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

Duality Biotherapeutics / Equity Bottom-Up

<ul><li>We continue to view DB-1311/BNT324 (Elfe-D; B7-H3 ADC) as DualityBio’s core value driver, with best-in-class potential in mCRPC.</li><li>The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).</li><li>Upcoming readouts at WCLC 2026 and ESMO 2026 should represent important catalysts for sentiment and valuation. </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.

We continue to view DB-1311/BNT324 (Elfe-D; B7-H3 ADC) as DualityBio’s core value driver, with best-in-class potential in mCRPC.The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).Upcoming readouts at WCLC 2026 and ESMO 2026 should represent important catalysts for sentiment and valuation. 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 (9606 HK) - Eyes on the upcoming ADC + IO2.0 data readouts

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

DZT Research

DZT 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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.</li>
<li>In this note, we summarize the conclusion by HKEx and the rules to be implemented.</li>
<li>We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.</li>
</ul>


The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
In this note, we summarize the conclusion by HKEx and the rules to be implemented.
We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.


HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

United Laboratories / Equity Capital Markets

<ul>
<li>WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.</li>
<li>Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.</li>
<li>United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.</li>
</ul>


WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.


China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a> is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.</li>
<li>Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.</li>
<li>The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.</li>
</ul>



Duality Biotherapeutics (9606 HK) is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.
Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.
The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.


Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

China

Duality Biotherapeutics is a clinical-stage biopharmaceutical company dedicated to the discovery and development of next-generation antibody-drug conjugates (ADCs) to treat cancer and autoimmune diseases. The company develops a pipeline of ADC candidates, including DB-1303/BNT323 (HER2 ADC), DB-1311/BNT324 (B7-H3 ADC), DB-1310 (HER3 ADC), and DB-1305/BNT325 (TROP2 ADC), for various cancers. Duality Biotherapeutics is headquartered in Shanghai, China, and was founded in 2019.

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Duality Biotherapeutics (9606 HK)

DualityBio (9606 HK) - Eyes on the upcoming ADC + IO2.0 data readouts

The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).

CMB International

HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

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

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52-week Range

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DualityBio (9606 HK) - Eyes on the upcoming ADC + IO2.0 data readouts

The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).

CMB International

HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

​SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

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

Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

​Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...

Tina Banerjee

SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...