🇭🇰 港交所HANSOH PHARMADoubao · 实盘可交易 · 做多市场:港股▲ 赚 +5.11% · 已结算把握 7/10
北京时间·🕒 发布 18:07:00时区推断·⟳ 抓取 18:08:19·⚡ 决策 10-19 18:21:29 +13m10s·8.3 天前
翰森制药与罗氏达成ADC组合重磅授权:4亿美元首付款+1.1亿美元周年付款+超150亿美元里程碑
港交所一手法定披露、盘后首发、无提前抢跑;5.1亿美元近期现金约占市值2%,超150亿美元里程碑为平台级长期期权,方向与量级明确,港股次日开盘可执行,给予小仓做多并控制追高。
📄 原文HANSOH PHARMA↗ 原文
INSIDE INFORMATION - STRATEGIC COLLABORATION AND LICENSE AGREEMENT WITH ROCHE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
▲ 赚 +5.11%入场 10-20 开盘 @32.60 → 离场 10-21 开盘 @34.46
日 K 取自复盘打分切片 · 蓝点/蓝虚线 = 纸面入场价 · 灰虚线 = 纸面离场 · 持有期红底 = 赚(价格在入场线上方)、绿底 = 亏
💡 交易逻辑盘后官宣罗氏150亿美元ADC组合授权,未抢跑,开盘限涨内做多
怎么买 限价买入 不高于昨收 +8%、2 个交易日内有效
怎么卖 止盈 +8%(半仓)/+15%(清仓) · 止损 -7% · 时间止损 4日
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
分时走势
做多 03692.HK 翰森制药
5 个交易日均已收盘,数据完整
- 发布 10-19 18:07 北京
- 抓取 10-19 18:08 北京
- 决策 10-19 18:21 北京
- 入场 10-20 09:30 北京 · 开盘 @32.60
- 离场 10-21 09:30 北京 · 开盘 @34.46
时间轴只含交易时段(午休、隔夜已压缩);横轴为北京时间,悬停看当地时间;蓝虚线 = 纸面入场价;建仓日图红线在昨收上方、绿线在下方
成交明细 · 纸面
做多 03692.HK 翰森制药
| 收益状态 | +5.11% 已平仓 |
|---|---|
| 进场成交 | 2026-10-20 · 开盘 · @32.6 |
| 离场成交 | 2026-10-21 · 开盘 · @34.46 |
| 毛收益 | +5.71% |
| 成本 | +0.60% |
| 净收益 | +5.11% |
| 计入收益 | +5.11% |
| 建仓日 | 2026-10-20 · 进场不早于新闻时刻 + 2 分钟 |
收益口径 event_time_plus_2min_10min_walk_open_topup_to_next_open_exchange_calendar_fill_model_local_notional_v9 · method_id m8db1cbc8f2d · 截至 2026-10-28 01:39
研究档案
结论摘要
翰森盘后公告罗氏ADC组合授权,4亿美元首付款+1.1亿美元周年款+超150亿美元里程碑,为GSK、2025年罗氏CDH17交易后的再次升级,平台价值获MNC重复验证;消息未price-in(近20日-6.8%),次日开盘在涨幅上限内买入。
消息传播链
- 翰森制药盘后提交内幕消息公告,披露与罗氏ADC组合战略合作及许可协议
- 公告后6分钟内地财经快讯转载,扩散尚处早期,未经港股交易时段反应
关键理由
- 5.1亿美元高确定性近期现金(约40亿港元、约占1925亿港元市值2%),超150亿美元里程碑为ADC平台带来显著重估期权,且为罗氏一年内第二次合作,验证平台可复制性。
- 消息2026-10-19盘后(18:08 HKT)才披露,股价近20日累计-6.8%、无抢跑,明日开盘前市场尚未定价。
主要风险
- 项目多为临床前,里程碑高度远期且或有,市场可能按首付款为主定价;若高开过大(>8%)存在冲高回落风险(2025年罗氏交易先例第5日转跌)。
- 交易尚需通过美国HSR反垄断等待期等交割条件,若出现监管阻碍或罗氏后续终止将构成证伪。
反向证据
- 做多前查反向 · 来源 web · 影响 none
近20日股价-6.8%主要为板块性回调,未发现与本次交易冲突的新增重大利空;2026年7月HS-20094三期OS达终点反为正面背景
检索:翰森制药 近期 利空 下调 砍单 临床失败 风险 原文 ↗ - 做多前查反向 · 来源 web · 影响 supports
未检索到公告前的传闻或媒体预告,签约日10月17日至公告日间无公开泄露迹象,K线亦无抢跑
检索:Hansoh Roche ADC deal rumor leaked before announcement October 2026
先例如何影响了这次决策
对本次决策的影响:支持小仓而非重仓、限价追高≤8%、tp设[8,15]、time_stop压到4个交易日
