Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report emphasizes the potential of second-generation 4-1BB agonists, particularly dual-target antibodies, which have shown promising efficacy while addressing safety concerns associated with liver toxicity [4][24] - The report highlights significant recent industry events, including Merck's acquisition of Cidara for approximately $9.2 billion and Pfizer's acquisition of Metsera, indicating a trend of consolidation in the biopharmaceutical sector [6] - The report suggests a long-term positive outlook for China's innovative drug sector, driven by increasing data catalysts and new product sales, recommending specific companies for investment [6] Summary by Sections 4-1BB Overview - 4-1BB (CD137) is a key member of the tumor necrosis factor receptor superfamily, crucial for T cell activation and immune response enhancement [4][10] - The second-generation CAR-T cell technology utilizing 4-1BB has been validated for inducing prolonged activation and survival of CAR-T cells in vivo [4][12] First-Generation 4-1BB Agonists - First-generation 4-1BB agonists like urelumab and utomilumab faced limitations due to liver toxicity and insufficient efficacy [16][22] - Urelumab demonstrated significant hepatotoxicity at doses ≥1.0 mg/kg, leading to its discontinuation [21][22] Second-Generation 4-1BB Agonists - Second-generation 4-1BB agonists are primarily dual-specific antibodies targeting various pathways, with a focus on balancing efficacy and safety [24][26] - LBL-024, a promising candidate, has shown unprecedented efficacy and is expected to submit a BLA by Q3 2026 [4][6] Recent Industry Events - Merck's acquisition of Cidara for $9.2 billion and Pfizer's acquisition of Metsera highlight ongoing consolidation in the biopharmaceutical industry [6] - The report notes that the innovative drug sector is under pressure but is expected to rebound with a focus on companies with strong revenue capabilities [6] Investment Strategy - The report recommends focusing on companies with differentiated innovation pipelines and strong revenue capabilities, including specific biopharma and pharma leaders [6] - Suggested companies for investment include Innovent Biologics, BeiGene, and I-MAB, among others [6]

Core Viewpoint - NewBridge Bio has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities acting as joint sponsors [1] Company Overview - NewBridge Bio is a biotechnology platform company established in 2016, focusing on the development of innovative precision immuno-oncology drugs [1] - The core product, Givastomig, is a novel bispecific antibody targeting CLDN18.2 and 4-1BB, applicable for gastric adenocarcinoma, biliary tract cancer, and pancreatic ductal adenocarcinoma [1] Product Development - Givastomig offers broader applicability and precise local immune activation in tumors compared to existing antibodies, potentially reducing systemic side effects [1] - The company has completed Phase I clinical trials for Givastomig and plans to initiate Phase II trials in early 2026 [1] - In addition to Givastomig, NewBridge Bio has three other clinical-stage projects, including uliledlimab, ragistomig, and VIS-101 [1]

Core Insights - I-Mab announced that an abstract related to updated data from the Phase 1 study of givastomig has been accepted for presentation at the AACR-NCI-EORTC conference in Boston from October 22-26, 2025 [1][2] Group 1: Givastomig Development - Givastomig is a bispecific antibody targeting Claudin 18.2-positive tumor cells, designed to activate T cells through the 4-1BB signaling pathway in the tumor microenvironment [4][6] - The drug is being developed for first-line metastatic gastric cancers and other Claudin 18.2-positive gastrointestinal tumors, with promising anti-tumor activity observed in Phase 1 trials [4][6] - I-Mab is collaborating with ABL Bio for the development of givastomig, sharing worldwide rights excluding Greater China and South Korea [5] Group 2: Conference Presentation Details - The presentation at the conference will cover updated safety, efficacy, and biomarker analysis from the Phase I study of givastomig in Claudin 18.2 positive advanced gastroesophageal carcinoma [3] - The session is scheduled for October 23, 2025, from 6:20 to 6:35 PM ET at the Hynes Convention Center, with Dr. Samuel J. Klempner as the speaker [3]

