Zhitong Hong Kong Stocks Early Knowledge | Hengrui Pharma's public offering received 455 times subscription. Lei Jun: Xiaomi's R&D investment is expected to reach 200 billion yuan in the next five years

[Today's Headlines]

Hengrui Pharma (01276) Public Offering Oversubscribed by 455 Times Above the Upper Limit Price

According to Zhitong Finance APP, Hengrui Pharma (01276) announced the allocation results, with the company globally offering approximately 224.5 million shares, of which 21.50% is for the Hong Kong public offering and 78.50% for the international offering. The offer price per share is HKD 44.050, with net proceeds from the global offering approximately HKD 9.7473 billion. Each lot consists of 200 shares, and H shares are expected to begin trading on the Hong Kong Stock Exchange at 9:00 AM on May 23, 2025 (Friday).

The public offering portion of Hengrui Pharma's Hong Kong IPO was oversubscribed by approximately 455 times. Hengrui Pharma opened higher in the dark market yesterday, closing up 32.24% at HKD 58.25, with a trading volume of HKD 751 million.

[Market Outlook]

Nasdaq China Golden Dragon Index Falls 1.18%

Overnight, the Dow Jones Industrial Average fell 1.35 points from the previous trading day, closing at 41,859.09 points, with a nearly zero decline; the S&P 500 index dropped 2.60 points, closing at 5,842.01 points, a decline of 0.04%; the Nasdaq Composite Index rose 53.09 points, closing at 18,925.73 points, an increase of 0.28%. Most large tech stocks rose, with Tesla up nearly 2%, Google up over 1%, and Microsoft, Nvidia, Amazon, and Meta rising less than 1%.

Most popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index down 1.18%. XPeng fell over 7%, and Century Internet fell over 6%. The ADR of the Hang Seng Index fell, closing at 23,492.08 points, down 52.23 points or 0.22% compared to the Hong Kong close.

[Hot Topics Ahead]

OPEC+ Discusses Significant Production Increase in July; June 1 Meeting to Set Supply Strategy

According to insiders from OPEC+, the organization is discussing the implementation of a daily production increase of 411,000 barrels for the third consecutive month in July, which is three times the planned increase at the beginning of the year. They emphasized that the final decision will need to be approved at the ministerial video conference on June 1, and the current plan is still under discussion. Notably, if this production increase plan is implemented, it will mark the third consecutive month of maintaining the same scale of supply expansion since May.

New U.S. Legislation Prohibits Regulation of AI for 10 Years

TechPolicy reports that the U.S. House of Representatives has passed the HR1 bill, which will prohibit U.S. states from regulating AI for the next 10 years. During this prohibition period, no state or its political subdivisions may enforce any laws or regulations governing AI models, AI systems, or automated decision-making systems.

Lei Jun: Xiaomi's R&D Investment Expected to Reach 200 Billion Yuan in the Next Five Years

At the Xiaomi 15th Anniversary strategic new product launch, Xiaomi Group Chairman and CEO Lei Jun delivered a speech. Lei Jun stated that this year marks Xiaomi's 15th anniversary, with Xiaomi's smartphone market share ranking among the top three globally for 19 consecutive quarters; Xiaomi's automotive, chip, and smart factory sectors have completed the leap from 0 to 1; and the human-vehicle-home ecosystem strategy has officially closed the loop, making it the technology company with the most complete ecosystem He stated that for 15 years, regardless of peaks or troughs, whether in good times or bad, technology has been the foundation, continuously moving forward, which is the growth path of Xiaomi. In the next five years, Xiaomi's R&D investment is expected to reach 200 billion yuan.

Yuewen (00772) and the Swiss National Tourism Board officially announce summer cooperation plan for "Full-Time Expert" IP landing in Switzerland

Yuewen Group and the Swiss National Tourism Board officially announced a cooperation plan for the summer of 2025, where the Swiss National Tourism Board formally invites Ye Xiu, the protagonist of the IP "Full-Time Expert" under Yuewen, to serve as the "Swiss Tourism Pathfinder." The two parties will carry out a month-long tourism-themed check-in activity in Switzerland during the summer of 2025, providing immersive themed travel experiences for Chinese tourists. This is the first time the Swiss National Tourism Board has deeply cooperated with a Chinese online literature IP.

XinHua Pharmaceutical (00719): Obtained drug registration certificate for Ibuprofen Suspension Drops

XinHua Pharmaceutical announced that it recently received the drug registration certificate for Ibuprofen Suspension Drops approved and issued by the National Medical Products Administration. This product is used for fever caused by common colds or influenza in children and also for relieving mild to moderate pain in children. According to relevant statistical data, the sales of ibuprofen in public medical institutions in China in 2023 were approximately 5.09 billion yuan. XinHua Pharmaceutical's Ibuprofen Suspension Drops obtained the drug registration certificate in May 2025, enriching the company's ibuprofen formulation types, which is beneficial for strengthening supporting production advantages and enhancing the company's overall competitiveness.

Shanghai Industrial Holdings (00363) plans to sell 475 million shares of Yuefeng at a premium of about 0.4%

According to Zhitong Finance APP, Shanghai Industrial Holdings (00363) announced that as of the date of this announcement, the company (through its indirectly wholly-owned subsidiary Hongyang) holds 475 million shares of Yuefeng, accounting for approximately 19.47% of Yuefeng's total issued share capital. Due to the plan to obtain approval from the Grand Court of the Cayman Islands on May 20, 2025 (Cayman Islands time), all Yuefeng shares (including the shares to be sold by the group) will be canceled in exchange for the cancellation price after the effective date. The total consideration for the sale is HKD 2.329 billion. The cancellation price per share for the sold shares is HKD 4.90, which is a premium of about 0.4% compared to the closing price of HKD 4.88 per share reported on the Hong Kong Stock Exchange on May 20, 2025.

