HK Stock Market Move | CANBRIDGE-B(01228) has risen nearly 9%, and the three rare disease products under its name have all passed the review in the form of the commercial insurance innovation drug catalog.

CANBRIDGE-B (01228) rose nearly 9%, at the time of publication, up 3.47% to HK$2.09, with a turnover of HK$20.2773 million. In terms of news, the National Medical Insurance Administration announced the preliminary list of commercial insurance innovative drug catalog on August 12. Three rare disease products from Beihai Kangcheng have all passed the review of the commercial insurance innovative drug catalog. This includes the long-term enzyme replacement product GaiRuiNing (injectable velaglucerase alfa) approved for patients with Gaucher disease type I and III aged 12 and above, which was launched in May this year; MaiRebei (chlorambucil oral solution) for treating ALGS/PFIC bile stasis and itching; and HaiRuiSi (idursulfase beta injection) for treating mucopolysaccharidosis II. In addition, Beihai Kangcheng recently announced the issuance of 74.97 million new shares to Qingdao Baheal Medical INC. (301015.SZ) at a price of HK$1.34 per share, a 19.76% discount from the pre-suspension closing price. The net proceeds from the subscription are approximately HK$98.6618 million, intended for research and development of commercialized products; marketing and promotional activities; repayment of loan financing; and daily operations. After completion, Qingdao Baheal Medical INC. will hold 14.99% of the company's equity, and the latter has indicated that it has no intention of acquiring any controlling stake in the company within three years.