Jefferies published a research report stating that CSPC Pharmaceutical Group (01093.HK) +0.090 (+0.936%) Short selling $314.42M; Ratio 92.374% still faced pressure in its performance last year, with annual revenue declining by 10% year-on-year to RMB260 billion, which was below expectations. Although management expects the finished drug business to return to positive growth this year, the market is concerned about potential Volume-Based Procurement (VBP) risks, including the possible inclusion of Irinotecan Hydrochloride Liposome Injection in the national VBP.Jefferies believes that the adverse factors of VBP are expected to persist this year. While Business Development (BD) is crucial, the market continues to bet on stock prices based on prepayment expectations, and with expectations being raised, the risk of disappointment is increasing.The firm maintains an 'Underperform' rating for CSPC but raises the target price from HKD5.9 to HKD7.2. (hc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)
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