External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Hong kong Financials / Thematic (Sector/Industry)

<ul><li>The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.</li><li>As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.</li><li>In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. </li></ul><p><em>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.</em></p>

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. 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.

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas