Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. Placing shares represent ~6.4% of the total number of issued shares.</li>
<li>The placing price indicates a discount of 8.4% to the undisturbed closing price. The placement is expected to take place on April 28, 2026.  </li>
<li>Abbisko intends to use the net proceeds for the R&amp;D of innovative oncology and non-oncology drug candidates, advancement of international clinical trials, and potential commercialization activities.</li>
</ul>



Abbisko Cayman (2256 HK) is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. Placing shares represent ~6.4% of the total number of issued shares.
The placing price indicates a discount of 8.4% to the undisturbed closing price. The placement is expected to take place on April 28, 2026.  
Abbisko intends to use the net proceeds for the R&amp;D of innovative oncology and non-oncology drug candidates, advancement of international clinical trials, and potential commercialization activities.


Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.</li>
<li>Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.
Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.


Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.</li>
<li>This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.</li>
<li>Graham would conclude these stocks are priced for liquidation.  Stocks discussed include <a href="https://www.smartkarma.com/entities/brilliance-china-automotive" target="_blank" data-smartkarma-citation="entities:469:1" rel="noopener">Brilliance China (1114 HK)</a>, <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan (909 HK)</a>, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech (2158 HK)</a>, and <a href="https://www.smartkarma.com/entities/a-living-smart-city-services-c" target="_blank" data-smartkarma-citation="entities:26728:1" rel="noopener">A-Living Smart City (3319 HK)</a>.</li>
</ul>


With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation.  Stocks discussed include Brilliance China (1114 HK), Ming Yuan (909 HK), Yidu Tech (2158 HK), and A-Living Smart City (3319 HK).


More Hong Kong Stocks Priced For Liquidation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).</li>
<li>There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).
There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.


Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

Thematic (Sector/Industry)

<ul>
<li>Henlius Biotech’s serplulimab is a step ahead for EU approval for two indications. InSilico Medicine inked a licensing and drug discovery collaboration with Eli Lilly for $115M upfront payment.</li>
<li>Shionogi completes acquisition of Radicava and stake increase in ViiV Healthcare. Mochida Pharmaceutical inked licensing deal with LG Chem for marketing of Dinagest in South Korea and Thailand.</li>
<li>Samsung Biologics has completed its acquisition of a manufacturing facility in Rockville, Maryland from GSK. SK Biopharmaceuticals has submitted NDA to the FDA for the oral suspension formulation of Xcopri.  </li>
</ul>


Henlius Biotech’s serplulimab is a step ahead for EU approval for two indications. InSilico Medicine inked a licensing and drug discovery collaboration with Eli Lilly for $115M upfront payment.
Shionogi completes acquisition of Radicava and stake increase in ViiV Healthcare. Mochida Pharmaceutical inked licensing deal with LG Chem for marketing of Dinagest in South Korea and Thailand.
Samsung Biologics has completed its acquisition of a manufacturing facility in Rockville, Maryland from GSK. SK Biopharmaceuticals has submitted NDA to the FDA for the oral suspension formulation of Xcopri.  


APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

China

Abbisko Cayman Limited is a clinical-stage biopharmaceutical company focused on discovering and developing innovative small molecule oncology therapies. Its pipeline includes core product candidates like ABSK011 (Irpagratinib) for hepatocellular carcinoma and ABSK091 (Fexagratinib) for urothelial and gastric cancers, along with Pimicotinib (ABSK021) for tenosynovial giant cell tumors. The company was founded in 2016 and is headquartered in Shanghai, China.

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Abbisko (2256 HK)

Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

Abbisko Cayman is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. The company intends to use the proceeds for the R&D of...

Tina Banerjee

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

More Hong Kong Stocks Priced For Liquidation

This note looks at Net Nets, (current assets less current liabilities), then subtract debt not included in current liabilities. Benjamin Graham...

David Blennerhassett

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

Henlius’ serplulimab is a step ahead for EU approval for two indications. InSilico inked $2.75B deal with Lilly. SK Biopharmaceuticals applied for...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

Abbisko Cayman is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. The company intends to use the proceeds for the R&D of...

Tina Banerjee

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

​Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

More Hong Kong Stocks Priced For Liquidation

This note looks at Net Nets, (current assets less current liabilities), then subtract debt not included in current liabilities. Benjamin Graham...

David Blennerhassett

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

​Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

APAC Healthcare Weekly (April 5) – Henlius Biotech, InSilico, Shionogi, Samsung Bio, SK Biopharma

Henlius’ serplulimab is a step ahead for EU approval for two indications. InSilico inked $2.75B deal with Lilly. SK Biopharmaceuticals applied for...

Tina Banerjee

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...