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Shanghai-based biopharma that licenses and co-develops oncology, autoimmune and infectious-disease drugs for the China market.
Shanghai-based biopharma that licenses and co-develops oncology, autoimmune and infectious-disease drugs for the China market.
Licenses the rights to drugs from Western and other developers for China, registers them locally and sells them through its own sales force to hospitals, paying royalties and milestones back to the originators. It is incorporated in the Cayman Islands and also trades in the US as ADRs.
In one line: A China-focused commercial biopharma.
Moat: narrow (regulatory licence, distribution). Strong China commercial/regulatory network to launch licensed drugs, but pays royalties to originators.
Headquarters: Shanghai, China · Founded: 2013 · Employees: 1,784
Size Zai Lab (9688.HK) is a Hong Kong Health Care company (Biotechnology) with a market value of $2.92B, the 340th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$18.36 on 6 Nov 2026.
Performance Over six months the shares gained 13.3%, against -9.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +3.9%); the operating margin is -58.8% (peer median -2.6%).
Valuation It trades at 5.5× enterprise value to sales against a peer median of 13.7× (4th cheapest of 19).
Capital Return on invested capital runs 162.7 points below its cost of capital (10.3% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.51B | HK$3.59B | HK$3.11B | HK$2.09B | HK$1.68B |
| Revenue growth | — | +15% | +49% | +24% | — |
| Gross profit | HK$1.98B | HK$2.10B | HK$1.96B | HK$1.34B | HK$1.10B |
| EBITDA | -HK$1.88B | -HK$1.60B | -HK$2.04B | -HK$2.81B | -HK$3.04B |
| Net income | -HK$1.47B | -HK$1.37B | -HK$2.01B | -HK$2.62B | -HK$3.47B |
| Free cash flow | -HK$1.14B | -HK$1.24B | -HK$1.73B | -HK$1.61B | -HK$3.07B |
| Capital expenditure | HK$231M | HK$105M | HK$480M | HK$66.5M | HK$196M |
| Total debt | HK$2.00B | HK$1.75B | HK$1.19B | HK$118M | HK$159M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Zai Lab 9688.HK | $2.92B | +13% | +5% | -59% | 5.5× | n/a |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 7.4× | 11.7% |
| BeOne Medicines Ltd. Sponsored ADR ONC | $43.3B | +30% | +34% | 15% | 6.5× | 16.4% |
| Shanghai Junshi Biosciences 1877.HK | $4.08B | -39% | +36% | -14% | 9.6× | n/a |
| HUTCHMED (China) Limited Sponsored ADR HCM | $2.65B | +15% | -9% | -6% | 2.5× | 38.3% |
| Everest Medicines 1952.HK | $1.22B | -20% | +193% | -5% | 3.5× | n/a |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | 19.5× | n/a |
| Hansoh Pharma 3692.HK | $26.9B | -7% | +25% | 38% | 9.7× | 8.9% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | $49.7B | -6% | +6% | 27% | 8.8× | 14.9% |
| Cspc Pharma 1093.HK | $12.4B | +5% | +25% | 28% | 2.2× | -10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9688.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.7% | -6.2% | 10th lowest of 21 |
| 6-month return | +13.3% | -9.1% | 7th highest of 20 |
| Distance from 52-week high | -14.3% | -31.8% | 6th highest of 21 |
| Revenue growth (TTM) | +5.4% | +3.9% | 9th highest of 18 |
| Operating margin | -58.8% | -2.6% | 8th lowest of 18 |
| EV / Sales | 5.5× | 13.7× | 4th cheapest of 19 |
| ROIC minus cost of capital | -162.7 pp | -6.2 pp | lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 4.7× | 0.5% | +36.0% |
| Beam Therapeutics BEAM | United States | $2.73B | -18% | +163% | -268% | 13.2× | n/a | n/a |
| Walvax Biotechnology 300142.SZ | China | $2.71B | -12% | -23% | 5% | 10.3× | 31.3% | -3.8% |
| Hebei Changshan Biochemical Pharmaceutical 300255.SZ | China | $2.68B | -52% | 0% | -25% | 21.9× | n/a | n/a |
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a | n/a |
| Xencor XNCR | United States | $2.66B | +178% | -29% | -206% | 22.6× | n/a | n/a |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 3.9× | n/a | n/a |
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | 17.1× | n/a | n/a |
| Evopoint Biosciences 688837.SS | China | $2.58B | n/a | n/a | n/a | 67.9× | n/a | n/a |
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | 26.3× | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 5.6× | 16.7% | -1.8% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Palvella Therapeutics PVLA | United States | $2.53B | +45% | -100% | n/a | n/a | n/a | n/a |