Core Viewpoint - CloudTop New Horizon (01952) has increased by over 3%, currently trading at 72.05 HKD with a transaction volume of 231 million HKD, following its strategic investment in Tianjing Bio [1] Group 1: Strategic Investment - CloudTop New Horizon has participated in Tianjing Bio's capital increase, acquiring new shares at a price of 1.95 USD per ADS, totaling approximately 30.9 million USD, making it the largest single shareholder of Tianjing Bio [1] - The investment is expected to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical translation capabilities, creating synergies with CloudTop's existing mRNA tumor vaccine portfolio [1] Group 2: Product Pipeline - Tianjing Bio possesses a differentiated pipeline of tumor-targeted/immunotherapies, including Givastomig (Claudin18.2/4-1BB dual antibody) and Ragistomig (PD-L1/4-1BB dual antibody) [1] - Givastomig is currently being explored in first-line gastric cancer treatment in combination with O drug and chemotherapy, showing superior data compared to current standard therapies in the U.S. Phase Ib study [1] - Ragistomig features a unique molecular design that binds PD-L1 only in the tumor microenvironment and activates 4-1BB, with Phase I data indicating better ORR and DCR compared to competing products targeting the same pathway [1]

Core Viewpoint - CloudTop New Horizon (01952) has seen a stock increase of over 3%, currently trading at 72.05 HKD with a transaction volume of 231 million HKD, following its strategic investment in Tianjing Bio [1] Group 1: Strategic Investment - CloudTop New Horizon has participated in Tianjing Bio's capital increase, acquiring new shares at a price of 1.95 USD per ADS, totaling approximately 30.9 million USD, making it the largest single shareholder [1] - This strategic investment allows CloudTop New Horizon to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical translation capabilities, creating synergies with its existing mRNA tumor vaccine portfolio [1] Group 2: Tianjing Bio's Pipeline - Tianjing Bio possesses a differentiated pipeline of tumor-targeted/immunotherapies, including Givastomig (Claudin18.2/4-1BB dual antibody) and Ragistomig (PD-L1/4-1BB dual antibody) [1] - Givastomig is currently being explored in first-line gastric cancer treatment in combination with O drug and chemotherapy, showing superior data compared to current standard therapies in the U.S. Phase Ib study [1] - Ragistomig features a unique molecular design that selectively binds to PD-L1 in the tumor microenvironment and activates 4-1BB, with Phase I data indicating better overall response rate (ORR) and disease control rate (DCR) compared to competing products targeting the same pathway [1]

Core Viewpoint - Genting New Year (01952) has announced a subscription for 15.8462 million American Depositary Shares (ADS) of I-Mab at a price of $1.95 per ADS, totaling approximately $30.9 million, which will result in a 16.1% ownership stake in I-Mab post-transaction [1][2] Group 1 - Genting New Year shares rose over 3% and were trading at HKD 63.5 with a transaction volume of HKD 147 million at the time of reporting [1] - The subscription price of $1.95 per ADS is equivalent to approximately HKD 15.3 per ADS [1] - The total consideration for the subscription amounts to approximately HKD 243 million [1] Group 2 - I-Mab is a global biotechnology company based in the United States, focusing on developing precision immuno-oncology drugs for cancer treatment [1] - I-Mab currently has three clinical-stage pipeline products: Givastomig, Ragistomig, and Uliledlimab [1] - The board believes that the subscription will confirm I-Mab's unique capabilities in clinical translation, particularly in the U.S., and will complement Genting New Year's strong influence in Asia [2]

Core Insights - Genting Yong's strategic investment in I-Mab amounts to $30.9 million, equivalent to approximately HKD 242.6 million, making it the largest shareholder with a 16.1% stake [1] - This investment marks a significant step in Genting Yong's strategic positioning in the next-generation tumor immunotherapy sector [1] I-Mab's Core Technology and Pipeline Products - I-Mab is a global biotechnology company listed on NASDAQ under the ticker "IMAB," focusing on precision tumor immunotherapy [3] - The company has three clinical pipeline products: Givastomig (Claudin18.2x4-1BB bispecific antibody), Ragistomig (PD-L1x4-1BB bispecific antibody), and Uliledlimab (CD73 antibody) [3] - Recent clinical data from I-Mab indicates an objective response rate of 83% for Givastomig in a Phase 1b dose-escalation study for first-line gastric cancer treatment [3] Strategic Synergy and Global Layout Value - Genting Yong's CEO stated that the investment enhances the company's global strategy in next-generation tumor immunotherapy pipelines [4] - Genting Yong has developed proprietary AI+mRNA and autologous CAR-T platforms, focusing on mRNA therapeutic vaccines and autologous CAR-T therapies [4] - The collaboration between Genting Yong and I-Mab is expected to create a matrix of next-generation tumor immunotherapy products, providing innovative solutions for major treatment areas [4] - The investment leverages I-Mab's clinical development capabilities in the U.S. and complements Genting Yong's strong presence in the Asian market, potentially enhancing the value of core self-developed pipeline products in both the U.S. and China [4]

