Zhi Tong Cai Jing·2026-01-16 02:00Group 1 - The core viewpoint of the article highlights that Rongchang Biologics (09995) has seen a stock increase of over 5%, currently trading at 98.1 HKD with a transaction volume of 137 million HKD [1] - The report from CMB International indicates that Rongchang Biologics has entered into an exclusive licensing agreement with AbbVie for RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China [1] - Rongchang Biologics will receive an upfront payment of 650 million USD, with potential milestone payments of up to 4.95 billion USD, along with a double-digit percentage tiered sales royalty [1] Group 2 - CMB International believes that the transaction will have limited short-term direct impact on competing products due to the first-mover advantage of companies like Kangfang Biologics and 3SBio in clinical progress [1] - The firm is optimistic about the overseas registration research progress of Taitasip and Vidisirimab by 2026, as well as the advancement of early-stage products in more indications [1] - CMB International has raised its revenue forecast for Rongchang Biologics for 2026 to 2027 and increased the target price to 136 HKD [1]