方向:唯一可用同公司对齐先例首日正收益(+2.2%,超额+4.8%),方向支持做多,但持续性差
涨幅量级:先例量级(0.8亿美元首付款)远小于本次(4亿+1.1亿),不能直接校准幅度;本次作为组合级、超150亿美元里程碑的标杆交易,预期开盘反应应明显更大,故tp参考板块重大授权惯例8%-15%而非先例2%
形态:2025年交易第5日转跌-3.9%,提示见好就收、时限缩短
历史先例(按相似度)
- 相似度 6/10 3692 2025-10-17 翰森授予罗氏CDH17 ADC HS-20110海外独占许可,首付款0.8亿美元 原文 ↗
事件后 +1日 +2.2% · +2日 +1.9% · +3日 +0.5% · +4日 -2.2% · +5日 -3.9%
⚠来源层级不符(声明issuer/实为media)·相位不对齐(pre!=target_closed) — 该行涨幅别用来定止盈止损
相似度依据:同一公司、同一合作方罗氏、同为ADC对外授权,但本次首付款为其5倍且为组合级交易,量级显著更大
经验:单笔ADC授权首日高开约2%、超额+4.8%,但第5日回落至-3.9%,说明授权利好短促,本次若大幅高开应快止盈、不恋战 - 相似度 5/10 3692 2023-10-20 翰森B7-H4 ADC HS-20089授权GSK 原文 ↗
未取得完整事件窗口K线
相似度依据:同公司ADC授权GSK(HS-20089),首付款0.85亿美元、总额17亿美元,机制相同但规模远小于本次
经验:工具未能取得该锚完整日线,仅作机制参考,不用于定幅度
工具执行结果 · 成功 5 · 降级 1 · 失败 1 · 取消 0
- fetch_decision_experience 成功 stock_tools_inprocess · 2 ms
{ - search_processed_events 成功 stock_tools HTTP · 10 ms
{"result": "search_processed_events:agent query=`hansoh 3692 roche us$400 million upfront milestones | hansoh pharma roche adc license agreement | 翰森制药 罗氏 adc 合作 授权`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明消息首发或不是重复;按当前事件继续正常研判。"} - web_search 成功 doubao_search · 1,697 ms
豆包搜索结果(原始查询:Hansoh Pharma Roche ADC deal $400 million upfront license agreement;API SearchType:web) - web_search 成功 doubao_search · 1,441 ms
豆包搜索结果(原始查询:翰森制药 罗氏 ADC 战略合作 4亿美元 首付款;API SearchType:web) - stock_quote 成功 stock_tools HTTP · 50 ms
{ - kb_search 失败 stock_tools HTTP · 57 ms
kb_search 服务暂不可用;这不是一条知识库命中。 - event_study 降级 stock_tools HTTP · 18 ms
1 precedent(s) rejected; 0 benchmark warning(s)
原文全文
展开原文 · 4,803 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
Hansoh Pharmaceutical Group Company Limited
翰森製藥集團有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3692)
INSIDE INFORMATION
STRATEGIC COLLABORATION AND LICENSE
AGREEMENT WITH ROCHE
This announcement is made by Hansoh Pharmaceutical Group Company Limited (the “Company”,
together with its subsidiaries, the “Group”) pursuant to Rule 13.09 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the
inside information provision (as defined in the Listing Rules) under Part XIVA of the Securities
and Futures Ordinance (Cap. 571).