Core Viewpoint - Everest Medicines has made a strategic equity investment of US$30.9 million in I-Mab, acquiring a 16.1% ownership stake, which aligns with its focus on next-generation oncology programs and enhances its presence in the U.S. market [1][4]. Investment Details - The investment will be made through the subscription of 15,846,154 American Depositary Shares (ADSs) at an offering price of $1.95 per ADS, contributing to total gross proceeds of approximately US$65 million for I-Mab [5]. - Following the investment, Everest will hold a total of 15,846,154 ADSs and 6,078,571 ordinary shares of I-Mab, representing approximately 16.1% of I-Mab's total issued share capital [5]. Clinical Development Synergies - I-Mab's bispecific antibody pipeline, particularly the 4-1BB receptor targeting platform, is complementary to Everest's existing mRNA cancer vaccines and in vivo CAR-T platform, potentially accelerating the development of pipeline products for both companies [2][3]. - The collaboration may leverage I-Mab's clinical translational capabilities in the U.S. and Everest's clinical capabilities in Asia, enhancing the global expansion of their respective product pipelines [3][4]. Product Pipeline - I-Mab's key pipeline products include Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), which has shown an overall response rate (ORR) of 83% in a Phase 1b trial for first-line gastric cancers [1][9][13]. - Other notable candidates in I-Mab's pipeline include Ragistomig (PD-L1 x 4-1BB bispecific antibody) and Uliledlimab (CD73 antibody), indicating a strong focus on precision immuno-oncology agents [8][13]. Company Background - Everest Medicines is a biopharmaceutical company dedicated to discovering, developing, and commercializing innovative therapeutics, particularly in oncology, renal diseases, infectious diseases, and autoimmune disorders [11]. - I-Mab is a U.S.-based global biotech company focused on precision immuno-oncology, with a differentiated pipeline aimed at treating various cancers [8][13].

Group 1 - Company Gindalbie Metals announced the acquisition of 15.84 million American Depositary Shares (ADS) of I-Mab at a price of $1.95 per ADS, totaling approximately $30.9 million [1] - Following the acquisition, the company will hold a total of 15.84 million ADS and 6.08 million ordinary shares, representing about 16.1% of I-Mab's total issued share capital post-transaction [1] - The company focuses on innovative drug and vaccine research and development, with a strategic pipeline of promising clinical-stage products aimed at addressing unmet medical needs globally [1] Group 2 - I-Mab is a global biotechnology company headquartered in the United States, specializing in precision immuno-oncology drugs for cancer treatment [2] - I-Mab has three clinical-stage pipeline products, including Givastomig, Ragistomig, and Uliledlimab, which are designed to target specific cancer markers [2] - The board believes that the acquisition will enhance I-Mab's unique capabilities in clinical translation, particularly in the U.S., and complement the company's existing investments in mRNA cancer vaccines [2]

Group 1 - Company Gindalbie Metals Limited announced the subscription of 15.8462 million American Depositary Shares (ADS) of I-Mab at a price of $1.95 per ADS, totaling approximately $30.9 million [1] - After the subscription, the company will hold a total of 15.8462 million ADS and 6.0786 million ordinary shares, representing about 16.1% of I-Mab's total issued share capital post-transaction [1] - The company focuses on innovative drug and vaccine research and development, with a strategic pipeline of promising clinical-stage products and aims to address unmet medical needs globally [1] Group 2 - I-Mab is a global biotechnology company headquartered in the United States, specializing in precision immuno-oncology drugs for cancer treatment [2] - I-Mab has three clinical-stage pipeline products, including Givastomig, Ragistomig, and Uliledlimab, showcasing its unique capabilities in clinical translation [2] - The subscription is expected to create complementary and synergistic effects between I-Mab's strengths in the U.S. and the company's influence in the Asia-Pacific region, particularly in the area of mRNA cancer vaccines [2]