Ascentage Pharma Becomes a Constituent of Three Major Indexes Including Hang Seng Composite Index
SUZHOU, China, and ROCKVILLE, MD., Aug. 17, 2020 /PRNewswire/ -- Ascentage Pharma (6855.HK), a globally focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, chronic hepatitis B (CHB), and age-related diseases, today announced that the company has been selected as a constituent stock of the Hang Seng Composite Index (HSCI), the Hang Seng Hong Kong-Listed Biotech Index (HSHKBIO) and the Hang Seng Healthcare Index (HSHCI) in accordance with the quarterly adjustment results of the latest index series released by Hang Seng Indexes Company Limited, with effect from September 7th , 2020.
HSCI is one of the important indexes in the Hong Kong equity market. Adopting the free-float-adjusted market capitalization methodology, the HSCI can be used as a basis for index funds, mutual funds as well as performance benchmarks. It now has 485 component stocks. This index offers a comprehensive Hong Kong market benchmark that covers the top 95th percentile of the total market capitalization of companies listed on the Main Board of the Stock Exchange of Hong Kong. The HSHCI aims to reflect the overall performance of stocks listed in Hong Kong that are related to healthcare businesses. This adjustment adds 12 new constituent stocks. It now has 47 component stocks. The HSHKBIO reflects the overall performance of the biotech companies that are listed in Hong Kong. Six new constituent stocks are selected this time and total 43 high-quality biotech stocks including Ascentage Pharma are included. The aforesaid three indexes provide important references for the Hong Kong equity market. It is particularly noteworthy that five biotechnology companies including Ascentage Pharma listed under Chapter 18A of the Listing Rules are included in HSCI, reflecting that the capital market has paid attention to and recognized this sector. Ascentage Pharma is one of the two biotechnology companies selected as components of the aforesaid three indexes.
Ascentage Pharma was successfully listed in Hong Kong in October 2019 and became the first stock related to small molecule innovative drugs. The company has further advanced global clinical development after listing and made a number of R&D progresses. It submitted the first New Drug Application (NDA) in June this year, making another milestone and taking an important step from a R&D company to a listed company with products.
"The selection of Ascentage Pharma as a constituent stock of the abovementioned index series of Hang Seng Indexes Company Limited represents the capital market's recognition of and confidence in the company's business, stock liquidity and development prospects. Additionally, it is expected to be conducive in introducing more diversified investors for the company and to promote the company's reputation in the capital market," said Dr. Dajun Yang, Chairman & CEO of Ascentage Pharma. "Leveraging our core competency in research and development as well as operation, we will continue to seize the major opportunities in the development of the biopharmaceutical industry. Furthermore, we are committed to providing safe and effective treatment options for global patients and endeavor to create value for shareholders."
About Ascentage Pharma
Ascentage Pharma (6855.HK) is a globally, clinical-stage biotechnology company engaged in developing novel therapies for cancers, CHB, and senesce diseases. On October 28, 2019, Ascentage Pharma was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 6855.HK.
Ascentage Pharma focuses on developing therapeutics that inhibit protein-protein interactions to restore apoptosis, or programmed cell death. The company has built a pipeline of eight clinical drug candidates, including novel, highly potent Bcl-2, and dual Bcl-2/Bcl-xL inhibitors, as well as candidates aimed at IAP and MDM2-p53 pathways, and next-generation tyrosine kinase inhibitors. Ascentage Pharma is also the only company in the world with active clinical programs targeting all three known classes of key apoptosis regulators. The company is conducting more than 30 Phase I/II clinical trials in the US, Australia, and China. The company's core drug candidate HQP1351 was recently granted orphan drug and fast-track designations by the US Food and Drug Administration (FDA), and a New Drug Application for HQP1351 has been submitted in China. APG-2575, another key drug candidate of the company, was recently granted orphan drug designation by the FDA..
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SOURCE Ascentage Pharma
- PR Newswire Asia release