On July 15, Hengrui Medicine (01276.HK) rose 3.17% in regular trading, trading at 60.05 HKD/share, with turnover of approximately HKD 160 million. The stock staged a recovery after declining 3.05% the previous session following the FDA's third Complete Response Letter for its camrelizumab combination therapy BLA.

The rebound was supported by a cluster of pipeline developments. On July 13, the company's HRS-7058 capsule received Breakthrough Therapy Designation from China's CDE for KRAS G12C-mutant locally advanced or metastatic pancreatic cancer. Simultaneously, its SHR-3079 injection secured clinical trial approval for adult systemic lupus erythematosus and rheumatoid arthritis — a first-in-class drug with no similar products approved globally.

The broader pharmaceutical sector provided additional tailwinds, with Asymchem gaining 6.58%, SBP Group up 5.87%, CSPC Pharma up 4.81%, Hansoh Pharma up 4.73%, and Luye Pharma up 4.61%. UBS recently reiterated a Buy rating on Hengrui with an H-share target price of HKD 97.4, citing positive GLP-1 clinical data.

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