The board (the “Board”) of directors (the “Directors”) of the Company is pleased to announce
that, on October 17, 2026, Shanghai Hansoh Biomedical Co., Ltd.* (上海翰森生物醫藥科技有
限公司), Changzhou Hansoh Pharmaceutical Co., Ltd.* (常州恒邦藥業有限公司) and Hansoh
Bio, LLC (collectively, “Hansoh”), all being wholly-owned subsidiaries of the Company, entered
into a strategic collaboration and license agreement (the “Collaboration Agreement”) with F.
Hoffmann-La Roche Ltd (“Roche”).
The strategic collaboration spans a broad portfolio of Antibody-Drug Conjugate (“ADC”) programs
(the “Programs”), comprising two preclinical Hansoh ADC programs and multiple ADC programs
based on Roche-proposed targets powered by Hansoh’s proprietary ADC technology platform.
Under the Collaboration Agreement, Hansoh will lead the early development of the Programs up to
the completion of global Phase Ia clinical trials. Roche will be responsible for further developing
the Programs worldwide (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan).
Hansoh will retain all rights to develop, register and commercialize the Programs within the
Chinese Mainland, Hong Kong, Macau and Taiwan.
Hansoh will receive an upfront payment of US$400 million as well as a first anniversary payment
of US$110 million, and be eligible to receive potentially more than US$15 billion in milestone
payments associated with the development, regulatory approval and commercialization of the
Programs, as well as tiered royalties on potential future product sales. Under the Collaboration
Agreement, Hansoh has the option to select up to two programs and contribute to their development
outside the Chinese Mainland, Hong Kong, Macau and Taiwan and, in return for such contribution,
become eligible to receive incremental upside from the commercialization of these two programs
in the United States.
1
F. Hoffmann-La Roche Ltd is a subsidiary of Roche Holding AG, which is listed on the SIX Swiss
Exchange in Switzerland. Roche was founded in Basel, Switzerland in 1896 and today is a leading
provider of transformative medicines and diagnostics for millions of people in over 150 countries
around the world.
The Board believes that entering the Collaboration Agreement is in the best interests of the
Company and its shareholders as a whole. The Company will also leverage on this opportunity to
maximize the scientific and commercial value of the Group’s technology platforms.
LISTING RULES IMPLICATION
To the best of the Directors ’ knowledge, information and belief having made all reasonable
enquiry, Roche and its ultimate beneficial owner are independent of, and are not connected
with, the Company and its connected persons (as defined in the Listing Rules). The transactions
contemplated under the Collaboration Agreement are of a revenue nature in the ordinary and usual
course of business of the Group and do not constitute any notifiable transactions or connected
transactions of the Company under the Listing Rules.
The Collaboration Agreement is subject to customary closing conditions, including
the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act in the United States, and any necessary regulatory filings. The
shareholders and potential investors of the Company are advised to exercise due care when
dealing in the shares of the Company.
By Order of the Board
Hansoh Pharmaceutical Group Company Limited
Zhong Huijuan
Chairlady
Hong Kong, October 19, 2026
As at the date of this announcement, the Board comprises Ms. Zhong Huijuan as chairlady
and executive director, Ms. Sun Yuan and Dr. Lyu Aifeng as executive directors, and Mr. Lin
Guoqiang, Mr. Chan Charles Sheung Wai, Ms. Yang Dongtao and Mr. Yan Jia as independent
non-executive directors.
