In today’s briefing:
- Quiddity Leaderboard CSI Medical Dec25: Some Changes to Expected ADDs/DELs; US$362mn One-Way
- HK CEO/Director Dealings (22 Sep 2025): TYK Medicine, Chanjet’s Full Circulation, Bonjour, Shunten
- Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium
- Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card
- SBC: Positive Takeaways From Recent Meeting With Management
- ACHV: Preparations Continue as PDUFA Date Assigned
- TNXP: Tonmya Approved by FDA
Quiddity Leaderboard CSI Medical Dec25: Some Changes to Expected ADDs/DELs; US$362mn One-Way
- CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- We expect up to six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.
HK CEO/Director Dealings (22 Sep 2025): TYK Medicine, Chanjet’s Full Circulation, Bonjour, Shunten
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
- These insights also flag those companies where shares have been pledged, both recently and ongoing.
Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium
- Butong Group (BUTONG HK) raised around US$100m in its Hong Kong IPO.
- Butong focuses on the mid to high-end segment of China’s nursery product market.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card
- FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using Alteogen Inc (196170 KS)’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.
- Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.
- Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.
SBC: Positive Takeaways From Recent Meeting With Management
- News agency Kyodo News notes that “a rising number of wealthy Chinese tourists visit Japan primarily for medical services,” and the company’s CEO notes that “the Japanese medical sector has two viable paths for growth: we must either attract more international patients or bring Japanese medical expertise abroad,” & SBC is pursuing both strategies, using a disciplined financial approach.
- SBC recently appointed Dr. Ewen Chee, founder of AHH, President of AHH and Lead Doctor for Asia Strategy to support its global strategy.
ACHV: Preparations Continue as PDUFA Date Assigned
- Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
- Pivotal studies have been completed with safety & efficacy results exceeding expectations.
- Achieve is now awaiting its target action date of June 20th 2026 and preparing for commercialization.
TNXP: Tonmya Approved by FDA
- On August 15, 2025, Tonix Pharmaceuticals Holding Corp. (TNXP) announced that the U.S. Food and Drug Administration (FDA) approved Tonmya (cyclobenzaprine HCl sublingual tablet) for the treatment of fibromyalgia.
- Tonmya is the first FDA approved therapy for fibromyalgia in over 15 years.
- The approval was based in part on data from two double blind, placebo controlled Phase 3 trials of nearly 1,000 patients in total that showed Tonmya significantly reduced daily pain scores compared to placebo at 14 weeks, the primary endpoint.
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