On September 16, HBM HOLDINGS-B fell 5.34% in regular trading, trading at HKD 12.12 per share with turnover of HKD 30.43 million, extending the decline from the previous session.

On the earnings front, the company's interim results showed first-half revenue of USD 122 million, up 20.9% year-over-year, while net profit came in at USD 64.851 million, down 11.16% year-over-year. Operating cash flow deteriorated sharply, swinging from a net inflow of USD 61.664 million in the prior-year period to a net outflow of USD 14.343 million, raising concerns about earnings quality. Institutional research noted that collaboration revenue accounts for over 90% of total revenue, suggesting performance may fluctuate with deal timing and revenue recognition schedules. Management expenses also rose significantly due to increased personnel costs and IP-related expenditures.

Within the Biotechnology sector, the overall sector traded lower. Among individual stocks, LEADS BIOLABS-B down 6.39%, AKESO down 4.78%, REMEGEN down 3.31%, BEONE MEDICINES down 2.35%, INNOVENT BIO down 0.68%.

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