30 October 2025 | 9:53PM HKT Equity Research Henlius Biotech (2696.HK) Next-gen IO-ADC to lead pipeline globalization; initiate at Buy 2696.HK 12m Price Target: HK$100.70 Price: HK$66.10 Upside: 52.3% Next-gen IO-ADC + global franchise; Initiate at Buy: Henlius Biotech is strategically evolving from an early mover in biosimilar to a global innovative biopharma company. The transition is well supported by 1) an expanding pipeline led by key assets HLX43, which emerges as a potential best-in-class pan-tumor P ...