Hengrui Medicine (1276.HK) fell 2% during regular trading to HK$47.50, after touching HK$47.42 earlier — an all-time low since listing — with turnover around HK$224 million.

The slide follows disappointing first-half results: revenue slipped 1.9% year-on-year to 15.46 billion yuan, while adjusted net profit dropped 12.7% to 3.73 billion yuan, as generic drug sales contracted 27% in the second quarter and R&D spending rose. HSBC cut its price target to HK$73.70 from HK$88.50, and Nomura flagged weaker-than-expected sales and profit. The stock shed 10.2% last week, underperforming the Hang Seng Index by more than 12 percentage points, while the short-selling ratio climbed 1.49%. A proposed 1 billion-2 billion yuan A-share buyback for an employee stock plan failed to stem the decline.