China Biotech & Pharma — Preview of ESMO: Catalysts for Kelun Biotech, Innovent, Akeso, Hengrui, Hansoh and Insilico

Heading into ESMO, we preview key updates across select names in our coverage. Our selection of 20+ China Biotech stocks was down 4.4% last week, underperforming the HSI at +1.8%, and we see multiple ESMO catalysts that could drive China biotech stocks and further validate China-originated innovation across bispecifics, ADCs, and targeted oncology. Within biotech, our top picks remain Kelun Biotech and Innovent, where we see catalyst-rich pathways into ESMO and beyond; we have also become more positive on Akeso following AstraZeneca's US$2bn investment in its US partner Summit. We also include Insilico's early Ph1 asset readout as a relevant data point for AI-driven drug discovery (AIDD) platforms, while late-stage assets from large Pharma names Hengrui and Hansoh remain relevant to investors' focus on mid-term growth drivers. Abstracts are expected to release on Oct. 18, while posters are expected online on Oct. 23, as the ESMO conference runs from Oct. 23 to 27. Kelun Biotech: Sac-TM