Company Overview - Kangfang Biopharma (09926.HK) experienced a significant stock price increase, rising over 14% to a record high of HKD 106.4 per share, with a market capitalization of approximately HKD 95 billion, nearing HKD 100 billion [2] - The company announced the completion of the first patient enrollment in the Phase Ia clinical trial for its first dual-target antibody-drug conjugate (ADC), AK146D1, aimed at treating advanced solid tumors [2] - AK146D1 targets Trop2 and Nectin4, which are promising tumor targets, and is the first dual-target ADC to enter clinical trials, with approvals from the FDA, TGA, and the National Medical Products Administration [2] Product Development - Kangfang Biopharma has developed over 50 innovative drug candidates for major diseases, with 24 candidates in clinical trials, including 15 dual-target/multi-target ADCs [3] - The company is the only one globally with two approved tumor immunotherapy dual antibodies, namely Cardunili (PD-1/CTLA-4 dual antibody) and Yivolisi (PD-1/VEGF dual antibody) [3] Market Outlook - According to a report by Frost & Sullivan, the Chinese anti-tumor drug market is expected to grow significantly, with a projected market size of RMB 398.5 billion from 2023 to 2026, reflecting a compound annual growth rate (CAGR) of 14.0% [4] - By 2030, the market size is anticipated to reach RMB 581.7 billion, with a CAGR of 9.9% from 2026 to 2030 [4]