LENS (06613.HK) announced plans to acquire over 95% of Yuans Technology, a supplier to Nvidia (NVDA.US) engaged in the production and sales of server cabinets, structural components, and server liquid-cooling modules, according to a CLSA report.

CLSA expects the deal to be completed next year, which would help LENS break into Nvidia's AI server supply chain and drive rapid growth in its AI server business.

LENS' rating was reiterated as Outperform, with a target price remaining unchanged at HKD38.
~



AAStocks Financial News
Web Site: www.aastocks.com

The AI gold rush driven by abundant liquidity has dominated this year's investment landscape, CLSA released a research report saying. Looking ahead to 2026, the broker saw substantial evidence that AI trade is nearing the end of its momentum.

Although the core assumption is that the momentum and profits will continue into 1H26 before reaching a tipping point, tCLSA set a mid-2026 target of 7,200 for the S&P 500.

CLSA currently rated South Korea at Overweight, considering it the most preferred investment target for AI momentum, meanwhile considering India and, to a lesser extent, Indonesia as primary rotation destinations for 1H26 if the tech rally subsides.
~

AASTOCKS Financial News
Website: www.aastocks.com

AI glasses, a technology still in development, appear to be the next rapidly growing AI edge device, Citi commented in its research report.

Citi forecasts AI glasses shipments to reach around 112 million units by 2030, marking a CAGR of 105% starting from 2024. By 2030, the market size is expected to hit USD40 billion, with a CAGR of 112% for the same period.

The report also highlighted optical components' crucial role for AI or AR glasses, which account for 40-70% of the bill of materials. Citi favors companies with high exposure to the supply chain or a heavier proportion of optical business, including Essilor Luxottica, GOERTEK (002241.SZ), SUNNY OPTICAL (02382.HK), OMNIVISION (603501.SH), and CONANT OPTICAL (02276.HK).

Citi recently initiated coverage on CONANT OPTICAL. It gave SUNNY OPTICAL and CONANT OPTICAL a Buy rating, with target prices of HKD103 and HKD65, respectively.
~



AAStocks Financial News
Web Site: www.aastocks.com

HONG KONG, Dec. 12, 2025 /PRNewswire/ -- Akeso, Inc. (9926.HK) ("Akeso" or the "Company") announced FDA approval to initiate COMPASSION-37/AK104-311 trial, a global multicenter Phase III trial in gastric cancer evaluating cadonilimab, a first-in-class PD-1/CTLA-4 bispecific antibody. The study will compare cadonilimab plus chemotherapy against chemotherapy with or without nivolumab as first-line treatment for HER2-negative, unresectable or metastatic gastric/gastroesophageal junction adenocarcinoma.

This is the second international registrational study for cadonilimab, following the ongoing trial in immunotherapy-resistant hepatocellular carcinoma. COMPASSION-37 represents a pivotal advancement in cadonilimab's global development and a concrete step in Akeso's worldwide strategy, reinforcing its leadership in next-generation immuno-oncology. The company remains committed to its dual-track approach of proprietary development and strategic collaboration, leveraging global resources to accelerate cadonilimab's international availability and expand accessible treatment options for patients worldwide.

Chemotherapy with or without PD-1 inhibitors, such as nivolumab, represents the international standard of care for advanced gastric cancer. However, the disease exhibits significant heterogeneity. While PD-1 treatment in combination with chemotherapy remains an effective treatment in many gastric cancer patients with high PD-L1 expression (CPS >5), its efficacy is markedly limited in gastric cancer patients with low PD-L1 expression (CPS <5) or negative PD-L1 expression (CPS <1). These low and negative PD-L1 patients constitute well more than half of the total gastric cancer patient population.

In 2024, the FDA narrowed the indication for all approved PD-1 inhibitors in the first-line treatment of advanced gastric cancer, restricting their use to PD-L1-positive patients. Authoritative guidelines, including those from the National Comprehensive Cancer Network (NCCN) and the European Society for Medical Oncology (ESMO), also prioritize recommending nivolumab-based regimens for patients with PD-L1 CPS ≥5. This underscores that treating advanced gastric cancer in PD-L1 low-expressing and negative patients has become a globally recognized clinical challenge.

