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Akeso (9926): recorded revenue of RMB 3,056.3 million in 2025, representing a year-on-year increase of 43.9%. Despite strong revenue, the net loss under International Financial Reporting Standards (IFRS) widened to RMB 1,140.8 million from RMB 501.1 million in 2024. This was primarily attributed to the provision for loss share from partner summits, share-based compensation expenses, and continued increases in R&D investment. However, the adjusted Non-IFRS EBITDA loss narrowed to RMB 191.9 million, reflecting improved operational efficiency as the company increased its investment in high-output R&D. 2026 is considered a milestone for the company's development. Ivonescimab apply (BLA) with the US FDA has been accepted, with a decision expected in November, which will be crucial for the global expansion of its independently developed bispecific antibody.
China's PMI data rebounded
China's economic momentum picked up in March, with the official manufacturing PMI reaching 50.4, a 12-month high. Production, new orders, and export indices all rebounded strongly, indicating continued optimization of the industrial supply and demand structure. Notably, both the manufacturing input and output price indices climbed to near four-year highs, suggesting that the PPI is about to turn positive, easing deflationary pressures. In the non-manufacturing sector, the services PMI returned above the expansion/contraction threshold after five months, with the photovoltaic and emerging industries showing particularly strong growth.
Hong Kong Stock Connect saw a net inflow of HK$703 million on Tuesday, with Xiaomi Group-W (01810) experiencing the largest inflow at HK$911 million, followed by Tencent Holdings (00700) with a net inflow of HK$431 million. The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$2.98 billion, followed by CNOOC (00883) with a net outflow of HK$1.282 billion.
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