Core Viewpoint - Zai Lab Limited (荃信生物-B) has entered into a global exclusive collaboration and licensing agreement with Roche for its self-developed long-acting dual antibody QX031N, which has led to a significant increase in its stock price [1] Group 1: Financial Aspects - Zai Lab will receive an upfront payment of $75 million and up to $995 million in milestone payments, along with potential tiered royalties from future product sales [1] - The stock price of Zai Lab increased by over 11% during trading, with a current price of HKD 22.82 and a trading volume of HKD 12.29 million [1] Group 2: Product and Market Potential - QX031N is a long-acting dual antibody targeting TSLP and IL-33, currently in the preclinical pipeline and has not yet entered clinical stages [1] - The agreement with Roche is seen as a validation of the company's innovative early research capabilities and recognition of the market potential in the autoimmune respiratory sector [1] - The transaction is considered rare due to the significant upfront payment and the clinical value of QX031N, which is comparable to TL1A dual antibodies in the IBD field, indicating a leading position and market potential globally for this target combination [1]