Shanghai Fosun Pharmaceutical (SHA:600196, HKG:2196), through its unit Shanghai Henlius Biotech, obtained approval from China's National Medical Products Administration to conduct phase I clinical trials on HLX97 (KAT6A/B small molecule inhibitor), according to a Friday disclosure on the Shanghai bourse.

The drug will be tested as a treatment for advanced or metastatic solid tumors.

The pharmaceutical company invested 17.8 million yuan in the research and development of the drug.

Fosun's Hong Kong shares jumped over 5%, while Shanghai shares rose less than 3% during the afternoon trade.