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.


Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<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

<ul>
<li>
Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical</li>
<li>
Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3</li>
<li>Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...
</li>
</ul>



Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical

Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3
Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...



China Healthcare Weekly Wrap (31 Aug - 4 Sep)

<ul>
<li>We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts</li>
<li>Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...</li>
<li>Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...</li>
</ul>


We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts
Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...
Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...


China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

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

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

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Key news this week: 1) licensing deals from Hutchmed and Simcere; 2) Hengrui's data of heart drugs in ESC. Separately, pelacarsen from Novartis...

Wilfred Yuen

China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

We track 36 major commercial-stage biotech/pharma companies in China for key takeaways/readthroughs and updated sector's major pipeline catalysts...

Wilfred Yuen

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