MICOT PHARMA-B

Micot Pharma-B reversed an early 15.2% advance to close at HK$18.81 versus a HK$16.33 prior close, spiking to HK$21.06 at 09:56 BJ before sliding to HK$18.39 by 10:55 and drifting sideways through the afternoon session. The move followed ethical approval from the lead site for the Phase III trial of MT200605, alongside a first RMB 960,000 tranche from a National Major Science and Technology Project. The stock only set its 52-week low of HK$10.80 on November 1 and has since rebounded 74.17%, yet it remains 58.24% below the HK$45.04 peak of July 15 and is down 49.02% year to date, trading above its MA20 of HK$16.50 but below MA60 of HK$22.34. Fundamentals still lag: Q2 2026 net loss reached HK$133.3 million, widening 397.61% year on year, with a negative PE of 14.87 and PB of 5.73. Though a mandate to repurchase up to 10% of H shares is in place, clinical timelines remain the pivotal variable.

Micot Pharma (2335.HK) closed up 2.58% at HK$16.33, spiking to HK$16.79 in the morning before fading, then probing HK$15.41 at 14:00 BJ and recovering into the close on HK$65.4 million turnover. The catalyst was disclosure that MT200605 received a first RMB960,000 tranche from the National Major Science and Technology Project plus ethics approval from the lead site for its Phase III trial, layered on an earlier H-share buyback mandate, keeping traders focused on clinical progress. Fundamentals remain pressured though: Q2 2026 loss per share of HK$0.5089 widened 345% year on year, net loss of HK$133.3 million widened 397.61%, ROE -48.83%, with PB at 4.98x and PE negative. The stock is down 55.75% year to date and 63.74% below its July 15 52-week high of HK$45.04, and although it has rebounded 51.2% from the November 1 low of HK$10.80, it still trades under its 20-day (16.70) and 60-day (22.53) moving averages.

Micot Pharma-B traced a spike-and-fade session, pushing to HK$17.34 early before sliding to HK$14.96 at 10:51 and closing at HK$15.95, down 0.31% from HK$16.00, on HK$155 million turnover and a 3.72% turnover rate, as the buyback mandate and 10-year equity incentive plan failed to hold the morning gain. The operating base remains the drag: Q2 2026 EPS of -HK$0.5089 fell 345% year on year, the net loss of HK$133.3 million widened 397.61%, operating loss reached HK$92.8 million with ROE at -48.83%, leaving PE at -12.61x alongside PB of 4.86x. On price location, the stock is down 56.78% year to date and 64.59% below its July 15 52-week high of HK$45.04, though still 47.69% above the November 1 low of HK$10.80, and sits under both MA20 of HK$16.97 and MA60 of HK$22.74. While the company has proposed repurchasing up to 10% of H shares and says existing funds cover R&D.

Micot Pharma-B closed up 32.39% today as the stock found support near its 52-week low of HK$10.80 while the market continued to digest the buyback mandate and 10-year equity incentive plan, even after that plan had previously been followed by a 20.54% one-day drop; it opened at HK$12.05, surged to HK$19.98 at 13:14 BJ time and then pulled back to HK$15.90, with HK$451.6 million turnover and a 10.48% turnover rate. Yet Q2 2026 net loss widened 397.61% year on year to HK$133.3 million, EPS was -HK$0.5089 and ROE -48.83%, leaving profitability unresolved; the shares are 47.22% above the 1 November low but remain below MA20 of HK$17.31 and MA60 of HK$22.96, down 56.91% YTD and 64.7% from the 52-week high of HK$45.04. Though the rebound is sharp, an intraday range above 60% and the late pullback point to elevated volatility.

MICOT PHARMA-B rebounded from an intraday low of HK$14.87 to close at HK$15.95, up 5.8% and at the session high, extending the recovery that had already placed it among Hong Kong's top 10 gainers a day earlier, with the narrative still anchored on a mandate to repurchase up to 10% of H shares and a ten-year equity incentive plan. Fundamentals diverge from the tape: Q2 2026 EPS was -HK$0.5089, widening 345% year on year, net loss reached -HK$133.3 million, down nearly 398%, and ROE stood at -48.83%. The stock sits 21.48% above its 52-week low of HK$13.13 set on 22 October, yet remains 64.59% below the HK$45.04 high of 15 July and down 56.78% year to date, trading under its MA20 of HK$18.96 and MA60 of HK$24.10. Market value is HK$5.26 billion at 4.84x price-to-book with no meaningful P/E, while turnover of 0.21% and HK$8.42 million of value traded point to thin liquidity.