Lumping these unclassified companies into a single "other" bucket is stupid and here's why: you are mixing actual biotech cash-cows with legacy dinosaurs. This group is essentially the Island of Misfit Toys of the Hong Kong market. If you look closely, some of these companies are staging a legitimate comeback, while others are just pretending they still matter.

The Biotech Reality Check

Clover Biopharmaceuticals (2197.HK) has seen its stock rally recently after forecasting a net profit of over RMB 957M for the first half of 2026. Good luck with that—it's mostly a one-off windfall from a Gavi settlement rather than recurring commercial success. What is the plan for the next act?

The United Laboratories (3933.HK), on the other hand, is actually making moves. They just bagged a USD 13.5M milestone payment from Novo Nordisk for their UBT251 clinical trial. Getting a piece of the red-hot obesity drug market? Finally, someone is not asleep at the wheel.

Meanwhile, Alphamab Oncology (9966.HK) is still slogging through the biotech winter. Why aren't you moving faster with the clinical readouts? Investors' patience across this sector is running dangerously thin.

Media Dinosaurs

Television Broadcasts (0511.HK)—yes, TVB—has been outperforming lately after squeezing out a HKD 59M profit in 2025. Now they are pivoting to mini-dramas with mainland platforms. It’s like a fading aristocrat desperately trying to go viral on TikTok to pay the bills.

China Ruyi (0136.HK), formerly HengTen Networks, is trying to survive in the brutal content production space after Evergrande cashed out long ago. A name change is cute, but surviving requires actual hit shows, not just a rebranding exercise.

Old Economy Survivors

CITIC Limited (0267.HK) is the ultimate conglomerate. Forecasting a 6% net profit bump for H1 2026, it’s too big to fail and completely boring, which is exactly what some investors want right now.

Nine Dragons Paper (2692.HK) managed to triple its interim profit in the 2026 fiscal year. Tripling margins in this macro environment? That is a feat. At least this management team knows how to navigate a brutal cycle.

Beijing Energy Clean Energy (0579.HK) saw Q1 net profit drop 18.2% to RMB 1.05B. But they are paying special dividends and settling massive bonds on time. That passes for a win these days.

China Lesso (0746.HK), the plastic pipe giant, saw its 2025 profits slide 26.5% to RMB 1.2B. The real estate chill is clearly still biting hard.

Finally, E-House (2408.HK) is an absolute disaster zone. The CEO resigned, the founders are restructuring, and they are trying to spin off assets. The golden age of real estate brokering is dead. Move on.

My view is simple: stop treating this entire basket as dead weight. The only things worth your time here are the biotech players with actual milestone cash and the industrial survivors managing their margins. As for the rest living on nostalgia? The market will eventually wipe them out.

This article does not constitute investment advice.