On July 16, Kelun-Biotech (06990.HK) declined 3.45% in regular trading, trading at HK$519.5/share, with turnover of HK$125 million. The stock opened up over 4% before rapidly retreating, displaying a classic sell-the-news pattern following the prior session's strong rally.

On July 15, the company announced that its core product TROP2 ADC sacituzumab tirumotecan (sac-TMT) combined with Merck's pembrolizumab met the primary endpoint in the Phase III OptiTROP-Lung06 study for first-line treatment of PD-L1-negative advanced non-squamous NSCLC — the first globally positive ADC plus immunotherapy Phase III result in this patient population. The stock surged over 11% on that day. Goldman Sachs maintained a Buy rating on the stock following the data release.

Broader biotech sector weakness compounded selling pressure, with INNOVENT BIO down 2.42%, AKESO down 1.16%, and 3SBIO down 1.05%, reflecting subdued sector sentiment that amplified the pullback.

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