Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.</li>
<li>One ADD and one DELETE are screened as high-conviction calls this cycle.</li>
<li>We also include one mid-conviction ADD and one low-conviction DELETE.</li>
</ul>


We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.
One ADD and one DELETE are screened as high-conviction calls this cycle.
We also include one mid-conviction ADD and one low-conviction DELETE.


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/akeso-inc">Akeso</a> is a leader in the development of innovative bispecific antibodies, with its core products, cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), demonstrating significant clinical potential and positioning the company at the forefront of the next generation of cancer immunotherapy.</li>
 <li>The company is transitioning from a purely R&amp;D-focused biotech to a commercial-stage biopharmaceutical entity, with growing product revenues and multiple approved drugs. However, it remains unprofitable due to substantial and ongoing investment in research and development and clinical trials.</li>
 <li>Strategic partnerships, particularly the out-licensing of ivonescimab to Summit Therapeutics for development in major Western markets, provide external validation of its technology and a significant source of future revenue through milestones and royalties, mitigating some of the risks associated with commercialization.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Akeso is a leader in the development of innovative bispecific antibodies, with its core products, cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), demonstrating significant clinical potential and positioning the company at the forefront of the next generation of cancer immunotherapy.
  The company is transitioning from a purely R&amp;D-focused biotech to a commercial-stage biopharmaceutical entity, with growing product revenues and multiple approved drugs. However, it remains unprofitable due to substantial and ongoing investment in research and development and clinical trials.
  Strategic partnerships, particularly the out-licensing of ivonescimab to Summit Therapeutics for development in major Western markets, provide external validation of its technology and a significant source of future revenue through milestones and royalties, mitigating some of the risks associated with commercialization.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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.

Thematic (Sector/Industry)

<ul><li>DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.</li><li>DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.</li><li>Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. </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.

DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. 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.

Healthcare - WCLC 2026: China innovative drugs step into the spotlight

Healthcare Analyst

Wilfred Yuen

<ul>
<li>For WCLC 2026 (World Conference on Lung Cancer), we summarise key updates from China-originated drugs, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius</li>
<li>Key highlights: 1) Akeso/SMMT's ivonescimab: updated OS/subgroup analyses from Harmoni-2 bodes well for Harmoni-3 (squamous NSCLC) and Harmoni-7 (PD-L1 TPS≥50%); 2) Hansoh/GSK's B7H3 ADC: 18.5 months OS in 2L SCLC;</li>
<li>See inside for key tables, further analysis, cross-trial comparison, upcoming catalysts</li>
</ul>


For WCLC 2026 (World Conference on Lung Cancer), we summarise key updates from China-originated drugs, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius
Key highlights: 1) Akeso/SMMT's ivonescimab: updated OS/subgroup analyses from Harmoni-2 bodes well for Harmoni-3 (squamous NSCLC) and Harmoni-7 (PD-L1 TPS≥50%); 2) Hansoh/GSK's B7H3 ADC: 18.5 months OS in 2L SCLC;
See inside for key tables, further analysis, cross-trial comparison, upcoming catalysts


Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie...

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

HSCEI Dec 2026 Index Rebalance Forecast

We expect Shenzhou to be deleted below rank 60 and Hua Hong Grace to fill its seat, while a mid-conviction WuXi Bio ADD would also see ZTO deleted.

Ke Yan, CFA, FRM

Primer: Akeso (9926 HK) - Jun 2026

Akeso is a leader in the development of innovative bispecific antibodies, with its core products, cadonilimab (PD-1/CTLA-4) and ivonescimab...

αSK Primers

Healthcare - WCLC 2026: China innovative drugs step into the spotlight

DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated...

CMB International

Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie...

For WCLC 2026 (World Conference on Lung Cancer), we summarise key updates for drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie,...

Wilfred Yuen

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

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