每经记者｜黄婉银 每经编辑｜马子卿 5月30日，小雨伞保险母公司手回集团（02621.HK）正式在港交所挂牌上市。 据悉，手回集团每股定价8.08港元，共发行2435.84万股股份，每手400股。上市首日一开盘，手回集团股价就开始走跌。截至当日收盘，公司股价报6.61港 元/股，跌幅为18.19%。 手回集团成立于2015年，是一家人身险中介服务提供商，在线为保险客户提供保险服务解决方案，收入一方面主要来自保险公司通过手回集团向投保人及被 保险人成功分销保险产品而支付的佣金，另一方面就是保险技术服务，不过该板块近三年占总营收的比例均不到1%。 在上市仪式现场，《每日经济新闻》记者看到，手回集团创始人兼CEO（首席执行官）光耀一人负责上台敲锣并致辞。 光耀在致辞时表示，手回集团经过十年的发展，形成了覆盖用户全生命周期的保险产品，如"大黄蜂"少儿重疾险、"超级玛丽"成人重疾险、"养多多"养老保 险等。下一个十年，团队将继续坚持"明白买、放心赔"的理念，让包括上游保险公司、下游合作伙伴和经纪人在内的整个保险生态实现共赢，共同耕耘全球 市场。 公开发售阶段，手回集团获990倍认购，经回补、重新分配后，公开发售的发售股 ...

Market Overview - On May 30, the A-share market experienced a decline, with the Shanghai Composite Index falling by 0.47%. The total trading volume for the day was 1.16 trillion yuan, with over 1,100 stocks rising and more than 4,100 stocks declining. There were 53 stocks that hit the daily limit up, while 19 stocks hit the limit down [1]. Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector rose by 1.2%, led by concepts such as pork and poultry farming. Notable gainers included Juxing Agriculture and Animal Husbandry and Xiangjia Co., which hit the daily limit up [1]. - The innovative drug sector continued its strong performance, closing up by 1.56%, with eight stocks hitting the daily limit up, including Ruizhi Pharmaceutical and Hainan Haiyao [1]. Historical Highs - A total of 25 stocks reached their historical closing highs, with a focus on the pharmaceutical, banking, and transportation sectors. The average increase for these stocks was 5.64%, with notable gainers including Warner Pharmaceuticals and Limin Co. [1][2]. Institutional Trading - On May 30, ten stocks were net bought by institutions, with Sifang Precision and Shutai Shen receiving net purchases of 152 million yuan and 110 million yuan, respectively. Conversely, Haoyuan Pharmaceutical and Zhongchao Holdings faced net sell-offs exceeding 50 million yuan [3][4]. Northbound Capital - Northbound capital saw significant net purchases in five stocks, with Sifang Precision and Yunnei Power each receiving over 100 million yuan in net buys. The stock with the highest net sell was Rongfa Nuclear Power, with a net sell of 61.56 million yuan [5]. Corporate Announcements - Bohai Automobile plans to acquire stakes in several companies through a combination of share issuance and cash payment, with the stock expected to be suspended for up to 10 trading days starting June 3, 2025, due to this major asset restructuring [6]. - Aerospace Changfeng announced that it has been suspended from participating in military procurement activities, which may impact its logistics support equipment business in the short term [6]. - Lan Jian Intelligent proposed a share buyback plan using 10 to 20 million yuan of its own funds for employee stock ownership plans or equity incentives [6]. Fundraising and Projects - Vogt Optoelectronics intends to raise no more than 1.5 billion yuan for a MiniLED display backlight module project and to supplement working capital [8]. - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan to reduce registered capital, with a repurchase price not exceeding 13.58 yuan per share [8].

格隆汇5月30日丨中国碳中和(01372.HK)发布公告，于2025年5月30日，公司与认购人（绿色证劵及绿色 资产的统称）签订了和解与抵销协议，根据该协议，认购人同意以债务为代价认购可换股债券，而公司 同意向认购人发行可换股债券以抵销债务。根据和解与抵销协议，于2025年5月30日，公司与认购人签 订认购协议，据此，认购人有条件地同意认购，且公司有条件地同意发行本金总额为5766万港元的可换 股债券，以偿付债务。 公司已考虑其他集资选择，包括但不限于债务融资、配售新股份及供股。具体来说，由于公司的借款能 力有限和金融机构信贷政策收紧，债务融资变得越来越困难。同样，配售新股也不可行，因为这可能会 导致现有股东的股份大量稀释，并且在当前市场条件下可能面临投资者投资兴趣所限的问题。供股虽然 理论上是可行的，但需要大量的准备时间，涉及更高的行政成本，也不能保证全额认购，从而带来额外 的不确定性。在综合考虑当前市场融资环境、公司实际情况及其他融资管道的不确定性后，董事会认为 发行可换股债券是一个相对更可行且更具确定性的方式，同时也是目前更具成本效益和效率的清偿债务 方法。 按换股价0.28港元（可调整）的可换股债券享 ...

