格隆汇1月19日丨复宏汉霖(02696.HK)公告，内容有关董事会审议并批准关于建议实施H股全流通的议 案及公司建议实施H股全流通向中国证监会的备案已完成。公司董事会宣布，公司已收到联交所授出日 期为2026年1月19日就182,645,856股H股(「转换H股」)(即将予转换及上市的非上市股的总数)上市及买 卖的批准。 ...

內幕消息公告 聯交所就本公司H股全流通授出上市批准 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）根據香港聯合交易所有 限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港法例第571章證 券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 茲提述本公司日期為2025年3月24日、2025年6月9日及2026年1月16日的公告 （「該等公告」），內容有關董事會審議並批准關於建議實施H股全流通的議案及本 公司建議實施H股全流通向中國證監會的備案已完成。除另有界定者外，本公告 所用詞彙與該等公告所界定者具有相同涵義。 聯交所授出上市批准 本公司董事會欣然宣布，本公司已收到聯交所授出日期為2026年1月19日就 ...

Group 1 - The core point of the news is that Fuhong Hanlin has received approval from the China Securities Regulatory Commission for the full circulation of approximately 182.6 million unlisted shares, which is expected to enhance stock liquidity and attract more international investors [1] - The full circulation signifies not only an adjustment in share structure but also an optimization of corporate governance and unification of shareholder interests, which is beneficial for Chinese innovative pharmaceutical companies aiming for globalization [1][2] - Fuhong Hanlin's strategy of "differentiated innovation + global operation" has shown a clear trajectory, with successful product launches and deepening pipeline layouts, demonstrating strong growth resilience in the capital market [1] Group 2 - The pharmaceutical sector has experienced a recovery curve from the bottom, supported by favorable policies, returning funds, AI technology, and the international expansion of innovative drugs, leading to a significant valuation recovery [3] - As of December 31, 2025, both Hong Kong and A-share pharmaceutical sectors recorded substantial gains, with the Hang Seng Healthcare Index rising by 56.95%, while Fuhong Hanlin's stock surged by 140.71%, peaking at over 505% during the year [3] - The outlook for 2026 indicates a clearer development logic for the pharmaceutical industry, with a comprehensive policy support system for innovation and a growing global presence for Chinese innovative drugs [4] Group 3 - Fuhong Hanlin's global expansion has entered a new phase, with a commercial product matrix that has grown to 10 approved products and 5 applications accepted by the NMPA and EMA, covering over 60 countries and benefiting more than 950,000 patients [6][7] - The flagship product, Hanquyou®, has been approved in over 50 markets, while Hanshuang® has received approvals in more than 40 countries, including a significant approval in Peru for a PD-1 monoclonal antibody [7] - The company has accelerated its global layout through various licensing agreements with firms like Sandoz and Dr. Reddy's, which not only provide immediate cash flow but also facilitate entry into mature markets [7] Group 4 - Fuhong Hanlin has established a diverse and high-quality R&D pipeline with over 50 early-stage molecules, focusing on best-in-class (BIC) and first-in-class (FIC) products, including monoclonal antibodies and ADCs [9] - The company has developed multiple innovative platforms to ensure the quality and efficiency of R&D, which supports the creation of a competitive long-term innovation pipeline [9] - Key clinical and registration milestones for 2026 include significant advancements for Hanquyou® and HLX22, with plans for multiple global clinical studies and regulatory submissions [11][12] Group 5 - Fuhong Hanlin's future innovation therapies include ADCs, bispecific antibodies, and TCE products, with over 40 new clinical research applications expected to be approved within five years [16] - The company's growth trajectory reflects the broader narrative of the value reassessment of Chinese innovative pharmaceuticals, showcasing its ability to navigate from a local player to a global leader [16][17] - The full circulation not only brings opportunities for governance optimization and valuation reshaping but also resonates with the company's dual strategy of innovation and globalization [16]

Group 1 - GIC Private Limited increased its stake in Fuhong Hanlin (02696) by 38,300 shares at a price of HKD 67.5463 per share, totaling approximately HKD 2.587 million [1] - After the purchase, GIC's total shareholding in Fuhong Hanlin reached 11.4443 million shares, representing a 7% ownership stake [1]

Core Viewpoint - The announcement details the completion of the China Securities Regulatory Commission (CSRC) filing for the conversion of certain unlisted shares of Fosun Pharma's subsidiary, Fuhong Hanlin, into H-shares for listing on the Hong Kong Stock Exchange [2][3]. Group 1: Filing Situation - Fuhong Hanlin has received a filing notice from the CSRC regarding the conversion of a total of 182,645,856 shares held by several shareholders into H-shares, including 120,000,000 shares held by Fosun Pharma's subsidiary, Fosun New Drug [3]. Group 2: Impact on the Listed Company - As of the announcement date, the company holds a total of 344,730,800 shares in Fuhong Hanlin, representing approximately 63.43% of its total share capital. The conversion of the 120,000,000 unlisted shares into H-shares will not change the total number of shares held by the company, which will remain at 152,331,100 H-shares and 192,399,700 unlisted shares [4]. - The company has no plans to reduce its holdings in Fuhong Hanlin, reflecting confidence in the development and value of Fuhong Hanlin and its subsidiaries [2][4].

