HK Stock Market Move | Boan Biotech (06955) surged by over 200% in the final trading session, becoming a subsidiary of Luye Pharma Group. The company managed to turn a profit after 24 years of losses.

BOAN BIOTECH (06955) soared in the last trading session, at one point rising over 200%. As of press time, it had risen 108.25% to 17.16 Hong Kong dollars, with a turnover of 287 million Hong Kong dollars. On the news side, BOAN BIOTECH announced in March that its self-developed innovative anti-CD228 antibody-drug conjugate BA1302 has been granted Orphan Drug Designation (ODD) by the US Food and Drug Administration (FDA) for the indications of squamous non-small cell lung cancer and pancreatic cancer. BA1302 is China's first targeted anti-CD228 innovative antibody drug conjugate (ADC) to enter clinical stage and the only one in the world at this stage, intended for the treatment of various solid tumors. The company believes that BA1302 has excellent potential as a single-agent drug and value in combination development in a wide range of solid tumors, presenting broad clinical application prospects. Public information shows that BOAN BIOTECH was established in 2013 as a subsidiary of LUYE PHARMA Group, focusing on the development, production, and commercialization of biopharmaceuticals in areas such as oncology, autoimmune diseases, ophthalmology, and metabolic diseases. In 2024, with the listing of the biosimilar drug bolgar similar to rituximab and the release of the company's production capacity scale effect, revenue is expected to increase by 17.5% year-on-year to 726 million yuan, and net profit attributable to shareholders is expected to turn around to a profit, reaching 73.189 million yuan.