Latest news with #Jiangsu
Daily Mail
a day ago
- Business
- Daily Mail
GSK strikes £370m deal with Chinese rival Jiangsu Hengrui to develop up to a dozen new medicines
GSK has struck a £370million deal with a Chinese rival to develop up to a dozen medicines, including a promising candidate for a chronic lung condition. The deal with Jiangsu Hengrui Pharmaceuticals comes as GSK focuses on growing its pipeline to negate declining revenues from top drugs and vaccines amid slowing demand and rising competition. Under the deal, GSK will gain an exclusive licence to Hengrui's HRS-9821, which is being studied as a treatment for chronic obstructive pulmonary disease. GSK shares rose 0.4 per cent, or 5.5p, to 1398p.
The Australian
a day ago
- Automotive
- The Australian
BYD, Chery caught in $185m Chinese EV subsidy scandal
Two of China's largest electric vehicle manufacturers, BYD and Chery, have been caught up in a multimillion-dollar subsidy scandal after a government audit revealed they improperly claimed more than $80 million in taxpayer funds. China's Ministry of Industry and Information Technology, shows that from 2016 to 2020, the automakers received public subsidies for more than 13,000 vehicles that failed to meet official requirements. Preliminary results published late last month show Chery had applied for approximately 240 million yuan (approximately AUD $51 million) in funding for 8,760 electric and hybrid vehicles that did not qualify. MORE: EV boss calls for end to ute incentives BYD electric cars waiting to be loaded to the car carrier BYD "Shenzhen", which will sail to Brazil from the Taicang Port in Suzhou, in China's eastern Jiangsu province. (Photo by AFP) / China OUT BYD had 4,973,143 million yuan (approximately AUD $30 million). Both car brands accounted for close to 60 per cent of the total improper claims. The audit assessed more than 75,000 vehicles from more than a dozen automakers. In total, more than 21,700 vehicles across multiple brands were deemed ineligible accounting for 864.9 million yuan (approximately AUD $185 million) in questionable subsidies. No formal allegations of fraud have been made but the audit did flag issues such as missing supporting documents and failure to meet minimum mileage thresholds required under the phased out EV incentive scheme. Under the subsidy program, the Chinese government had previously offered generous cash rebates of up to 60,000 yuan (AUD $8400) per electric or plug-in hybrid vehicle, paid directly to manufacturers, who were supposed to pass on the subsidy to their customers as a discount on the purchase price. MORE: Jet on wheels delivers wild luxury Chery had applied for approximately 240 million yuan (approximately AUD $51 million) in funding for 8,760 electric and hybrid vehicles that did not qualify. Picture: Supplied However, this did not always happen correctly. Regulators were particularly sceptical of dealer practices and sales strategies, calling out 'zero kilometre used cars', brand new vehicles registered to dealers and resold as used stock to inflate sales figures. The Ministry has not confirmed whether any of the funds flagged in the audit have been repaired or deducted from future payments. Chery denied the allegations and has said it acted transparently and said the audit only involved subsidy applications that had not yet been paid out. BYD has not yet commented. Read related topics: China Ties Danielle Collis Journalist and Reporter Danielle's background spans print, radio and television, she has contributed to outlets such as The Age, ABC, Channel Nine and many more. For more than four years, Danielle has worked as Liz Hayes' producer and investigative journalist on her show 'Under Investigation', covering everything from corporate scandals to Australia's most baffling crime cases. Danielle's covered a range of topics from breaking news, politics, lifestyle and now motoring. Danielle Collis
Yahoo
2 days ago
- Business
- Yahoo
Hengrui Pharma and GSK enter agreements to develop up to 12 innovative medicines across Respiratory, Immunology & Inflammation and Oncology
Includes license for potential best-in-class PDE3/4 inhibitor (HRS-9821) in clinical development for treatment of COPD Additional 11 programmes to be developed by Hengrui Pharma and optioned by GSK following phase I completion JIANGSU, China, July 27, 2025 /PRNewswire/ -- Hengrui Pharma ( today announced it has entered into agreements with GSK plc (LSE/NYSE: GSK) to develop up to 12 innovative medicines, adding significant value to the globalization strategy of Hengrui and significant new growth opportunities to GSK beyond 2031. The programmes were selected to complement GSK's extensive Respiratory, Immunology & Inflammation (RI&I) and Oncology pipeline, and assessed for their potential best- or first-in-class profiles. GSK will pay $500 million in upfront fees across the agreements. The agreements include an exclusive worldwide license (excluding mainland China, Hong Kong SAR, Macau SAR and Taiwan region) for a potential best-in-class, PDE3/4 inhibitor (HRS-9821) in clinical development for the treatment of chronic obstructive pulmonary disease (COPD) as an add-on maintenance treatment, irrespective of background therapy. The addition of HRS-9821 supports GSK's ambition to treat patients across the widest spectrum of COPD by including those who face continued dyspnoea (shortness of breath) or who are unlikely to receive inhaled corticosteroids or biologics, based on their disease profile. HRS-9821 has demonstrated potent PDE3 and PDE4 inhibition, leading to increased bronchodilation and anti-inflammatory effects in early clinical and preclinical studies. In addition, HRS-9821 provides the opportunity for a convenient dry-powder inhaler (DPI) formulation that strategically fits GSK's established inhaled portfolio. The agreements also include a pioneering scaled collaboration to generate up to 11 programmes in addition to HRS-9821, each with its own financial structure. Hengrui Pharma will lead the development of these programmes up to completion of phase I trials, including patients outside of China. GSK will have the exclusive option to further develop and commercialise each programme worldwide (excluding mainland China, Hong Kong SAR, Macau SAR and Taiwan region), at the end of phase I or earlier at GSK's election as well as certain programme substitution rights. Frank Jiang, Executive Vice President and Chief Strategy Officer of Hengrui Pharma, said: "This strategic collaboration with GSK marks yet another significant milestone in Hengrui's globalisation journey and our mission to innovate and deliver higher-quality, cutting-edge therapies for patients worldwide. GSK brings additional R&D expertise, a robust global clinical network, and broad regulatory capabilities that will accelerate our PDE3/4 inhibitor as well as an array of other innovative therapy programs to overseas markets, potentially delivering breakthrough treatments to patients globally." Tony Wood, Chief Scientific Officer, GSK said: "We're delighted to announce these exciting agreements with Hengrui Pharma which complement our already-extensive pipeline. This deal reflects our strategic investment in programmes that address validated targets, increasing the likelihood of success, and with the option to advance those assets with the greatest potential for patient impact." The collaboration enables scale and speed to proof-of-concept to develop up to 11 additional innovative medicines. It benefits from GSK's therapy area expertise, deep understanding of disease biology, clinical development capability and global commercial scale with Hengrui Pharma's early discovery engine, platform technologies, extensive pre-clinical pipeline of high-value programmes and speed of clinical evaluation. Financial considerations GSK will pay $500 million in upfront fees across the agreements including for the license of the PDE3/4 programme. The potential total value of future success-based development, regulatory and commercial milestone payments to Hengrui Pharma is approximately $12 billion if all programmes are optioned and all milestones are achieved. In addition, Hengrui Pharma will be eligible to receive tiered royalties on global product net sales (excluding mainland China, Hong Kong SAR, Macau SAR and Taiwan region). The license to HRS-9821 is subject to customary conditions, including applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the US. About GSKGSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at About Hengrui PharmaHengrui Pharma is an innovative, global pharmaceutical company dedicated to the research, development and commercialisation of high-quality medicines to address unmet clinical needs. With a global R&D team that includes 14 R&D centres and more than 5,500 professionals, Hengrui Pharma's therapeutic areas of focus include oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. To date, Hengrui has commercialised 23 new molecular entity drugs and 4 other innovative drugs in China. Founded in 1970 with the core principle of putting patients first, Hengrui Pharma remains committed to advancing human health by striving to conquer diseases, improve health, and extend lives through the power of science and technology. Media on behalf of Hengrui Pharma:DGA Grouphengrui@ View original content: SOURCE Jiangsu Hengrui Pharmaceuticals Co., Ltd Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malay Mail
2 days ago
- Sport
- Malay Mail
Small cities, big dreams as China's grassroots football goes viral
SUZHOU, July 28 — On a summer's day in the city of Suzhou, about 40,000 people crowded into a stadium while thousands more gathered by public screens to watch China's hottest sport — amateur football. A balm for cynical fans drained by years of corruption and ineptitude in the professional game, the amateur leagues springing up around China have drawn millions of viewers online, boosted domestic tourism to lesser-known locales and sparked good-natured rivalry between cities. At the sold-out match in searing heat in Suzhou, near Shanghai, the home crowd jumped out of their seats and cheered when 17-year-old Kou Cheng scored against Yangzhou city in the second minute. Many wore bright red jerseys and T-shirts emblazoned with the characters for 'Suzhou' and used paper fans to cool themselves. Amateur football teams Suzhou (red) and Yangzhou (blue) fight for the ball at the Kunshan Olympic Sport Centre in Kunshan June 29, 2025. — AFP pic 'Compared to other competitions, the fans here are more passionate, and even if they don't understand football, the atmosphere is lively,' Qian Chunyan, a 35-year-old Suzhou resident, told AFP. The tournament first took off in the eastern province of Jiangsu — where Suzhou is located — earlier this year. The live-streamed matches soon drew millions of spectators on social media, putting smaller provincial cities on the domestic tourism map. That, in turn, has created a local consumption boom, giving cities that host matches a much-needed reprieve from years of sluggish spending. The games, initially sponsored by local businesses such as barbecue restaurants, have now attracted backing from big-name companies like e-commerce platforms Alibaba and Fans walk to the stadium to watch the amateur league football match between Suzhou and Zhenjiang at the Suzhou Sport Center in Suzhou July 20, 2025. — AFP pic 'Pure football' Fans of local amateur leagues told AFP they were drawn to matches by the simplicity of football not weighed down by the vast sums of money the professional game involves. 'With widespread public participation and minimal corporate involvement, it's a more pure form of football,' Wang Xiangshuo, a Suzhou football fan, told AFP. 'Winning or losing doesn't matter, purity is most important.' Professional football clubs in China, even in its top Super League, have been plagued by match-fixing and gambling scandals. The national team's abysmal performances at international tournaments often draw scorn and abuse from social media users. President Xi Jinping has said he wants China to win the World Cup one day. Suzhou fans watch the amateur league football match between Suzhou and Yangzhou at the Kunshan Olympic Sport Centre in Kunshan June 29, 2025. — AFP pic But the men's team are ranked 94th in the world by FIFA this year and they have only qualified once for the World Cup, in 2002, when they lost all three of their games without scoring a goal. Players in provincial leagues range from high school students to civil servants, including village Communist Party secretary Dai Hu, whose on-field appearances saw him featured by state news agency Xinhua. Local amateur tournaments are 'a great model for community football, allowing every citizen to have their own home team', Jin Shan, a football expert at the Beijing Academy of Social Sciences, told AFP. 'It brings football closer to the general public.' Fans look at a screen in a shopping mall showing the amateur league football match between Suzhou and Zhenjiang in Suzhou July 20, 2025. — AFP pic Tourism boom Local tourism has seen a boost from the league's popularity too. Since it began in May, the Jiangsu amateur tournament — affectionately dubbed the 'Su Super League' — has accounted for a growth in tourism spending in six cities across the province of more than 14 per cent, according to state-run broadcaster CGTN. Chen Tianshu, a souvenirs manufacturer in Nantong city, told AFP her colleagues rushed to make enamel badges with team logos and ice cream popsicles in the shape of local symbols after seeing branded tote bags sell out in a neighbouring city. 'The ice cream sold very well, with the first batch of a thousand pieces already almost sold out,' said Chen, whose company comprises just a dozen people. 'Our performance in the Su Super League is giving Nantong a rare moment to shine,' she said. Fans celebrate a goal of Suzhou amateur football team while watching the match on a screen showing the amateur league football match between Suzhou and Zhenjiang in the Shishan cultural square in Suzhou July 20, 2025. — AFP pic Other provinces eager for their share of the amateur football boom are following in Jiangsu's footsteps, with southern Jiangxi province hosting a two-stage tournament this month. Social media trends in China often lead to unexpected locations receiving sudden surges of visitors. Travellers flocked to the industrial town of Zibo in northern China in 2023, after videos featuring its regional barbecue style went viral. 'This year's success (of the Jiangsu league) is an unexpected delight,' souvenir maker Chen told AFP. 'I hope this will be a long-lasting tradition.' — AFP
The Standard
3 days ago
- Sport
- The Standard
Amateur football leagues win over cynical Chinese fans
Fans watch the amateur league football match between Suzhou and Yangzhou at the Kunshan Olympic Sport Center in Kunshan, in eastern China's Jiangsu province on June 29, 2025. (AFP)