Group 1 - GIC Private Limited increased its stake in Fuhong Hanlin (02696) by 38,300 shares at a price of HKD 67.5463 per share, totaling approximately HKD 2.587 million [1] - After the increase, GIC's total shareholding in Fuhong Hanlin reached 11.4443 million shares, representing a 7% ownership stake [1]

Group 1 - GIC Private Limited increased its stake in Fuhong Hanlin (02696) by acquiring 38,300 shares at a price of HKD 67.5463 per share, totaling approximately HKD 2.587 million [1] - After the acquisition, GIC's total shareholding in Fuhong Hanlin reached 11,444,300 shares, representing a 7% ownership stake [1]

Core Insights - Fuhong Hanlin (2696.HK) has received official approval from the China Securities Regulatory Commission for its H-share full circulation filing, enhancing liquidity and governance for overseas capital access [1] - The company presented its Globalization 2.0 strategy and clinical milestone plans for core products at the 44th J.P. Morgan Healthcare Conference, aiming to launch over 20 products globally by 2030, with more than 15 expected in the U.S. and Europe [1] - Fuhong Hanlin has 10 products approved in over 60 markets, benefiting more than 950,000 patients, with ongoing expansion in overseas markets [2] H-share Full Circulation - The filing for 183 million non-listed shares for H-share full circulation has been completed, valid for 12 months, which will further enhance the company's share liquidity and governance [1] - The stock price showed strong performance, closing at HKD 68.25 on January 16, up 1.26%, with a total market capitalization of HKD 37.094 billion [1] Clinical and Product Development - The year 2026 is critical for Fuhong Hanlin's innovation pipeline and commercialization, with clear clinical and registration milestone plans for core products [2] - The anti-PD-1 monoclonal antibody Hanshuo® has been approved in over 40 markets globally, with plans to pursue gastric cancer perioperative indications in China and new indications in the U.S. and Europe [2] - The potential best-in-class PD-L1 ADC HLX43 will initiate three global key clinical studies and two proof-of-concept studies, with promising clinical data to be presented at major academic conferences [2] Global Operations and Commercialization - Fuhong Hanlin has established a solid global operational foundation, with 164 IND approvals and 66 NDA approvals, including 4 BLA approvals from the U.S. FDA [3] - The company has completed over 1,150 GMP production batches, with production facilities certified by multiple countries, ensuring stable supply for global markets [3] - The company aims to leverage stable cash flow from biosimilars to fund innovative R&D, supported by over 20 overseas partners to strengthen its global commercialization network [3]

Core Insights - The company, Shanghai Junshi Biosciences Co., Ltd. (复宏汉霖), has experienced rapid growth in its overseas business, with multiple products approved for sale in Europe and the United States [1] - The company has established a comprehensive integrated system for research, registration, and production, enabling it to continuously deliver innovative assets globally [1] Group 1 - The company has 10 products approved in over 60 markets worldwide [2] - The research pipeline includes over 50 early-stage molecules, with approximately 70% focused on best-in-class (BIC) and 15% on first-in-class (FIC) [2] - The global clinical team consists of nearly 600 members, covering over 1,000 research centers across more than 20 countries [2] Group 2 - The company has completed over 1,150 batches of commercial production that meet international GMP standards [2] - A commercial team of about 1,600 people has been established in China, with over 20 partnerships for commercialization overseas [2] - The company plans to launch over 20 products globally by 2030, with more than 15 expected to be approved in the U.S. and Europe [3] Group 3 - Future innovations will focus on ADCs, multi-antibodies, and TCEs across various disease areas, including oncology, autoimmune diseases, metabolism, and central nervous system disorders [3] - The company's enhanced global commercialization capabilities are expected to drive further growth in overseas revenue, solidifying its position as an international biopharmaceutical company [3]

Core Viewpoint - The company focuses on innovative treatments for mature targets, aiming to differentiate itself in the competitive PD-(L)1 market, particularly with its PD-1 monoclonal antibody, which is set to be the first and only approved treatment for ES-SCLC in the EU by February 2025 [1] Group 1: Innovative Drug Pipeline - The PD-1 monoclonal antibody is targeting small cell lung cancer as a core differentiation track while also expanding into new indications, potentially becoming the first immunotherapy approved for perioperative gastric cancer and first-line colorectal cancer [1] - HLX07, an engineered EGFR monoclonal antibody, has an extended half-life allowing for a three-week dosing schedule alongside H drug, showing excellent efficacy and safety in treating refractory squamous non-small cell lung cancer [1] - HLX43, a PD-L1 ADC with a dual toxin release mechanism, has shown superior anti-tumor efficacy and manageable safety in Phase I trials, with multiple Phase II trials for mainstream cancers like non-small cell lung cancer and liver cancer poised to start [1] Group 2: Biosimilar Drug Pipeline - The company has a long-standing commitment to the biosimilar drug sector and is advancing its global strategy, with HLX14 (dexamethasone) already approved in Europe and the US, and HLX11 (pertuzumab) approved in the US with applications pending in China and Europe [2] - The pipeline also includes targets like CTLA-4 and CD38, with ongoing overseas clinical studies to support global market expansion [2] Group 3: Financial Forecast - The company anticipates continued revenue contributions from its biosimilar drugs and accelerated innovation drug development, projecting revenues of 6.009 billion, 5.999 billion, and 6.438 billion yuan for 2025-2027, with net profits of 798 million, 804 million, and 839 million yuan respectively, corresponding to PE ratios of 47, 46, and 45 times [2]