In 2024, based on the COMPASSION-15 study results, cadonilimab in combination with chemotherapy was approved in China for the first-line treatment of gastric cancer, demonstrating benefit across all patient populations, including both PD-L1 positive and negative subgroups.

COMPASSION-15 is the only global Phase III clinical study in first-line advanced gastric cancer to have demonstrated survival benefit across all patient populations, irrespective of PD-L1 expression status. In this trial, patients with low PD-L1 expression and those who were PD-L1-negative accounted for as high as 49.8% and 23% of the enrolled population, respectively, significantly exceeding proportions observed in historical studies of its kind. The robust representation of low and negative PD-L1 patients in the study and the effective treatment of these patients validates cadonilimab's broad-spectrum antitumor efficacy beyond PD-L1 dependency in gastric cancer.

Long-term follow-up data showed that cadonilimab plus chemotherapy significantly reduced the risk of death by 39% in the overall population compared to the control group (OS HR 0.61), regardless of PD-L1 status. In the PD-L1 CPS ≥5 subgroup, the reduction in mortality risk reached 51% (OS HR 0.49). Importantly, even among patients with low PD-L1 expression (CPS <5), a statistically significant 24% reduction in mortality risk was maintained (OS HR 0.76). These results were presented as an oral report at ESMO 2025. Earlier interim analysis data from the COMPASSION-15 study had been released as a prominent oral presentation at AACR 2024, with the full manuscript subsequently published in the Nature Medicine. These results highlight cadonilimab's potential to elevate the current standard of tumor immunotherapy and address clinical challenges unmet by single-target agents.

Forward-Looking Statement of Akeso, Inc.

This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

About Akeso

Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, the company has created a unique integrated R&D innovation system with the comprehensive end-to-end drug development platform (ACE Platform) and bi-specific antibody drug development technology (Tetrabody) as the core, a GMP-compliant manufacturing system and a commercialization system with an advanced operation mode, and has gradually developed into a globally competitive biopharmaceutical company focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 26 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 7 new drugs are commercially available. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

For more information, please visit https://www.akesobio.com/en/about-us/corporate-profile/ and follow us on Linkedin.

OpenAI CEO Sam Altman expressed excitement about the Company's upcoming AI chip during a media interview following the signing of collaboration agreement with Walt Disney (DIS.US), and expected the Company to surpass Alphabet (GOOGL.US) in AI.

Altman did not specify when the chip will be available, and stated that it is not yet time to discuss such matters, but future discussions are anticipated.

OpenAI announced in October 2025 a partnership with Broadcom (AVGO.US) to produce its first in-house AI chip, with OpenAI responsible for the design and Broadcom handling development, and applications expected to start in 2H26.
~

AASTOCKS Financial News
Website: www.aastocks.com

According to data from consultancy Benchmark Mineral Intelligence, November saw the slowest global electric vehicle (EV) sales growth since February 2024, which the consultancy attributed to stagnant growth in China's EV sales and a decline in US EV sales for the first time since 2019 following the end of tax incentives.

Specifically, nearly 2 million global EV registrations were recorded in November, marking an increase of 6%. China saw a growth of 3% to over 1.3 million registrations, while North America saw a decline of 42% to about 100,000 registrations.
~



AAStocks Financial News
Web Site: www.aastocks.com

• After 12 weeks of treatment, the 4 mg and 6 mg mazdutide groups achieved reductions in BMI from baseline of 8.78% and 10.99%, respectively, with corresponding body weight reductions of 7.72 kg and 8.65 kg. These results were significantly superior to those observed in the placebo group (BMI reduction: 1.73%; weight reduction: 1.42 kg; with nominal P values < 0.01). Furthermore, multiple metabolic parameters improved simultaneously.
• Mazdutide demonstrated a favorable overall safety and tolerability profile. All enrolled subjects completed the protocol-specified visits. Throughout the study period, there were no serious adverse events (SAEs) reported in the mazdutide groups, and no subjects discontinued treatment due to adverse events (AEs).
• there are currently no approved weight-loss medications specifically indicated for children and adolescents in China. A Phase 3 registrational clinical trial for adolescent obesity is scheduled to be initiated soon.

