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>LeadsBio is a clinical-stage biotech with a proven track record in business development.</li><li>The Company out-licensed LBL-051 (CD19/BCMA/CD3) and LBL-047 (BDCA2/TACI) to global partners in 2024 and 2025, respectively.</li><li>In 1H26, LeadsBio reported revenue of RMB36mn, mainly from the US$5mn milestone payment from Dianthus related to LBL-047. </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.

LeadsBio is a clinical-stage biotech with a proven track record in business development.The Company out-licensed LBL-051 (CD19/BCMA/CD3) and LBL-047 (BDCA2/TACI) to global partners in 2024 and 2025, respectively.In 1H26, LeadsBio reported revenue of RMB36mn, mainly from the US$5mn milestone payment from Dianthus related to LBL-047. 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.

Leads Biolabs (9887 HK) - Eyes on LBL-024 Readouts at WCLC/ESMO

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

<ul>
 <li>
<a href="https://smartkarma.com/entities/nanjing-leads-biolabs-co-ltd-class-h">Leads Biolabs</a> is a clinical-stage biotechnology firm with a robust and differentiated pipeline of 14 drug candidates, primarily focused on high-potential immuno-oncology (IO) and autoimmune disease therapies.</li>
 <li>The company's core asset, Opamtistomig (LBL-024), a PD-L1/4-1BB bispecific antibody, is a potential first-in-class therapy for multiple solid tumors and has entered a pivotal registration trial, representing a significant near-term catalyst.</li>
 <li>Strategic partnerships, such as the potential $1 billion deal with Dianthus Therapeutics for its autoimmune candidate LBL-047, validate its technology platforms and provide non-dilutive funding to advance its broad pipeline.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Leads Biolabs is a clinical-stage biotechnology firm with a robust and differentiated pipeline of 14 drug candidates, primarily focused on high-potential immuno-oncology (IO) and autoimmune disease therapies.
  The company's core asset, Opamtistomig (LBL-024), a PD-L1/4-1BB bispecific antibody, is a potential first-in-class therapy for multiple solid tumors and has entered a pivotal registration trial, representing a significant near-term catalyst.
  Strategic partnerships, such as the potential $1 billion deal with Dianthus Therapeutics for its autoimmune candidate LBL-047, validate its technology platforms and provide non-dilutive funding to advance its broad pipeline.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Leads Biolabs (9887 HK) - Aug 2026

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

<ul><li>Leads Biolabs is a clinical-stage biotech with proven business development execution.</li><li>In FY25, the Company reported revenue of RMB177mn, driven by the late-2025 out-licensing of LBL-047 (BDCA2/TACI, currently in Ph1 for SLE) to Dianthus Therapeutics.</li><li>This agreement features US$38mn in upfront and near-term milestones, with up to US$1.0bn in total value. </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.

Leads Biolabs is a clinical-stage biotech with proven business development execution.In FY25, the Company reported revenue of RMB177mn, driven by the late-2025 out-licensing of LBL-047 (BDCA2/TACI, currently in Ph1 for SLE) to Dianthus Therapeutics.This agreement features US$38mn in upfront and near-term milestones, with up to US$1.0bn in total value. 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.

Leads Biolabs (9887 HK) - Expect Multiple PoC Data of LBL-024 in 2026

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

China

Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies for oncology, autoimmune, and other severe diseases, focusing on unmet medical needs. The company leverages proprietary technology platforms to advance a pipeline of drug candidates, including bispecific antibodies and fusion proteins. Founded in 2012, Leads Biolabs is headquartered in Nanjing, China.

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Leads Biolabs (9887 HK)