Rongchang Biotech (09995) rose nearly 4%, with a gain of 2.96% to HK$92.3 at the time of writing and a turnover of HK$206 million. UBS released a research report expressing a positive view on the collaboration between Rongchang Biotech and AbbVie Group, which grants overseas rights for RC148 (PD-1/VEGF) and includes an upfront payment of $650 million, potential milestone payments of up to $4.95 billion, and double-digit tiered royalties on net sales outside Greater China. The firm believes that AbbVie, as a multinational pharmaceutical company, should be able to facilitate the global expansion of RC148 in both research and development and commercialization, and holds a positive stance on RC148's differentiated development strategy. UBS anticipates that the upfront payment will reverse Rongchang Biotech's net debt position and projects that the approval of multiple new drugs in the future will enable the company to achieve sustained breakeven starting from 2026. The bank upgraded its rating on Rongchang Biotech from "Neutral" to "Buy" and raised its target price significantly from HK$63.8 to HK$120.