SAN FRANCISCO and SUZHOU, China, Dec. 12, 2025 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, ophthalmologic and other major diseases, announced that the Phase 1b clinical study of mazdutide injection (a glucagon-like peptide-1 [GLP-1] and glucagon [GCG] dual receptor agonist, R&D code: IBI362) in Chinese adolescents with obesity met its primary endpoint.

The global issue of childhood and adolescent obesity continues to escalate. According to a UNICEF report, the global obesity rate among children and adolescents aged 5–19 has risen from 3% to 9.4% since the year 2000. Obesity has now become a more prevalent form of malnutrition than underweight, affecting one in every ten school-aged children and adolescents (approximately 188 million individuals) and placing them at risk for severe health conditions ^[1].

The situation regarding obesity prevention and control among Chinese children and adolescents is equally severe. The combined detection rate of overweight and obesity among children and adolescents aged 7–18 in China surged from 1.2% in 1985 to 23.4% in 2019—an 18.1-fold increase. Notably, the obesity detection rate alone soared from 0.1% in 1985 to 9.6% in 2019, representing a staggering 75.6-fold rise ^[2].

Adolescent obesity is associated with numerous long-term health risks, including hypertension, dyslipidemia, type 2 diabetes, metabolic syndrome, and psychological and behavioral issues. Furthermore, there are currently no approved weight-loss medications specifically indicated for children and adolescents in China ^[3], highlighting a significant unmet clinical need.

This study is a multicenter, randomized, double-blind, placebo-controlled Phase 1b clinical trial designed to evaluate the safety, tolerability, pharmacokinetics, and weight-loss efficacy of mazdutide in Chinese adolescents with obesity. A total of 36 adolescent participants (≥12 and <18 years old) with obesity were enrolled. All participants had undergone dietary and exercise intervention for at least 12 weeks prior to enrollment but achieved less than 5% reduction in body mass index (BMI). The participants met the obesity criteria specified in the Chinese national standard "WS/T 586‑2018 Screening for Overweight and Obesity in School-Age Children and Adolescents," with a median age of 14.0 years, a mean baseline BMI of 34.12 kg/m², and a mean baseline body weight of 95.83 kg. They were randomized in a 1:1:1 ratio to receive either mazdutide 4 mg, mazdutide 6 mg, or placebo (with dose escalation) and a total treatment duration is 12 weeks.

The study results demonstrate that mazdutide, administered via weekly multiple subcutaneous injections following a dose-titration regimen, exhibited a favorable overall safety and tolerability profile in Chinese adolescent participants with obesity. All subjects completed the protocol-specified visits. No serious adverse events (SAEs) were reported in the mazdutide treatment groups during the study period, and no subjects discontinued the study due to adverse events (AEs). The most frequently reported adverse events were gastrointestinal reactions, all of which were mild or moderate in severity. The pharmacokinetic profile of mazdutide was similar between adolescents and adults. The clinically validated safe and effective exposure range established in adults adequately covered the drug exposure levels observed with the 4 mg and 6 mg doses in adolescents.

After the 12-week treatment period for Chinese adolescents with obesity, the mazdutide treatment groups demonstrated statistically significant reductions in both key efficacy endpoints—BMI and body weight—confirming the weight-loss efficacy of mazdutide in this population.

Specifically, compared to baseline, the 4 mg and 6 mg mazdutide groups achieved relative reductions in BMI of 8.78% and 10.99%, and in body weight of 7.87% and 9.93%, respectively. The absolute weight reductions were 7.72 kg and 8.65 kg, respectively. These results were statistically superior to those in the placebo group (BMI reduction: 1.73%; body weight reduction: 1.19% or 1.42 kg), with all between-group comparisons reaching statistical significance (all nominal P values < 0.01). Furthermore, the 6 mg group showed numerically greater efficacy compared to the 4 mg group, suggesting a dose-dependent trend.

Beyond weight loss, favorable trends of improvement were also observed in the mazdutide groups for multiple metabolic parameters, including waist circumference, blood pressure, blood lipids, serum uric acid, liver transaminase levels, and glycemic control indicators. These findings indicate that mazdutide may provide adolescents with obesity not only with weight reduction but also with multiple metabolic benefits.