Core Insights - Summit Therapeutics announced that its main asset ivonescimab, developed in collaboration with Chinese partner Kangfang Biopharma, achieved its primary endpoint in a clinical trial for lung cancer treatment [1][2] - The phase 3 HARMONi trial demonstrated statistically significant and clinically meaningful improvement in progression-free survival (PFS) when ivonescimab was combined with chemotherapy, although the overall survival (OS) did not show statistically significant differences [1] - The trial focused on patients with locally advanced or metastatic non-squamous non-small cell lung cancer harboring epidermal growth factor receptor (EGFR) mutations, who are resistant to third-generation EGFR tyrosine kinase inhibitors [1] Trial Results - The HARMONi trial showed that approximately 57% of patients receiving ivonescimab plus chemotherapy experienced grade 3 or higher treatment-related adverse events, compared to about 50% in the control group [1] - The results align with the HARMONi-A trial conducted in China, which led to the approval of ivonescimab combined with chemotherapy for lung cancer treatment by Chinese regulatory authorities [2] Regulatory Plans - Summit plans to utilize the HARMONi trial data to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for approval of ivonescimab in combination with chemotherapy for the specified lung cancer patient population [2] Market Reaction - Following the announcement, Summit's stock experienced volatility, initially rising over 16% before dropping more than 12% in pre-market trading [3]

Core Viewpoint - The "Guzi Economy" trend is driving more toy companies towards IPOs, with 52TOYS being the latest to file for listing in Hong Kong, although it lags significantly behind leading players like Pop Mart in terms of scale and profitability [1][2][3][4]. Company Performance - In 2024, 52TOYS achieved a revenue of 630 million yuan, which is less than one-twentieth of Pop Mart's revenue [3]. - The adjusted net profit for 2024 was only 32.01 million yuan, approximately one percent of Pop Mart's profit [4]. - 52TOYS's valuation is estimated at 4.289 billion yuan, showing little change compared to three and a half years ago [6]. Market Position and Challenges - The industry is experiencing a diminishing period of growth, making it difficult for latecomers like 52TOYS to replicate the success of Pop Mart [7]. - 52TOYS's self-developed IP products have not gained significant traction, with its flagship "Beast Box" series generating only 190 million yuan in GMV over three years, which is less than one-third of the sales from its licensed IP products [11]. Product Strategy - The proportion of licensed IP products in 52TOYS's sales increased from 50% two years ago to 65% in 2024, while self-developed IP products accounted for less than a quarter [12]. - In 2024, 52TOYS had a total of 80 licensed IPs, an increase of 25 from the previous year, but faced challenges in maintaining successful licensing agreements due to increased competition [15][13]. Sales Channels - 52TOYS's offline sales have been negatively impacted, with a net loss of 8.25 million yuan in operating cash flow in 2024, compared to net inflows in the previous two years [22]. - The number of self-operated stores decreased from 19 to 5, with 13 closures over the past three years [26][27]. - Online sales growth has stagnated, with online revenue of 139 million yuan in 2024, only a 20 million yuan increase from two years prior [28]. International Expansion - 52TOYS is capitalizing on the overseas market, with a compound annual growth rate of over 100% in international revenue from 2022 to 2024, now accounting for 23.4% of total revenue [31]. - The company has opened 10 stores in Thailand, with the market's GMV growing fourfold year-on-year [31]. Future Opportunities - The integration trend in the industry presents opportunities for 52TOYS, as it collaborates with major players like Wanda Pictures to develop new IP products [33]. - The company is exploring partnerships beyond traditional IP sources, including museums and tourist attractions, to diversify its revenue streams [37]. IP Development - 52TOYS remains committed to developing its own IP, with detailed world-building and plans for derivative works, including novels and animations [40]. - The company aims to establish a collaborative model for IP development that integrates all aspects of production and marketing [40].

