Akeso Management
Management criteria checks 4/4
Akeso's CEO is Michelle Xia, appointed in Mar 2012, has a tenure of 14.25 years. total yearly compensation is CN¥5.55M, comprised of 85.4% salary and 14.6% bonuses, including company stock and options. directly owns 8.15% of the company’s shares, worth HK$6.72B. The average tenure of the management team and the board of directors is 3.8 years and 6.6 years respectively.
Key information
Michelle Xia
Chief executive officer
CN¥5.5m
Total compensation
| CEO salary percentage | 85.40% |
| CEO tenure | 14.3yrs |
| CEO ownership | 8.2% |
| Management average tenure | 3.8yrs |
| Board average tenure | 6.6yrs |
Recent management updates
Recent updates
Narrative Update • Jun 01
9926: Guideline Gains And Oncology Pipeline Will Likely Only Sustain Measured Optimism
Akeso's analyst price target has been adjusted slightly higher to HK$121.14 from HK$119.58. Analysts point to updated assumptions around revenue growth, discount rate, profit margin, and future P/E as key drivers behind the change.Narrative Update • May 14
9926: Guideline Wins And ADC Pipeline Will Likely Only Sustain Measured Optimism
Analysts now set their Akeso price target around HK$120, with the slight adjustment reflecting updated views on the stock's fair value, discount rate, expected revenue growth, profit margin and future P/E. What's in the News Ivonescimab secures multiple upgrades in the 2026 CSCO NSCLC treatment guidelines, including Class I recommendations for several first-line PD-L1 positive and driver gene negative settings and a new Class II recommendation for use with chemotherapy in squamous NSCLC, reinforcing its role in China’s standard treatment frameworks (CSCO/NSCLC guideline update).Narrative Update • Apr 29
9926: Future Oncology Data And ADC Pipeline Will Likely Fail To Sustain Optimism
Analysts now see Akeso's fair value at HK$119.52, up from HK$112.87. This reflects updated assumptions around the discount rate, long term revenue growth, profit margins and future P/E expectations.
Narrative Update • Apr 15
9926: Late Stage Oncology Pipeline And New Modalities Will Drive Future Upside
Akeso's analyst price target has been adjusted slightly higher to HK$174.12 from HK$172.49, with analysts citing updated assumptions regarding revenue growth, profit margins, and a higher future P/E multiple as the main factors behind the change. What's in the News Updated Phase Ib/II data from ELCC 2026 on cadonilimab plus anlotinib and docetaxel in advanced NSCLC showed median progression free survival of 7.0 months in the overall population, a 95.2% disease control rate, 26.2% objective response rate, and a grade 3 or higher treatment related adverse event rate of 14.0% with no treatment related deaths (ELCC 2026).Narrative Update • Apr 01
9926: Future Oncology Pipeline Progress Will Likely Fail To Justify Current Optimism
Akeso's analyst price target has been revised from HK$87.34 to HK$112.87. Analysts cited updated assumptions for revenue growth, profit margins and future P/E levels as the key drivers behind this change.
Narrative Update • Mar 18
9926: Expanding Immuno Oncology Pipeline Will Support Long Term Upside Potential
Akeso's analyst price target has been adjusted slightly, with the updated fair value now at about HK$235.01, as analysts refine their assumptions around revenue growth, profit margins, discount rate and forward P/E expectations. What's in the News Akeso plans a board meeting on March 26, 2026 to review and approve annual results for the year ended December 31, 2025 and to consider other business (Board Meeting).Narrative Update • Mar 04
9926: Expanding Bispecific Immuno Oncology Pipeline Will Support Long Term Upside
Analysts have made a marginal adjustment to their Akeso price target to HK$234.53, reflecting slightly updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Ivonescimab, Akeso's PD-1/VEGF bispecific antibody, received a significant label update in China that now includes final AK112-301/HARMONi-A Phase III data in EGFR-TKI resistant non squamous NSCLC and reflects its approval and National Reimbursement Drug List inclusion for multiple NSCLC indications in 2024 and 2025 (Key Developments).Narrative Update • Feb 18
9926: Expanding Bispecific Pipeline In Oncology And Inflammation Will Drive Long-Term Upside
Akeso's analyst price target has shifted modestly to HK$234.54 from HK$233.00, with analysts citing updated assumptions around discount rates, revenue growth, profit margin, and future P/E as the key drivers of this recalibration. What's in the News The National Medical Products Administration approved Phase II clinical trials for AK139, an IL-4Ra/ST2-targeting bispecific antibody, across seven respiratory and autoimmune indications.Narrative Update • Feb 03
9926: Late-Stage Immuno-Oncology Pipeline Will Support Long-Term Upside Potential
Analysts have lifted their fair value estimate for Akeso by about 2% to the equivalent of $233.00. This reflects updated assumptions around higher revenue growth, improved profit margins and a lower future P/E multiple.Narrative Update • Jan 20
9926: Late Stage Immuno Oncology Pipeline Will Drive Future Share Upside
Analysts have made a slight increase to their price target on Akeso, reflecting small adjustments to fair value and key inputs such as revenue growth assumptions, profit margins and future P/E expectations. What's in the News China's regulator accepted a supplemental NDA for gumokimab (AK111) to treat active ankylosing spondylitis, supported by a Phase III trial that met all prespecified efficacy endpoints in patients with this condition.Narrative Update • Jan 06