Based on the positive safety and efficacy results from this Phase 1b study, Innovent plans to initiate a Phase 3 registration clinical trial in adolescent participants with obesity or overweight in the near future. This initiative aims to bring this potential treatment to the large population of adolescents with obesity or overweight in China as early as possible.

Professor Ni Xin, Principal Investigator of the study from Beijing Children's Hospital, Capital Medical University, stated: "The issue of adolescent obesity is becoming increasingly severe, emerging as a major concern both nationally and globally. The results of this study are highly encouraging. They demonstrate that mazdutide offers a novel therapeutic approach for Chinese adolescents with obesity, characterized by potent weight-loss efficacy and a favorable safety profile. Adolescents could have better chance to adopt positive and healthy lifestyle changes supported with an effective pharmacotherapy."

Professor Gong Chunxiu, Principal Investigator of the study from Beijing Children's Hospital, Capital Medical University, stated: "Treating childhood obesity is challenging. The reversal of elevated body weight through lifestyle education alone has a low success rate, and persistent obesity is prone to progression and the development of complications. Notably, the benefits brought by mazdutide, as evidenced by robust data, have demonstrated an effect that significantly surpasses weight management alone. In the study participants, we observed favorable trends of comprehensive improvement across multiple metabolic parameters, including waist circumference, blood pressure, blood lipids, serum uric acid, and blood glucose levels. This holds profound significance for potentially halting the progression from adolescent obesity to clinical obesity and metabolic syndrome in adulthood. These data reveal the advantages of mazdutide as a GCG/GLP-1 dual receptor agonist: it not only achieves effective weight loss but may also fundamentally improve the multiple metabolic disorders associated with obesity, thereby offering patients more comprehensive health benefits."

Dr. Lei Qian, Chief R&D Officer of General Biomedicine at Innovent Biologics, stated: "There are currently no weight-loss medications approved for children or adolescents in China. The breakthrough achieved by mazdutide in the field of adolescent obesity has robustly validated its therapeutic potential across different age groups of patients. We have observed that mazdutide reproduces the potent weight-loss efficacy and multiple metabolic benefits in adolescents that were demonstrated in adult studies. Furthermore, its pharmacokinetic profile is similar to that in adults. This provides a solid scientific foundation for its further clinical development. We will accelerate the exploration of this innovative therapy for additional indications, striving to benefit a broader population of patients with obesity across different age groups and with varying treatment needs."

About Mazdutide

Innovent entered into an exclusive license agreement with Eli Lilly and Company (Lilly) for the development and commercialization of mazdutide, a dual GCG /GLP-1 receptor agonist, in China. As a mammalian oxyntomodulin (OXM) analogue, in addition to the effects of GLP-1 receptor agonists on promoting insulin secretion, lowering blood glucose and reducing body weight, mazdutide may also increase energy expenditure and improve hepatic fat metabolism through the activation of glucagon receptor. Mazdutide has demonstrated excellent weight loss and glucose-lowering effects in clinical studies, as well as reducing waist circumference, blood lipids, blood pressure, serum uric acid, liver enzymes, liver fat content and improved insulin sensitivity.

Seven Phase 3 clinical studies of mazdutide have been initiated or completed, including:

• GLORY-1: in Chinese adults with overweight or obesity;
• GLORY-2: in Chinese adults with moderate to severe obesity;
• DREAMS-1: in Chinese drug-naïve adults with type 2 diabetes;
• DREAMS-2: comparing mazdutide to dulaglutide in Chinese adults with type 2 diabetes inadequately controlled with oral antidiabetic drugs;
• DREAMS-3: comparing mazdutide to semaglutide in Chinese adults with type 2 diabetes and obesity;
• GLORY-3: comparing mazdutide to semaglutide in Chinese adults with overweight or obesity and metabolic dysfunction-associated fatty liver disease (MAFLD);
• GLORY-OSA: in Chinese adults with obstructive sleep apnea (OSA) and obesity.

Among these, the first five Phase 3 clinical studies have met their primary endpoints, while the other two Phase 3 studies are ongoing.

