SBP Group (1177.HK): Strengthening exposure to innovation-led growth through a 5% increase in CT Tianqing ownership

SBP Group announced the proposed acquisition of an additional 5% stake in its subsidiary CT Tianqing, which would increase its effective ownership from 60% to 65%. Management described the transaction as a strategically attractive opportunity to increase exposure to the group's core profit and innovation engine at a valuation below that of its cited HK-listed peer group, providing immediate EPS accretion. Beyond the financial impact, management highlighted the deal as a step toward greater ownership concentration of the group's most valuable innovative asset, improving governance alignment and creating optionality for future minority-interest consolidation, with about 25 innovative product approvals expected between 2026-30 largely driven by CT Tianqing's pipeline. Management also reiterated a rich near-term catalyst pipeline across oncology, immunology and HBV, including data presentations at ESMO and AASLD and several late-stage assets advancing into registrational studies. Goldman S