Has the Hong Kong Biotech Industry valuation changed over the past few years?

Investors are relatively neutral on the Hong Kong Biotechs industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PS ratio of 9.9x.

Which industries have driven the changes within the Hong Kong Healthcare industry?

There are no additional sub-industries under this industry.

Hong Kong (HSI) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 16 Aug 2026	HK$961.4b	HK$95.3b	-HK$3,965,103,594.15	26.1x	-242.5x	10.1x
Tue, 14 Jul 2026	HK$916.6b	HK$94.4b	-HK$4,117,015,422.35	20.3x	-222.6x	9.7x
Thu, 11 Jun 2026	HK$801.3b	HK$94.6b	-HK$4,476,325,461.73	17.4x	-179x	8.5x
Sat, 09 May 2026	HK$1.0t	HK$94.0b	-HK$3,462,604,676.34	23x	-291.1x	10.7x
Mon, 06 Apr 2026	HK$1.1t	HK$92.6b	-HK$3,975,558,297.75	31.7x	-286.3x	12.3x
Wed, 04 Mar 2026	HK$897.6b	HK$72.2b	-HK$12,324,949,498.10	40.8x	-72.8x	12.4x
Fri, 30 Jan 2026	HK$964.7b	HK$70.3b	-HK$13,986,101,211.05	33.7x	-69x	13.7x
Sun, 28 Dec 2025	HK$955.3b	HK$69.8b	-HK$13,773,740,182.09	39.1x	-69.4x	13.7x
Tue, 25 Nov 2025	HK$1.0t	HK$69.0b	-HK$12,862,606,084.97	40.4x	-78.4x	14.6x
Thu, 23 Oct 2025	HK$1.0t	HK$68.3b	-HK$13,113,789,226.93	49.9x	-77.3x	14.8x
Sat, 20 Sep 2025	HK$1.1t	HK$68.4b	-HK$13,523,295,967.12	46.8x	-81.5x	16.1x
Mon, 18 Aug 2025	HK$1.1t	HK$63.6b	-HK$12,500,118,358.30	48.2x	-87.1x	17.1x
Wed, 16 Jul 2025	HK$832.0b	HK$63.7b	-HK$12,202,930,208.22	33.3x	-68.2x	13.1x
Fri, 13 Jun 2025	HK$754.6b	HK$62.2b	-HK$11,787,564,617.68	36x	-64x	12.1x
Sun, 11 May 2025	HK$562.7b	HK$61.1b	-HK$11,743,365,230.68	30.3x	-47.9x	9.2x
Tue, 08 Apr 2025	HK$431.7b	HK$58.1b	-HK$10,821,715,306.27	24.5x	-39.9x	7.4x
Thu, 06 Mar 2025	HK$449.6b	HK$52.3b	-HK$16,825,648,866.33	20.5x	-26.7x	8.6x
Sat, 01 Feb 2025	HK$357.4b	HK$52.3b	-HK$17,402,481,645.88	12.3x	-20.5x	6.8x
Mon, 30 Dec 2024	HK$376.2b	HK$51.8b	-HK$17,210,526,418.00	10.8x	-21.9x	7.3x
Wed, 27 Nov 2024	HK$398.8b	HK$52.3b	-HK$17,408,113,239.34	10.5x	-22.9x	7.6x
Fri, 25 Oct 2024	HK$399.8b	HK$52.3b	-HK$17,903,258,098.12	11.8x	-22.3x	7.6x
Sun, 22 Sep 2024	HK$356.5b	HK$52.9b	-HK$18,365,265,896.23	10.8x	-19.4x	6.7x
Tue, 20 Aug 2024	HK$321.3b	HK$51.4b	-HK$19,189,409,133.62	10.1x	-16.7x	6.2x
Thu, 18 Jul 2024	HK$329.4b	HK$49.7b	-HK$19,463,659,945.98	12.6x	-16.9x	6.6x
Sat, 15 Jun 2024	HK$339.0b	HK$49.7b	-HK$19,479,313,074.00	10.5x	-17.4x	6.8x
Mon, 13 May 2024	HK$381.6b	HK$49.9b	-HK$19,280,058,128.71	12.4x	-19.8x	7.6x
Wed, 10 Apr 2024	HK$348.5b	HK$49.3b	-HK$19,515,680,148.97	11x	-17.9x	7.1x
Fri, 08 Mar 2024	HK$335.4b	HK$47.2b	-HK$20,389,266,599.64	15.3x	-16.4x	7.1x
Sun, 04 Feb 2024	HK$298.0b	HK$46.8b	-HK$20,180,773,943.00	15x	-14.8x	6.4x
Tue, 02 Jan 2024	HK$409.5b	HK$47.3b	-HK$20,423,453,967.00	17.7x	-20.1x	8.7x
Thu, 30 Nov 2023	HK$408.3b	HK$46.5b	-HK$18,752,881,282.00	19x	-21.8x	8.8x
Sat, 28 Oct 2023	HK$397.2b	HK$44.9b	-HK$19,035,005,211.00	13.4x	-20.9x	8.8x
Mon, 25 Sep 2023	HK$413.2b	HK$44.9b	-HK$18,918,406,180.00	16.5x	-21.8x	9.2x
Wed, 23 Aug 2023	HK$370.9b	HK$35.9b	-HK$22,907,163,046.00	14.7x	-16.2x	10.3x


