Shares of INNOVENT BIO (01801) surged by 13.69% on November 4, 2024, outperforming the broader Hong Kong market. The pharmaceutical company's stock surge was driven by its announcement of terminating a subscription agreement with Lostrancos and reaffirming its commitment to international business expansion.
The Hong Kong stock market opened with mixed results, with the Hang Seng Index (HSI) rising 0.30% and the Hang Seng Tech Index (HSTECH) surging 1.08%. While the electric vehicle sector showed significant gains, with companies like XPeng, Geely Auto, and BYD climbing, investor sentiment was diverse across different sectors.
INNOVENT BIO's decision to terminate the agreement with Lostrancos was viewed positively by investors, who believe it will allow the company to focus more on its global expansion plans. The company's commitment to international growth appears to have boosted investor confidence, leading to the substantial stock price increase.
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