Zhi Tong Cai Jing·2026-01-16 02:21Core Viewpoint - 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, following the announcement of an exclusive licensing agreement with AbbVie for RC148, which includes an upfront payment of 650 million USD and potential milestone payments of up to 4.95 billion USD, along with a double-digit percentage sales royalty [1] Group 1 - 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] - The upfront payment from AbbVie is 650 million USD, with potential milestone payments reaching up to 4.95 billion USD [1] - The agreement includes a tiered sales royalty, which is expected to contribute to Rongchang's revenue [1] Group 2 - According to the report from CMB International, the immediate impact of this transaction on similar target products is considered limited due to the first-mover advantage of companies like Kangfang Biologics and 3SBio in clinical progress [1] - CMB International is optimistic about the overseas registration progress of TaiTasiP and VidiCimab by 2026, as well as the advancement of early-stage products in more indications [1] - The revenue forecast for Rongchang Biologics for 2026 to 2027 has been raised, with the target price increased to 136 HKD [1]