Zhi Tong Cai Jing·2026-01-23 05:59Group 1 - UBS upgraded Rongchang Biologics (09995) from "Neutral" to "Buy" with a target price raised from HKD 63.8 to HKD 120 [1] - UBS holds a positive view on the collaboration between Rongchang Biologics and AbbVie, which grants overseas rights for RC148 (PD-1/VEGF) and includes an upfront payment of USD 650 million, potential milestone payments up to USD 4.95 billion, and double-digit royalties on net sales outside Greater China [1] - The firm believes that AbbVie, as a multinational pharmaceutical company, will enhance the global development and commercialization of RC148, and is optimistic about the differentiated development strategy for RC148 [1] Group 2 - UBS expects the upfront payment to improve Rongchang Biologics' net debt situation and anticipates that multiple new drug approvals will enable the company to achieve breakeven starting in 2026 [1]