On September 18, SBP GROUP rose 3.18% in regular trading, trading at HK$5.665/share, with turnover of approximately HK$58.25 million. The rally was driven by a cluster of positive catalysts including dual new drug application acceptances and the completion of a strategic stake increase in its core subsidiary.

On September 16, the company's core subsidiary CT Tianqing received CDE acceptance for NDAs of two Class 1 innovative drugs — TQH2722 injection (an IL-4R alpha monoclonal antibody for moderate-to-severe atopic dermatitis) and TQB2102 injection (a HER2 bispecific ADC for breast cancer). Notably, TQB2102's pivotal study of 543 patients met its primary endpoint at interim analysis, demonstrating statistically significant improvement in progression-free survival. TQB2102 has secured three Breakthrough Therapy Designations in China and two regional licensing deals generating approximately $30 million in payments.

Simultaneously, the company completed the acquisition of an additional 5% stake in CT Tianqing for RMB 4.48 billion, raising its indirect holding from 60% to 65% at roughly 19x LTM P/E. The deal is expected to add approximately RMB 350 million to adjusted net profit attributable to shareholders. Goldman Sachs previously raised its target price to HK$9.07, reiterating a Buy rating, reflecting reduced minority interests and higher BD contribution probabilities.

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