HK Market	-1.30%
Healthcare	-0.32%
Biotech	-0.26%
Biotech	-0.26%

Company	Last Price	7D	1Y	Valuation
2315 Biocytogen Pharmaceuticals (Beijing)	HK$69.00	11.7% +HK$3.2b	180.0%	PE91.2x
9887 Nanjing Leads Biolabs	HK$73.30	14.0% +HK$1.8b	5.7%	PS70.7x
6915 Jiangxi Institute of Biological Products	HK$14.00	45.4% +HK$1.3b	n/a	PE39.1x
7666 Metis TechBio	HK$12.11	8.9% +HK$1.2b	n/a	PS117.2x
9969 InnoCare Pharma	HK$14.94	4.5% +HK$1.1b	-23.8%	PE29.8x

Announcement • Aug 10

Ascletis Pharma Inc. Initiates Two Phase I Studies in U.S. for the Treatment of Obesity with Asc36 Once-Monthly Injection and Asc36_35Fdc Once-Monthly Injection

Ascletis Pharma Inc. had initiated two Phase I studies in the U.S. for the treatment of obesity: ASC36, a once-monthly to once-quarterly next-generation amylin receptor peptide agonist and ASC36_35FDC, a once-monthly subcutaneous fixed dose combination injection of ASC36 and GLP-1R/GIPR peptide agonist ASC35. The Phase I study for ASC36_35FDC is a randomized, double-blind, placebo-controlled trial designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of ASC36_35FDC injections following single and multiple ascending doses in participants with obesity (body mass index (BMI) = 30.0 kg/m²) or overweight (BMI = 27.0 kg/m²) with weight-related comorbidities. The Phase I study also evaluates two different FDC formulations: Injection A in 88 participants and Injection B in 88 participants. Both Injections A and B consist of two ultra-long-acting peptide agonists, the amylin receptor peptide agonist ASC36 and the GLP-1R/GIPR dual peptide agonist ASC35. The Phase I study for ASC36 is a randomized, double-blind, placebo-controlled trial designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of ASC36 injections following single and multiple ascending doses in participants with obesity (BMI = 30.0 kg/m²) or overweight (BMI = 27.0 kg/m²) with weight-related comorbidities. The Phase I study also evaluates two different formulations: Injection A in 72 participants and Injection B in 72 participants. ASC36_35FDC, a once-monthly subcutaneous fixed dose combination injection of ASC36 and ASC35, is a potentially first-in-class drug candidate which targets three validated targets of amylin receptor, GLP-1R and GIPR. ASC36 is a potentially first-in-class once-monthly to once-quarterly subcutaneous injection which targets amylin receptor. Investigational New Drug (IND) Applications for both ASC36 injection and ASC36_35FDC were recently cleared by the U.S. Food and Drug Administration (FDA). Both ASC36 and ASC35 were discovered in-house utilizing Ascletis' Artificial Intelligence-assisted Structure-Based Drug Discovery (AISBDD). Both ASC36 once-monthly to once-quarterly formulation and ASC36_35FDC once-monthly co-formulation are Self-Assembling Lipid Depot (SALD) formulations, developed in-house utilizing Ascletis' Ultra-Long-Acting Platform (ULAP) technology. SALD formulation is a low-viscosity solution which is composed of lipids, biocompatible organic solvents, and the active pharmaceutical ingredient (API). The low-viscosity solution can be easily administered into the subcutaneous tissue using an injection pen/auto-injector with a fine needle as thin as 29 gauge. After subcutaneous administration, the solution transforms into a gel-like depot in the tissue. Under the action of enzymes in the tissue, the depot slowly degrades, releasing the API over a one-month or longer period. In head-to-head non-human primate studies, ASC36 SALD formulation demonstrated approximately 6-fold longer observed half-life than eloralintide, supporting once-monthly to once-quarterly subcutaneous administration in humans. In non-human primate studies, ASC36_35FDC SALD co-formulation demonstrated long observed half-lives for both ASC36 and ASC35, supporting once-monthly subcutaneous administration in humans. Preclinical studies have established the superior efficacy of ASC36 injection and ASC36_35FDC injection co-formulation. In head-to-head diet-induced obese rat studies, which are highly predictive of human efficacy, ASC36 monotherapy, targeting amylin receptor, demonstrated approximately 91% and 32% greater relative body weight reduction compared to petrelintide and eloralintide monotherapies, respectively. In head-to-head diet-induced obese rat studies, ASC36_35FDC, targeting three targets of amylin receptor, GLP-1R and GIPR, demonstrated approximately 51% greater relative body weight reduction compared to the co-administration of eloralintide and tirzepatide. Both ASC36 injection formulation and ASC36_35FDC injection co-formulation exhibit excellent chemical and physical stability with no aggregation or precipitation caused by fibrillation at neutral pH.