Furthermore, mazdutide is currently being evaluated in several additional ongoing clinical studies. These include trials investigating its use in metabolic dysfunction-associated steatohepatitis (MASH), heart failure with preserved ejection fraction (HFpEF), and a higher-dose head-to-head clinical study against tirzepatide for the treatment of moderate-to-severe obesity.

*Mazdutide has received NMPA approval for two indications:

First Indication: as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial Body Mass Index (BMI) of:

• BMI ≥ 28 kg/m² (obesity); or
• BMI ≥ 24 kg/m² (overweight) in the presence of at least one weight-related comorbid condition (e.g., hyperglycemia, hypertension, dyslipidemia, fatty liver, or obstructive sleep apnea syndrome and etc.);

Second Indication: glycemic control in adults with type 2 diabetes:

Monotherapy

For adults with type 2 diabetes who have inadequate glycemic control despite diet and exercise interventions.

Combination Therapy

For adults with T2D who still have poor glycemic control despite:

Diet and exercise, plus Metformin and/or sulfonylureas, or Metformin and/or SGLT2 inhibitors (SGLT2i).

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 17 products in the market. It has 1 new drug applications under regulatory review, 4 assets in Phase III or pivotal clinical trials and 15 more molecules in early clinical stage.

Innovent partners with over 30 global healthcare companies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center. Guided by the motto, "Start with Integrity, Succeed through Action" Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible.

For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement: Innovent does not recommend the use of any unapproved drug (s)/indication (s).

Forward-looking statement

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

References

[1] https://news.un.org/zh/story/2025/09/1140658

[2] Prevalence trends and projection of overweight and obesity among children and adolescents aged 7-18 years in China from 1985 to 2019. Chinese Journal of Preventive Medicine, 2023, 57(4): 461-469.

[3] Guidelines for Diagnosis and Treatment of Obesity (2024 Edition). National Health Commission of the People's Republic of China.

The scale of car trade-in for 2025 is expected to exceed RMB180 billion, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), said.

Coupled with a 10% tax incentive for buying NEVs, the total amount of tax exemptions and subsidies for the year will be close to RMB400 billion, significantly driving the car market's growth beyond expectations.

The tax exemptions for NEV purchases in 2025 will boost sales by 22% from the 2024 level, with corresponding tax relief exceeding RMB200 billion, Cui added.
~

AASTOCKS Financial News
Website: www.aastocks.com

Broadcom (AVGO.US) has announced its 4Q results. Its net profit surged by 97% YoY to USD8.5 billion, with adjusted EPS at USD1.95, beating the expected USD1.86.

The company also recorded a YoY growth of 28% in revenue to USD18 billion, exceeding the forecasted USD17.5 billion.

CEO Hock Tan forecasts AI chip sales, including customized AI chips and chips used for AI networks, to double YoY this quarter, reaching USD8.2 billion.
~



AAStocks Financial News
Web Site: www.aastocks.com

Investors shifted focus from some high-flying techs to economic growth stocks, meanwhile the market absorbed the latest rate cut decision by the Fed.

US stocks showed mixed movement on Thursday. The DJIA hit both intraday trading and closing highs, climbing 646 points or 1.3% to close at 48,704.

The Nasdaq, pressured by AI stocks following disappointing results from Oracle (ORCL.US), opened over 100 points lower and closed down 60 points or 0.3% at 23,593. The S&P 500 ticked up 14 points or 0.2% to close at 6,901, also setting a new closing high alongside the DJIA.

Visa (V.US) was upgraded at Bank of America, leading to a hike of over 6% at close, which helped the DJIA break ceilings. Economic cyclical stocks like Home Depot (HD.US) jumped up 1.8%.

Techs performed poorly, with Oracle's 2FQ revenue increasing by 14%, missing expectation. In addition, increased capital expenditure heightened investor concerns about the company's debt, denting its share price by 11% at close.

Other AI stocks were also sold off, with Nvidia (NVDA.US) and Broadcom (AVGO.US) dropping over 1%. Adobe (ADBE.US) ballooned 2% post-results against the market trend.

Large techs weakened. Alphabet (GOOG.US) waned over 2%, while Tesla (TSLA.US) lost 1%.
~

AASTOCKS Financial News
Website: www.aastocks.com