Changes in Hong Kong stocks | Innovative drug concept stocks continued to decline, Kingsley Biotech (01548) fell more than 15%, and Conoa-B (02162) fell nearly 5%

Zhitong Finance App learned that innovative drug concept stocks continued to decline. As of press release, Kingsley Biotech (01548) fell 15.66% to HK$30.16; Goli Pharmaceutical-B (01672) fell 7.68% to HK$4.39; Rongchang Biotech (09995) fell 5.46% to HK$62.3; and Conoa-B (02162) fell 4.88% to HK$63.3.

According to the news, at this ESMO conference, some drug data fell short of expectations. In the global phase III of the Connoah CLDN18.2 ADC, the OS benefited significantly, but the PFS in the two main endpoints was not statistically significant, and did not have an advantage in the horizontal comparison of the same target. Another HER2 ADC Global Phase III reached the main endpoint PFS, but the potential benefits were limited. Market participants said that the risk of developing innovative drugs cannot be ignored.

Notably, the US Treasury announced proposed rules for implementing the COINS Act on October 22 to include biotechnology as a restriction on foreign investment. The analysis points out that although the proposed rules of the US COINS Act expand technical coverage, it is clear that pure cash license-out is not restricted, and the mainstream BD model is basically unobstructed. The essence of the policy is to tighten equity cooperation, not to block products from going overseas.