HBM HOLDINGS-B

HBM Holdings opened low at HKD 11.63 in the morning session but rallied sharply to an intraday high of HKD 12.47, closing at HKD 12.43, up 6.33% from yesterday's close. The surge was primarily driven by a strategic biologics R&D collaboration with Sinopharm and a positive profit alert for 2026 interim results (marking the seventh consecutive profitable half-year), alongside the recent China NMPA IND approval for SKB575/HBM7575 (asthma therapy) in partnership with Kelun-Biotech. Financially, Q4 2025 operating revenue surged 294% YoY to HKD 220.4 million, net profit soared 1351% YoY to HKD 76.3 million, and net profit margin reached 34.6%, with PE at 15.2x and PB at 3.78x. The stock closed above both the MA20 (HKD 11.98) and MA60 (HKD 11.53), while YTD gain stands at 2.9%. However, the current price remains 30.9% below the 52-week high of HKD 17.98, and annual EPS of ~HKD 0.08 suggests the sustainability of elevated profitability requires further quarters to confirm.

HBM Holdings opened lower and continued to decline in the morning session, dropping from yesterday's close of HKD 12.26 to an intraday low of HKD 11.51. It traded in a range of HKD 11.58-11.85 in the afternoon, closing at HKD 11.69, down 4.65%. The company had previously flagged a positive profit alert for its 2026 interim results, marking a seventh consecutive profitable half-year, and entered a strategic biologics R&D collaboration with Sinopharm, advancing core pipelines such as HBM9378. However, the stock failed to sustain momentum, breaking below its 20-day moving average of HKD 11.927 and approaching the 60-day MA of HKD 11.545. YTD it is down 3.23%, with a 35% drawdown from its 52-week high of HKD 17.98. That said, the company won a USD 20.2 million patent lawsuit award against Amgen and recently secured NMPA IND approvals for HBM9378's asthma therapy, providing underlying support.

HBM Holdings opened higher and maintained upward momentum in the morning session, closing at HK$12.95, up 5.1%, driven by a positive profit alert forecasting the seventh consecutive profitable half-year for its 2026 interim results, underpinned by pharma partnership income. Recent catalysts include China IND approval for asthma therapy SKB575/HBM7575 in collaboration with Kelun-Biotech and first patient dosing in the Phase 2 SIRIUS COPD study of HBM9378, bolstering pipeline confidence. The company posted 2025 annual revenue growth of ~294% YoY and a net profit surge of over 13x, with a net margin of 34.6%. At HK$12.98, the stock trades 27.8% below its 52-week high of HK$17.98 but has reclaimed both the 20-day (HK$11.60) and 60-day (HK$11.61) moving averages, though daily volume of 251,000 shares remains thin.

HBM Holdings-B opened higher in the morning session and climbed to close at HK$12.56, up 5.02% from the previous close of HK$11.96, making a new intraday high; the day's low was HK$11.96, matching the opening price. The primary catalyst was the China NMPA's IND approval for SKB575/HBM7575, an asthma therapy co-developed with Kelun-Biotech, announced earlier this week, following the previous IND clearance for atopic dermatitis. Its strong FY2025 performance also underpinned the move: revenue surged 2.9x YoY to HK$220.4 million, net profit skyrocketed 13.5x to HK$76.3 million, and net profit margin reached 34.6%. The stock remains 30% below its 52-week high of HK$17.98, but has reclaimed both its 20-day (HK$11.34) and 60-day (HK$11.65) moving averages, with a YTD gain of 4%. However, trading volume was modest at 717,000 shares, with turnover of HK$8.73 million.

Harbour BioMed (2142.HK) opened lower and continued to decline, reaching an intraday low of HKD 11.21 in the afternoon session before recovering to close at HKD 11.64, down approximately 5.8% from the morning session's opening price of HKD 12.36, forming a 'decline then recovery' pattern. The drop was driven by profit-taking following the positive news of China IND approval for the asthma therapy SKB575/HBM7575 developed with Kelun-Biotech (news id:292890846), alongside market caution regarding the company's recent string of scientific advisor appointments. Financially, FY2025 net profit surged over 13 times YoY to approximately HKD 76.3 million, with revenue tripling, reflecting strong fundamental improvement. However, the stock remains 35.4% below its 52-week high of HKD 17.98 and trades below its 60-day moving average (HKD 11.76) but above the 20-day MA (HKD 11.13), suggesting near-term support but mid-term weakness. The recent USD 20.2 million patent lawsuit victory against Amgen (news id:289640289) provides a financial buffer for future R&D.