjustment scope, provided a boost. PegBio Co., Ltd. - B (02565) surged over 35%; Kelun-Biotech (06990) gained 7%; Ascletis Pharma Inc. - B (01672) rose 6%.

Insilico Medicine (03696) climbed over 8%, with its first-half revenue surpassing US$100 million, validating the commercial viability of its "AI+Biotech" model. Baiji Shenzhou - B (02659) jumped over 8% on expectations that its BJ044 candidate could systematically replace existing urine-extracted products. RemeGen Co., Ltd. (09995) increased over 7% after its drug, Telitacicept, was included in the 2026 National Essential Medicines List under "immunosuppressants". Biocytogen Pharmaceuticals (Beijing) Co., Ltd. - B (02315) rallied over 11% following a recent global collaboration agreement with Whitehawk to co-develop innovative bispecific antibody ADCs.

Metal and mining stocks posted gains across the board. Strong first-half earnings reports from companies in the sector and a view from institutions that oversold conditions may present a recovery potential contributed to the move. Jiangxi Copper Company Limited (00358) advanced 7%; China Hongqiao Group Limited (01378) rose 4.87%; China Molybdenum Co., Ltd. (03993) added 4.22%.

Huaqin Technology Co., Ltd. (03296) gained over 7% as it serves as the contract manufacturer for the Stepfun AI agent smartphone, with significant shipments expected to ramp up this year. ZTE Corporation (00763) rose another 9.96% ahead of the upcoming launch of the second-generation "Doubao Phone", with Morgan Stanley expressing optimism about a potential key inflection point. Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869) increased over 5% after its third-largest shareholder completed a share reduction, and the company stands to benefit from rising optical fiber prices.

New listing Jinghe Integrated Circuit Co., Ltd. (02249), the third-largest wafer foundry in mainland China, made its debut, rising 1.18% in the morning session. Another new listing, Binzhou Chemical Share Co., Ltd. (06745), a leading player in the chlor-alkali chemicals industry, fell 12% on its first trading day.

Jinxin Resources Holdings Limited (03636) declined over 6% to hit a new post-IPO low, as the six-month lock-up period for its cornerstone investors expired.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment