Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.</li>
<li>Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.</li>
<li>Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.</li>
</ul>



3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.


3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

China Traditional Chinese Medicine / Event-Driven

China Traditional Chinese Medicine (570 HK)

<ul>
<li>Shockingly, the Sinopharm-led consortium’s offer for <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> has lapsed as the precondition long stop date has not been extended.</li>
<li>This deal break caught many, including me, off guard. There are lessons to be learnt and questions to be asked. </li>
<li>Shareholders will have a bruising Monday. Our analysis suggests a deal break price of around HK$3.44, a 10% downside to the last close.</li>
</ul>


Shockingly, the Sinopharm-led consortium’s offer for China Traditional Chinese Medicine (570 HK) has lapsed as the precondition long stop date has not been extended.
This deal break caught many, including me, off guard. There are lessons to be learnt and questions to be asked. 
Shareholders will have a bruising Monday. Our analysis suggests a deal break price of around HK$3.44, a 10% downside to the last close.


China Traditional Chinese Medicine (570 HK): Disaster as Offer Lapses, Potential Deal Break Price

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>ASCO 2026 disclosed two abstracts for 707/ PF’4404 in 1L PD-L1+ NSCLC mono and 1L EC in combination with chemo.</li><li>On a cross-trial basis, 707 demonstrated competitive mPFS versus ivonescimab in 1L NSCLC, with particular strength in the NSQ subgroup.</li><li>707 also showed encouraging ORRs in 1L EC, especially in pMMR patients. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ASCO 2026 disclosed two abstracts for 707/ PF’4404 in 1L PD-L1+ NSCLC mono and 1L EC in combination with chemo.On a cross-trial basis, 707 demonstrated competitive mPFS versus ivonescimab in 1L NSCLC, with particular strength in the NSQ subgroup.707 also showed encouraging ORRs in 1L EC, especially in pMMR patients. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3SBio (1530 HK) -  Encouraging First MPFS Readout for 707 in 1L PD-L1+ NSCLC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.</li>
<li>The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.</li>
<li>We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.</li>
</ul>



3SBio Inc (1530 HK) witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.
The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.
We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.


3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 20th November 2025, pharma-play <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio (1530 HK)</a> announced the spin-off and listing of 87.16%-held Mandi, a "hair loss and weight management treatments" solutions provider, on the HKEx. </li>
<li>3SBio will distribute its stake in-specie, together with a concurrent global offering. An EGM has been set for the 23rd April for shareholders to vote on the in-specie distribution.</li>
<li>Mandi accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit. No updated figures for 2H25 have been provided. 3SBio's overall FY25 numbers were stellar. </li>
</ul>


Back on the 20th November 2025, pharma-play 3SBio (1530 HK) announced the spin-off and listing of 87.16%-held Mandi, a "hair loss and weight management treatments" solutions provider, on the HKEx. 
3SBio will distribute its stake in-specie, together with a concurrent global offering. An EGM has been set for the 23rd April for shareholders to vote on the in-specie distribution.
Mandi accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit. No updated figures for 2H25 have been provided. 3SBio's overall FY25 numbers were stellar. 


Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

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3SBio (1530 HK)

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

China Traditional Chinese Medicine (570 HK): Disaster as Offer Lapses, Potential Deal Break Price

This deal break caught many, including me, off guard. There are lessons to be learnt and questions to be asked. Shareholders will have a bruising...

Arun George

3SBio (1530 HK) - Encouraging First MPFS Readout for 707 in 1L PD-L1+ NSCLC

We continue to expect partner Pfizer’s global trial execution and additional clinical readouts to be the main drivers of stock price upside for 3SBio.

CMB International

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

3SBio's share price popped 12% yesterday following the release of strong FY25 numbers. But the stock is down 22% from my last note. My calcs...

David Blennerhassett

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3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

​3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

China Traditional Chinese Medicine (570 HK): Disaster as Offer Lapses, Potential Deal Break Price

This deal break caught many, including me, off guard. There are lessons to be learnt and questions to be asked. Shareholders will have a bruising...

Arun George

3SBio (1530 HK) - Encouraging First MPFS Readout for 707 in 1L PD-L1+ NSCLC

We continue to expect partner Pfizer’s global trial execution and additional clinical readouts to be the main drivers of stock price upside for 3SBio.

CMB International

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

​3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

3SBio's share price popped 12% yesterday following the release of strong FY25 numbers. But the stock is down 22% from my last note. My calcs...

David Blennerhassett

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...