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Chinese biotech developing bispecific and other antibody cancer drugs, with a major licensing deal with Summit Therapeutics.
Chinese biotech developing bispecific and other antibody cancer drugs, with a major licensing deal with Summit Therapeutics.
Sells its approved antibody drugs inside China through hospitals, and licensed ivonescimab, its newest lead antibody, to Summit Therapeutics for the US, Europe and several other markets outside China. That brings upfront and milestone payments now and royalties on Summit's sales later, while Akeso keeps China.
In one line: A Chinese oncology biotech known for its PD-1/VEGF bispecific antibody.
Moat: narrow (IP / patents, process know-how). Proprietary bispecific-antibody platform validated by a major US licensing/royalty deal.
Headquarters: Zhongshan, China · Founded: 2012 · Employees: 3,761
Size Akeso (9926.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $10.2B, the 163rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$85.25 on 6 Nov 2026.
Performance Over six months the shares fell 38.2%, against +6.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 42.5% over the last twelve months (peer median +14.6%); the operating margin is -24.7% (peer median 17.1%).
Valuation It trades at 19.5× enterprise value to sales against a peer median of 6.1× (3rd most expensive of 20).
Capital Return on invested capital runs 24.3 points below its cost of capital (7.3% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.86B | HK$3.31B | HK$2.30B | HK$5.00B | HK$997M |
| Revenue growth | — | +44% | -54% | +402% | — |
| Gross profit | HK$2.93B | HK$2.60B | HK$1.99B | HK$4.70B | HK$765M |
| EBITDA | -HK$615M | -HK$738M | -HK$411M | HK$2.42B | -HK$1.41B |
| Net income | -HK$1.08B | -HK$1.21B | -HK$558M | HK$2.24B | -HK$1.36B |
| Free cash flow | -HK$1.39B | -HK$2.03B | -HK$1.20B | HK$1.95B | -HK$2.27B |
| Capital expenditure | HK$702M | HK$804M | HK$541M | HK$869M | HK$802M |
| Total debt | n/a | HK$5.07B | HK$4.21B | HK$3.29B | HK$2.11B |
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 |
|---|---|---|---|---|---|---|
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | 19.5× | n/a |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 7.4× | 11.7% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | $48.8B | -20% | +11% | 27% | 8.9× | 10.2% |
| BeOne Medicines 688235.SS | $45.8B | +19% | +28% | 15% | 6.8× | 23.3% |
| Summit Therapeutics SMMT | $13.1B | -10% | n/a | n/a | n/a | n/a |
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 | 9926.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.9% | +4.2% | 3rd lowest of 21 |
| 6-month return | -38.2% | +6.0% | lowest of 21 |
| Distance from 52-week high | -45.4% | -13.6% | lowest of 21 |
| Revenue growth (TTM) | +42.5% | +14.6% | 4th highest of 20 |
| Operating margin | -24.7% | 17.1% | 2nd lowest of 20 |
| EV / Sales | 19.5× | 6.1× | 3rd most expensive of 20 |
| ROIC minus cost of capital | -24.3 pp | +1.6 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | 19.5× | n/a | n/a |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 7.0× | 27.6% | +18.1% |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 13.6× | 56.4% | +15.0% |
| Madrigal Pharmaceuticals MDGL | United States | $9.28B | -22% | +93% | -11% | 6.1× | n/a | n/a |
| Pharmaron Beijing 300759.SZ | China | $11.3B | +57% | +18% | 14% | 5.0× | n/a | n/a |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 11.7× | 50.3% | +426.7% |
| ImmunityBio IBRX | United States | $9.15B | +1% | +193% | -152% | 60.5× | n/a | n/a |
| Shanghai Fosun Pharmaceutical (Group) 600196.SS | China | $8.70B | -5% | +8% | 6% | 2.3× | 4.1% | +6.6% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 3.5× | 30.1% | +12.1% |
| Protagonist Therapeutics PTGX | United States | $8.54B | +33% | +35% | 21% | 27.6× | 47.5% | +10.0% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 10.3× | 25.8% | +6.8% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 4.8× | 1.9% | +12.6% |
| Shanghai Pharmaceuticals 2607.HK | Hong Kong | $8.48B | -7% | +9% | 3% | 0.3× | -10.3% | +7.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 4.3× | n/a | n/a |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 2.7× | -5.4% | +5.4% |
| Asymchem Laboratories (Tianjin) 6821.HK | Hong Kong | $8.19B | +22% | +24% | 17% | 6.8× | n/a | n/a |
| ALK-abello A/S ALK-B.CO | Denmark | $8.14B | -5% | +17% | 27% | 7.8× | 7.6% | +12.6% |
| Kyowa Kirin 4151.T | Japan | $8.05B | +4% | +10% | 24% | 2.0× | -6.1% | +9.3% |
| H. Lundbeck A/S HLUN-A.CO | Denmark | $8.02B | +47% | +9% | 27% | 2.4× | -9.1% | +6.6% |
| Corcept Therapeutics CORT | United States | $7.96B | +39% | +30% | 12% | 7.9× | 24.9% | +16.6% |