J.P. Morgan China/HK FTM 13 May 26 Hengrui; China Healthcare; Kuaishou Technology; Qingdao TGOOD Electric; Ping An Bank - A; Beijing-Shanghai High Speed Railway - A

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J.P. Morgan China/HK FTM 13 May 26 Hengrui; China Healthcare; Kuaishou Technology; Qingdao TGOOD Electric; Ping An Bank - A; Beijing-Shanghai High Speed Railway - A

Asia Pacific Equity Research

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China/HK First to Market 13 May 2026

Top Stories

Hengrui, China, Hong Kong (Yang Huang)

A record-setting US$15.2bn multi-asset global alliance, strengthening Hengrui’s shift from licensor

to strategic co-creator

Hengrui announced a global strategic collaboration and licensing agreement with Bristol-Myers Squibb

(BMS) yesterday (May 12), covering 13 early-stage projects spanning oncology, hematology, and

immunology, with a potential total transaction value of up to US$15.2bn. This represents Hengrui’s largest

BD transaction to date and is the second-largest China pharma out-licensing deal by total deal size —

behind only AstraZeneca’s US$18.5bn licensing agreement with CSPC signed earlier in 2026. The deal also

marks a meaningful strategic step-up from Hengrui’s prior landmark deal with GSK in 2025 (total deal size

up to ~US$12bn), which management described on yesterday’s investor call as the deal that validated the

Chinese pharma-MNC alliance model; the BMS transaction builds on that foundation by introducing Co-Co

optionality and joint early-stage discovery that the GSK deal did not include. We see the capital markets

reacted decisively: H-shares surged as much as 15% intraday before settling at approximately +4.8% on the

announcement (vs.