Futu News reported on November 5 that $VIGONVITA-B (02630.HK)$ The stock closed up 154.72% in the gray market today, at HKD 85 per share. Each lot consists of 200 shares, and without considering handling fees, investors earned HKD 10,326 per lot.
Source of market data: Futu Securities
Investment Highlights
Differentiation advantage of core products: The company’s core product, VV116, is the world’s only small-molecule oral drug to have received full regulatory approval in both China and Uzbekistan for the treatment of COVID-19, showcasing strong R&D capabilities and efficiency. Its mechanism of action targets viral RNA-dependent RNA polymerase (RdRp), effective against both the original strain and variants. Preclinical studies also indicate significant efficacy in treating respiratory syncytial virus (RSV) infections, with ongoing Phase II/III clinical trials targeting RSV. RSV is a leading cause of lower respiratory tract infections in infants globally, and no specific drugs are currently available. If VV116 successfully expands its indications, it could potentially address this significant unmet market need.
Experienced management team: Founder Dr. Shen Jingshan has over 30 years of experience in drug development, and the core team members come from institutions such as the Chinese Academy of Sciences and multinational pharmaceutical companies, possessing end-to-end capabilities from early-stage research to commercialization. The company has established partnerships with Junshi Biosciences, Jiuzhoutong, and other enterprises, offering synergistic advantages in production, sales, and supply chain management.
Risk Factors
Clinical trial delays: The Phase II/III trial of VV116 for RSV has not yet been completed, and its safety and efficacy must still be proven. If the data does not meet expectations, it may lead to delayed or failed market entry, impacting the company’s valuation. Results from the Phase II clinical trial of LV232 have not yet been released, and the success rate for antidepressant development is relatively low (approximately 10% globally). Moreover, there are already 16 similar drugs under development domestically, indicating fierce competition. Other pipeline products, such as VV261 (for treating severe fever with thrombocytopenia syndrome) and TPN102 (for epilepsy), are still in early stages, presenting considerable uncertainty.
Intense market competition: TPN171 faces stiff competition from established products such as sildenafil (with a 44.4% market share) and tadalafil (15.2%), while centralized procurement policies may compress profit margins. As of 2025, TPN171 holds less than 1% of the market share in China, and its sales team comprises only 22 people, leaving its marketing capabilities yet to be validated. LV232 will need to compete with existing SSRIs, SNRIs, and other drugs. Without demonstrating clear clinical superiority, it may struggle to gain acceptance among doctors and patients.
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Editor/Jamie
