Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You might have to go all the back to <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a>'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.</li>
<li>Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like <a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">Soho China (410 HK)</a> and <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>
</li>
<li>IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.</li>
</ul>


You might have to go all the back to Guoco Group Ltd (53 HK)'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.
Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like Soho China (410 HK) and TCM (570 HK)

IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.


Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

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>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Equity Bottom-Up

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>During 2025, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).</li>
<li>Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>


During 2025, Shanghai Henlius Biotech (2696 HK) clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).
Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

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.

<ul><li>Henlius delivered strong FY25 financial results, driven by robust product sales growth.</li><li>The Company is expanding its global biosimilar footprint and forging new international partnerships.</li><li>Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and serplulimab. </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.

Henlius delivered strong FY25 financial results, driven by robust product sales growth.The Company is expanding its global biosimilar footprint and forging new international partnerships.Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and serplulimab. 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.

Henlius Biotech (2696 HK) - Accelerating Global Commercialization and Innovation

China

Shanghai Henlius Biotech is a global, innovation-driven biopharmaceutical company focused on delivering high-quality, affordable biologic therapies for oncology, autoimmune diseases, and ophthalmic diseases. The company is engaged in biopharmaceutical research and development, manufacturing, and commercialization, offering products such as the biosimilars HANLIKANG (rituximab), HANQUYOU (trastuzumab), HANDAYUAN (adalimumab), and HANBEITAI (bevacizumab), as well as the innovative biologic HANSIZHUANG (serplulimab). Headquartered in Shanghai, China, the company was founded in 2010.

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Shanghai Henlius Biotech (2696 HK)

Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

PE and/or a VC outfit blocking deals are rare. Which may suggest LVC doesn't want that moniker. You could therefore, extrapolate that line of...

David Blennerhassett

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 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Henlius Biotech (2696 HK) - Accelerating Global Commercialization and Innovation

Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and...

CMB International

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Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

PE and/or a VC outfit blocking deals are rare. Which may suggest LVC doesn't want that moniker. You could therefore, extrapolate that line of...

David Blennerhassett

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 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

​Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Henlius Biotech (2696 HK) - Accelerating Global Commercialization and Innovation

Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and...

CMB International

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...