KINTOR PHARMA-B (09939) rose more than 9% again. At the time of writing, the stock was up 7.27% to HK$4.28, with a turnover of HK$145.832 million.

The surge follows an announcement from KINTOR PHARMA that its wholly-owned subsidiary has entered into a strategic cooperation agreement with Funuo Pharmaceutical. The two parties will jointly develop functional cosmetics for skin whitening and spot removal, utilizing KINTOR PHARMA's innovative raw material KT-939 as the core ingredient. This collaboration aims to provide a new auxiliary solution for improving skin pigmentation and treating melasma.

The company plans to use the cash flow generated from the KT-939 functional cosmetics raw material business to fund the development and commercialization of its core products, KX-826 and GT20029, as well as other pipeline products.

Notably, KINTOR PHARMA recently stated on an investor platform that the Phase III clinical top-line data for its self-developed topical androgen receptor (AR) antagonist, KX-826 1.0% tincture for the treatment of male androgenetic alopecia (AGA), is scheduled for official disclosure in mid-to-late March 2026. Backed by solid clinical data, KX-826 has successfully obtained an International Nomenclature of Cosmetic Ingredients (INCI) name, qualifying it as a compliant cosmetic raw material.