China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

ZaiLab's DLL3 ADC Is a Major Positive, but the Market Over-Reacted to Its Prospects

Zai LAB (ZLAB.US/9688.HK)：TTF Is Not a Done Deal, Both China and Globally

[Zai LAB (ZLAB US) Earnings Review]: Pretty Much the Same…Maintain SELL

[Zai LAB (ZLAB US) Target Price Change]: Demonstrating Directionally Business Model to Profit

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Local news reported two positive developments for Zai Lab’s FcRn inhibitor Efgartigimod: (1) Rival CSPC/HarbourBio withdrew BLA for competing drug Batoclimab (HBM9161), (2) Efgartigimod was included in 2024 NDRL;</li>
<li>We raise Zai Lab’s 2024 top line by 8.8% but keep non-GAAP operating loss largely unchanged；</li>
<li>We raise TP by US$2 to US$20 and maintain SELL.</li>
</ul>


Local news reported two positive developments for Zai Lab’s FcRn inhibitor Efgartigimod: (1) Rival CSPC/HarbourBio withdrew BLA for competing drug Batoclimab (HBM9161), (2) Efgartigimod was included in 2024 NDRL;
We raise Zai Lab’s 2024 top line by 8.8% but keep non-GAAP operating loss largely unchanged；
We raise TP by US$2 to US$20 and maintain SELL.


[Zai LAB (ZLAB US, SELL, TP US$20) TP Change]: Two Positive News Drove up 2024 Growth Target

Zai Lab Ltd

[Zai LAB (ZLAB US, SELL, TP US$20) TP Change]: Two Positive News Drove up 2024 Growth Target