Shanghai Henlius Biotech (HKG:2696) dosed the first patient in a phase 1 trial of HLX15-SC in the Chinese Mainland, according to a Tuesday Hong Kong bourse filing.
The drug is being tested for first-line treatment for newly diagnosed multiple myeloma, the filing said.
South Korean stocks closed at a new high, above the 8,000-point level on Tuesday, as investors hoped for a U.S.-Iran agreement to reopen the Strait of Hormuz.The Korea Composite Stock Price Index or Kospi jumped by 199.8 points, or 2.6%, to end at 8,047.51. The Kosdaq also increased by 11.39 points, or 1%, to close at 1,172.52.Brent crude rose 2% to $98.26 a barrel on Tuesday after the U.S. carried out military operations in southern Iran and mixed signals from U.S. President Donald Trump on Washington-Tehran negotiations kept traders on edge, while U.S. WTI crude futures were down 5.1% at $91.73 per barrel.Despite the ongoing ceasefire and negotiations to permanently end the war, the U.S. targeted and attacked Iranian missile launch sites and boats around the Strait of Hormuz in what its military called "self-defense strikes."The strikes took place after Iranian foreign ministry spokesman Esmail Baqai said that although talks progressed with the U.S., a deal to end the conflict "is not imminent".In economic news, South Korea's central bank is expected to hold the base rate steady at 2.50% at its rate-setting meeting on May 28, 30 out of the 32 economists projected in a poll by Reuters.In addition, most of the economists expect one or more rate hikes by the end of this year as the U.S.-Iran war is projected to add inflationary pressures, Reuters said.The rate hike expectations come after inflation surpassed the central bank's 2% target, with April inflation hitting its highest level in nearly two years as the ongoing war in the Middle East and the blockade of the Strait of Hormuz kept oil prices above $100 a barrel for almost three months.The Bank of Korea is also expected to raise this year's growth forecast from 2% on Thursday, making the case strong for further rate hikes ahead.In corporate news, Sunic System (KOSDAQ:171090) secured a large-area deposition equipment contract for organic light-emitting diode deposition equipment from LG Display (KRX:034220), according to a filing with the Korea Exchange on Tuesday.The contract, the value of which was undisclosed, is valid till May 21, 2027.Shares of the electrical components manufacturer rose more than 1% at market close, while those of LG Display rose over 3%.
Miniso (HKG:9896) recorded a surge in attributable profit in the first quarter of 2026 to 1.25 billion yuan from 416.3 million yuan a year prior, according to a Tuesday Hong Kong bourse filing.Earnings per share jumped to 1.02 yuan in the three months from 0.34 yuan in the corresponding period of the previous fiscal year.The retailer's revenue increased 29% to 5.69 billion yuan from 4.43 billion yuan in the year-ago period, driven by mid-single-digit growth of same-store Gross Merchandise Volume on a group level.
S&P Global Ratings sees light vehicle demand declining this year, with China and the US observing the largest drops, according to a recent release.Waning consumer interest and reduced policy incentives will drive the decline in demand, S&P said.Chinese light vehicle sales dropped 20% year on year in the first four months of 2026, although S&P expects a modest recovery in the second half due to better seasonality and availability of new models, the rating agency said.Meanwhile, domestic wholesale volume for Chinese mass-market producers like BYD (HKG:1211, SHE:002594) and Chery Automobile dropped between 40% and 50%, the rating agency said.S&P expects rated manufacturers to leverage scale advantages to sustain stable sales volumes.However, rising cost inflation amid higher commodity prices due to the Middle East war could squeeze profit margins across the sector, S&P said.Chinese carmakers have quickened the pace of overseas expansion to offset intense domestic competition, leading to a 50% jump in passenger vehicle exports during the first quarter, the rating agency said.Chinese producers will also continue to increase prices or scale back incentives on some models amid these pressures, according to the rating agency.