Another deal! Hengrui Pharma partners with BMS in strategic collaboration with a potential transaction value of $15.2 billion | Flash Report

① Hengrui and BMS have signed an agreement to jointly advance 13 early-stage projects covering oncology, hematology, and immunology; ② BMS will pay an upfront fee of $600 million and an anniversary payment of $350 million, with milestone payments reaching approximately $15.2 billion. Hengrui is also entitled to receive sales royalties; ③ This represents a two-way licensing collaboration, with Hengrui obtaining the rights to four of BMS's immunology projects in China. The agreement is expected to close in the third quarter of 2026.

cls.cn14:49

The daily online signing volume of second-hand housing transactions in Shanghai has reached a new high in five years, and the fundamentals of the real estate industry may continue to improve.

①Data from the official website of Shanghai Real Estate Trading Center, 'Online Real Estate,' showed that on May 10 (Sunday), a total of 1,664 second-hand housing units (including commercial properties) were transacted online in a single day in Shanghai, breaking the five-year single-day online transaction record for the second time in a month. ②Looking ahead, He Miannan of Everbright Securities believes that leading central and state-owned enterprises with obvious credit advantages will continue to benefit from the industry's supply-side deleveraging and optimization of competitive structure, driving performance stabilization and recovery.

cls.cn07:44

Why did last year's performance decline, how to confirm revenue, and will agency sales be scaled back? Guizhou Maotai responds to investor concerns | Earnings Meeting Coverage

① Last year, Maotai's performance declined for the first time due to an active strategic contraction. In the first quarter of this year, net profit growth lagged behind revenue growth, caused by price reductions of high-end liquor and structural adjustments. ② Regarding the consignment sales model, Maotai will comprehensively coordinate and dynamically adjust product distribution to maintain a stable and orderly market. ③ Maotai emphasized that its financial reports are true, accurate, and complete. Dividends and buybacks will be strictly executed according to plan, and no exclusive purchase channels for shareholders will be established.

cls.cnMay 11 21:27

Investment demand surged by nearly 50% in the first quarter! A nationwide gold-buying frenzy amid supply contraction may lead to the emergence of more high-end investment products, according to industry insiders.

① If expectations and purchasing power continue to grow, the supply volume will have a more pronounced impact on the next phase of gold prices. ② As core distribution channels, commercial banks such as ICBC and ABC, among other major state-owned banks, have frequently reported sell-outs of investment gold products and shortages of certain items earlier this year. ③ In the future, banks and gold institutions are expected to jointly develop more high value-added investment-oriented gold products.

cls.cnMay 11 20:46

[Data Insights] Institutional and northbound capital engage in fierce trading of Han's Laser; CSI 300 ETF saw a reduction in shares last week.

① The PCB concept stock, Dajia Laser (Han's Laser), surged to a two-day limit within three days, hitting a record high in share price. It was purchased by two institutions for 4.38 billion yuan but sold by three institutions for 6.67 billion yuan, while Shenzhen-Hong Kong Stock Connect sold 2.61 billion yuan worth of shares. ② The share volume of several ETFs related to the CSI 300 Index has significantly decreased. In particular, the Huatai柏瑞 CSI 300 ETF (510300) saw its shares drop by 2.9349 billion last week.

cls.cnMay 11 17:57

Where did the 'deposit migration' go in the first quarter? The outflows were diversified, with 1.5 trillion yuan flowing into life insurance.

①In the first quarter of 2026, household deposits decreased by 1.5 trillion yuan year-on-year, while non-bank deposits increased by 2 trillion yuan year-on-year, indicating the presence of the “deposit migration” phenomenon. ②The short-term scale of migration remains relatively small, with a high retention rate of bank deposits, primarily due to low risk appetite among customer groups, innovative banking products, and the impact of peak loan disbursement periods. ③The flow of funds shows a diversified pattern rather than concentrating in a single area, and some directions do not fall within the standardized asset management sector.

cls.cnMay 11 15:59