*
For identification purposes only
2
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
Hansoh Pharmaceutical Group Company Limited
翰森製藥集團有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3692)
INSIDE INFORMATION
STRATEGIC COLLABORATION AND LICENSE
AGREEMENT WITH ROCHE
This announcement is made by Hansoh Pharmaceutical Group Company Limited (the “Company”,
together with its subsidiaries, the “Group”) pursuant to Rule 13.09 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the
inside information provision (as defined in the Listing Rules) under Part XIVA of the Securities
and Futures Ordinance (Cap. 571).
The board (the “Board”) of directors (the “Directors”) of the Company is pleased to announce
that, on October 17, 2026, Shanghai Hansoh Biomedical Co., Ltd.* (上海翰森生物醫藥科技有
限公司), Changzhou Hansoh Pharmaceutical Co., Ltd.* (常州恒邦藥業有限公司) and Hansoh
Bio, LLC (collectively, “Hansoh”), all being wholly-owned subsidiaries of the Company, entered
into a strategic collaboration and license agreement (the “Collaboration Agreement”) with F.
Hoffmann-La Roche Ltd (“Roche”).
The strategic collaboration spans a broad portfolio of Antibody-Drug Conjugate (“ADC”) programs
(the “Programs”), comprising two preclinical Hansoh ADC programs and multiple ADC programs
based on Roche-proposed targets powered by Hansoh’s proprietary ADC technology platform.
Under the Collaboration Agreement, Hansoh will lead the early development of the Programs up to
the completion of global Phase Ia clinical trials. Roche will be responsible for further developing
the Programs worldwide (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan).
Hansoh will retain all rights to develop, register and commercialize the Programs within the
Chinese Mainland, Hong Kong, Macau and Taiwan.
Hansoh will receive an upfront payment of US$400 million as well as a first anniversary payment
of US$110 million, and be eligible to receive potentially more than US$15 billion in milestone
payments associated with the development, regulatory approval and commercialization of the
Programs, as well as tiered royalties on potential future product sales. Under the Collaboration
Agreement, Hansoh has the option to select up to two programs and contribute to their development
outside the Chinese Mainland, Hong Kong, Macau and Taiwan and, in return for such contribution,
become eligible to receive incremental upside from the commercialization of these two programs
in the United States.
1
F. Hoffmann-La Roche Ltd is a subsidiary of Roche Holding AG, which is listed on the SIX Swiss
Exchange in Switzerland. Roche was founded in Basel, Switzerland in 1896 and today is a leading
provider of transformative medicines and diagnostics for millions of people in over 150 countries
around the world.
The Board believes that entering the Collaboration Agreement is in the best interests of the
Company and its shareholders as a whole. The Company will also leverage on this opportunity to
maximize the scientific and commercial value of the Group’s technology platforms.
LISTING RULES IMPLICATION
To the best of the Directors ’ knowledge, information and belief having made all reasonable
enquiry, Roche and its ultimate beneficial owner are independent of, and are not connected
with, the Company and its connected persons (as defined in the Listing Rules). The transactions
contemplated under the Collaboration Agreement are of a revenue nature in the ordinary and usual
course of business of the Group and do not constitute any notifiable transactions or connected
transactions of the Company under the Listing Rules.
The Collaboration Agreement is subject to customary closing conditions, including
the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act in the United States, and any necessary regulatory filings. The
shareholders and potential investors of the Company are advised to exercise due care when
dealing in the shares of the Company.
By Order of the Board
Hansoh Pharmaceutical Group Company Limited
Zhong Huijuan
Chairlady
Hong Kong, October 19, 2026
As at the date of this announcement, the Board comprises Ms. Zhong Huijuan as chairlady
and executive director, Ms. Sun Yuan and Dr. Lyu Aifeng as executive directors, and Mr. Lin
Guoqiang, Mr. Chan Charles Sheung Wai, Ms. Yang Dongtao and Mr. Yan Jia as independent
non-executive directors.
*
For identification purposes only
2
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
cfea5c0f5f· 2026-10-19 18:21 · doubao / doubao-seed-evolving-latest-version · 策略包658c0c1e2ba5当前