iKratos' third submission to HKEX; HKEX is working closely with the Greater Bay Area Carbon Exchange | HKEX Morning Brief

| March 19, 2026, Thursday |

NO.1 Aike Baifa Files for Listing on HKEX for the Third Time

According to HKEX news on March 17, Shanghai Aike Baifa Biomedical Technology Co., Ltd. B (hereinafter referred to as Aike Baifa) has submitted an application for listing on HKEX, with CITIC Securities and J.P. Morgan acting as joint sponsors. This is the company’s third time applying to HKEX. According to the prospectus, Aike Baifa is a biopharmaceutical company founded in 2013, focusing on discovering and developing therapies to address respiratory and pediatric medical needs. As of the last practicable date (March 10, 2026), the company has developed a pipeline of six candidate drugs.

Comment: Aike Baifa focuses on respiratory and pediatric diseases. Its core respiratory syncytial virus drug is nearing commercialization. If listed successfully, valuation and growth potential will be driven by clinical progress.

NO.2 HKEX is actively collaborating with Greater Bay Area carbon exchanges

Cailian Press reports that on March 18, Hong Kong Financial Secretary Paul Chan responded to Legislative Council member Leung Kong’s questions, stating that HKEX is working closely with Greater Bay Area carbon exchanges to explore cross-border carbon trading settlement pathways. The goal is to complete pilot projects within 2026 and summarize experience to inform future cross-border carbon trading efforts at the national level.

Comment: This initiative supports the country’s dual-carbon strategy, promotes cross-border carbon market integration, and advances RMB internationalization. The value of green finance continues to be highlighted.

NO.3 Yan Zhi Wu’s 2025 net profit attributable to shareholders increases by 20.64% year-on-year

On the evening of March 17, Yan Zhi Wu (HK01497) announced its annual results for the year ending December 31, 2025. According to the announcement, the group achieved revenue of 2.001 billion yuan, a decrease of 2.41% year-on-year; net profit attributable to shareholders was 189 million yuan, up 20.64%; basic earnings per share were 0.41 yuan; and a final dividend of 2.66 yuan per 10 shares is proposed.

Comment: In 2025, over 60% of Yan Zhi Wu’s revenue came from e-commerce channels. The online transformation has been effective, with offline stores optimized and expanded, consolidating its leading position in the bird’s nest industry.

NO.4 China Resources Power’s 2025 net profit attributable to shareholders increases by 0.9% year-on-year

On March 18 midday, China Resources Power (HK00836) announced its annual results for the year ending December 31, 2025. The company reported revenue of HKD 102.01 billion, a decrease of 3.11% year-on-year; net profit attributable to owners was HKD 14.519 billion, up 0.9%; basic earnings per share were HKD 2.8; and a final dividend of HKD 0.771 per share is proposed.

Comment: China Resources Power’s revenue slightly declined in 2025, but net profit remained slightly increased. During the reporting period, wind and solar power generation grew rapidly, demonstrating significant transformation results.

NO.5 HK stock market overview:

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