Zhitong Hong Kong stocks have known for a long time | ESMO's annual conference brings 31 domestic drug research projects, and the Hong Kong IPO is expected to raise HK$500 billion

[Today's headlines]

ESMO's annual conference catalyzes the strengthening of Hong Kong biomedical stocks, and more than 30 domestic drug studies will be on stage

The 2026 European Society of Medical Oncology (ESMO) Annual Meeting will be held from October 23 to 27. According to a study by the League of Nations Minsheng Securities, a total of 96 summaries of the latest breakthrough results were published at this year's ESMO annual conference, of which 31 were drug-related studies owned by Chinese companies. A number of core data are expected to be a recent stock price catalyst for relevant listed companies.

In addition, AI pharmaceuticals have recently been heavily catalyzed, and the industry's focus is gradually shifting from model capability to wet test verification efficiency. Among them, IntiSmeran AutoGene, a personalized cancer vaccine jointly developed by two major pharmaceutical giants, MSD and Moderna, will also read phase 3 confirmatory data at the ESMO annual conference to verify the effectiveness of AI assistance, which is also a major focus of market attention.

CITIC Construction Investment said that at present, the overall AI pharmaceutical market is still relatively small, but with more and more capital participation, changes in technology, and the gradual verification of AI pharmaceutical pipelines, the industry is expected to gradually usher in a harvest period.

[General outlook]

Overnight US stocks closed at 253.38 points, or 0.49%, at 51521.28 points; the S&P 500 stock index rose 44.98 points, or 0.58%, to close at 7818.93 points; and the Nasdaq Composite Index rose 122.48 points to close at 27599.79 points, or 0.45%.

The “Big Seven Tech” rose more or less. Amazon rose 1.95%, Microsoft rose 0.78%, optical communication and communication equipment concept stocks had the highest gains. Nokia rose more than 7%, Corning rose more than 6%, Mywell Technology rose more than 5%, Cisco rose more than 4%, and Broadcom rose more than 3%. Storage concept stocks declined, with Seagate falling more than 9%, Western Digital and SK Hynix falling more than 6%, and SanDisk falling more than 2%.

The Nasdaq China Golden Dragon Index closed up 0.31% to 5631.32 points.

WTI crude oil futures on the New York Mercantile Exchange rose $0.48 for the month to close at $89.91 a barrel, or 0.54%. COMEX gold futures rose 35.90 US dollars in the same month, or 0.86%, to 4192.7 US dollars/ounce.

[Hot Topics Preview]

Yu Weiwen: The joint exchange system works as usual, and it is difficult to predict when the weak side will trigger the exchange guarantee

The Zhitong Finance App learned that the Federal Reserve raised interest rates for the first time in three years last month. Interest spreads between Hong Kong and the US continued to widen, and the Hong Kong dollar exchange rate weakened, once again drawing the market's attention to the trend of the Hong Kong dollar. On October 6, Yu Weiwen, Chief Executive of the Hong Kong Monetary Authority, looked forward to the short-term trend of Hong Kong's foreign exchange, which is affected by several factors, including capital market activity, market appetite for arbitrage trading, local market liquidity conditions, and the outlook for the Federal Reserve's monetary policy.

As far as the current situation is concerned, if Hong Kong and the US maintain clear interest spreads, the automatic interest rate adjustment mechanism of the joint exchange system will cause the Hong Kong dollar to weaken, and even trigger the “weak party exchange guarantee” to reduce the bank system's aggregate balance, gradually increase the Hong Kong dollar interest rate, and stabilize the Hong Kong dollar exchange rate between 7.75-7.85 to the US dollar exchange guarantee level. This is where the joint exchange system is designed and works effectively. However, whether and when the “weak party exchange guarantee” will be triggered is affected by the above various factors, making it difficult to accurately predict.

KPMG: Hong Kong's IPO capital is expected to reach HK$500 billion this year

According to KPMG's “Mainland China and Hong Kong IPO Market Review for the Third Quarter of 2026”, there are currently more than 600 active listing applications. Hong Kong is expected to record the strongest annual fund-raising performance in history, with an opportunity to raise HK$500 billion throughout the year. A+H listed companies, technology companies and other new economy companies still account for a significant share of applications. It is expected that the relevant sector will continue to be an important growth engine for the Hong Kong IPO market from the fourth quarter of 2026 to 2027.

