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
Fri, 21 Aug 2026	HK$931.8b	HK$96.1b	-HK$2,990,034,400.29	25.1x	-311.6x	9.7x
Sun, 19 Jul 2026	HK$879.3b	HK$94.5b	-HK$4,119,595,524.12	19.6x	-213.4x	9.3x
Tue, 16 Jun 2026	HK$827.4b	HK$94.7b	-HK$4,480,822,663.90	17.8x	-184.6x	8.7x
Thu, 14 May 2026	HK$995.1b	HK$94.3b	-HK$3,920,696,490.27	22.4x	-253.8x	10.6x
Sat, 11 Apr 2026	HK$1.1t	HK$93.0b	-HK$3,924,384,864.45	29.3x	-278.3x	11.7x
Mon, 09 Mar 2026	HK$943.3b	HK$72.6b	-HK$11,934,310,073.47	49.6x	-79x	13x
Wed, 04 Feb 2026	HK$930.6b	HK$70.5b	-HK$14,018,674,829.12	33.6x	-66.4x	13.2x
Fri, 02 Jan 2026	HK$914.0b	HK$70.0b	-HK$13,819,580,925.71	36.7x	-66.1x	13.1x
Sun, 30 Nov 2025	HK$1.0t	HK$69.3b	-HK$12,920,525,774.10	41.4x	-81.1x	15.1x
Tue, 28 Oct 2025	HK$998.9b	HK$68.4b	-HK$13,154,709,954.68	45.5x	-75.9x	14.6x
Thu, 25 Sep 2025	HK$1.1t	HK$68.4b	-HK$13,329,795,411.09	49.4x	-82.7x	16.1x
Sat, 23 Aug 2025	HK$1.1t	HK$63.0b	-HK$13,534,750,234.67	50.8x	-81.9x	17.6x
Mon, 21 Jul 2025	HK$911.3b	HK$63.7b	-HK$12,190,686,816.03	38.2x	-74.8x	14.3x
Wed, 18 Jun 2025	HK$702.7b	HK$62.2b	-HK$11,778,745,195.01	33.5x	-59.7x	11.3x
Fri, 16 May 2025	HK$552.1b	HK$61.6b	-HK$11,836,867,893.69	29.9x	-46.6x	9x
Sun, 13 Apr 2025	HK$501.5b	HK$58.2b	-HK$10,846,605,502.52	26.2x	-46.2x	8.6x
Tue, 11 Mar 2025	HK$446.4b	HK$52.3b	-HK$16,824,074,532.01	22.2x	-26.5x	8.5x
Thu, 06 Feb 2025	HK$357.5b	HK$52.1b	-HK$17,322,284,042.82	12.7x	-20.6x	6.9x
Sat, 04 Jan 2025	HK$364.6b	HK$51.8b	-HK$17,202,014,407.34	11x	-21.2x	7x
Mon, 02 Dec 2024	HK$399.6b	HK$52.3b	-HK$17,390,148,785.72	10.7x	-23x	7.6x
Wed, 30 Oct 2024	HK$383.8b	HK$52.2b	-HK$17,863,709,612.43	11.3x	-21.5x	7.4x
Fri, 27 Sep 2024	HK$363.4b	HK$53.0b	-HK$18,443,311,404.75	11.4x	-19.7x	6.9x
Sun, 25 Aug 2024	HK$332.3b	HK$53.5b	-HK$18,888,703,785.07	11x	-17.6x	6.2x
Tue, 23 Jul 2024	HK$330.3b	HK$49.6b	-HK$19,422,944,293.95	12.6x	-17x	6.7x
Thu, 20 Jun 2024	HK$336.0b	HK$49.7b	-HK$19,463,199,548.12	10.6x	-17.3x	6.8x
Sat, 18 May 2024	HK$369.6b	HK$49.8b	-HK$19,389,301,884.42	12.1x	-19.1x	7.4x
Mon, 15 Apr 2024	HK$341.5b	HK$49.6b	-HK$19,924,923,894.70	11x	-17.1x	6.9x
Wed, 13 Mar 2024	HK$350.5b	HK$47.4b	-HK$20,450,625,656.33	16.7x	-17.1x	7.4x
Fri, 09 Feb 2024	HK$322.1b	HK$47.2b	-HK$20,393,366,609.52	15.6x	-15.8x	6.8x
Sun, 07 Jan 2024	HK$376.7b	HK$47.0b	-HK$20,300,331,811.00	16.9x	-18.6x	8x
Tue, 05 Dec 2023	HK$414.5b	HK$47.1b	-HK$20,318,447,108.00	18.6x	-20.4x	8.8x
Thu, 02 Nov 2023	HK$412.6b	HK$45.1b	-HK$18,886,517,646.00	12.7x	-21.8x	9.2x
Sat, 30 Sep 2023	HK$400.5b	HK$45.0b	-HK$19,143,037,636.00	13.9x	-20.9x	8.9x
Mon, 28 Aug 2023	HK$373.5b	HK$39.2b	-HK$20,093,496,287.00	15.7x	-18.6x	9.5x


HK Market	0.41%
Healthcare	-2.56%
Biotech	-4.55%
Biotech	-4.55%

Company	Last Price	7D	1Y	Valuation
1801 Innovent Biologics	HK$101.20	6.4% +HK$10.5b	1.9%	PE185.6x
7666 Metis TechBio	HK$15.00	13.7% +HK$2.1b	n/a	PS144.9x
1952 Everest Medicines	HK$33.66	18.4% +HK$1.8b	-51.4%	PS4.2x
6990 Sichuan Kelun-Biotech Biopharmaceutical	HK$533.00	1.4% +HK$1.8b	17.5%	PE722.3x
6185 CanSino Biologics	HK$32.06	26.0% +HK$1.6b	-34.3%	PS6.1x

