Hansoh Pharma (3692.HK): Broadening ADC Collaboration with Roche; Reiterate Buy on Increasing Global Value Realization Visibility

Broad ADC collaboration with Roche marks Hansoh's first platform collaboration and further validates its ADC capabilities. Hansoh announced a strategic collaboration with Roche covering two preclinical Hansoh ADC programs and multiple additional programs against Roche-proposed targets leveraging Hansoh's proprietary ADC technology platform. Hansoh will lead development through completion of global Phase Ia trials, after which Roche will lead ex-Greater China development, while Hansoh retains Greater China rights. Hansoh will receive US$400mn upfront plus US$110mn on the first anniversary, and is eligible for >US$15bn in potential milestones plus tiered royalties. We reiterate Buy with a 12-month TP of HK$52.70 based on SOTP, supported by resilient domestic execution (innovative-drug sales +21.6% y/y in 1H26), increasing overseas value realization from Ris-Rez and Mo-Rez under GSK, and a growing pipeline of globally competitive assets. Encouraging ESMO 2026 datasets include Ris-Rez cORR