ADICON HOLDINGS (09860) surged more than 37% during the early trading session. At the time of writing, the stock was up 21.85%, trading at HK$6.58, with a turnover of HK$68.5364 million. In November last year, ADICON announced the acquisition of a 100% equity stake in Crown Bioscience for $204 million, a transaction expected to be completed by mid-2026. The latest research report from Jefferies Financial indicates that ADICON's strategic positioning in the AI medical testing field and the significant move to acquire Crown Bioscience will substantially enhance the company's comprehensive strength within the drug research and diagnostic value chain. Public information shows that Crown Bioscience specializes in translational oncology and immuno-oncology, possessing the world's largest commercial PDX model library, with deep expertise in CDX models and biomarker solutions, serving over 1,100 clients globally, including the top 20 pharmaceutical companies worldwide. Furthermore, Crown holds a leading position in the AI sector, owning the industry's first preclinical data platform and advanced tools for predicting synergistic effects of anti-cancer drugs. Jefferies Financial believes this acquisition will significantly boost ADICON's capabilities in preclinical and translational research, further consolidating its industry position through Crown's extensive data assets and bioinformatics expertise. Following the completion of the transaction, it is estimated that approximately 23% of ADICON's revenue will be derived from overseas markets.