Going Global Weekly Report: Pharma Firms Sealed Licensing Deals at a Fast Pace as Semiconductors and E-Commerce Accelerate toward HK Listings - 20260904

Outbound M&A

1.MAN WAH HLDGS (01999.HK): On August 31, announced the acquisition of 7,684,126 shares of UK-based DFS, representing approximately 3.26% of DFS's issued shares, from Man Wah Wong Family Investment Limited for a consideration of GBP 12.4713 million (approximately HKD 132 million), lifting its stake to approximately 8.58% upon completion. DFS is a UK upholstered furniture retailer listed on the London Stock Exchange, which recorded revenue of GBP 1.03 billion in FY2025.

Outbound Partnerships

1.HUTCHMED (00013.HK): On September 3, announced that its subsidiary had entered into an exclusive development and licensing agreement with a GSK affiliate for HMPL-A830, a KRAS-EGFR antibody-targeted conjugate drug, granting rights to develop and commercialize the drug globally excluding Mainland China, Hong Kong SAR, Macao SAR and the Taiwan region, for an upfront payment of USD 110 million and development, regulatory and commercial milestone payments totalling up to USD 1.295 billion, plus royalties based on net sales; a global Phase I clinical trial is expected to commence in the second half of 2026.

2.SBP GROUP (01177.HK): On August 31, announced that its subsidiary Chia Tai Tianqing Pharmaceutical Group Co., Ltd. had entered into an exclusive licensing and supply agreement with Cipla for TQB2102, a HER2 bispecific antibody-drug conjugate, under which Cipla is licensed to develop and commercialize the drug in India, South Africa and five other emerging markets, entitling the group to up to USD 123 million in milestone payments plus double-digit royalties. This is the second regional licensing collaboration concluded for TQB2102.

3.KEYMED BIO-B (02162.HK): On September 2, signed an exclusive licensing agreement with Aeira Pte. Ltd. covering registration and commercialization of its self-developed IL-4Rαmonoclonal antibody, stapokibart injection (Kangyueda), in 18 countries and regions, including 11 Southeast Asian countries, 5 Central Asian countries and the Hong Kong and Macao SARs. The company will receive upfront payments, milestone payments and high-double-digit sales-based royalties.

4.PEGBIO CO-B (02565.HK): On September 2, entered into a material transfer agreement with South Korea's SN BioScience to apply its SNA long-acting delivery platform to three peptide drug candidates for metabolic diseases, including APGP6, for joint long-acting development studies.

Outbound Financing

1.SHEIN-W (00625.HK): On August 31, announced the results of its global offering at a final offer price of HKD 48.56 per share, with 279,992,500 Class B shares offered in total, raising approximately HKD 13.596 billion in gross proceeds and approximately HKD 13.214 billion in net proceeds; the shares commenced trading on The Stock Exchange of Hong Kong on September 1.

2.ANJI TECHNOLOGY (688019.SH): On September 3, submitted an application to HKEX for the issuance and listing of H shares.

3.AMLOGIC (688099.SH): On September 1, its H-share issuance received filing with the China Securities Regulatory Commission (CSRC), with a proposed issuance of no more than 53,815,500 H shares.

4.LONGSYS (09976.HK): On September 4, fixed the offer price for its H-share global offering at HKD 236.00 per share, offering 26,077,800 H shares, with listing expected on September 8.

Regulation and Compliance

1.SBP GROUP (01177.HK): On September 3, announced that TQB6426, a national Class 1 innovative drug and a GPC3-targeting antibody-drug conjugate independently developed by its subsidiary Chia Tai Tianqing, had received Investigational New Drug (IND) approval from the US Food and Drug Administration (FDA) for advanced malignant tumors. GPC3 is highly expressed in hepatocellular carcinoma, and no GPC3-targeting ADC has been approved for marketing worldwide.

Overseas Orders and Contract Wins

1.HONGHUA GROUP (00196.HK): On September 2, announced that its subsidiary Sichuan Honghua Petroleum Equipment Co., Ltd. had signed drilling rig sales agreements with a Middle East customer aggregating RMB 600 million, under which it will supply several large drilling rigs equipped with self-developed intelligent equipment, including automated tools and the Opera smart drilling system.

Overseas Operating Data

1.BYD COMPANY (01211.HK): On September 1, disclosed August sales of 440,300 new energy vehicles, of which 189,500 were exports.

2.GEELY AUTO (00175.HK): On September 1, disclosed total sales of 270,200 units in August, up 8% year on year, with ZEEKR-brand sales up 110% year on year and exports up 205% year on year.

NewTimeSpace Overseas Watch

This week's overseas hotspots centered on two fronts: pharmaceutical asset licensing and Hong Kong listings. Drugmakers are out-licensing self-developed pipelines through regional or even global exclusive agreements, with deals generally structured as upfront payments plus milestone payments and sales-based royalties, and licensed territories extending from emerging markets such as India and South Africa to Southeast Asia, Central Asia and global scope, while differentiated targets such as GPC3 ADCs are beginning to draw collaborations with multinational drugmakers. On the financing front, cross-border e-commerce and A-share semiconductor and memory companies are concentrating on or advancing H-share listings in Hong Kong, with both single-project fundraising scale and the density of H-share offerings rising in tandem. The observations show that pharma going global is evolving from one-off clinical approvals toward scaled global rights licensing, equipment manufacturers are locking in incremental demand in markets such as the Middle East through large orders, and automakers' exports continue to grow, as the going-global model shifts from product exports toward a balance of rights deals and capital market operations.

This article is for information organization only and does not constitute any investment advice.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.