Innovent Biologics Announces Initial Data of IBI3003 Clinical Trial
Innovent Biologics announced the initial data of the first-in-human trial of IBI3003, a novel trispecific antibody targeting G protein-coupled receptor C5D, B-cell maturation antigen, and CD3 for the treatment of relapsed or refractory multiple myeloma, in an oral presentation at the 2025 American Society of Hematology Annual Meeting. IBI3003 demonstrated favorable tolerability and a manageable safety profile. Despite the relatively short follow-up duration, IBI3003 has shown encouraging efficacy signals, particularly in high-risk patients with extramedullary disease or those who have previously received anti-BCMA and/or anti-GPRC5D targeted therapies. Encouraging efficacy was observed with a median follow-up of 3.25 months: Among patients treated with greater than or equal to120 undefined/kg, the overall response rate was 83.3%, including 4 cases of stringent complete response, 7 cases of very good partial response, and 9 cases of partial response. Among patients treated with greater than or equal to120 undefined/kg, the ORR was 80% in 10 patients with EMD and 77.8% in 9 patients who had previously received anti-BCMA and/or anti-GPRC5D therapies. Among patients who achieved CR or better as assessed by central laboratory next-generation sequencing testing, the minimal residual disease negativity rate was 100%
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<Research>HSBC Identifies Hong Kong Stocks Receiving the Most Institutional Interest (Table)
Stock Performance Overview: Various stocks including AIA, Alibaba, and BYD showed mixed performance with AIA and Alibaba experiencing gains, while SMIC saw a decline.
Short Selling Data: Significant short selling activity was noted across multiple stocks, with BYD and SHK PPT having the highest short selling ratios at 34.941% and 35.602%, respectively.
Investment Ratings: Analysts have given "Buy" ratings to several companies including Alibaba, BOC Hong Kong, and Trip.com, while AIA is rated as "Hold."
Market Insights: JPMorgan estimates Alibaba's T-Head valuation to be between US$25-62 billion, indicating that a spinoff and separate listing is unlikely this year.

Guosen Securities Reveals Top 10 HK Stocks with Highest Foreign Capital Inflows and Outflows in Q4 2025 (Table)
Top Inflows: Guosen Securities reported the top ten Hong Kong stocks with the largest foreign capital inflows in 4Q25, led by INNOVENT BIO with an inflow of HKD6.43 billion.
Top Outflows: The report also highlighted the top ten stocks with the largest foreign capital outflows, with XIAOMI-W experiencing the highest outflow of HKD50.41 billion.
Short Selling Data: The report included short selling data for each stock, indicating significant short selling activity, particularly for XIAOMI-W and HSBC HOLDINGS.
Market Trends: The report reflects ongoing trends in the Hong Kong stock market, with notable shifts in foreign investment and short selling strategies among major companies.