9926: Late Stage Oncology Pipeline Progress Will Drive Future Share Upside
Analysts have nudged their fair value estimate for Akeso to roughly US$172.43 from about US$172.00, reflecting slightly higher assumed future P/E and modest tweaks to discount rate, revenue growth and profit margin inputs. What's in the News The FDA cleared Akeso to start COMPASSION-37/AK104-311, a global Phase III trial in gastric cancer comparing cadonilimab plus chemotherapy with chemotherapy with or without nivolumab in HER2-negative, unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma (Key Developments).Narrative Update • Dec 15
9926: Global Oncology Pipeline Will Drive Long-Term Upside Potential
Narrative Update on Akeso Akeso's analyst price target has been raised by approximately $2 to about $228 as analysts factor in stronger projected revenue growth and profit margins, partially offset by a higher discount rate and lower future price to earnings expectations. What's in the News FDA cleared Akeso to initiate COMPASSION-37, a global Phase III trial testing cadonilimab plus chemotherapy versus chemotherapy with or without nivolumab as first-line treatment for HER2-negative unresectable or metastatic gastric or gastroesophageal junction cancer.Narrative Update • Nov 14
9926: Regulatory Approval And Pipeline Progress Will Drive Future Share Upside
Analysts have slightly lowered their price target for Akeso from $172.00 to $172.00. This reflects minor adjustments in valuation models while maintaining a positive outlook on growth and profitability.Narrative Update • Oct 31
9926: Positive Late-Stage Trial Results Will Drive New Market Opportunities
Analysts have slightly lowered Akeso's fair value price target from $175.08 to $172.00, citing modest adjustments in revenue growth and profit margin expectations. What's in the News Ivonescimab, Akeso's globally first-in-class PD-1/VEGF bispecific antibody, showed strong results in multiple Phase III studies for advanced squamous non-small cell lung cancer (sq-NSCLC).Analysis Article • Oct 28
Akeso, Inc.'s (HKG:9926) Intrinsic Value Is Potentially 74% Above Its Share Price
Key Insights Using the 2 Stage Free Cash Flow to Equity, Akeso fair value estimate is HK$201 Akeso's HK$116 share price...Narrative Update • Oct 17
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
Akeso's analyst price target has been revised slightly downward from $175.45 to $175.08, as analysts temper fair value estimates following minor adjustments to discount rate assumptions. What's in the News Groundbreaking Phase III HARMONi-6 study results for ivonescimab accepted for publication in The Lancet and selected as a Late-Breaking Abstract for the 2025 ESMO Congress.Narrative Update • Oct 03
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
Analysts have raised their fair value estimate for Akeso from $169.47 to $175.45 per share, citing incremental improvements in company fundamentals and outlook. What's in the News Ivonescimab, Akeso's globally first-in-class PD-1/VEGF bispecific antibody, is set for Late-Breaking Abstract presentation at the 2025 ESMO Congress.Analysis Article • Sep 22
Akeso, Inc. (HKG:9926) May Have Run Too Fast Too Soon With Recent 26% Price Plummet
Akeso, Inc. ( HKG:9926 ) shares have retraced a considerable 26% in the last month, reversing a fair amount of their...Narrative Update • Sep 16
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
The consensus price target for Akeso has increased to HK$169.47, primarily reflecting a higher expected future P/E despite a modest decline in net profit margin. What's in the News Akeso is advancing multiple late-stage global trials for its bispecific antibodies, notably cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), across several cancer types including HCC, NSCLC, gastric, pancreatic, biliary tract, and colorectal cancers, with several studies meeting or surpassing primary endpoints and demonstrating significant clinical benefits over existing therapies.Narrative Update • Sep 01
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
The significant upward revision in Akeso’s price target is primarily driven by a sharp increase in net profit margin and a substantial reduction in future P/E, resulting in the consensus fair value rising from HK$125.08 to HK$158.71. What's in the News Akeso filed a follow-on equity offering for HKD 3.97 billion via a subsequent direct listing of 26.55 million ordinary shares at HKD 149.54 each.Narrative Update • Aug 18
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
The upward revision in Akeso’s price target reflects improved valuation sentiment, as indicated by a lower future P/E ratio, with the fair value rising to HK$125.08. What's in the News Akeso continues to expand its late-stage oncology pipeline, with multiple first-in-human and pivotal Phase III trials initiated for its bispecific antibodies, particularly ivonescimab (PD-1/VEGF) targeting various indications including lung, colorectal, pancreatic cancers, and small cell lung cancer.Analysis Article • Jul 03
What Akeso, Inc.'s (HKG:9926) 31% Share Price Gain Is Not Telling You
Akeso, Inc. ( HKG:9926 ) shares have had a really impressive month, gaining 31% after a shaky period beforehand. The...Analysis Article • Jun 23
Here's Why Akeso, Inc.'s (HKG:9926) CEO May Deserve A Raise
Key Insights Akeso will host its Annual General Meeting on 30th of June Total pay for CEO Michelle Xia includes...