Announcement • 1h

Nanjing Leads Biolabs Announces Abstract Publication and Extended Follow-Up Data for Opamtistomig (Pd-L1/4-1Bb Bispecific Antibody) in Phase II NSCLC Study

Nanjing Leads Biolabs Co., Ltd. announced that the full abstract of the Phase II clinical study evaluating its proprietary drug candidate LBL-024 (Opamtistomig, a PD-L1/4-1BB bispecific antibody) in combination with chemotherapy as a first-line treatment for non-small cell lung cancer (NSCLC) has been published on the official website of the World Conference on Lung Cancer (the WCLC). Based on data analyzed as of March 6, 2026, LBL-024 in combination with chemotherapy demonstrated an encouraging antitumor activity in the overall population, with robust tumor shrinkage observed in both the squamous and non-squamous NSCLC. The abstract data were based on a median follow-up of 3.6 months. Updated data with over 7 months of follow-up will be presented in an oral presentation at WCLC on September 14, 2026. According to the abstract, among 60 efficacy-evaluable patients with locally advanced or metastatic NSCLC who received LBL-024 in combination with chemotherapy as first-line treatment, the objective response rate (ORR) was 65.0% and the disease control rate (DCR) was 95.0%. In the squamous subgroup, the ORR was 77.4% and the DCR was 96.8%, while in the non-squamous subgroup, the ORR was 51.7% and the DCR was 93.1%. The overall safety profile was manageable, with no new safety signals identified. The abstract data reflect only 3.6 months of median follow-up at the time of data cutoff, and updated results based on more than 7 months of follow-up, to be presented at WCLC are expected to provide further insights into the durability and depth of response. With longer treatment and follow-up, continued tumor shrinkage has been observed in some patients, accompanied by an upward trend in ORR and a favorable trend in progression-free survival (PFS). These findings further support the potential of LBL-024's differentiated dual-target immune mechanism, designed to both release the brake and press the accelerator, and its potential to advance a new-generation IO 2.0 treatment approach in NSCLC. LBL-024 is currently being evaluated in 11 clinical studies across multiple tumor types and has demonstrated encouraging efficacy signals across several indications. Data generated to date across its first seven clinical indications have demonstrated promising therapeutic potential, further supporting the broad development potential of this novel PD-L1/4-1BB bispecific antibody. According to data from the International Agency for Research on Cancer (IARC) in 2022, there are approximately 2,480,000 new cases of lung cancer and approximately 1,817,000 lung cancer-related deaths worldwide each year. According to data published by the National Cancer Center of China, there were approximately 1,176,000 new lung cancer cases and approximately 743,000 lung cancer-related deaths in China in 2024. NSCLC accounts for approximately 85% of all lung cancer cases. Due to the aggressive nature of NSCLC and the lack of effective early screening methods, approximately 70% of patients with NSCLC in China are diagnosed at an advanced stage. Patients with NSCLC harboring driver gene mutations such as epidermal growth factor receptor (EGFR), anaplastic lymphoma kinase (ALK) and ROS proto-oncogene 1 (ROS1) may benefit from corresponding targeted therapies, while patients without driver gene mutations still rely primarily on immunotherapy in combination with chemotherapy. Further prolonging survival and achieving more durable and deeper responses remain key unmet needs in clinical practice. In squamous NSCLC, driver gene mutations are rare and patients generally cannot benefit from targeted therapies. Commonly used drugs such as pemetrexed and bevacizumab are also generally unsuitable for squamous NSCLC due to efficacy or safety concerns, resulting in limited treatment options. Although PD-1/PD-L1 inhibitors in combination with chemotherapy have expanded treatment options for patients with squamous NSCLC, prognosis remains poorer than in non-squamous NSCLC due to differences in biology, clinical features and treatment responses, with a median progression-free survival (PFS) of only 5 to 8 months and a median overall survival (OS) of 17 to 27 months, highlighting a significant unmet medical need for more effective treatment options. 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 multiple indications, including 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, and has the potential to deliver durable, long-tail survival benefits. 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

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Nanjing Leads Biolabs Announces Abstract Publication and Extended Follow-Up Data for Opamtistomig (Pd-L1/4-1Bb Bispecific Antibody) in Phase II NSCLC Study

Everest Medicines Limited (HKG:1952) Interim Results Just Came Out: Here's What Analysts Are Forecasting For This Year

New minor risk - Share price stability

CARsgen Wins NMPA Approval for First CAR-T Therapy in Solid Tumors and Reports Pipeline Advances

Earnings Update: Here's Why Analysts Just Lifted Their Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (HKG:6990) Price Target To HK$612

Akeso, Inc. to Report First Half, 2026 Results on Aug 27, 2026

First half 2026 earnings released: HK$0.003 loss per share (vs HK$0.016 loss in 1H 2025)

New major risk - Revenue and earnings growth

Metis TechBio Co., Ltd. to Report First Half, 2026 Results on Aug 25, 2026

LongBio Pharma (Suzhou) Co., Ltd. to Report First Half, 2026 Results on Aug 21, 2026

Innovent Biologics, Inc. to Report First Half, 2026 Results on Aug 25, 2026

3SBio Inc. to Report First Half, 2026 Results on Aug 20, 2026

Investor sentiment improves as stock rises 15%

Ascentage Pharma Group International to Report First Half, 2026 Results on Aug 19, 2026

Innogen Pharmaceuticals Receives PIC/S GMP Certification from Anvisa for Efsubaglutide Alfa Manufacturing Facility

Investor sentiment improves as stock rises 19%