Hengrui Medicine (1276.HK) fell 8% during Hong Kong trading on Thursday to HK$50.30, after earlier sliding to a record low of HK$48.80.

The Chinese pharmaceutical group posted first-half revenue of RMB 15.46 billion, down 1.9% year on year, with net profit of RMB 4.47 billion, a marginal rise of 0.3%. Non-recurring items dragged adjusted net profit down 12.7% to RMB 3.73 billion. The company paid no interim dividend.

Innovative drug sales increased 16.4% to RMB 8.81 billion, representing 63% of total revenue, while R&D spending climbed 19% to RMB 4.6 billion. Hengrui separately announced a RMB 1 billion-to-2 billion A-share buyback plan at prices up to RMB 81.78, earmarked for employee share-ownership schemes.

Recent pipeline milestones included approval of a fifth indication for its amoxicillin sulfate tablet and a new colorectal-cancer indication for its trastuzumab conjugate. The group also sealed a US$15.2 billion strategic partnership with Bristol Myers Squibb, and its affiliate Braveheart Bio completed a Nasdaq listing.