HENLIUS (02696) surged over 9% during trading session. As of press time, the stock was up 3.89% to HK$82.75 with a turnover of HK$114 million.

On the news front, recent media reports indicate that HENLIUS is in negotiations with multinational pharmaceutical companies including Johnson & Johnson and Roche regarding the sale of rights related to its PD-L1 antibody-drug conjugate HLX43. According to the reports, under such an agreement, HENLIUS could potentially receive upfront payments of at least several hundred million dollars, followed by milestone payments based on the drug's performance. Negotiations are still ongoing, and as more data on HLX43 becomes available, HENLIUS may demand higher pricing.

Notably, Morgan Stanley recently released a research report upgrading both A-share and H-share ratings of Fosun Pharma to "Overweight," raising the A-share target price to 42 yuan and H-share target price to HK$33. Among these, Morgan Stanley assigned a valuation of 72 billion yuan to HENLIUS under Fosun Pharma (compared to current market cap of approximately 44 billion yuan), equivalent to HK$143-145 per share. 73% of this valuation stems from the global potential of core pipeline candidates - HLX43 (PD-L1 ADC), HLX22 (HER2 mAb), and serplulimab (PD-1).