New Narrative • Apr 06
Cadonilimab And Ivonescimab Trials Will Broaden Market Access
Akeso's strategic focus on bispecific antibodies and NRDL inclusion could drive significant revenue growth and expand market access.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | n/a | n/a | -CN¥1b |
| Sep 30 2025 | n/a | n/a | -CN¥980m |
| Jun 30 2025 | n/a | n/a | -CN¥846m |
| Mar 31 2025 | n/a | n/a | -CN¥680m |
| Dec 31 2024 | CN¥6m | CN¥5m | -CN¥515m |
| Sep 30 2024 | n/a | n/a | -CN¥625m |
| Jun 30 2024 | n/a | n/a | -CN¥735m |
| Mar 31 2024 | n/a | n/a | CN¥646m |
| Dec 31 2023 | CN¥7m | CN¥4m | CN¥2b |
| Sep 30 2023 | n/a | n/a | CN¥2b |
| Jun 30 2023 | n/a | n/a | CN¥2b |
| Mar 31 2023 | n/a | n/a | CN¥409m |
| Dec 31 2022 | CN¥5m | CN¥4m | -CN¥1b |
| Sep 30 2022 | n/a | n/a | -CN¥1b |
| Jun 30 2022 | n/a | n/a | -CN¥1b |
| Mar 31 2022 | n/a | n/a | -CN¥1b |
| Dec 31 2021 | CN¥7m | CN¥4m | -CN¥1b |
| Sep 30 2021 | n/a | n/a | -CN¥1b |
| Jun 30 2021 | n/a | n/a | -CN¥929m |
| Mar 31 2021 | n/a | n/a | -CN¥983m |
| Dec 31 2020 | CN¥7m | CN¥3m | -CN¥1b |
| Sep 30 2020 | n/a | n/a | -CN¥870m |
| Jun 30 2020 | n/a | n/a | -CN¥703m |
| Mar 31 2020 | n/a | n/a | -CN¥492m |
| Dec 31 2019 | CN¥2m | CN¥1m | -CN¥282m |
Compensation vs Market: Michelle's total compensation ($USD818.22K) is about average for companies of similar size in the Hong Kong market ($USD954.96K).
Compensation vs Earnings: Michelle's compensation has been consistent with company performance over the past year.
CEO
Michelle Xia (59 yo)
14.3yrs
Tenure
CN¥5,548,000
Compensation
Dr. Yu Xia, Ph D., also known as Michelle, is CEO & President of Akeso Biopharma, Inc. Dr. Xia is Founder of Akeso, Inc. Dr. Xia is CEO, President & Chairwoman of Akeso, Inc. from March 19, 2012. She has b...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 14.3yrs | CN¥22.95m | 5.34% HK$ 4.4b | |
| Co-Founder | no data | CN¥7.23m | 4.65% HK$ 3.8b | |
| Co-Founder | no data | CN¥7.13m | no data | |
| Senior Vice President | 1.7yrs | CN¥78.79m | no data | |
| Founder | 14.3yrs | CN¥5.55m | 8.15% HK$ 6.7b | |
| Chief Financial Officer | 1.9yrs | no data | no data | |
| Senior Vice President | 4.4yrs | no data | no data | |
| Senior Vice President | 5.9yrs | no data | no data | |
| Senior Vice President | 3.4yrs | no data | no data | |
| Senior VP & Chief Commercial Officer | 2.4yrs | no data | no data | |
| Company Secretary | 3.8yrs | no data | no data |
3.8yrs
Average Tenure
56yo
Average Age
Experienced Management: 9926's management team is considered experienced (3.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 6.6yrs | CN¥22.95m | 5.34% HK$ 4.4b | |
| Co-Founder | 6.6yrs | CN¥7.23m | 4.65% HK$ 3.8b | |
| Co-Founder | 2yrs | CN¥7.13m | no data | |
| Founder | 14.3yrs | CN¥5.55m | 8.15% HK$ 6.7b | |
| Independent Non-Executive Director | no data | CN¥538.00k | no data | |
| Independent Non-Executive Director | no data | CN¥538.00k | no data | |
| Non-Executive Director | 5.8yrs | no data | no data | |
| Independent Non-Executive Director | no data | CN¥539.00k | no data |
6.6yrs
Average Tenure
57yo
Average Age
Experienced Board: 9926's board of directors are considered experienced (6.6 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 22:00 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Akeso, Inc. is covered by 35 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Rebecca Liang | Bernstein |
| Ethan Cui | BofA Global Research |
| Zhishun Siu | CCB International Securities Limited |