Core Viewpoint - The company is in discussions with multiple independent third parties regarding three potential licensing collaborations, particularly focusing on the development, production, and commercialization rights of its core product, EGFR-ADC, which has led to a significant market response with a stock price increase of over 12% following the announcement [1][5]. Group 1: Business Development and Market Response - The potential total payments from the three licensing deals could reach approximately $5 billion, with one deal already in advanced stages expected to conclude by June 2025 [1][4]. - There is a division in market sentiment; some investors believe the value of the ADC platform has been underestimated and that the business development (BD) could act as a catalyst for market capitalization re-evaluation, while others are concerned about the impact of centralized procurement on traditional generic drug business [1][4][6]. - The company’s proactive disclosure of BD progress may be a response to increasing investor inquiries and market concerns, rather than merely a strategy to alleviate performance pressure [2][3]. Group 2: Financial Performance and Challenges - In Q1 2025, the company reported a 21.9% year-on-year decline in total revenue to 7.015 billion yuan, with a significant drop of 65.7% in its oncology business [6][7]. - The revenue from the finished drug segment fell by 27.3%, while the raw material drug segment saw a 14.6% increase, indicating a mixed performance across different business lines [6][7]. - The company’s R&D expenses reached 1.302 billion yuan in Q1 2025, representing an 11.4% increase year-on-year, highlighting its commitment to innovation despite current financial pressures [7]. Group 3: Future Outlook and Market Sentiment - Analysts maintain a cautiously optimistic outlook, predicting that the company’s performance may begin to recover in Q2 2025, with expectations for more significant BD transactions throughout the year [8][9]. - The ongoing negotiations and updates on clinical data are anticipated to clarify the effectiveness of the company's transformation strategy in the coming months [9].

Core Viewpoint - The company Tongdao Liepin (06100.HK) has subscribed to a structured deposit product worth RMB 160 million through its wholly-owned subsidiary, indicating a strategic financial move to manage liquidity and potentially enhance returns [1] Group 1 - The subscription amount for the structured deposit product is RMB 160 million [1] - The product is linked to a three-tier exchange rate, suggesting a focus on currency management [1] - The subscription is set to mature on May 30, 2025, indicating a medium-term investment horizon [1]

Group 1 - The "Second Financing Lease Asset Securitization High-Quality Development Conference" was successfully held in Shanghai, focusing on high-quality development in financing lease asset securitization [1] - Far East Horizon, a leading financing lease service provider, participated in the conference and launched innovative products aimed at supporting the high-quality development of the real economy [1] - The company signed cooperation agreements with Bank of China and Sumitomo Mitsui Banking Corporation, laying a solid foundation for future collaboration [1] Group 2 - Far East Horizon Leasing won multiple awards at the conference, including the "2024 Best Financing Lease Industry Asset-Backed Notes (ABN/ABCP) Originator Award" and the "Annual Best Inclusive Leasing Capital Market Innovation Financing Award" [3] - These awards recognize the company's continuous exploration and innovation in the capital market, as well as its support for the development of small and medium-sized enterprises [3] Group 3 - The "Jinquan Award" is the first authoritative official award in the national financing (financial) leasing industry, aimed at discovering and sharing best practices in credit financing and direct financing [4] - Far East Horizon, registered in Hong Kong, operates across financial and industrial sectors, with a mission to gather global resources to support industrial development [4] - The company has an asset scale exceeding 300 billion, approximately 20,000 employees, and has provided comprehensive financial services to over 20,000 enterprise clients, with cumulative funding exceeding 1 trillion to the real economy [4]

Core Viewpoint - Tongcheng Elong (00780.HK) is experiencing a period of consolidation after recent upward momentum, with a closing price of HKD 21.9, reflecting a slight increase of 0.23% [1] Price Movement and Technical Analysis - The stock has shown a significant volatility with a five-day amplitude of 15.1%, indicating high market interest [1] - Current price is above all major moving averages, with the 10-day, 30-day, and 60-day moving averages at HKD 21.01, HKD 21.03, and HKD 20.3 respectively, suggesting a bullish trend [1] - The stock is forming a preliminary bottom and strengthening pattern, indicating a shift in market sentiment towards the positive [1] Support and Resistance Levels - The first support level is at HKD 20.9, with a further support at HKD 19.9, which may act as potential rebound points [3] - The first key resistance level is at HKD 22.8, and a successful breakout could lead to a target of HKD 23.9 [3] - The probability of an upward movement is estimated at 52%, reflecting a generally positive market outlook [3] Technical Indicators - The RSI is at 61, indicating a strong position but not yet overbought, suggesting room for further price increases [3] - Overall technical indicators are summarized as "strong buy," with a signal strength of 16, indicating multiple indicators are aligned in a bullish signal [3] - The MACD and Ichimoku indicators are also signaling buy recommendations, reinforcing confidence in the current upward trend [3] Market Sentiment and Trading Volume - The stock's trading volume reached HKD 173 million, indicating active market participation [4] - Despite some divergence in oscillators, such as a short-term sell signal from the stochastic oscillator, other indicators like CCI and momentum oscillators are turning bullish, showing stable buying sentiment [3] - The VR ratio indicates a "oversold, potential bottoming" signal, suggesting that after high volatility adjustments, the stock is showing signs of bottoming out [3] Summary of Overall Trend - The technical trend for Tongcheng Elong is transitioning from high volatility to the early stages of an upward trend, with a solid bullish structure established [7] - If the stock can effectively break through the resistance at HKD 22.8, it will confirm the bottom structure and initiate a new upward wave [7] - Investors are advised to closely monitor changes in MACD and trading volume as key indicators for confirming the continuation of the upward trend [7]