The British government is reportedly considering increasing import tariffs on electric vehicles from China The Foreign Office's response

Foreign Ministry Spokesman Guo Jiakun answered questions from reporters on October 6, 2026. Financial Times Reporter: According to reports, the British government is considering increasing import tariffs on electric vehicles from China. What comments does the Chinese side have on this? Guo Jiakun: For specific questions, please contact the competent Chinese authorities. The essence of economic and trade relationships is to give full play to each other's comparative advantages to achieve mutual benefit and a win-win situation. The development of China's electric vehicle industry has provided competitive choices for global consumers, including the UK, and has also made positive contributions to the green and low-carbon transformation. It is high-quality production capacity that is in short supply.

Chuanyin Holdings (02636) plans to sell 86.6483 million shares globally to introduce cornerstone investors such as GIC and E-Fangda

According to the Zhitong Finance App, Communication Holdings will raise shares from October 7, 2026 to October 12, 2026. It plans to sell 86.6483 million H shares globally. The Hong Kong public sale accounts for about 10%, and the international sale accounts for about 90%. The offering price is not higher than HK$38.80 per share, with 100 shares per lot. It is expected that H shares will start trading on the Stock Exchange at 9:00 a.m. on October 15, 2026.

Power Development (01277): The Jinhongshi project was officially put into production on October 1, 2026

The rutile project is located in Rotifunk, Moyamba District, Sierra Leone. Minenet's mining license covers an area of about 117 square kilometers. According to data provided by Minenet, the rutile project area has reserves of about 4,532 million tons. The Group has exclusive rights to explore, mine, process and sell within the 50 square kilometers specified in the license. At present, sales channels to the Chinese market have been established, and customer resources cover Guangdong, Guangxi, Hainan, Shandong, Jiangsu, and Liaoning regions. The sales channel prioritizes supply to zirconium and titanium selection plants, and gradually develops to terminal manufacturers.

Dragon Resources (01712): JOKISIVU gold drilling finds high-grade samples

Dragon Resources announced that it has obtained the final test results of three underground diamond core drilling projects recently completed at the Jokisivu Gold Mine (Jokisivu) in southern Finland. These projects have discovered a number of notable samples, successfully identified the extended range of the Arpola target ore vein, and provided the company with important information on its scale and morphology.

Zhenjiu Li Du (06979) Wanshang Union's 500-day repayment exceeds 1.7 billion yuan

On September 28, Zhenjiu Lidu held the 1st Annual Meeting of the Universal Business Alliance. Wu Xiangdong, chairman of Zhenjiu Lidu Group, said that since May last year, the Wanshang Alliance has gone through 500 days. Within 500 days, the Wanshang Alliance brought together 4,500 Dazhen Affiliates, 8,000 Zhen15 Affiliates, and 800 Bull Market Super Beer offline group purchases and channel customers, with cumulative repayments exceeding 1.7 billion yuan. Among them, the strategic single product “Dazhen Zhenjiu”, which was launched in June 2025, has now paid back more than 1.5 billion yuan.

[Individual stock prices are clear]

Guangdong-Gangwan Intelligent Computing (01396): Computing power leasing industry is booming

Open Source Securities recently stated that the computing power supply and demand gap continues to expand, and the computing power leasing industry is booming. According to the mid-term financial report of Guangdong-Hong Kong Bay Intelligent Computing, the AI business achieved revenue of 2,383 billion yuan during the period, accounting for 93% of revenue; orders for manual computing power exceeded 37 billion yuan, and the ability to fulfill contracts was strong. This means that after completing the acquisition and merger of Tienton Data, the company has been fully transformed into an “AI intelligent computing technology service provider and ecosystem construction platform”. The semi-annual results have exceeded expectations, confirming that the transformation of the company's AI intelligent computing business has been very effective.

It is worth noting that Guangdong-Hong Kong Bay Intelligent Computing completed preliminary actions such as inclusion in the MSCI China Small Cap Index, name change, and Hang Seng industry classification adjustments during the year, and is expected to be included in the Hong Kong Stock Connect in the first quarter of 2027. Management anticipates that after implementation, the Southbound Trillion Dollar Fund will reprice the company's computing power assets, and the market will gradually examine the company's value using the logic of a full-stack AI computing power infrastructure service provider.