China Healthcare A catalyst-rich 2026：valuation re-rating opportunities for Chinese biotechs／biopharmas

A catalyst-rich 2026: valuation re-rating opportunitiesfor Chinese biotechs / biopharmas The Chinese biotech / biopharma sector is entering apivotalphase in 2026,drivenby accelerating global BD partnerships, pivotal clinical data readouts, andkey overseas regulatory milestones. As the industrytransitionsinto a "new pillarindustry"under supportive government policies,we believe the market isunderestimatingthe pipeline value of leading Chinese biotech companies. Inparticular,theoncologypipeline comprisesseveral high-conviction readouts thisyear, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi-3),Innovent's IBI363 data in first-line NSCLC and colorectal cancer,andDualityBio'sADC-plus-BNT327 combinations,which have the potential toreshape theoncologycompetitive landscape. Positive outcomes from these andother catalysts highlighted below could, in our view, drive broad-based valuationre-ratings across the sector. We detail the key near-term clinical and regulatorycatalysts for ourmajorcovered names below. China Healthcare Sector Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Related Reports: Akeso (9926 HK)-Eyes on pivotalivonescimab readouts (link) Akeso (9926 HK):Pivotal OS data and overseasBLA decision in focus.The Phase 3 OS data from the HARMONi-6 trial (ivonescimab+ chemo vstislelizumab + chemo in 1L sq-NSCLC)willbe releasedat the2026ASCOas alate-breaking abstract (LBA)on 1Jun. For overseas markets, partnerSummitTherapeutics is expected to read out 1L sq-NSCLC Phase 3(HARMONi-3)PFS data in 2Q26, followed by final PFS and interim OSupdatesin 2H26.In addition, acritical valuation catalystresides in the FDA’sPDUFA decision for ivonescimab in EGFR-TKI resistant NSCLCisexpectedin November 2026. BeOne Medicines (ONC US)-Firstfull-year profitability driven by robust BTKsales(link) Innovent Biologics (1801 HK)-Accelerating transition to globalbiopharma(link) Kelun-Biotech (6990 HK)-Inauguralyear of commercialization(link) BeOne(ONC US): Early-stage pipeline maturation and hematologyleadership.Phase 1 data for BGB-43395 (CDK4 inhibitor) in 1L and late-lineHR+ breast cancer is expected to drive near-term sentiment, coinciding withthe initiation of a Phase 3 registrational trial.The Phase 1 data ofBGB-43395will be released at the 2026 ASCO.Targeting a ~US$15bn market, BGB-43395 offers significant commercial upside as a potential second-to-marketCDK4-selective agent.Furthermore,1H26 will see data readouts for novelmodalities including a B7-H4 ADC and GPC3/4-1BB bsAb, followed byclinicalupdates for PRMT5i and CEA ADC in 2H26.In hematology,Sonrotoclax (Bcl2) is positioned for potential FDA approval in 1H26 for BTKi-treated MCL,following its prior approval in China. Jacobio (1167 HK)-Early pan-KRASclinical data unveils potential first-in-class blockbuster(link) Hansoh Pharma (3692 HK)-Robustsales growth and sustainable BDmomentum(link) Leads Biolabs (9887 HK)-ExpectmultiplePoC data of LBL-024 in 2026(link) DualityBio (9606 HK)-Pioneering ADC+ IO 2.0 paradigm with next-generationblockbuster ADC(link) Innovent (1801 HK): IBI363 (PD-1/IL-2) to take center stage.For IBI363,updated data for IBI363 in later-line NSCLCandthe first clinical data in 1LNSCLCwill be released at the 2026 ASCO.We also projectearly data forfirst-linecolorectal cancersto bereleasedin 2H26. On the global front,partnerTakeda is slated to initiateglobalPhase 3 trials for IBI363, probablyin IO-treated nsq-NSCLC, 1L NSCLC, and 1L CRC,which will start as soonas 2026 and into 2027, depending on positive PoC data. Takeda also plansto developIBI343 in 1L PDAC and 1L GC. Additionally,Innovent'smetabolicand immunology pipeline will see early data readouts for IBI3032 (oral GLP-1), IBI3002 (IL-4Rα/TSLP), and IBI356 (OX40L) throughout the year. 3SBio (1530 HK)-Short-term pressureon product sales; ASCO 2026 in focus(link) Kelun-Biotech (6990 HK): TROP2ADC (Sac-TMT) global and domesticpivotal readouts.The ChinaPhase 3studyforSac-TMTplus Keytrudaversus Keytruda alone in 1L PD-L1+ NSCLC has met its PFS primaryendpoint with detailed data to be releasedattheASCO 2026. Meanwhile,the results of Sac-TMT’s China Phase 3 study in 1LPD-L1 negativeNSCLCareexpected later at ESMO 2026.Additionally, partner MSD is expected tosubmit a US BLA forSac-TMTin 2026,and data from MSD-ledglobalPhase3 trialscouldstart toread outfromlate 2026 or early 2027. Jacobio (1167 HK): Pan-KRAS clinical data unveils potential first-in-class blockbuster.Further Phase 1 data updates of JAB-23E73(pan-KRAS)are expectedby August 2026 (1H26 results) or ESMO(October). Onthe clinical front, the domestic 1L PDAC Phase 1b/3 trial will advance to thePhase 3 stage in 2H26, while management also targets initiating a pivotaltrial for 2L PDAC in Chinabyyear-end. Additionally,we expect thepartnerAstraZenecato advanceoverseas clinical studies for JAB-23E73in 2026. Hansoh Pharma (3692 HK): ADC pipeline commercialization and globale