On September 29, INNOCARE rose 5.18% in regular trading, trading at HK$14.83/share, with turnover of approximately HK$29 million. The rebound follows a multi-day pullback after the company announced a landmark collaboration with Eli Lilly on September 24.

On September 24, INNOCARE announced a strategic research collaboration and license agreement with Eli Lilly, under which the company will leverage its proprietary drug discovery platform to develop up to five innovative target programs addressing significant unmet clinical needs. The deal includes up to $100 million in upfront and near-term milestone payments, approximately $3.25 billion in potential R&D and commercialization milestones, and single-digit percentage tiered royalties on net product sales. On the announcement day, the A-share price briefly surged to a record high of RMB 35 before reversing sharply, closing down over 10%.

UBS maintained a Buy rating with a target price of HK$21.80, viewing the partnership as a validation of INNOCARE's R&D capabilities and noting that related payments could provide upside to revenue and net profit. Goldman Sachs also holds a Buy rating with a target price of HK$22.71, citing strong second-quarter sales momentum from its core product orelabrutinib.

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