On December 4, Hong Kong stocks rose steadily, with the Hang Seng Index closing up 0.68% at 25,935.9 points. The Hang Seng Tech Index gained 1.45%, while the Hang Seng China Enterprises Index advanced 0.86%. Market turnover reached HK$179.31 billion, showing an increase from the previous session.

Among the Hang Seng Index constituents, 65 stocks rose while 21 declined. Wuxi Bio surged 7.09%, Wuxi Apptec climbed 5.44%, and Xiaomi Group rose 4.38%. On the downside, Shenzhou International dropped 4.71%, Sands China fell 1.56%, and MTR Corporation declined 1.26%.

Sector-wise, the healthcare index led gains with a 2.14% increase, followed by the IT sector (+1.35%) and industrial sector (+0.93%). The materials sector dipped 0.20%.

Wuxi Bio and Wuxi Apptec were among the top performers. Wuxi Bio jumped as much as 8% intraday before closing at HK$32.94, up 7.09%. The company recently announced plans to expand its global service network and capabilities to the Middle East. Similarly, Wuxi Apptec rose 5.44% to HK$102.70 after peaking at a 5.75% gain.

On December 2, Wuxi Bio signed a strategic memorandum with Qatar Free Zones Authority (QFZ) to establish its first integrated CRDMO center in the Middle East. The partnership leverages Wuxi Bio's comprehensive CRDMO solutions, innovative platforms, and expertise in complex biologics, aligning with Qatar's biopharma development strategy.

Puyin International maintained a "buy" rating on Wuxi Apptec, forecasting 2025–2027 revenue of RMB44.49 billion, RMB49.73 billion, and RMB55.50 billion, respectively, with net profits of RMB17.21 billion, RMB17.21 billion, and RMB19.46 billion. The corresponding P/E ratios are estimated at 19.0x, 16.6x, and 14.6x.

Zhongtai Securities highlighted innovative drugs as a key sector theme, noting recent adjustments have improved valuation appeal. The firm recommends focusing on subsectors poised for recovery by 2026 amid pricing reforms and operational turnarounds.

In other news, Australia Dairy Holdings skyrocketed 370.87% to HK$0.485 upon resuming trading after a buyout offer. On December 3, the company and offeror Yiu's Capital Limited confirmed the completion of a HK$165 million acquisition for 75% of shares at HK$0.11 per share, a 6.36% premium to the last traded price. Additionally, Australia Dairy issued HK$44 million in convertible bonds to Yiu's Capital, exercisable at HK$0.11 per share for 16.67% of enlarged share capital.