New Buy: The overlooked PD-1/VEGF bispecific frontrunner

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New Buy: The overlooked PD-1/VEGF bispecific frontrunner

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3SBio

New Buy: The overlooked PD-1/VEGF

bispecific frontrunner

Initiating Coverage: BUY | PO: 23.00 HKD | Price: 16.92 HKD

A PD-1/VEGF bispecific frontrunner: initiate at Buy 23 July 2026

We initiate coverage on 3SBio, a potential global winner from I/O 2.0, at Buy with a Equity

DCF-based PO of HKD23.0. Our positive views are supported by the following catalysts

and drivers: i) expected Phase II readouts in 2H26 for SSGJ-707 plus chemo in 1L NSCLC David Li >> Research Analyst

and 1L mCRC, which could further validate its efficacy profile and support global Merrill Lynch (Hong Kong)

development; ii) continued Pfizer-led global execution, with multiple studies underway +852davidbo.li@bofa.com3508 4531

and the first wave of global data readouts expected from 2H27; iii) improving visibility Ethan Cui >>

on milestone and royalty income as SSGJ-707 development progresses; and iv) further Research Analyst

Merrill Lynch (Hong Kong)

PD-1/VEGF class validation from peer programs, especially upcoming global trials such ethan.cui@bofa.com

as HARMONi-3, which could reinforce investor confidence in SSGJ-707. Key risks: clinical Sandra Sun >>

failure or delay, fierce competition and greater pressure on legacy product sales. Research Analyst

SSGJ-707: the overlooked asset sandra.sun@bofa.com

We view the recent share-price correction as an attractive entry point into 3SBio’s SSGJ-

707 story: the stock has declined 11.8% since the Pfizer collaboration was announced,

Stock Datawhile SSGJ-707’s fundamentals have continued to strengthen, supported by multiple

clinical updates at major conferences over the past year and the initiation of 11 clinical Price 16.92 HKD

trials by Pfizer.