HK Stock Market Move | China Medical System (01177) is now up more than 4%, implementing its first stock incentive plan since going public, and management remains optimistic about achieving double-digit growth for the full year.

SINO BIOPHARM (01177) is now up more than 4%, with a increase of 4.03% at the time of reporting, trading at 2.84 Hong Kong dollars, with a turnover of 1.23 billion Hong Kong dollars. On the news side, a subsidiary of SINO BIOPHARM, Zhongda Tianqing, plans to use its own funds not exceeding 1 billion yuan to repurchase shares in the market, targeting middle and senior management and professional personnel. From June 5 to June 20, the company has repurchased approximately 0.95 billion Hong Kong dollars for future share incentive plans. Daiwa has released a research report stating that, according to management, the company is optimistic about achieving double-digit year-on-year growth in revenue and net profit in the fiscal year 2024 due to the promotion of innovative products. Management also believes that the macroeconomic environment in the second half of this year will provide a more investment-friendly environment for the pharmaceutical industry. Due to the increase in sales of innovative products under SINO BIOPHARM and the higher visibility of business growth prospects for the fiscal years 2024 to 2025, Daiwa has raised the target price of SINO BIOPHARM from 3.1 Hong Kong dollars to 3.2 Hong Kong dollars, upgrading the rating from "outperform" to "buy".