On June 18th, Geelong raised bloom Trust Bio-B (2509.HK) rose sharply in the afternoon, rising by 11.46% to HKD 26.25 at one point, recouping nearly half a month's lost ground and its market cap exceeded HKD 5.8 billion. Trust Bio is a clinical-stage biotech company focused on the research and development of biological therapies for autoimmune and allergic diseases. The company has two core products, QX002N and QX005N, independently developed. On June 14th, Trust Bio announced that the Phase II clinical trial data for QX005N injection for the treatment of nodular prurigo (PN) was reported in an oral form at the 29th Annual Meeting of the Chinese Dermatological Association. This trial is the first bio-drug clinical trial for PN indication conducted by a Chinese company. Based on the trial data, QX005N was included in the list of breakthrough therapy for drug evaluation issued by the National Medical Products Administration Drug Evaluation Center on January 31 this year. CICC has issued a report saying that we should focus on the core products QX005N, QX002N, and QX001S, which is expected to go public in 2024, for the demand prospects of biologics for atopic dermatitis, ankylosing spondylitis drugs, and moderately severe plaque psoriasis. The bank believes that demand for biologic drugs for atopic dermatitis and psoriasis will grow faster.