Announcement • Aug 06

Nanjing Leads Biolabs Co., Ltd. Advances Opamtistomig (Pd-L1/4-1Bb Bispecific Antibody) to Expansion Phase in First-Line Hepatocellular Carcinoma Clinical Study

Nanjing Leads Biolabs Co., Ltd. announced that its Phase II clinical study evaluating Opamtistomig (LBL-024), a proprietary PD-L1/4-1BB bispecific antibody, in combination with bevacizumab for the treatment of first-line hepatocellular carcinoma (HCC) has successfully completed the safety run-in phase assessment following expert review and has advanced into the expansion phase. Preliminary clinical data demonstrated that Opamtistomig in combination with bevacizumab has shown encouraging anti-tumor activity and a favorable safety profile in patients with HCC, supporting further clinical evaluation in the expansion phase. HCC represents a significant global health burden and is the fourth most common malignant tumor and the second leading cause of cancer-related mortality in China, with approximately 368,000 new cases and 317,000 deaths recorded annually. Due to its often insidious onset, fewer than 30% of patients are eligible for potentially curative treatment at diagnosis, making systemic anti-tumor therapies essential for patients with intermediate-to-advanced disease. Currently, PD-1/PD-L1 inhibitors in combination with bevacizumab have become one of the first-line standard treatments for advanced HCC both in China and globally; however, median overall survival is only approximately 19 to 20 months, median progression-free survival is less than 7 months, and the objective response rate does not exceed 30%. These limitations highlight the urgent need for more effective and durable treatment strategies. Opamtistomig has demonstrated promising efficacy signals and broad therapeutic potential across multiple tumor types, including extrapulmonary neuroendocrine carcinoma (EP-NEC), non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC) and biliary tract cancer (BTC). Powered by the proprietary X-body™ platform, which enables tumor-localized activation of 4-1BB signaling, Opamtistomig has maintained a favorable safety profile across nearly 800 treated patients, further supporting its potential as a next-generation IO 2.0 pan-tumor immunotherapy platform. The encouraging clinical findings in HCC further strengthen the clinical validation of Opamtistomig’s differentiated mechanism and therapeutic potential. According to data published by the World Health Organization, the global annual number of new HCC cases reached 865,000 in 2022, ranking sixth among malignant tumors, with 758,000 deaths, ranking third among malignant tumors. HCC is particularly prevalent in China, where it is the fourth most common malignant tumor and the second leading cause of cancer-related deaths. Although China’s population accounts for only 18.4% of the global population, the country accounts for 368,000 new HCC cases and 317,000 deaths annually, representing 42.5% and 41.8% of the global totals, respectively. HCC is the predominant type of primary liver cancer, accounting for approximately 85% to 90% of cases. It has an insidious onset and is highly aggressive, with most patients diagnosed at an intermediate to advanced stage and a correspondingly poor prognosis. The five-year survival rate is 15% to 19% in North America, compared with only 12.1% in China, posing a serious threat to the health and lives of the Chinese population and making the reduction of the HCC disease burden a major public health issue requiring urgent attention in China. Opamtistomig (LBL-024) is emerging as a next-generation pan-cancer backbone therapy with potential overall survival (OS) benefit that simultaneously targets PD-L1 and the co-stimulatory receptor 4-1BB. Developed using Leads Biolabs’ proprietary X-Body bispecific platform, Opamtistomig is designed to simultaneously block PD-1/L1 immune suppression and conditionally activate 4-1BB, an agonist pathway, resulting in a potent and synergistic anti-tumor immune response. It has a safety profile comparable to PD-1/PD-L1 inhibitors and demonstrates broader-spectrum anti-cancer potential. To date, Opamtistomig has demonstrated first- or best-in-class potential in Phase II or registrational clinical trials across four indications: non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), biliary tract cancer (BTC), and extrapulmonary neuroendocrine carcinoma (EP-NEC). As the first 4-1BB–targeting bispecific antibody globally to advance to a single-arm pivotal trial as monotherapy, Opamtistomig has been evaluated in 13 solid tumor indications in China, including 1 pivotal registration trial and 8 proof-of-concept studies. These cover EP-NEC, NSCLC, SCLC, BTC, ovarian cancer (OC), esophageal squamous cell carcinoma (ESCC), hepatocellular carcinoma (HCC), gastric cancer (GC), triple-negative breast cancer (TNBC), malignant melanoma, and other areas with high unmet medical needs. Mechanistically, 4-1BB agonism can reactivate exhausted T cells and promote robust T-cell proliferation, offering significant promise for PD-1/PD-L1–resistant or immunologically “cold” tumors. Recognizing its clinical potential, Opamtistomig received Breakthrough Therapy Designation (BTD) from China’s National Medical Products Administration (NMPA) in October 2024, and Orphan Drug Designation (ODD) from the U.S. Food and Drug Administration (FDA) for the treatment of neuroendocrine carcinoma in November 2024. Additionally, in January 2026, Opamtistomig was granted Fast Track Designation (FTD) by the FDA and ODD by the European Commission for the treatment of EP-NEC, further underscoring its potential to address unmet medical needs in this patient population.

Hong Kong (HSI) Biotech Industry Analysis

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