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China Fund News Dawn

Hello everyone! It's Friday again, let's pay attention to the market conditions and information in the morning.

On August 2, major stock indices in the Asia-Pacific market fell across the board, with the Nikkei 225 falling nearly 5%, the South Korean Composite Index falling more than 3%, and the Australian S&P 200 falling more than 2%.

The A-share market opened lower in the morning and continued to fluctuate in the morning. The Shenzhen Component Index and the ChiNext Index briefly turned positive and then fell back. As of the midday close, the Shanghai Composite Index fell 0.45%, the Shenzhen Component Index fell 0.58%, and the ChiNext Index fell 0.85%. The market's half-day turnover was 446.401 billion yuan, with 2,353 stocks rising, 308 stocks unchanged, and 2,692 stocks falling.

In the morning, precious metals, communication equipment, automobiles, semiconductors and other sectors were sluggish. Affected by the decline of US technology stocks, AI, computing power, optical modules and other concepts fell collectively, and consumer electronics fell sharply. Biomedicine rebounded, and there were local market trends in education, agriculture, retail and other sectors.

The Hong Kong stock market fluctuated downward in the morning. As of midday close, the Hang Seng Index and the Hang Seng Technology Index both fell by more than 2%. Oriental Selection rose 13% against the trend, leading the Hang Seng Technology Index constituents.

Pharmaceutical stocks soar

On the morning of August 2, the biopharmaceutical sector rebounded, with several sub-sectors such as CRO, weight loss drugs, medical services, and generic drugs rising sharply.

In terms of individual stocks,Ruizhi Pharmaceutical, Shutaishen, Duorui Pharmaceutical, and Xiangxue Pharmaceutical all rose by 20CM, Puli Pharmaceutical, Benli Technology, and Hualan Vaccine rose by more than 10%, while Hehua Co., Ltd., Shuangcheng Pharmaceutical, Haisen Pharmaceutical, Watson Pharmaceuticals, and Baihua Pharmaceutical all hit their daily limit.

In the Hong Kong stock market, the pharmaceutical sector rose against the trend, with Tigermed, WuXi AppTec, Zhaoyan Pharmaceutical, and Corning Life Sciences leading the gains.

On the news front, on August 2, the National Medical Products Administration announced its approval for launching a pilot program to optimize the review and approval of clinical trials of innovative drugs in Beijing and Shanghai, agreeing to launch a pilot program to optimize the review and approval of clinical trials of innovative drugs in Beijing and Shanghai.

In addition, the National Medical Products Administration previously issued the "Pilot Work Plan for Optimizing the Review and Approval of Clinical Trials of Innovative Drugs", which clearly optimized the review and approval mechanism for clinical trials of innovative drugs, strengthened the main responsibility of applicants for drug clinical trials, and enhanced the risk identification and management capabilities of parties involved in drug clinical trials for innovative drug clinical trials. It explored the establishment of a work system and mechanism to comprehensively improve the quality and efficiency of drug clinical trials, and achieved the completion of the review and approval of innovative drug clinical trial applications within 30 working days, shortening the time required to start drug clinical trials.

Nvidia's industry chain plummeted

Last night, U.S. tech stocks collectively fell, with Nvidia falling more than 6%. On the morning of August 2, Nvidia's industry chain concept stocks collectively fell. As of midday close, Shenghong Technology fell nearly 10%, Tianfu Communication and Zhongji Xuchuan fell more than 7%, and Foxconn Industrial Internet fell nearly 6%.

In addition, the consumer electronics sector performed poorly in the morning, with Cambrian-U, Jingwang Electronics, and Changdian Technology falling by more than 4%.

New Oriental's latest statement

There is no such thing as dismissing Dong Yuhui

At noon on August 2, New Oriental’s official Weibo account released a clarification statement, explaining the recent rumors of the dismissal of Dong Yuhui.

The statement said that at the New Oriental Group's fourth quarter earnings conference for fiscal year 2024, an analyst used the term "one-time compensation" when asking about the costs and expenses the company paid to Mr. Dong Yuhui. This expression was misunderstood by some people as New Oriental Group giving Dong Yuhui a one-time severance pay in order to dismiss him.

New Oriental said that the separation of Yuhuixingxing from Dongfangxuan was the result of friendly consultations and consensus between the two parties, and there was no dismissal. The company arranged to pay all the profits of Yuhuixingxing since its establishment and all the funds related to the equity transfer of Yuhuixingxing to Dong Yuhui, which is a support for the continued development of Dong Yuhui and Yuhuixingxing in the future, rather than severance pay.

On the morning of August 2, New Oriental's stock price fluctuated downward after opening. As of midday close, New Oriental's stock price was 46.65 yuan/HKD, down 7.53%.

Oriental Selection bucked the market trend and surged. As of midday closing, its share price was HK$11.7 per share, up 12.93%.

On July 25, Dongfang Zhenxuan announced that Dong Yuhui would resign from the company and sell 100% of the shares of Huixingxing for 76.5855 million yuan. Yu Minhong also said that in order to express his gratitude to Dong Yuhui, in addition to paying all the promised benefits, he had asked the board of directors and the remuneration committee and obtained their consent to reward Dong Yuhui with all the net profits of Huixingxing.

Yu Minhong said that Dong Yuhui held the equity purchase money needed by Huixingxing, and arranged to pay it in a manner that complies with the rules of listed companies and the company's articles of association. In the comment section, Yu Minhong said, "What this means is that I arranged the money for Yuhui to purchase the company, and the company is a gift to Yuhui."

Editor: Xiaomo

Review: Xu Wen

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