$Eli Lilly(LLY.US) rose slightly, $SBP GROUP(01177.HK) fell over one percent, and $INNOGEN-B(02591.HK) dropped eight percent. The three biopharma stocks showed divergence in Hong Kong and US markets today between GLP-1 and innovative drugs—$Eli Lilly(LLY.US) is expanding global channels for GLP-1 drugs Mounjaro/Zepbound and seeing sales ramp-up for its Alzheimer's drug; $SBP GROUP(01177.HK) is a leading Hong Kong-listed generic/innovative drug company that has completed a round of valuation repair; $INNOGEN-B(02591.HK) is a small-cap Hong Kong-listed Biotech suffering capital outflows.

Is it that GLP-1 hasn't found an independent growth curve among local Hong Kong-listed manufacturers, or is the valuation pressure on Hong Kong-listed Biotech itself weighing? It looks more like the latter—small-cap stocks like $INNOGEN-B(02591.HK), without cornerstone investor lock-ups, fall the fastest.