Immune-Onc-B (01541): Update on clinical trial of IMM2510/AXN-2510 combination chemotherapy for first-line NSCLC

According to Zhitong Finance APP, Immune-Onc-B (01541) announced that the company, along with Instil Bio, Inc., is pleased to announce that it expects to launch a Phase 3 trial of IMM2510/AXN-2510 combination chemotherapy for first-line NSCLC in China by mid-2026, pending discussions with regulatory authorities. Preclinical experiments have demonstrated that IMM2510/AXN-2510 can synergistically bind with PD-L1 in the presence of VEGF in vitro. More preclinical datasets showing that IMM2510/AXN-2510 exhibits a unique and potentially best-in-class mechanism of action are expected to be presented at future medical or scientific conferences LIZHU PHARMACEUTICAL (01513) plans to invest approximately 1.587 billion yuan to acquire 64.81% equity in a Vietnamese pharmaceutical company

According to Zhitong Finance APP, LIZHU PHARMACEUTICAL (01513) announced that on May 22, 2025, its wholly-owned subsidiary LIAN SGP HOLDING PTE. LTD. intends to acquire 64.81% of the issued shares of Imexpharm Corporation from SK Investment, Sunrise, and KBA, with a total cash consideration of 5,730,815,426,000 Vietnamese Dong (approximately 1.587 billion yuan or 1.728 billion Hong Kong dollars based on the exchange rate on the date of the agreement). After the completion of the transaction, the target company will become an indirect non-wholly-owned subsidiary of the company, and its financial performance will be consolidated into the group's financial statements.

EQRX-B (01672): Oral small molecule interleukin-17 inhibitor ASC50's clinical trial application for psoriasis approved by the US FDA

According to Zhitong Finance APP, EQRX-B (01672) announced that its Phase I new drug clinical trial application (IND) for ASC50, which treats mild to moderate plaque psoriasis, has recently been approved by the US Food and Drug Administration (FDA). ASC50 is an oral small molecule interleukin-17 (IL-17) targeted inhibitor independently developed by EQRX, which has been fully biologically validated and possesses mature commercial value in various autoimmune and inflammatory diseases, including psoriasis.

JACOBUS-B (01167): KRAS G12C inhibitor Ayvakit® approved for market

According to Zhitong Finance APP, JACOBUS-B (01167) announced that, according to information from the National Medical Products Administration's official website, the KRAS G12C inhibitor Ayvakit® (generic name: giredestrant) independently developed by the company has officially been approved for market. The indication is for non-small cell lung cancer with KRAS G12C mutation that has received at least one systemic treatment. This approval triggers milestone payment conditions, and JACOBUS will receive a milestone payment of 50 million yuan from its partner Shanghai Elysium Pharmaceutical Technology Co., Ltd. (688578.SH).

XINHUA INSURANCE (01336) invests 10 billion yuan to subscribe to the Guofeng Xinghua Honghu Zhiyuan Phase II private securities investment fund

According to Zhitong Finance APP, XINHUA INSURANCE (01336) announced that on May 22, 2025, the company signed the "Guofeng Xinghua Honghu Zhiyuan Phase II Private Securities Investment Fund Contract" with the fund manager Guofeng Xinghua and the fund custodian Guangfa Bank Beijing Branch. According to the fund contract, Guofeng Xinghua will initiate the establishment of the Guofeng Xinghua Honghu Zhiyuan Phase II Private Securities Investment Fund (provisional name, subject to final registration with the Asset Management Association of China), with a fund size of 20 billion yuan, and the company will invest 10 billion yuan to subscribe for shares in the private fund BOSS ZhiPin -W (02076) released first-quarter results: Net profit attributable to ordinary shareholders of RMB 518 million, an increase of 111.53% year-on-year

According to Zhitong Finance APP, BOSS ZhiPin -W (02076) released its unaudited financial performance for the first quarter ending March 31, 2025, with total revenue of RMB 1.923 billion, an increase of 12.88% year-on-year; net profit attributable to ordinary shareholders of KANZHUN Technology Co., Ltd. was RMB 518 million, an increase of 111.53% year-on-year; basic net profit per ordinary share was RMB 0.59.

【Stock Highlights】

GAC Group (02238): Plans to achieve mass production of self-developed components for intelligent robots by 2025

GAC Group stated on the interactive platform that its third-generation embodied intelligent humanoid robot GoMate will be launched at the end of 2024, capable of precise motion control, accurate navigation positioning, and flexible autonomous decision-making, with strong anti-interference, stability, and reliability. With the rapid development of the robotics and artificial intelligence industries, GoMate has broad application potential in security, health care, automotive aftermarket, logistics, education, and other fields. The company plans to achieve mass production of self-developed components for intelligent robots by 2025 to meet the growing market demand; small batch production of the complete machine is expected to be achieved by 2026, gradually expanding to large-scale production.

GAC Group also mentioned on the interactive platform that its incubated flying car brand, GOVY, has launched two flying cars, GOVY AirCar and GOVY AirJet, to address short-distance travel needs within 20 km through the multi-rotor flying car GOVY AirCar, solving urban traffic congestion issues. For medium to short-distance travel needs within 200 km, the compound wing flying car GOVY AirJet can enhance rapid movement between transportation hubs and cities, significantly improving intercity transportation efficiency. Currently, the multi-rotor GOVY AirCar has initiated airworthiness certification