HK Stock Market Move | ALEBUND-B(09637) rose nearly 4% at one point during intraday trading, with an amplitude of 13.53%. Hong Kong-listed innovative drug stocks strengthened collectively. AP308, a new drug for the treatment of IgA nephropathy, received approval from the U.S. FDA for clinical trials.

ALEBUND-B (09637) staged a strong rebound today after probing lows, rising nearly 4% at one point to HK$19.41, with turnover of HK$17.8807 million and an amplitude of 13.53%. On the news front, Hong Kong-listed innovative drug stocks strengthened collectively today, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising as much as 3.9% in early trading. KEYMED BIO-B (02162) gained over 12%, BeOne Medicines Ltd. (06160) rose over 5%, while INNOVENT BIO (01801) and AKESO (09926) each climbed more than 4%. Driven by better-than-expected head-to-head Phase III study data for AKESO's ivonescimab, accelerated BD out-licensing of innovative drugs, and resonance with the AI drug discovery theme, sentiment toward Hong Kong 18A innovative drug stocks recovered broadly, with the market pricing ALEBUND-B on a sector resonance basis. At the stock-specific level, Peking University First Hospital recently disclosed that the IND application for AP308/PKU308, a next-generation IgA protease jointly developed by its nephrology team of Lyu Jicheng/Zhang Hong and Alebund Pharmaceuticals for the treatment of IgA nephropathy (IgAN), has been approved by the U.S. FDA and will soon enter first-in-human clinical studies. AP308 is a first-in-class drug in the IgA nephropathy space that uses IgA protease to directly cleave and clear pathogenic IgA and IgA immune complexes already deposited in the glomeruli. In addition, on September 28, the application for "AP308 for Injection" by Shanghai Alebund Pharmaceuticals Technology Co., Ltd. was accepted by the Center for Drug Evaluation of the National Medical Products Administration, with acceptance number CXSL2601066. It is worth noting that Alebund Pharmaceuticals is a biopharmaceutical company focused on kidney diseases and related chronic disease areas, and is the first pure nephrology-track 18A innovative drug company listed in Hong Kong. Its product portfolio covers different stages and complications of chronic kidney disease (CKD), including 7 investigational candidate products and 1 commercialized product, Maxhero. The company's interim results show that in the first half of 2026, revenue was RMB 104.2 million, up 761.2% year-on-year, of which Maxhero sales revenue was RMB 24.8 million, up about 105% year-on-year, while net loss for the period narrowed by 22.5% year-on-year. On the pipeline front, in August the NDA for AP301 capsules was accepted by the National Medical Products Administration, and in July the global Phase IIb multi-regional clinical trial of AP306 completed randomization and dosing of the first subject.