Changes in Hong Kong stocks | Innovative drug concept stocks continue to fall, national talks end, pending results, overseas clinical failures disrupt short-term trends

Zhitong Finance App learned that innovative drug concept stocks continued to decline. As of press release, Shiyao Group (01093) fell 3.68% to HK$8.765; Sansheng Pharmaceutical (01530) fell 3.22% to HK$15.63; Hewang Pharmaceutical (00013) fell 3.12% to HK$21.1; and Cinda Biotech (01801) fell 2.65% to HK$95.6.

According to the news, on-site negotiations and price negotiations for the 2026 national talks have come to an end, and the waiting period for the results has officially entered. Whether it is the major variety pattern that has already been negotiated at the basic health insurance level or the commercial insurance catalogue list finalized on the same day, the results will affect the domestic market competition pattern and payment system trend for innovative drugs in the coming year. According to the arrangement, the new version of the National Basic Medical Insurance Drug Catalogue and the Commercial Insurance Innovative Drug Catalogue are expected to be officially announced in November and implemented uniformly from January 1, 2027.

Notably, clinical failure of a single overseas project disrupts short-term risk appetite. On September 8, Novartis announced that its Phase III HARBOR study evaluating del-desiran for the treatment of type 1 ankylosing muscular dystrophy (DM1) had not reached a major end. Novartis shares plummeted 13% after the news. According to reports, this drug is one of the core assets Novartis acquired after acquiring Avidity Biosciences for about 12 billion US dollars last year.