ASIA PACIFIC EQUITY RESEARCH

Research evidence excerpt

ASIA PACIFIC EQUITY RESEARCH

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 17 July 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

new drug application) for sac-TMT in 1L triple-negative breast cancer (TNBC). Recall the company

announced Ph3 win of OptiTROP-Breast03 in 1L TNBC in May 2026 and then submitted this sNDA. We

expect OptiTROP-Lung06 data could be presented at ESMO’26 in October and OptiTROP-Breast03 data

could be presented at SABCS’26 in December. We raise our PT for Kelun Biotech to HK$648 (from HK

$535) as we increase the probability of success (PoS) for several domestic and global Ph3 programs in our

model, including sac-TMT in 1L TNBC and 1L NSCLC.

China Healthcare (Yang Huang)

2-day Chengdu tour takeaways: Rising innovation, partnerships and global execution

Our two-day Chengdu healthcare tour on 14–15 July was well attended by both generalist and specialist

investors and covered a broad range of biotech/pharma, CRO and medtech companies (in total 9

companies: Kelun Pharma, Kelun Biotech, Hinova, Haisco Pharma, Baili Pharma, Zenitar, Keymed, Hitgen,

and HxMedbot). One of the clearest takeaways was the broad push to adopt AI: many biotech companies

are already applying it across drug discovery and development, while others are investing heavily to embed

it into their R&D workflows. More broadly, the company meetings reinforced our constructive view on China

healthcare innovation, with leading companies translating stronger R&D platforms into clinical validation and

global development opportunities, while recent policy tightening on drug sales representatives has not seen

much impact in 2Q26. We continue to like biotech and CXO subsectors the most. In biotech, we like Kelun

Biotech and Innovent. In CXO, we like WuXi Apptec and WuXi Bio.