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.

Equity Bottom-Up

<ul><li>Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.</li><li>PFS HR in the Western cohort was less favorable compared to Chinese patients, and Western OS HR at extended follow-up similarly trailed the Chinese subgroup.</li><li>Investors are concerned about the translatability of AK112’s China data to the global market.</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.

Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.PFS HR in the Western cohort was less favorable compared to Chinese patients, and Western OS HR at extended follow-up similarly trailed the Chinese subgroup.Investors are concerned about the translatability of AK112’s China data to the global market.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.

Akeso (9926 HK) - OS Data Improved with Longer Follow-Up

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> announced the placement of 23.6M shares for subscription at HK$149.54 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  </li>
<li>Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.</li>
</ul>



Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.


Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

<ul><li>In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.</li><li>The NRDL inclusions of 2L+ cervical cancer for AK104 and 2L+ EGFRm NSCLC for AK112 have contributed to the sales growth.</li><li>Looking ahead to 2026, we anticipate additional NRDL inclusions for AK104 in 1L gastric cancer and 1L cervical cancer, and for AK112 in 1L PD-L1+ NSCLC, which should further accelerate product sales growth. </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.

In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.The NRDL inclusions of 2L+ cervical cancer for AK104 and 2L+ EGFRm NSCLC for AK112 have contributed to the sales growth.Looking ahead to 2026, we anticipate additional NRDL inclusions for AK104 in 1L gastric cancer and 1L cervical cancer, and for AK112 in 1L PD-L1+ NSCLC, which should further accelerate product sales growth. 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.

Akeso (9926 HK) - Key Data Readouts for AK112 to Validate Global Potential

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.</li>
<li>We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.</li>
<li>Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.</li>
</ul>


OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.


Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

<ul>
<li>Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. </li>
<li>Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .</li>
<li>3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.</li>
</ul>


Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. 
Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.


3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

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Akeso Biopharma Inc (9926 HK)

Akeso (9926 HK) - OS Data Improved with Longer Follow-Up

Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.

CMB International

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

Akeso (9926 HK) - Key Data Readouts for AK112 to Validate Global Potential

In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.

CMB International

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...

Xinyao (Criss) Wang

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52-week Range

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Akeso (9926 HK) - OS Data Improved with Longer Follow-Up

Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.

CMB International

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

Akeso (9926 HK) - Key Data Readouts for AK112 to Validate Global Potential

In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.

CMB International

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

​Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

​3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...

Xinyao (Criss) Wang

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...