Led by institutions, a nearly 30% surge in three days! Guangshengtang states that the innovative hepatitis B drug is still in the research and development stage.

On the evening of April 6, Guangzhou Shengtang (300436) issued an announcement stating that the company’s stock closing price from April 1 to April 3 rose by a cumulative amount in excess of 30% over three consecutive trading days, with the cumulative closing price deviation value surpassing 30%, thereby constituting abnormal stock price fluctuations. In response to the market’s hot speculation, the announcement pointed out two major risks: two consecutive years of continuous losses in three years’ performance and uncertainty in the R&D of its core hepatitis B innovative drug, reminding investors to view the stock price movements rationally and be alert to the risk that valuation may severely diverge from fundamentals.

Judging from the trading board, Guangzhou Shengtang’s stock price started a strong rally on April 1. During the day, it hit a “20CM” limit-up, and then continued to move higher for the following two trading days. Over the three days, the cumulative gain reached 29.10%, and the cumulative deviation value was 30.30%. As of the close on April 3, the stock price of Guangzhou Shengtang was 128.05 yuan, with a total market capitalization of 20.39B yuan. The cumulative gain within the year has already reached 43.63%.

According to the Shenzhen Stock Exchange’s after-hours data from the Huanan Dragon and Tiger List, institutions dominated this round of stock price movement. Public information shows that from April 1 to April 3, the listed business department seats together accounted for total transactions of 1.32B yuan, of which buy amount was 721 million yuan and sell amount was 601 million yuan, resulting in a total net buy of 120 million yuan. Institutions became the main force. On the buy list, there were three institutions, including one institution with a net buy of 76.3597 million yuan. In addition, the Shenzhen-Hong Kong Stock Connect’s Northbound Trading designated channel had a net buy of 26.9861 million yuan, and the Guotai Haitong Securities Wuhan Ziyang East Road Securities business department had a net sell of 4.9043 million yuan.

In the announcement, Guangzhou Shengtang disclosed that its operating performance has continued to be loss-making for the most recent three years. In 2023 and 2024, the net profit attributable to shareholders of listed companies was -349 million yuan and -156 million yuan, respectively, while in 2025, the net profit attributable to shareholders of listed companies is expected to be between -170 million yuan and -240 million yuan. The company said that ongoing clinical R&D investments for innovative drugs are an important factor driving the losses.

The announcement also noted that the company’s hepatitis B innovative drug is still in the research and development stage. The innovative drug R&D cycle is long, the investment is large, and the risks are high. It is easily affected by multiple factors. There is a risk that clinical studies may not meet expectations or may even fail. Whether it can obtain approval for commercialization remains uncertain. In the short term, it will not have a major impact on the company’s performance. The company reminded the broad investing public to make cautious decisions and to pay attention to risk prevention.

As a leading domestic enterprise in hepatitis B antiviral medications, Guangzhou Shengtang has, in recent years, fully transformed into innovative drug R&D, focusing on the functional cure field for hepatitis B. Its core pipeline products include GST‑HG141 (Nariecove tablets), GST‑HG131, and several other Class 1 new drugs.

On the evening of February 4, Guangzhou Shengtang announced that its innovative drug holding subsidiary Fujian Guangzhong Zhilin Biotechnology Co., Ltd. has initiated a Phase III clinical trial for its in-development hepatitis B treatment Class 1 innovative drug Narecove GST-HG141. The company said that it recently completed enrollment of all subjects, with a total enrollment of 578 cases. The drug is a new-type hepatitis B core protein/capsid modulator, and it belongs to a Class 1 innovative drug targeting hepatitis B with a completely new mechanism. Globally, no similar product has yet been approved for sale, making it a potential First in class project. The company stated that after GST-HG141 completes enrollment of all subjects in the Phase III clinical trial, it still needs to continue to advance the clinical trial according to the clinical protocol and requirements already established, and it can only be上市 (listed for sale/commercialized) after it passes registration and approval by the national drug review and approval authorities.

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