HAIXI PHARMA

Haixi Pharmaceuticals opened 3.0% higher and traded in a narrow range between HK$191.5 and HK$195.9 before closing at HK$191.9, up 3.0% from the previous close of HK$186.3, on thin volume of just 7,650 shares. The gain followed the U.S. FDA's clearance of a Phase II trial for HX9428 in neovascular age-related macular degeneration (nAMD) and China's NMPA approval of an IND for HXP089 in glioblastoma, marking dual progress in its pipeline. However, the stock remains 36.5% below its 52-week high of HK$302.4 and trades below the 60-day moving average of HK$196.6, while its year-to-date gain of 45.5% and elevated valuations (PE 77x, PB 8.6x) continue to cap upside.

Fujian Haixi Pharma rose 5.0% to HK$186.2 today, driven by afternoon-session volume surge that lifted the stock from a session low of 179.0 to a high of 186.2, with turnover of HK$26.6 million and a low turnover rate of 0.18%. The stock had previously rallied over 8% on a Citi report, and recent catalysts include China NMPA clearing HXP089's IND for glioblastoma trials and a Phase III osteosarcoma drug launch, while Guotai Haitong, Northeast Securities and Guohai Securities maintained Buy ratings. However, the stock remains 38.4% below its 52-week high of 302.4 and below the 60-day MA of 197.4, with a PE of 74.8x and PB of 8.3x, though its YTD gain of 41.2% already reflects some clinical progress.

Fujian Haixi stock surged to HKD 180.7 after the afternoon session opened, closing up 5.32% on a mere 40,000 shares traded, with only one afternoon trade, indicating thin buying. The stock rebounded sharply from its morning low of HKD 167, yielding an intraday range of 8.2%, driven by recent news: China NMPA cleared HXP089 IND for glioblastoma trial and a Phase III trial launch for a novel osteosarcoma drug, both R&D milestones without revenue contribution. Valuation-wise, the current price is 40.4% below the 52-week high of HKD 302.4, though YTD is still up 36.5%, but it has fallen below MA20 (187.36) and MA60 (198.53), signaling technical weakness. While several analysts reiterated buy ratings recently without specific target price revisions, the company's proposed auditor switch and new director nomination may raise governance concerns.

Fujian Haixi Pharma closed 5.1% higher at HKD 171.6 after a low-open rally, driven by a Citi report boost earlier this week and recent news that China NMPA cleared HXP089 IND for glioblastoma and the launch of a Phase III trial for osteosarcoma. The stock is 43.25% below its 52-week high of HKD 302.4, yet up 30.1% YTD, and remains below both MA20 (HKD 188.72) and MA60 (HKD 199.83), indicating the rebound has not overcome technical resistance. While the company plans to switch auditors from Deloitte to RSM China and nominate a new director, these corporate changes did not weigh on sentiment; however, a high PE of 68.9x may limit upside.

2637.HK opened lower and weakened throughout the morning session, with the opening price of HKD 195.5 being the day's high and dropping to an intraday low of HKD 183.6. As of 10:11 BJT, the stock was at HKD 183.6, down 4.92% from the previous close of HKD 193.1, on volume of just 11,900 shares. The company yesterday announced that China's NMPA cleared the IND for HXP089 in a glioblastoma trial, and also proposed switching auditors from Deloitte to RSM China and nominating Chen Tingze as an executive director, which drew a negative market response. The stock price has now fallen below the MA20 (HKD 190.0) and MA60 (HKD 209.1), is 39.3% below the 52-week high of HKD 302.4, though it remains up 39.2% year-to-date. Valuation stands at a PE of 73.7x and PB of 8.2x, while several brokerages have recently maintained buy ratings with target prices around HKD 298.3.