On July 15, Luye Pharma rose 6.45% in regular trading, reaching HK$2.27 per share with turnover of HK$71.38 million, marking its third consecutive day of gains.

The rally is driven by multiple catalysts. The company completed early redemption of all outstanding US$180 million 6.25% convertible bonds due 2028 on July 6, with all bonds redeemed and cancelled, effectively eliminating potential equity dilution pressure. Concurrently, Luye issued new US$180 million 5.25% convertible bonds due 2031, successfully refinancing its debt and reducing financing costs by 100 basis points.

Additionally, the company's self-developed innovative drug LY03015, a first-in-class VMAT2 inhibitor and Sigma-1R agonist for tardive dyskinesia, achieved positive Phase II results in China, meeting its primary endpoint. The highest dose group demonstrated a 76.5% response rate, nearly double historical data for existing first-line drugs. The company plans to advance into Phase III trials in both China and the U.S. Zhangshang Securities maintains a Strong Buy rating on the stock.

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